MjLink Cannabis Business News and Press
Should New Approach North Dakota advocates succeed with their 2022 adult-use cannabis ballot measure this November, the state’s medical market would pretty much disappear.
While North Dakota officials have issued more than 8,200 medical cannabis ID cards to qualifying patients since voters approved Initiated Statutory Measure 5 with a 64% majority in 2016, the number of active patients would likely dwindle to fewer than 2,000 following adult-use legalization, The Associated Press reported.
North Dakota Medical Marijuana Division Director Jason Wahl told a legislative panel Sept. 12 that the state’s medical cannabis registry could shrink by more than 80% because, in part, New Approach ND’s 2022 measure would allow adults 21 and older to purchase greater amounts of cannabis or cannabis products, tax rates would remain the same and edibles would be allowed under adult-use legalization.
RELATED: Tracking the Number of Registered Medical Cannabis Patients by State
Under current medical cannabis law, North Dakota patients are limited to purchasing 2.5 ounces of dried cannabis flower in a 30-day period, but the 2022 ballot measure would allow those 21 and older to purchase up to 1 ounce of cannabis, 4 grams of concentrate or up to 500 milligrams of THC in an infused an infused product—the possession limit—in a single visit.
Under the 2022 measure, adults 21 and older could potentially visit numerous dispensaries and purchase the 1-ounce possession limit multiple times in one day because “none of that is tracked,” Wahl told the legislative panel.
U.S. sales will grow from $25 billion in 2021 to $42 billion in 2026, which will make up 75% of total global cannabis salesDespite concerns surrounding inflation and economic and regulatory headwinds, legal cannabis sales in the U.S. will reach $27 billion by the end of 2022, a jump of 7% over 2021 sales of $25 billionNewer markets continue to see rapid sales growth and will be the primary driver of sales until 2026A slowed adoption rate in U.S. established markets will leave firms competing on high supply and low pricesWhile the U.S. will continue dominating global sales over the next few years, there is potential from emerging global markets such as Germany and Mexico
LOUISVILLE, Colo., Sept. 13, 2022 – PRESS RELEASE – BDSA announced an update of its cannabis market forecast, a five-year rolling global forecast by country, state, province, channel, and category. The report projects annual global cannabis sales to grow from $30 billion in 2021 to $57 billion in 2026, a compound annual growth rate (CAGR) of almost 13%. In the United States, cannabis sales will grow from $25 billion in 2021 to $42 billion in 2026, which will make up 75% of total global cannabis sales. Despite an inflationary environment and concerns about recession that dampened consumer spending, legal cannabis sales in the U.S. will reach $27 billion by the end of 2022, a jump of 7% over 2021 sales of $25 billion.
“The ‘hockey stick’ trend of sales growth seen in the early years of legal cannabis has passed, and economic and regulatory headwinds are exerting pressure on legal cannabis markets,” said Roy Bingham, CEO of BDSA. “Still, our updated forecast predicts that steady gains in developing U.S. markets will continue to drive single-digit annual growth in total U.S. legal sales in 2022, with continued growth prospects out to 2026.”
Adjustments to mature market forecasts stem partly from the continuation of the erosion of price in environments with high retail per capita numbers. Governments in Oregon and Washington have taken steps such as moratoriums on new licensing to combat chronic over-supply.
While sales have plateaued and even fallen in some of the most mature markets such as California, Colorado, Washington and Oregon, driven by declines in retail prices and a challenging macroeconomic situation, newer markets continue to see brisk sales growth. An example of this is the Illinois market, which is expected to bring in approximately $2 billion in total sales in 2022, a 14% increase over 2021 sales.
RELATED: Illinois Cracks $1 Billion in Adult-Use Cannabis Sales So Far in 2022
The total U.S. market continues to see topline growth, though some of the most established markets are starting to see sales slow. These markets may soon face saturated consumer penetration as BDSA data reports that the past six-month adult adoption topped 50% in fully legal markets in the spring. A slowed adoption rate will leave firms competing on high supply and low prices. Actual losses have come for the first time in some mature markets, such as Nevada. The first-mover advantage has been negated by access in newer markets, prices receding, and regulatory reforms stalling.
