MjLink Cannabis Business News and Press

After three days filled with more than 40 educational sessions, Cannabis Conference 2022 came to a close on Thursday.

In that time, nearly 100 different speakers covered a wide variety of topics, from cultivation and processing to retail and business.

While they offered numerous pieces of advice, some common threads appeared throughout the week. Here are five key takeaways from this year’s sessions.

1. Work with what you have.

Several panelists spoke to the importance of recognizing the bounds in which business owners are operating, both in terms of their facility and community. This can help them make crucial decisions along every step of the supply chain, from cultivation to retail. For example:

Panelists in the "Facility Design - Greenhouse” session agreed that when it comes to greenhouses, it is critical to understand your local environmental in order for your cultivation to succeed.In terms of processing, “you want to make sure the facility and property are taken into consideration. ... Your needs vs. what you already have in that facility,” said Crystal Hoffman, former regional director of operations of Slang Worldwide.At the retail level, Kate Miller, co-founder and CEO of Miss Grass, urged the audience to consider the community their brand is attracting before launching new products. This will help generate a sense of self, which is necessary for building an audience locally and, eventually, nationwide. Also, Amanda Ruge, co-founder of Flowspace Design, LLC, told the audience not to “underestimate the amount of space you are going to need for receiving and storage.”

2. Choose who you work with carefully.         

Some emphasized that doing business with the right people is essential. “We are less reliant on service providers,” said Mason Walker, co-owner and CEO of East Fork Cultivars, adding that while partners can be helpful, he has also had experience with bad partners, “so it’s one of the biggest benefits to our business to be able to be self-reliant.”

“There is no such thing as a good deal with a bad business partner,” said Obie Strickler, CEO of Grown Rogue.

Select social equity applicants for retailer, micro-cultivator and Equity Joint Venture licenses in Connecticut are moving forward in the license application review process.

The retailer and micro-cultivator license applicants were chosen through a Social Equity Lottery, have been approved by a Social Equity Council and have met general assembly requirements to qualify as social equity applicants, according to Connecticut’s Department of Consumer Protection (DCP).

The Social Equity Council has approved the following applicants, and the DCP has notified them to complete their next steps to receive licenses:

 Social equity applicants who were not selected in the Social Equity Lottery will now go to a general lottery that will be conducted by the UConn School of Pharmacy.

Equity Joint Venture (EJV) applicants do not go through lotteries, and any applicants who have been denied by the Social Equity Council can reapply, per the DCP.

EJVs are businesses that are at least 50%-owned and -controlled by a person or group who “had an average household income of less than 300 percent of, or three times, the state median household income over the last 3 tax years,” and either “was a resident of a disproportionately impacted area [DIA] for at least 5 of the past 10 years” or “was the resident of a [DIA] for at least 9 years before the age of 18,” according to state officials.

Micro-cultivators cultivate under 2,000 to 10,000 square feet of canopy and will be able to expand further upon licensure. (Visit this page for information about assistance for micro-cultivators through the Social Equity Council.)

The California Department of Cannabis Control (DCC) has announced that it has played a role in seizing more than $1 billion in a little more than a year.

The news follows recent enforcement in Los Angeles and Riverside Counties, according to an Aug. 25 enforcement update DCC provided to Cannabis Business Times attributed to its director, Nicole Elliott.

Since its creation via the consolidation of three agencies 13 months ago, the DCC’s law enforcement team has led and been involved in the issuance of 232 search warrants, the seizure of more than 500,000 pounds of illegal product and the eradication of more than 1.4 million cannabis plants, according to the update. As a result, more than $1 billion of cannabis product has been removed from the illicit cannabis market, as well as 120 illegal firearms and $2.3 million in illegally obtained assets.

