Bill Banning Wrongful DUI Cannabis Arrests, Interstate Marijuana Commerce Puts CA In Jeopardy And More
California AG Warns Of Major Risks Of Interstate Marijuana Sales California’s Attorney General Rob Bonta made it clear…
Tilray’s Chowie Wowie Launches New Weed Chocolates Just On Time For The Holidays, Here’s Where To Find Them
Tilray Brands, the Canadian cannabis company, has announced the expansion of its Chowie Wowie brand with the release of two new cannabis-infused chocolates. The new flavors, Soft Caramel and Crunchy Praline, join the brand's existing line-up of chocolates, which includes Balanced Milk Chocolate and THC Milk Chocolate. Chowie Wowie chocolates are made with premium Belgian chocolate and are currently available in various provinces across Canada. Each chocolate contains 10mg of THC and either 10mg of CBD or 10mg of THC and CBD.
MedMen Sells Arizona And Nevada Cannabis Assets: CEO Explains What’s Next
MedMen is selling its core business activities in Arizona and selected assets in Nevada to an affiliate of MINT Cannabis.
Craft Cannabis Co. Grown Rogue Sees 29% Revenue Increase In Q4, Expands Construction Progress In New Jersey
Grown Rogue International has reported a 29% YoY increase in revenue for its fiscal Q4 2023, reaching $6.5m. The cannabis company saw a 3% sequential increase in revenue, despite a downturn in its Oregon outdoor business. The firm's CEO, Obie Strickler, said that despite sales being down from the previous quarter, Grown Rogue is on an "upward trajectory." Other Q4 financial highlights include gross profit of $4.4m and an adjusted EBITDA of $2.1m, compared to an adjusted EBITDA gain of $1.7m in the prior year's period. Grown Rogue unveiled plans to enter New Jersey's cannabis market, with construction already underway and scheduled to be completed in Q2 2024.
Organic Growth And Innovation Drive YoY Increase In Cannabis Producer Organigram’s Q4 Revenue And Adjusted EBITDA
Canadian cannabis producer Organigram Holdings reported an 11% year-over-year increase in net revenue for the fourth quarter, reaching C$A161.6 million ($121 million). The company credited the growth to its focus on innovative products that meet consumer demand for convenience, such as pre-rolls and edibles. The increase in revenue contributed to a 71% rise in adjusted EBITDA to nearly CA$6m for the quarter, compared with the same period in 2022. Organigram's adjusted gross margin was CA$40.2m, up 20% on 2022. The company also reported a net loss of CA$248.6m, compared with CA$14.3m in 2022, due to impairments on property, plant and equipment, intangibles and goodwill. Organigram said it expects improved margins in future as efficiency gains from facility upgrades and expansion into higher-margin categories such as craft flower and vapes bear fruit.
Cannabis Concentrates Maker Simply Solventless Completes Reverse Takeover On TSX, Remains Debt-Free And Profitable
Simply Solventless Concentrates (SSC) has completed its reverse takeover (RTO) of 2366191 Alberta, a wholly-owned subsidiary of the company, to form new subsidiary Massive Hash Factory, ahead of expected trading to resume on 20 December. The completion of the RTO has also seen SSC, previously called Vision Capital, implement a one-for-two consolidation of its existing 11 million common shares, while the company has changed its name to Simply Solventless Concentrates.
Canopy Growth Sells Skincare & Wellness Brand For $11.7M, Streamlines Focus To Cannabis
Cannabis firm Canopy Growth sold its skincare and wellness brand, opting to focus on "a simplified, asset-light, cannabis-focused business."
CBD And Weed Banned On Cruise Ships: Is It A Ploy To Boost Alcohol Sales?
Marijuana is not permitted on cruise ships, regardless of the legality of its consumption in some cruise destinations, due to federal regulations. Companies such as Carnival Corporation, Royal Caribbean Cruises and Norwegian Cruise Line have all taken the same stance on marijuana use. Items such as medical cannabis and drug paraphernalia containing oils and THC products are banned on onboard vessels. Besides sending reminders to passengers and crew, Carnival Cruise is understood to have employed drug-sniffing dogs to help detect cannabis on its ships. The decision is believed to have been influenced by cruise companies' desires to promote alcohol sales. Cruise Lines International Association has forecast that 31.5 million passengers will return to cruising in 2023, which would surpass pre-pandemic levels, hence the introduction of increased security measures by some cruise lines.
Ontario’s Cannabis Market Heats Up: Shiny Health Buys 10 Stash & Co. Weed Stores, Adding $7.5M To Top Line
Shiny Health & Wellness Corp. has signed an asset purchase agreement with Karan S. Holla for his chain of 10 adult-use cannabis retail stores, Stash & Co. in Ontario. The agreement was signed on December 14, following a previously announced letter of intent in October. The Stash & Co. brand and dispensaries will retain their name and remain unchanged. Shiny Health plans to add the Stash & Co. brand to its existing cannabis consumer program to expand its reach to nearly 100,000 loyal customers. Meris Kott, CEO of Shiny Health & Wellness, expressed excitement about the acquisition and the potential for increased revenue and consumer reach. Shiny Health will continue to conduct final due diligence and finalize lease assignments as part of the transaction, which has a total consideration of CAD 1 million ($750,000), including cash and common shares. The completion of the transaction is subject to approval by the TSXV.
New York Will Get 12 New Weed Dispensaries, Ending 2023 With More Than 35 Adult-Use Stores Open
New York governor Kathy Hochul has announced plans to open a dozen new recreational cannabis dispensaries, including eight Black-owned, five Hispanic-owned and nine women-owned. In total, New York is expecting to have 37 stores selling adult-use cannabis by the end of December. A New York Supreme Court decision that lifted an injunction blocking cannabis dispensary licenses earlier this month resulted in licenses being granted to companies like PharmCann, NYCANNA and The Cannabist Company Holdings, the latter previously known as Columbia Care.