Three people were shot earlySunday morning in an attempted robbery at an indoor illicit cultivationfacility in San Leandro, Calif.
Officers responded after 4a.m. to the reported robbery located at 2000 Adams Ave., the San Leandro PoliceDepartment (SLPD) said in a news release Sept. 11.
Officers discovered there wasa shootout between the facility workers and the burglary suspects, which leftthe site manager and one suspect in critical condition, and a facility securityguard in stable condition.
Matthew Barajas, criminalinvestigations division commander and lieutenant with the SLPD, confirmedwith Cannabis Business Times Sept. 12 that the cultivationfacility did not have a license to operate, as law enforcement was stillinvestigating the grow’s legal status at the time of the release.
Barajas says the facilityhoused roughly 7,000 to 8,000 illicit cannabis plants in various growth stagesand that the SLPD believes the suspects may have been attempting to take “processed,manicured cannabis, which was strewn all over the inside of the businesscomplex.”
He adds that law enforcementwill investigate who oversees the facility and that there may be a link betweenthe grow owners and the East Coast.
Florida-based cannabis giant Trulieve recently doubled its contribution to the Smart & Safe Florida political committee with another $5 million toward a 2024 ballot initiative to legalize adult-use cannabis.
Now with $10 million invested in the reform effort, Trulieve’s second financial input came less than a month after the multistate operator contributed its original $5 million to the ballot campaign. So far, the committee has not received any other monetary contributions as of a Sept. 2 filing period, according to the Florida Division of Elections.
Smart & Safe Florida, chaired by David Bellamy of the music duo the Bellamy Brothers, filed its campaign measure Aug. 8 with the Division of Elections and received approval Aug. 23 to circulate the petition.
The Adult Personal Use of Marijuana—the ballot measure’s title—will need 891,589 valid signatures by early 2024: The deadline for signature verification is Feb. 1, 2024, with election officials needing 30 days to check signatures before that deadline.
The measure aims to legalize the possession, purchase and use of cannabis products and accessories for adults 21 and older, including up to 1 ounce of dried flower or 5 grams of concentrate. The measure would allow Medical Marijuana Treatment Centers (MMTCs) and other state-licensed entities to acquire, cultivate, process, manufacture, sell, and distribute such products and accessories.
The New Mexico State Fair has teamed up with The Verdes Foundation, a New Mexico-based cannabis dispensary, to add a “Discovering Cannabis” educational exhibit to its events list this year.
The event is designed to educate adults 21 years and older on the state’s “newest agricultural industry” and “provide a safe space for the cannabis curious to ask questions, get information, and learn more about how the recent legalization of recreational cannabis will impact the state’s economy.” (New Mexico legalized adult-use cannabis in April 2021.)
Celeste Melchor, project manager at The Verdes Foundation, said the company is “honored to be an exhibit sponsor,” adding that Verdes has been dedicated to educating the community and its clients about cannabis for the last decade.
“We are so excited to have the opportunity to share our knowledge and our passion around cannabis with our New Mexico community at the state fair,” she said
The exhibit is set to take place in the Manuel Lujan Building on the fairgrounds at 10 a.m. on each day of the fair, which runs Sept. 8-18. Experts cover various topics such as cannabis cultivation, how the plant affects the body, and more.
The exhibit contains numerous cannabis vendors and distributors; however, products are not available for consumption on-site. In addition, the exhibit includes an educational gallery that is designed to help “people navigate the available products on the market, how to find targeted relief, speak with local cannabis brands, learn about the plant, and the advocacy behind New Mexico’s newest industry,” according to the release.
SAN FRANCISCO, California, Sept. 12, 2022 - PRESS RELEASE – Pistil Data, a cannabis market intelligence platform, is now operating in every legal U.S. state with plans to expand to Canada by the end of the year. The company, which crunches billions of data points daily to help clients sort through the complexity of their local markets, also announced two new market intelligence products for retail dispensaries and brands, Pistil for Retail and Pistil for Brands.
Founded by executives from Google and Baker Technologies, Pistil’s unique IP makes vital market intelligence accessible to cannabis companies of all sizes, helping a sector that previously struggled with the complexity of industry data. The company’s growth stands apart in an industry sector that has been affected by recent recession fears and layoffs.