Elliott stated in an announcement last month: “We want Californians to become more aware of the harms that come from the illicit market. A purchase from the illegal market can be a purchase in support of criminal and cartel operations that endanger consumer health, communities, destroy natural habitats, and threaten the viability of our legal operators. The illegal cannabis operations that we enforce against are not just engaging in illegal commercial cannabis activity, they are engaging in violence, human trafficking, water theft, animal cruelty and other forms of harmful criminal activity.” 

The announcement of $1 billion in illicit cannabis product seized follows, among others, a seizure of more than 34,000 illicit cannabis plants in San Jacinto in late July, a seizure of more than 165,000 illicit cannabis plants in Mendocino County in mid-July, “Operation Hammer Strike” seizures in San Bernardino County, and “Operation Green Day" seizures in Stanislaus County.

In addition, DCC is working to improve consumer access to regulated cannabis and industry participation in the legal market, according to the Aug. 25 update, in part through $20 million in grants provided to various cities and counties.

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An advocacy group has begun a petition to put a medical cannabis ballot measure before Idaho voters in 2024.

The group behind the initiative, Kind Idaho, posted a Facebook Live video Aug. 16 in which they stated they had filed paperwork with the Idaho secretary of state and anticipate state officials to provide any requests for necessary changes to the paperwork in the next five weeks.

Kind Idaho also shared a photo of a letter that group Chair Jackee Winters and Treasurer Joseph Evans submitted to Secretary of State Lawerence Denney Aug. 16 in which they stated the initiative is “essentially identical” to one submitted by Kind Idaho two years ago.

The 2024 initiative proposes that medical cannabis patients in the state could possess up to 4 ounces of cannabis, according to Law360.

Dispensaries would need to be more than 1,000 feet from private and public schools, and local governments could further dictate zoning for cannabis businesses, according to the news outlet. A 4% excise tax would be attached to gross receipts for products sold by dispensaries, in addition to state and local taxes.

Patients with debilitating conditions such as cancer, Alzheimer’s disease and Crohn’s disease would qualify for medical cannabis, per Law360.

The U.S. Department of Justice (DOJ) and Drug Enforcement Agency (DEA) have awarded Maridose LLC a federal license to supply cannabis flower, cannabis extracts and THC for research and pharmaceutical applications.

The licensure represents “a step toward ending” a decades-long monopoly that the University of Mississippi has had on cannabis grown for research, according to a press release.

Maridose will cultivate cannabis, conduct research and develop products at a center in Brunswick Landing, Maine, according to the release.

“We are very excited to receive this license from the DEA to produce and sell cannabis for research purpose, this a huge step for science and the future of cannabis," Richard Shain, Maridose founder, said in a statement. "Our DEA Registration Number RM063095 is the culmination of over five years of working with the DEA and enables Maridose to legally sell a wide variety of cannabis products through the DEA to researchers and DEA-licensed pharmaceutical companies in the United States and internationally.

“The DEA has indicated that it will only issue a very limited number of them, and Maridose is proud to be one of the first companies to receive a license. Cannabis businesses operating in states that have state legal cannabis are unable to ship across state lines and operate at legal risk because cannabis remains a Schedule 1 substance at the federal level. Maridose is able to legally supply our customers without these risks and limitations."

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FERNDALE, Mich., Aug. 25, 2022 /PRNewswire/ -- PRESS RELEASE -- STIIIZY, the No. 1 cannabis brand nationally (source: BDSA), has opened its latest retail store, and its first in Michigan. Located in Ferndale near the M-1, also known as Woodward Ave, the store brings STIIIZY's industry-leading retail experience, safe access, and world-renown STIIIZY products to Michigan.

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PORTLAND, Ore., Aug. 25, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Grön (pronounced grewn), a woman-led producer of delicious, handcrafted cannabis-infused edibles, announced today the debut of its popular Sugar-Coated gummies at select cannabis dispensaries in the state of Missouri. The Oregon-based company, Grön enters the Missouri medical cannabis market with their signature line of expertly crafted gummy candies, Sugar-Coated Pearls and Mega Pearls.

