MjLink Cannabis Business News and Press
MIAMI, Florida., Dec. 02, 2022 - PRESS RELEASE - Ayr Wellness Inc., a vertically integrated U.S. multi-state cannabis operator, announced its three retail locations in New Jersey, formerly known as Garden State Dispensary, are now operating under the AYR dispensary name.
Since acquiring Garden State Dispensary in September 2021, Ayr has made significant progress in elevating key facets of the business, including improvements to the menu and overall retail experience. 2022 has been a pivotal year for the company in New Jersey, as it opened a large-scale cultivation expansion, launched adult-use sales at its three retail locations, the maximum allowed in the state, and introduced its national brand portfolio in the wholesale market and its retail stores.
“Our team has worked to enhance all areas of the business – launching sales to adult-use consumers, expanding our access to high-quality flower, improving our menus with the introduction of our national brand portfolio, and deepening our relationship with surrounding communities to further our Force for Good efforts,” said David Goubert, Ayr president. “Having made progress in these key areas, we’re now focused on building one-to-one relationships with our patients and customers as AYR. We are confident that this approach will further enhance our excellent customer experience and overall success.”
Ayr’s three New Jersey dispensaries are in prime locations in Woodbridge, Union, and Eatontown, all within Central New Jersey, a region of 3.4 million people. The transition to the AYR name marks a significant milestone for the company in its journey to bring its retail vision to life across its national footprint. The newly transitioned New Jersey locations join Massachusetts and Pennsylvania as AYR-branded stores, with its Florida stores to transition in Spring 2023.
BDSA expects New Jersey to be the third largest contributor to overall U.S. sales growth by 2026, projected to generate annual revenue of $2.3 billion in total legal cannabis sales.
]]>TALLAHASSEE, Florida, Dec. 2, 2022 - PRESS RELEASE - Trulieve Cannabis Corp. announced the opening of a new medical dispensary in Hobe Sound, Fla. Located at 10835 SE Federal Hwy., the doors opened at 9 a.m. Dec. 2, with ongoing hours of 9 a.m. to 9 p.m. from Monday through Saturday and 10 a.m. to 8 p.m. on Sunday.
Grand opening festivities at the new dispensary will include numerous partner giveaways, music, food trucks, deals and specials, and all registered patients will receive a 25% discount. Trulieve also offers statewide home delivery, convenient online ordering and in-store pickup. As always, all first-time guests are eligible for a 50% new customer discount at any Florida-based location.
"Trulieve is thrilled to open a new dispensary in Hobe Sound and continue expanding access to medical marijuana for Florida's patient population," said Trulieve's Chief Executive Officer Kim Rivers. "The company is driven by a commitment being active in the communities we serve and providing tailored, high-quality care and exceptional customer experiences."
Trulieve patients across Florida can choose from a large selection of THC and CBD products available in a variety of consumption methods, including smokable flower, concentrates, edibles, capsules, syringes, tinctures, topical creams, vaporizers, and more.
Designed to meet every patient's needs, Trulieves portfolio of in-house brands includes Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One and Sweet Talk. Patients can also access beloved brands such as Bellamy Brothers, Bhang, Binske, Blue River, Black Tuna, DeLisioso, Khalifa Kush, Love's Oven, Miami Mango, O.pen and Sunshine Cannabis, all available exclusively at Trulieve in Florida.
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Over 50,000 valid petition signatures have been collected to place an adult-use legalization measure on the 2024 ballot in Florida.
The initiative, “Adult Personal Use of Marijuana,” sponsored by political committee Smart & State Florida, would allow adults 21 years or older to possess, purchase, or consume adult-use cannabis.
The measure would also allow “Medical Marijuana Treatment Centers and other state licensed entities to acquire, cultivate, process, manufacture, sell, and distribute such products and accessories,” according to the proposal text.
The initiative has received 53,702 valid signatures, but to qualify for the 2024 ballot, Smart & State Florida must submit 837,887 additional signatures and receive approval on the proposal from the Florida Supreme Court.
In addition, the signatures for a constitutional amendment in Florida must include 8% of the votes cast in the last presidential election. The state also “has a signature distribution requirement, which requires that signatures equaling at least 8% of the district-wide vote in the last presidential election be collected from at least half (14) of the state’s 27 congressional districts,” according to Ballotpedia.