Announcement highlights: :
It is currently operating in every legal U.S. state. The company was operating in 2 U.S. states at the beginning of 2022. Pistil will launch in Canada in Q4. Pistil for Retail is now in general release after a six-week beta program with five U.S. retailers. The product helps retailers optimize pricing and product assortment, enabling them to attract customers, drive loyalty, and maximize profit. The Pistil for Brands business intelligence tool is now in general release after a four-week beta program. The product helps brands and distributors uncover market and pricing insights and improve their go-to-market strategies. Pistil also announced it is now collecting data in real-time and updating analytics daily.“There is a shakeout happening in cannabis right now, and there is no longer any room for error. Brands need to use their resources efficiently, position themselves strategically, and make sure they are in the stores that can make them money. For retailers, it means taking a hard look at their shelves and their pricing, to find a way to stand out to new and existing customers in their local markets”, says Jeffrey Graham, CEO of Pistil Data. “This is why even in the face of an industry downturn, demand for Pistil has never been stronger.”
Backed by cannabis venture firm Casa Verde Capital, Pistil Data has built a customer base of 1,000+ North American industry leaders with clients such as Connected, Herbl, Raw Garden, and Revolution Cannabis. Pistil has developed a catalog of more than 3 million cannabis products which are used like a UPC code to match products across stores. Pistil analyzes products in more than 90% of stores in North America.
]]>In its upcoming field day, the North Dakota State University (NDSU) Department of Plant Sciences is giving individuals an inside look at its most recent research and advancements in hemp, fruit and vegetables.
From 4 p.m. to 6:30 p.m. CDT Sept. 15, NDSU is hosting a field day event at the NDSU Horticulture Research Farm and Arboretum located at 14850 29th St. S.E., Amenia, N.D., to showcase the research and projects the department has been working on.
Harlene Hatterman-Valenti, NDSU Department of Plant Sciences professor and field day organizer, said the event will allow individuals to see how some of the projects the department is working on “might be suitable for their gardens, orchards or farms.”
“The field day will include presentations on caterpillar tunnel research, high tunnel automated watering, renovation of old/unproductive apple trees, hydro-mulching for weed control, evaluating new brassica cultivars for yield and stress tolerance, evaluating black currant, cantaloupe, and haskap cultivars and their health attributes, evaluating allium species and their cultivars for health attributes, floral hemp research, grape breeding research, juneberry research, and raspberry research,” the release states.
Individuals can register for the event here.
]]>NORWOOD, Massachusetts, September 12, 2022 - PRESS RELEASE - MariMed, Inc., a multi-state cannabis operator, announced an agreement that will bring the company’s portfolio of cannabis-infused edibles to Missouri. As part of the agreement, MariMed will develop and manage a state-of-the-art production kitchen. MariMed anticipates completion of the facility in the first quarter of 2023, with wholesale sales to commence thereafter.
“I am delighted to announce our management contract in the state of Missouri that will facilitate the distribution of our products in this emerging cannabis market,” said Bob Fireman, CEO of MariMed. “Expanding our operations to increase distribution of our award-winning brands aligns with our strategic growth plan and delivers on another shareholder commitment. We, as well as the polls, expect voters to approve adult-use sales on the ballot initiative this fall, which we believe will catapult Missouri to become a leading cannabis market in the U.S.”
MariMed intends to manufacture and distribute a select variety of its brands and products throughout Missouri, including its Betty’s Eddies fruit chews, a top-selling edible in every state where it is sold, its Bubby’s Baked soft and chewy baked edibles, and its Vibations: High + Energy powder drink mixes.
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TALLAHASSEE, Florida, Sept. 12, 2022 - PRESS RELEASE - Trulieve Cannabis Corp., a multistate cannabis company, announced the opening of its first Trulieve-branded dispensary in Tucson. Located at 4659 E. 22nd St., the new dispensary is now open, with ongoing hours of 7 a.m. to 10 p.m. daily.