“We’re excited to bring our most popular cannabis-infused edibles to Missouri and to offer our innovative, purpose-driven cannabinoid ratios to customers hungry for something new,” said Christine Smith, founder and CEO of Grön. “We think people are really going to love the quality and taste of our Pearls and Mega Pearls, and we look forward to connecting with the Missouri cannabis community.”

Bursting with real fruit flavor, Grön’s Sugar-Coated Pearls are gluten-free, soy-free, and infused with full-spectrum cannabis extract. Grön’s beautifully delicious Sugar-Coated Pearls are available in six flavors and ratios, with 10 Pearls per pack.

Five times larger than Grön’s standard Pearls, the Mega Pearl is a single sugar-coated gummy, perfect for customers looking for a high dose of THC in a small package. Mega Pearls are available in four flavors and ratios. See below for product and flavor descriptions.

Grön’s handcrafted edibles are available now in over 30 licensed cannabis dispensaries across Missouri. For a full list of retail locations, visit http://eatgron.com/where-to-buy/

BOCA RATON, Florida, August 25, 2022 - PRESS RELEASE - Jushi Holdings Inc., a vertically integrated, multi-state cannabis operator, announced the opening of its fourth medical cannabis dispensary in Virginia and 35th retail location nationwide. Providing an unparalleled in-store and digital retail experience via beyond-hello.com, Beyond Hello Fairfax will begin serving medical cannabis patients and registered agents on Wednesday, Aug. 31 at 10:00 a.m. The new store opening comes on the heels of the company opening Beyond Hello Alexandria, which began serving patients on Wednesday, July 27, 2022.

Located at 10521 Fairfax Blvd. in Fairfax near the corner of Lee Highway and Rt. 123 and just blocks from I-66, the new 10,500 square-foot free-standing building features 16 traditional and ten express patient checkouts, along with 45 parking spots with easy in-and-out access to improve patient convenience and accessibility. Jushi designed Beyond Hello Fairfax to serve a growing patient population while offering convenient transaction processing through the company’s online reservation platform–beyond-hello.com.

“Known for its hallmark landscaped and leafy street medians, Fairfax is recognized by Forbes as one of the top places to live in the nation. Beyond Hello Fairfax is in a prime location, located in close proximity to George Mason University, a host of shopping centers and independently owned retail shops in the heart of Northern Virginia, and nestled in the suburban expanse of the Washington, D.C. metro region. We are very excited to serve patients in this region and deliver a retail experience that exceeds expectations,” said Jim Cacioppo, Jushi CEO, chairman and founder.

Cacioppo continued, “On the retail side, we now have four dispensary locations open in Virginia, which have helped to broaden patient access, as well as set the bar for what world class dispensaries and next-gen digital shopping experiences should be. As for the operational side, in the second quarter, we completed phase one of the cultivation expansion of our grower-processor facility in Manassas. In the coming year, we look forward to opening up two more stores to continue to better serve the people of the Commonwealth.”

Joining the company’s Beyond Hello Manassas, Beyond Hello Sterling and Beyond Hello Alexandria locations, Beyond Hello Fairfax will serve patients and registered agents Monday through Saturday from 10:00 a.m. to 8:00 p.m. and on Sunday from 10:00 a.m. to 6:00 p.m. starting on Tuesday, Sept. 13th.

Beyond Hello Fairfax will provide patients with an efficient, accessible and safe experience that goes beyond the traditional cannabis dispensing environment. As part of this commitment to exceeding patients’ expectations, a licensed pharmacist, along with experienced, well-trained staff, will be on-site to dispense products, answer questions and provide service to patients and caregivers. This new location will offer dry leaf, concentrates, cartridges, tinctures, topicals, edibles, capsules, pills and various ancillary products such as approved batteries and devices, including The Lab, The Bank, Sèchè and Tasteology.

