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Here’s What Made December Stand Out: These Two States Raked In Hundreds Of Thousands In Cannabis Sales

By Jelena Martinovic
January 17, 2:19 PM
Maryland residents spent a record $96.5m on cannabis products in December, according to data from the Maryland Cannabis Administration (MCA). Of that total, $61.5m came from recreational cannabis sales, while medical sales totaled around $35m for the month. Maryland has seen booming sales since the launch of the recreational market last summer. At the time, existing cannabis companies in the state switched to adult-use shops by paying an 8% one-time fee of their 2022 dispensary revenue not exceeding $2m. Licensed stores took in $20.9m in the first week of legal sales. In total, Maryland recorded $787.5m in sales of legal marijuana products in 2023. Over the same period, Rhode Islanders spent more than $107.8m on combined cannabis sales.

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California Weed Co. Wraps Up Strategic Reorganization, This Is Unrivaled’s New Name

By Jelena Martinovic
January 16, 7:16 PM
California cannabis company Unrivaled Brands has completed its strategic reorganisation and reversed stock split. Under the reorganisation deal, Blum Holdings is now Unrivaled Brands' parent company, and each share of its common stock has automatically converted into equivalent shares of Blüm's common stock. As part of the restructuring, Blüm's common stock will trade on the OTCQB tier of the market under the "BLMH" ticker symbol. Directors and officers of Unrivaled Brands prior to the reorganisation will serve as the directors and officers of Blüm. This milestone is part of Unrivaled Brands' growth and development strategy. In Q3 2021, the company saw an 11.4% YoY drop in revenue to $8.6m, but managed to limit its net loss to $3.4m, compared to a $119.9m net loss in the previous year.

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1 minute read

What’s Going On With Marijuana-Producer Tilray Stock?

By Erica Kollmann
January 16, 3:22 PM
The 252 pages of documents confirm that the Department of Health and Human Services has recommended the DEA reschedule cannabis as Schedule III under the Controlled Substances Act. The documents explain that cannabis "has a currently accepted medical use in treatment in the United States" and that it has a "potential for abuse less than the drugs or other substances in Schedules I and II," as first reported by Marijuana Moment. 

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3 minute read

Cannabis Stocks And ETFs Trading Higher As Government Recommendations Ignite Hope For Industry

By Jelena Martinovic
January 16, 1:56 PM
Cannabis stocks and ETFs opened higher on Tuesday following the release of documents related to the Department of Health and Human Service's (HHS) review of cannabis. Investors are optimistic about potential regulatory changes that could benefit the cannabis industry after the US government released 252 pages of documents confirming the HHS's recommendation that the DEA reschedule cannabis as Schedule III under the Controlled Substances Act. The documents state that cannabis has a currently accepted medical use in treatment and potential for abuse less than drugs in Schedules I and II. In August, the Assistant Secretary for Health wrote a letter to the DEA calling for marijuana to be reclassified. The Secretary of HHS has confirmed that his department shared a comprehensive scientific review with the DEA in response to President Joe Biden's scheduling directive.

ACB

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2 minute read

Toronto Weed Producer Seals Deal For Over $100M In Annual Revenue As RWB Finalizes Aleafia Health Buyout

By Jelena Martinovic
January 16, 11:36 AM
Red White & Bloom has completed its acquisition of Aleafia Health and its subsidiaries, RWB Canada has obtained Aleafia Health's intellectual property assets and purchased shares in the companies Emblem Cannabis, Aleafia Retail and Canabo Medical. It acquired 9.4% of One Plant from Aleafia and obtained shares, an 86-acre cultivation site in Port Perry, Ontario and a 65,000sq ft cultivation, processing and packaging facility in Paris, Ontario. In a press release RWB CEO Bradley R. Rogers said the acquisition "provides a clear and near-term path to combine our teams while rolling up strategic assets across Canada." RWB anticipates generating CA$140m ($105m) of annualized revenue across north American retail and distribution channels from the combination, with Colby De Zen, president of RWB, forecasting "annual synergies exceeding CA$12 million".

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Beat The Winter Blues With Pink Infusions, Moonrocks And Sober Alternatives To Hard Seltzers

By Nicolas Jose Rodriguez
January 16, 11:26 AM
Compact Elegance: Pink Stündenglass Kompact Stündenglass introduces the Pink Kompact, a smaller version of its gravity infuser, just in time for Valentine's Day. The Pink Kompact combines the sophisticated design and kinetic motion activation of its predecessor in a more portable format.

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3 minute read

New York Kicks Off 2024 With New Legal Weed Shops, Other Stores Open In OH, PA And FLA

By Jelena Martinovic
January 16, 9:52 AM
New York is starting off 2024 with the opening of several cannabis shops, demonstrating the growth and diversification of the state's industry. The Flowery on Staten Island is set to open on 17 January and will offer recreational cannabis in collaboration with local cultivators and brands. Meanwhile, The Herbal Care in New York City and Verona Collective in Verona have already begun selling cannabis, with both outlets exclusively featuring products from New York farmers. Orange County Cannabis in Wawayanda has also begun sales as the 45th adult-use dispensary in the state. In addition to New York, three other US states have seen new cannabis stores open. Ascend Wellness Holdings has set up its flagship store next to the Hard Rock Casino in Cincinnati, Ohio. Jushi Holdings has relocated its Beyond Hello Hazleton dispensary in Pennsylvania, while Verano Holdings has opened its 74th Florida dispensary, MÜV Yulee.

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