All valid signatures must be submitted by Feb. 1, 2024.
]]>TORONTO, Nov. 30, 2022 – PRESS RELEASE – TerrAscend Corp., a North American cannabis operator, announced that its subsidiary, WDB Holding MI Inc., and all subsidiaries of TerrAscend (collectively, the “borrowers”), refinanced the existing senior secured term loan of $55 million previously announced on Nov. 22, 2021 (the "Michigan loan"), pursuant to an amendment. The amendment provides for a senior secured term loan with a principal amount of $25 million, plus incremental term loans of $30 million at the option of TerrAscend and subject to consents from the required lenders for an aggregate amount of $55 million. On Nov. 29, 2022, the borrowers repaid $55 million outstanding principal amount under the original Michigan loan, using $30 million of cash on hand and $25 million through borrowing pursuant to the amendment. Chicago Atlantic Admin LLC serves as administrative agent for the lenders under the Michigan loan and as collateral agent for the secured parties thereto.
Pursuant to the amendment, the Michigan loan bears interest on $25 million at a per annum rate equal to the greater of (i) the U.S. "prime rate" plus 6%, and (ii) 13%. The Michigan loan, as amended, matures on Nov. 1, 2024. No prepayment fees are owed if the company voluntarily prepays the loan after 18 months. The additional $30 million incremental term loans available under the amendment have not been drawn at this time.
"We appreciate Chicago Atlantic's flexibility in helping structure an optimal outcome for TerrAscend," TerrAscend Executive Chairman Jason Wild said. "This refinancing exemplifies TerrAscend's focus on reducing expenses, including interest expense, while driving sales growth and continued positive cash flow from operations."
John Mazarakis, partner at Chicago Atlantic, said, "Since the beginning of Chicago Atlantic and TerrAscend's relationship upon the Gage business combination, we have been impressed with TerrAscend management's execution and vision, and we are pleased to continue our relationship with them through this facility."
]]>The Maine Office of Cannabis Policy issued a letter to the industry Nov. 30 to say that regulators will cease enforcement of residency requirements for the state’s cannabis dispensaries and caregivers.
The move follows an August court ruling that the state’s residency requirement for cannabis business owners is unconstitutional.
A First Circuit Court of Appeals panel ruled 2-1 Aug. 17 to uphold a Maine federal judge’s August 2021 decision that overturned the residency requirement.
The state then appealed the ruling.
Rhode Island joined neighboring Massachusetts and beat next-door Connecticut to the punch with the launch of adult-use cannabis sales Thursday morning, officially becoming the 16th state to expand commercial access to those 21 and older.
Five existing compassion centers were given approval from the state’s Office of Cannabis Regulation (OCR) to commence adult-use sales Dec. 1 with hybrid retail licenses:
Mother Earth was the first to open its doors with a 5 a.m. start in Pawtucket, and Karen Ballou, who owns Cultivating RI, a licensed cultivator, was the dispensary’s first adult-use customer, WPRI reported.
“It’s very exciting; it’s been a long time coming,” Ballou told the news outlet about taking part in the first adult-use sale in the state. “It’s been a long six, six and a half years for me to get to this point, for all of us to get to this point, so it was important to be the first sale.”
While Rhode Island became the 16th state to launch a commercial adult-use retail program, it was the 19th state to legalize adult-use cannabis in the U.S. when Gov. Dan McKee signed the Rhode Island Cannabis Act on May 25, 2022. The legislation allows adults 21 and older to purchase up to 1 ounce of cannabis at a time and keep no more than 10 ounces for personal use at a primary residence. In addition, the legislation legalized the home cultivation of up to six plants (three mature).
The roughly six-month turnaround from legalization to sales represents one of the fastest adult-use rollouts in the nation. Arizona, which legalized adult-use cannabis in the November 2020 election, launched sales less than three months later (Jan. 22, 2021).