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EDMONTON, AB, Aug. 25, 2022 /CNW/ - PRESS RELEASE - Aurora Cannabis Inc., the a Canadian cannabis company, announced today that a wholly-owned subsidiary of the company has acquired a controlling interest in Bevo Agtech Inc. (Bevo), the sole parent of Bevo Farms Ltd., one of the largest suppliers of propagated vegetables and ornamental plants in North America (the Bevo Transaction). Concurrent with closing of the Bevo Transaction, Bevo entered into an agreement to acquire the company's Aurora Sky facility in Edmonton, Alberta through the acquisition of one of Aurora's wholly-owned subsidiaries (the Aurora Sky Transaction and together with the Bevo Transaction, the Transaction).

The Transaction allows Aurora to immediately benefit from a profitable, cash flow positive and growing business, and may have the potential to drive long term value to Aurora's existing cannabis business via the application of Bevo's industry leading plant propagation expertise. Aurora, through its wholly-owned subsidiary, will acquire 50.1% of Bevo's outstanding common shares, take a controlling position on Bevo's board of directors and financially consolidate Bevo. Bevo's experienced management team are to remain significant shareholders and stay in place to embark on a robust growth plan, including the use of the Aurora Sky facility for orchid cultivation and vegetable propagation.

Founded in 1986, Bevo operates 63 acres of greenhouse in British Columbia, Canada; is led by a management team with over 85 years of agricultural experience, and supplies greenhouses, nurseries, field farms and wholesalers. Bevo has consistently demonstrated growth in revenue and earnings over the past decade through process improvements and facility expansions. For the twelve months ended June 30, 2022, Bevo has achieved revenues of $39 million and Adjusted EBITDA of $9 million (excluding non-recurring rental revenue). Bevo's business exhibits seasonality driven by agricultural grow cycles, with the strongest financial period being from January to June.

Management Commentary

"This investment once again demonstrates our disciplined capital allocation approach and is consistent with both our short term needs and long-term vision to be the leading global cannabis company. Bevo's track record in generating not only positive Adjusted EBITDA but free cash flow, world class propagation expertise, and established distribution networks in Canada and the United States makes them an ideal strategic partner," said Miguel Martin, chief executive officer of Aurora. "We expect this investment and collaboration between industry leaders will drive significant shareholder value and synergies for both parties. We are also excited about Bevo repurposing Aurora Sky and the potential to expand the scale and scope of their business and saving significant costs previously expected in connection with the wind down and sale of the facility".

Leo Benne, president and CEO of Bevo, added, "Since inception, Bevo has taken great pride in utilizing state-of-the-art technology to become a leading plant propagator in North America. We are delighted to join forces with Aurora to pursue our high growth strategy, starting with our move into Alberta which allows us to significantly expand Bevo's addressable market. We are incredibly happy that the Aurora team is committed to keeping all of our facilities dedicated to our customer base, and to expanding our operations into Alberta through the addition of the Aurora Sky facility. It is clear that the Aurora team is deeply aligned with our existing business plans and objectives for profitable growth, and we look forward to building upon the strengths of Aurora as a sponsor to accelerate our business."

TORONTO, Aug. 25, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Tilray Brands, Inc., a global cannabis and consumer packaged goods company, today announced that its medical cannabis division, Tilray Medical, has released new medical cannabis products, under Tilray and Aphria brands and launched CannaPoints, a new program designed to support patients through their medical cannabis journey.

Blair MacNeil, President, Tilray Canada, said, "We’re proud to expand our medical cannabis portfolio in Canada and broaden our offerings for our growing patient community. Our new CannaPoints program serves to guide our patients on their medical cannabis journey and provide additional support as needed."

In Canada, Tilray Medical offers a broad portfolio of medical cannabis brands including Tilray, Aphria, Broken Coast, and Symbios. Understanding that patient needs are unique, Tilray Medical’s latest release of high-quality medical cannabis products from differentiated brands includes a comprehensive range of THC and CBD products:

Tilray:

Tilray Sinaloa Gold: A high THC sativa strain. Terpenes include d-Limonene, beta-Myrcene, and beta-Caryophyllene.Tilray Sapphire Scout: A genetic blend of Girl Scout Cookies crossed with True OG. Terpenes include Limonene, Linalool, and Trans-Caryophyllene.Tilray Chem Cookies: Chem Cookies is a result of two cannabis strains: Chemdawg #4 and Girl Scout Cookies (a.k.a. GSC). Terpenes include d-Limonene, beta-Myrcene, and beta-Caryophyllene.Tilray Powdered Donuts #8: Powdered Donuts #8 is a high-THC strain. Terpenes include d-Limonene, beta-Myrcene, and beta-Caryophyllene.

Aphria:

New York’s Office of Cannabis Management (OCM) has announced where the first conditional adult-use dispensary licenses will be located based on state region. On Aug. 25, OCM began accepting applications.

Applicants for Conditional Adult Use Retail Dispensary (CAURD) licenses will select five New York regions where they prefer to locate a dispensary out of a total of 14 regions outlined by the state. The number of conditional adult-use dispensaries that will be located in each region is based on population, with Manhattan set to have the most with 22 and the Mohawk Valley set to have the least with 2.

Up to 150 CAURD licenses will be approved in the application round, according to OCM.

New York will issue the 150 CAURD licenses to social equity applicants who have been harmed by cannabis prohibition. A $200-million <a href="https://www.cannabisbusinesstimes.com/article/ny-social-equity-cannabis-investment-fund-advisory-board/">Social Equity Cannabis Investment Fund</a> developed by the state as part of its <a href="https://www.cannabisbusinesstimes.com/article/new-york-governor-announces-seeding-opportunity-initiative-social-equity-adult-use-cannabis/">Seeding Opportunity Initiative</a> will make loans available to these applicants.

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CAURD applicants and licensees must prove they or a family member—a “parent, spouse, child, legal guardian, or dependent; or someone that they were the dependent of”—were arrested for a “marihuana-related offense” before March 31, 2021, according to OCM. They must also have owned at least 10% of a “qualifying business” and controlled it for two years.

Nonprofit applicants will also select their five preferential regions from the state’s list of 14 regions, and OCM will award up to 25 licenses to qualifying nonprofit applicants.

Spendr, an all-in-one cannabis payment, rewards and marketing platform for consumers and dispensaries, has announced that it will be launching in Michigan at the Endo Cannabis Center in Adrian. This is the latest market and merchant to embrace Spendr’s frictionless ACH payment and rewards app. In March, Spendr launched in Ohio at Strawberry Fields’ Columbus dispensary, which saw a 28% increase in Average Transaction Value, faster checkout times by 1-2 minutes per transaction, and over 98% of all users continuing with the app due to its ease, seamless payments and rewards. Spendr plans to expand into additional markets and dispensaries later this year.

‘We are thrilled to be launching in Michigan at the Endo Cannabis Center in Adrian,” said Lucas Gould, founder and CEO, Spendr. “As a medical marijuana patient and cannabis consumer, I experienced first-hand the frustration of cash-only transactions. With Spendr, our goal is to deliver a faster, more convenient, and rewarding experience for consumers and merchants. We saw an amazing response in Ohio and are excited to see Michigan embrace our platform. We look forward to rolling out in more markets and will continue to work to normalize, destigmatize and improve the cannabis industry.”

“I’ve had multiple people tell me that with Spendr, it helps minimize all the headache of getting cash and easily being able to pay for the cannabis. Therefore making the whole process quick, easy, and very efficient. As a technician (budtender), it provides safe, quick, and seamless payment for the product without hassle of cash and having to even touch the money,” said Jon Roberts, dispensary technician at Strawberry Fields in Ohio. 