(LOS ANGELES, CA; November 15, 2022) -- Grenco Science, (G Pen), the leader in advanced cannabis vaporization technology, today announces the release of the G Pen Hyer®, a portable and intuitively designed e-nail engineered to deliver best-in-class flavor and vapor production for serious enthusiasts and novices, alike. The G Pen Hyer launched November 15 in stores nationwide and online at gpen.com.
On the heels of the acquisition of Vapium, the G Pen Hyer pays homage to Hyer’s cutting edge performance with the introduction of the most advanced e-nail hybrid on the market. Engineered to maximize flavor profiles, the G Pen Hyer features smart heating technology with constant temperature output allowing for a consistent and efficient experience with every session. The G Pen Hyer houses a powerful heating element in a lightweight anodized aluminum casing for concentrate or dry herb consumption that can pair with any glass-on-glass water piece.
“We are thrilled on the first launch of G Pen Hyer under the acquisition of Vapium. Combining Hyer’s advanced engineering with the premiere design of Grenco Science allows us to continue bringing best in class products to market while maintaining the integrity and foundation of both brands," says Chris Folkerts, CEO of Grenco Science.
COLUMBIA, Maryland, Dec. 1, 2022 - PRESS RELEASE - Remedy cannabis dispensary opened a 10,000 square foot Superstore Dec. 1 located at 8865 Stanford Blvd in Columbia, Md.
Remedy's goal is to create a welcoming, open, entertaining, yet informative and comfortable environment. The new larger space will offer unique experiential events for the cannabis community. The open floor plan is designed to deliver a store-within-a-store (SWAS) model allowing patients and future adult-use consumers to explore brands and products in a one-of-a-kind dispensary experience.
"We are very excited to have one of the largest retail footprints in the state of Maryland," said Remedy co-CEO and President, Brandon Barksdale. "Our new superstore will elevate the dispensary experience on all levels with product selection, promotions, industry-leading customer loyalty programs, and much more. Our store-within-a-store concept allows for a deep bench of brand selection, product exclusivity, and the most robust menu in the state. This unique concept will provide patients and recreational consumers alike with access to new products coming to market as part of their normal shopping experience."
Partnerships with significant national, household-name cannabis operators, such as Cookies, Green Thumb Industries, SunMed, Trulieve, Curio Wellness, and Holistic Industries, set Remedy apart from other retailers unlocking billions of dollars of brand power in Maryland. Much like branded beauty counters in traditional department stores, this retail concept will bring the biggest names in cannabis to Maryland.
"With adult use on the horizon, this move will ready Remedy to share the dispensary experience comfortably with the broader consumers as they enter the market. Truly, we will have the best prices and best selection in the state. Patients and future guests of Remedy will need to explore and engage with us weekly to keep up," said Remedy Co-Founder and Co-CEO, Mitch Trellis. "I speak for the entire Remedy family when I say we are excited to offer this retail experience to the Maryland market and look forward to continuing to be the market leader in cannabis retail."
The original Remedy Columbia location at 6656 Dobbin Rd will be moving to Stanford Blvd. This new location will be more convenient and offer more parking.
]]>LOS ANGELES, California, Dec. 1, 2022 - PRESS RELEASE - Haven Dispensaries, a rapidly expanding southern California dispensary chain, is opening its new Porterville location Dec. 2.
Porterville's cannabis program, which began back in 2019, culminates with the opening of Haven Dispensary, located at 1 W. Morton Ave, on the corner of W. Morton Ave and N. Main St. in Downtown Porterville.
Haven is one of California's preeminent cannabis dispensary organizations with a track record of quickly becoming foundational community partners to all the cities in which it operates.
Although the Haven shopping experience is world-class, Haven prides itself on giving back to the community year-round. Haven Hearts, the charitable arm of Haven, is dedicated to helping the less fortunate and does amazing work identifying areas of need in the cities where it operates and pooling its resources to become a force for good. From its advocacy efforts, to its charitable donations and frequent volunteerism, Haven Hearts is already looking to make an impact and become a valuable member of the Porterville community.
"We are elated to call Porterville home. The community has already been so welcoming. We are chomping at the bit to open our doors and provide the residents of Porterville with safe, quality access and cannabis education that they deserve," said Johnnie Hernandez, head of retail for Haven Dispensaries.
The Porterville store will be Haven's seventh location, with another seven licenses currently in development. Haven stores offer a unique dispensary experience that curates a safe space for all to explore and enjoy the world of cannabis.
]]>A Clark County judge ruled in September that the Nevada State Board of Pharmacy must remove cannabis from the state’s list of Schedule I substances, but regulators aren’t ready to do so just yet.
Clark County District Judge Joe Hardy issued the ruling Sept. 14 in a lawsuit filed by the ACLU of Nevada, which sued on behalf of Antoinette Poole, who was convicted of possession of a controlled substance for possessing cannabis.
The Board of Pharmacy argued that since the federal government lists cannabis as a Schedule I drug, the state should as well, despite Nevada legalizing cannabis for both medical and adult use.
Hardy ultimately ruled that listing cannabis as a Schedule I drug conflicts with the state Constitution, which states that cannabis has medical uses after Nevada voters passed a ballot measure to legalize medical cannabis in 2000. The state then legalized adult-use cannabis in the 2016 election.
The Canadian government announced in September that it has launched a review of its adult-use cannabis legalization law, the Cannabis Act, which took effect in 2018.
Now, government officials have named the members of the panel charged with conducting the review, which was mandated by the Cannabis Act.
RELATED: Canada Launches Review of Cannabis Legalization
The five-member Expert Panel includes:
Morris Rosenberg, chair of the Expert Panel who previously served in several departments within the Canadian government, including the Department of Justice and the Department of Consumer and Corporate AffairsDr. Oyedeji Ayonrinde, associate professor in the departments of Psychiatry and Psychology at Queen’s UniversityDr. Patricia Conrod, a registered clinical psychologist, full professor in the Department of Psychiatry and Addiction at the University of Montreal, and researcher at the Sainte-Justine Mother and Child University Hospital Centre (CHUSJ)Lynda Levesque, a criminal lawyer and member of the Fisher River Cree Nation in Manitoba, Treaty Five territoryDr. Peter Selby, the Giblon Professor, Vice Chair of Research, and Head of the Mental Health and Addictions Division in the Department of Family and Community Medicine, University of TorontoAs mandated by the Cannabis Act, the review will assess the legislation and its administration and operation, including the law’s impact on the illicit market, indigenous communities and the economy.
Political action committee Kind Idaho is working to gather signatures to place The Idaho Medical Marijuana Act before voters in 2024.
Kind Idaho, the group behind the medical cannabis legalization measure, must collect at least 74,000 signatures by April 2024 for the initiative to qualify for the 2024 ballot.
The 2024 initiative would allow patients to possess up to 4 ounces of cannabis, place a 4% excise tax on gross receipts for products sold by dispensaries, and require dispensaries to be 1,000 feet from private or public schools, Cannabis Business Times reported.
Joe Evans, Kind Idaho treasurer, told KTVB7 the group is working to ensure it makes cannabis available in Idaho while educating patients on responsible use.
“When it comes to patient advocacy, seeing medical marijuana, which is a successful, nonlethal pain management program that is nearly impossible to overdose on, is one of those options that many are looking for simply because they don’t want to have to carry around the significant number of prescriptions, pain management, oxycodone, you know, opiates,” Evans told the news outlet.
Idaho is one of 12 states that have yet to legalize cannabis for medical use despite previous efforts to put a medical cannabis initiative before voters.
Regulators in Arkansas have revoked a medical cannabis cultivation license following a court ruling earlier this month.
Arkansas Medical Marijuana Commission Director Doralee Chandler revoked the license, which belonged to Fort Smith-based River Valley Relief, in a procedural action Nov. 28, according to a local KUAR report. The action comes after Pulaski County Circuit Court Judge Herb Wright issued a ruling Nov. 3 that upholds a claim by 2600 Holdings that regulators granted the license in error in July 2020, the news outlet reported.
2600 Holdings filed the lawsuit in January 2021, asking the court to disqualify River Valley Relief and instead grant the license to 2600 or offer another form of relief under the Arkansas Administrative Procedures Act, according to KUAR.
2600 argued that the Medical Marijuana Commission unlawfully issued the cultivation license to Storm Nolan, River Valley Relief’s owner, during the state’s second round of cultivation licensing, the news outlet reported.