Spendr is the first cannabis technology platform to launch a free all-in-one app that allows consumers to pay cashless and earn rewards with every purchase. Created and developed by Gould, a medical marijuana patient and cannabis consumer with a background in finance and technology, Spendr’s mission is to normalize and destigmatize the legal cannabis industry. The app features totally compliant and secure payments via ACH transfers with FDIC-insured wallets. For merchants, it's a powerful platform with tools for payments, marketing, and rewards. 

In addition to making cannabis purchasing a faster, more convenient and more rewarding experience, Spendr is passionate about working with local and national organizations such as The Last Prisoner Project, Midwest CannaWomen and MedicateOH to sponsor, partner and collaborate on events—like expungement clinics and career fairs—that help push the whole industry toward a more normalized place. These events have impacted many lives and are a driving force for Spendr to work to improve the cannabis industry.

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Cannabis use last year among young adults—19-30-year-olds—reached historic highs for the age group since 1988, the U.S. National Institutes of Health (NIH) has found through a drug and alcohol use study.

On Aug. 22, the NIH announced this and other findings from the most recent Monitoring the Future (MTF) panel study, based on survey responses collected online between April and October 2021. Funded by the NIH’s National Institute on Drug Abuse (NIDA), the MTF study is a survey conducted by the University of Michigan, and the results have been published since 1975, according to NIH.

The MTF started tracking young adult cannabis consumption for daily, past-month and past-year use in 1988, and the NIH has noted various upward consumption trends. They include:

Young adults who reported cannabis use in the past year:

2021: 43%2016: 34%2011: 29%

Young adults who reported using cannabis in the past month:

2021: 29%2016: 21%2011: 17%

Young adults who reported using cannabis daily (20 or more times in the past 30 days):

A Missouri resident has filed a lawsuit to take an adult-use cannabis measure off the state’s November ballot, according to The Associated Press.

Joy Sweeney, a resident of Jefferson City, Mo., filed the lawsuit Aug. 19 with support from Protect Our Kids, a political action committee (PAC) formed by Luke Niforatos of Smart Approaches to Marijuana, according to the AP.

The same PAC is also attempting to unseat U.S. Rep. Nancy Mace, R-S.C., who introduced the States Reform Act (SRA), Cannabis Business Times previously reported. The SRA would federally decriminalize cannabis and defer power to state governments to regulate cannabis.

The Missouri suit claimed the group behind the legalization initiative, Legal Missouri 2022, had not gathered enough valid voter signatures to put the measure on the ballot, and that the measure violates Missouri law and the state’s constitution, the AP reports.

Missouri Secretary of State Jay Ashcroft certified the measure Aug. 9, following state officials’ certification of 214,535 signatures, nearly 30,000 more than are required, CBT previously reported.

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In the nearly four years since the 2018 Farm Bill legalized hemp with a 0.3% THC limit in the U.S., the country’s CBD market has seen its fair share of ups and downs. In that time, the U.S. Food and Drug Administration (FDA) has not set forth regulations for the production, marketing and sale of CBD.

That lack of regulation has hindered the growth trajectory of the industry and will continue to do so, industry members tell Cannabis Business Times, and data firm Brightfield Group stated in a July mid-year report.

Kim Stuck is CEO and founder of Allay Consulting and one of the country’s first hemp and cannabis regulators who previously worked at the Denver Department of Public Health & Environment. She notes the industry isn’t achieving the same level of growth it would with FDA regulation, and that the lack of regulations allows companies to sell unsafe products.

“It’s really baffling to me that this would even happen in a country like the United States,” Stuck says.

Jonathan Miller, general counsel for the U.S. Hemp Roundtable (USHR), says, like Stuck, that there are companies doing their best to ensure they provide safe products with accurate labeling and dosing, but he notes the same issues.

Regarding product safety, Miller says: “You do have a number of companies that are a minority ... that don't use [proper] practices, that make it out of their bathtubs or their garages. They use battery acid and other harmful materials.”