Minnesota’s list of qualifying conditions for medical cannabis will soon grow to 19.
Patients with irritable bowel syndrome (IBS) and obsessive-compulsive disorder (OCD) will be able to access the state’s licensed industry beginning Aug. 1, 2023, the Minnesota Department of Health (MDH) announced Nov. 30. A full list of the state’s qualifying conditions can be viewed here.
“We are adding the new qualifying conditions to allow patients more therapy options for conditions that can be debilitating,” Minnesota Commissioner of Health Jan Malcolm said in a news release.
IBS is a disorder characterized by abdominal pain or discomfort, and irregular bowel movements that can result in diarrhea, constipation or bloating, according to MDH. And OCD is characterized by recurring, intrusive thoughts that often cause significant emotional distress and anxiety that can lead to behaviors that an affected person feels compelled to perform to reduce that distress.
“Research has shown that people who suffer from these conditions can see benefits from using medical cannabis to treat their symptoms,” the release states.
While MDH approved IBS and OCD as qualifying conditions through the state’s formal petition process, department officials rejected petitions to add gastroparesis and opioid-use disorder.
The U.S. House of Representatives has passed the Secure and Fair Enforcement (SAFE) Banking Act seven times, while the Senate has yet to take up the bill, which would allow federally regulated financial institutions to work with state-legal cannabis businesses.
Now, the Independent Community Bankers Association (ICBA), along with 44 affiliated state associations, are calling for Senate action on the legislation.
The associations submitted a letter to Senate leaders Nov. 28 to urge them to calendar the legislation for a floor vote before the year is out.
“On behalf of the Independent Community Bankers of America (ICBA), the undersigned state banking associations, and the thousands of community banks we represent, we write to ask you to schedule floor consideration of the SAFE Banking Act before year-end 2022 as a stand-alone bill or an amendment to another bill,” association members wrote in the letter. “This legislation enjoys strong, bipartisan support, would resolve a conflict between state and federal law, and addresses a critical public safety concern. We urge its enactment without further delay.”
RELATED: US Senator Urges Senate to Approve SAFE Banking Act During Banking Hearing
Los Angeles, CA - November 30, 2022 - Gregory Fink has been named chief financial officer of Shryne Group, Inc. As CFO, Fink is responsible for streamlining operations to maximize profitability as Shryne Group continues to build one of America’s leading cannabis companies.
Fink joins Shryne Group after more than 30 years in finance across various industries. He most recently served as the chief financial officer, treasurer, and chief accounting officer of comScore, Inc. At comScore, he provided the executive leadership team and board of directors with key financial strategy, improvements in profitability, and building business partnerships with leading global banks. Additionally, he helped lead the reestablishment of SEC compliance and relisting with the Nasdaq stock exchange.
"Shryne Group is one of the most exciting companies in the fast-maturing cannabis industry," said Fink. “Providing a strategic view as well as financial and operational discipline to the organization will allow the company to accelerate its growth further while maintaining financial stability, governance and compliance.”
Prior to comScore, Inc., Fink served as the SVP - controller and chief accounting officer of Fannie Mae, where he was responsible for the majority of the corporate finance and accounting operations, overseeing more than 600 individuals. Before Fannie Mae, he revamped MCI Communication’s financial reporting and technical accounting department leading up to its acquisition by Verizon. Fink was also previously at Deloitte and is a CPA.
]]>Editor’s note: Cannabis Business Times’ November cover story examined the prevalence and problems of lab shopping and potency inflation in the cannabis industry. As part of that coverage, CBT asked Florida-based ACS Laboratory, which tests the state’s medical cannabis and has hemp clients in 48 states, more about what cannabis potency testing involves. Here, Roger Brown, founder and president of ACS Laboratory, delves into the process of how the company tests cannabis for THC potency.
If you work for a cannabis or hemp testing lab, refer to your state’s testing regulations to ensure compliance.
Figure 1. Step 1: Flower is ground and placed in a sterile cup for weighing and prep. Step 2: Sample is weighed and placed in a glass vial.
Figure 1
Figure 2. Step 3: Solution is added, and the vial is sealed. Then the sample vial goes to a grinder for flower or a vortexer for derivatives.
A grinder is specifically designed for vigorous up and down shaking to facilitate even distribution of the material.
It’s nearly 2023, and by now, almost everyone you know is well-versed in digital communication and socialization platforms – be it video conferencing, social media, or the related.
And as ‘Metaverse’ becomes an increasingly common part of our cultural lexicon, Highsman is planting its flag in the virtual reality landscape by creating Highsman House.
Highsman House is a community-focused virtual consumption lounge that features a dispensary and merchandise shop, a full-sized football field, a swimming pool, games, and more. The platform is accessible through Oculus or a computer and was designed in partnership with Rocket City, a technology company focused on Metaverse and NFT experiences.
The purpose of Highsman House, according to Highsman Chief Marketing Officer Lane Radbill, is to utilize modern technology to foster a cannabis community while educating consumers and building brand awareness. Visitors are even welcome to participate in virtual smoke sessions with other community members, including Highsman Founder and President Ricky Williams and other company executives.
RELATED: From Heisman Winner to Highsman Owner
Highsman, which launched operations in 2021, started building its Highsman House at the beginning of this year and hosted its first virtual community event, a Monday Night Football watch party, in September.
The United States Department of Agriculture (USDA) recently invited agriculture producers across the U.S. to respond to the 2022 Census of Agriculture by Feb. 6, 2023.
The Census of Agriculture is a survey collected every five years by the USDA’s National Agricultural Statistics Service (NASS) that “highlights land use and ownership, producer characteristics, production practices, income and expenditures,” and other topics, according to a press release.
Between census years, NASS looks at emerging trends and changes in the agriculture industry and updates the questionnaire based on its findings. With the last Census of Agriculture taking place in 2017, this is the first year the USDA NASS will be including hemp production data—as industrial hemp was federally legalized under the 2018 Farm Bill.
NASS also revised the survey to include questions regarding precision agriculture, hair sheep, and updates to internet access, according to the release.
“The 2022 Census of Agriculture is a powerful voice for American agriculture. The information gathered through the ag census influences policy decisions that will have a tremendous impact on ag producers and their communities for years to come,” said Agriculture Secretary Tom Vilsack. “I strongly encourage all farmers, no matter how large or small their operation, to promptly complete and return their ag census. This is your opportunity to share your voice, uplift the value and showcase the uniqueness of American agriculture.”
Farmers can complete the 2022 Census of Agriculture at agcounts.usda.gov.
]]>Green Wednesday cannabis sales rivaled the likes of 4/20 and the Friday preceding July 4, as U.S. customers stocked up on non-inhalable products ahead of the Thanksgiving holiday, according to cannabis data and research company Headset.
The day before Thanksgiving, known as Green Wednesday in the cannabis industry, featured a 48% sales increase compared to the three previous Wednesdays in November for retailers in California, Colorado, Massachusetts, Michigan, Nevada, Oregon and Washington, Headset reported Nov. 28. That uptick makes Green Wednesday the third-highest grossing day of cannabis sales so far in 2022, bested only by April 20 and Friday, July 1.
Headset’s three-day analysis also revealed that Thanksgiving Day sales fell 65% compared to a normal Thursday while Black Friday sales increased 1% compared to a typical Friday—the busiest day of the week for most cannabis dispensaries.
RELATED: 5 Tips to Capitalize on Friday Sales at Your Dispensary
Overall, inhalable product categories experienced the most significant dips during the three-day holiday stretch, including concentrates (-11.4%), flower (-10.8%) and prerolls (-6.4%), according to Headset. More discrete product categories like topicals (15.3%), beverages (13.2%) and edibles (6.1%) experienced the largest sales growth during the holiday stretch.
While Headset’s data came from a seven-state analysis, figures directly from the Massachusetts Cannabis Control Commission (CCC) revealed an even greater uptick for Green Wednesday, when licensed adult-use retailers in the commonwealth recorded nearly $7 million in sales. That benchmark represents an 85% increase compared to a typical Wednesday from five weeks of data Cannabis Business Times collected from May 30 to July 3 of this year—when the average Wednesday brought in nearly $3.8 million in sales.