From the latest research in cultivation science to tips on how to set up an extraction facility, speakers on day one of the Cannabis Conference (held Aug. 23-25 at the Paris Las Vegas Hotel & Casino) covered a broad range of topics for operators across the cannabis supply chain. Here are some highlights. 

“University Research Roundup: The Latest In Cultivation Science:” Utah State University professor Dr. Bruce Bugbee expounded on the importance of licensed businesses partnering with universities to fund and produce cutting-edge scientific research on the cannabis plant. “We’re coming to a point where university research has really helped the cannabis industry,” he said, noting the decades of underground research that preceded this newly “open” environment. Still, only a trickle of federal research grant dollars has made its way to those studying cannabis.
Dr. Michael Gutensohn, a West Virginia University associate professor, discussed his USDA-funded research into the terpene-cannabinoid metabolic network—and how, precisely, THC develops when the cannabis plant encounters biotic and abiotic stressors. This is critical to understanding why hemp “goes hot” in the field, but also to grasping the fundamental chemical building blocks of this plant.

“Pitch Workshop: Win Over Investors With The Perfect Presentation Strategy:” LeVon Terry of Capfluent and Patrick Rea of Poseidon Investment Management discussed the conversations that entrepreneurs are encouraged to have when pitching their business as a potential investment opportunity. It’s vital, Terry said, to speak frankly and clearly with investors. “It can be intimidating … to learn the language of finance in order to have these conversations, but it is important,” he said. “We appreciate entrepreneurs asking questions. Don’t be afraid to push on capital.” The conversation was moderated onstage by Colin Kelley of Merida Capital Holdings, who pointed out that due diligence is critical before and during the pitch meeting.

“Innovative And Regenerative Growing Techniques:” Julia Jacobson of Aster Farms, Mason Walker of East Fork Cultivars and Kevin Kuethe of Lume Cannabis Co. discussed alternative growing methods cannabis cultivars are using across North America, including dry farming, cover cropping, Korean Natural Farming and more. Jacobsen said the Colorado cannabis industry emits more greenhouse gases than the state’s coal mining industry, underscoring the need for more sustainable growing practices. “We plant companion crops every year. Companion crops are non-cannabis plants you plant in and around your cannabis crops to bring benefits," Jacobsen said. 
Walker also discussed the importance of independence for business owners. "We are less reliant on service providers," Walker said, adding that while partners can be beneficial, he has also had experiences with bad partners, "so it's one of the biggest benefits to our business to be able to be self reliant."

“How To Launch A Cultivation Business:” Speakers in this session included Kyle Landrum, chief production officer of Trulieve; Chris Ball, owner and CEO of Ball Family Farms; Obie Strickler, CEO of Grown Rogue; and Sarah Strickler, director of community relations for Grown Rogue. The four speakers sequentially discussed the steps of launching a business: Finding your location/region, funding your operation, building out your facility, selecting your genetics, building your brand, ingratiating yourself in the local community, and more. But, as Obie Strickler stressed, “there is no such thing as a good deal with a bad business partner.” All four speakers agreed: “if you don’t love weed, then this industry is not for you,” Ball said. 

“How To Build Out And Set Up An Extraction Facility:” Kim Eastman, vice president of manufacturing at Jushi, and Crystal Hoffman, former regional director of operations for Slang Worldwide, discussed key goals when establishing an extraction facility, including creating a high-quality product, maintaining terpene integrity, maximizing cannabinoid recovery, and recovery. "You want to make sure the facility and property are taken into consideration. ... Your needs vs. what you already have in that facility,” Hoffman said.They also discussed selecting the correct equipment for a facility, which is ultimately the largest expense. "Ethanol is no joke. It has even more requirements than hydrogen carbon. ... There's a lot of engineering requirements. ... We recommend a consultant or someone who knows what they are doing,” Eastman said.

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Despite price corrections from a post-pandemic sales boom, the cannabis industry is still showing major growth, and experts predict that growth will continue rapidly.

That’s according to the State of the Industry presentation put on Tuesday at the 2022 Cannabis Conference in Las Vegas, where thousands of attendees gathered to learn from 90-plus speakers and network with more than 180 exhibitors.

Noelle Skodzinski, editorial director of Cannabis Business Times and the Cannabis Conference, delivered the State of the Industry presentation, using data from media research partners to highlight opportunities available for cannabis while discussing the many challenges ahead for the industry as more states open up medical and adult-use markets.

RELATED: Highlights From Cannabis Conference Day 1 

Cannabis data and research company Headset projects the cannabis market will be valued at $45.8 billion by 2025, according to the presentation. Skodzinski noted that would represent an 11% compound annual growth rate (CAGR) for the industry—more than double the anticipated CAGR of the alcohol market, which New Frontier Data projects will reach $72.5 billion by 2025.

Of course, getting to these levels will require facing and overcoming numerous challenges.

WASHINGTON, D.C., Aug. 22, 2022 – The National Industrial Hemp Council of America (NIHC) announced at the 2022 Business, Research and Farm Summit at Oregon State University’s Global Hemp Innovation Center, that the NIHC Verify Program designed to increase testing and labeling standards for CBD products and other hemp derivatives has been launched.

“Everything NIHC does is focused on consumer safety,” said NIHC president and CEO Patrick Atagi. “We believe consumers have the right to know what’s in their product and the right to feel safe. NIHC Verify sets the standard for consumers seeking the safe use of hemp derivatives and provides the missing framework for regulators seeking to regulate hemp derivatives.”

Last fall, NIHC announced its intention to launch a pilot program establishing standards for product testing protocols and laboratories. Earlier this year, NIHC continued the effort by signing an MOU with ASTM to develop the ASTM HempQ + NIHC Verification Program.

The NIHC Verify program is centered around the five pillars of safety that include testing for potency, pesticides, heavy metals, microbiologicals and residual solvents. Designed with consumer health and safety in mind, the ASTM + NIHC HEMPQ laboratory certification program is the first independent program utilizing Good Laboratory Practices (GLP), specifically highlighting safety in the hemp industry. Program requirements are reviewed and managed by the Safety Equipment Institute (SEI), an affiliate of ASTM International; this program was formed with input by state attorneys general and other law enforcement agencies. The NIHC Verify program is operated by NIHC and takes the first step toward product safety.

“A common issue within the hemp and cannabis industry revolves around product testing consistency. We often hear how the same product tested at different labs will each produce different results,” said Lakshmy Mahon, president of Global Data Vision and the lead on the NIHC Verify Program. “At NIHC, our goal is two-fold. The first is consistent testing, so consumers have confidence in the hemp products they buy. The second goal is transparency, which aligns with NIHC’s mission to empower consumers with information.”

The ASTM +NIHC Certification incorporates ASTM’S 16 standards for overall lab safety practices, including product quality controls, quality management systems, and testing methodologies, along with testing for the five pillars developed by NIHC. Once labs have met these rigorous standards and have completed the corresponding audit, manufacturers/producers/retailers can apply for the NIHC Verify seal that may be used on product packaging. This is the first step in ensuring that products are tested within labs that meet the highest possible standards.

A First Circuit Court of Appeals panel ruled 2-1 Aug. 17 to uphold a Maine federal judge’s August 2021 decision that the state’s residency requirement for cannabis business owners is unconstitutional, Law360 reports. An attorney for the plaintiff-appellee says the decision demonstrates that U.S. cannabis businesses are afforded constitutional protections.

BOCA RATON, Fla., Aug. 23, 2022 (GLOBE NEWSWIRE) -- springbig (the “Company”) (NASDAQ: SBIG, SBIGW), a leading provider of SaaS-based marketing solutions, consumer mobile app experiences, and omnichannel loyalty programs to the cannabis industry, today introduced its social equity program. The newly launched initiative aims to provide equitable opportunities for social equity license holders in marginalized communities that have been disproportionately impacted by the war on drugs.