"We are excited to add a third location in Tucson, the state's second largest market," said Trulieve CEO Kim Rivers. "We look forward to expanding our reach to serve the community with our high-quality products and customer-centric approach to cannabis."
Grand opening festivities on Saturday, Sept. 17, will include partner giveaways, deals, DJs, food trucks, specials and discounts. The new location will offer a wide variety of popular products, including Trulieve brands such as Alchemy, Avenue, Co2lors, loveli, Modern Flower, Muse and Roll One. Customers can also choose from a broad assortment of products from partner brands, including Alien Labs, Connected, and El Blunto.
Trulieve entered the Arizona market in October 2021 as part of its acquisition of Harvest Health & Recreation, Arizona's largest cannabis retailer. Over the course of the next year, existing Harvest locations will be rebranded to Trulieve. Harvest and Trulieve-affiliated dispensaries in Arizona are located in Avondale, Casa Grande, Chandler, Cottonwood, Glendale, Guadalupe, Lake Havasu, Mesa, Peoria, Phoenix, Scottsdale, Tempe, and Tucson.
For more information on store activations and locations in Arizona, please visit www.trulieve.com/dispensaries/arizona.
]]>Florida-based multistate cannabis operator Trulieve is the main financial supporter of a Maryland ballot campaign that recently launched to advocate for the passage of an adult-use legalization question going before voters this November.
The “Yes on 4” campaign is chaired by former NFL player Eugene Monroe, the founder and CEO of Heart Community Capital, a group of professional athletes, social activists, philanthropists, coaches, creatives and cannabis industry experts working together to help build black-owned cannabis companies.
“Passing Question 4 will put an end to the failed criminalization of cannabis, create a well-regulated legal marijuana market centered around equity, and open up new doors for local entrepreneurs and small business owners,” Monroe said in a public statement. “I hope every Marylander will vote yes on Question 4 this November.”
While Yes on 4 is “powered by Maryland residents who are ready to bring the era of failed marijuana prohibition to an end,” according to the group’s recently launched website, the campaign currently relies on $50,000 in funding from Trulieve, according to election finance filings from Aug. 30, The Washington Post reported.
Trulieve, a vertically integrated company with operations in 11 states, including 120 dispensaries in its home state of Florida, has three medical cannabis retail locations in Maryland.
Maryland is one of six states where voters are hoping to effectuate policy change through adult-use cannabis legalization ballot measures this November.
Cannabis equity advocates and social equity business leaders in Illinois are urging Gov. JB Pritzker, the general assembly and state department officials to assist equity operators in various ways, including becoming operational and achieving valuable market share.
On Sept. 7, a group of advocates and business leaders led by Chicago NORML, the local chapter of the National Organization for the Reform of Marijuana Laws; the Cannabis Equity Illinois Coalition; former Illinois state senator and social equity cannabis dispensary licensee Rickey Hendon; and others, held a press conference in front of a downtown Chicago building that houses offices for the Illinois Department of Financial & Professional Regulation (IDFPR) and the Office of the Governor.
“We’re calling to make changes today in order to move this program in the right direction,” said Douglas Kelly, executive director of the Cannabis Equity Illinois Coalition, during the press conference. He said advocates strives to ensure state officials keep equity and justice in conversations about the state's cannabis industry.
Ambrose Jackson, chairman and CEO of vertically integrated social equity cannabis company The 1937 Group, said: “Our cannabis social equity program is on the verge of collapse.”
Illinois’ cannabis industry has received $3 billion in adult-use cannabis sales totals since adult-use sales began in the state Jan. 1, 2020, Jackson stated. However, he said Black and Brown business owners have not been reaping the benefits as they are hamstrung by state legislative and agency actions and, in other cases, inaction.
On Sept. 8, a spokesperson from Pritzker’s administration provided the following statement to CBT: “The administration is always looking for ways to improve social equity in the cannabis industry, which has been a priority of the Governor’s since day one of this process. Proof of this commitment can be seen in the significant steps already - 185 social equity licenses are now out the door and the application process has been simplified for future applicants. $113 million in cannabis revenue has gone to communities affected by the war on drugs as part of the effort to correct past wrongs. Ensuring equity is a long term process designed to right decades of inequality and help build generational wealth for Illinoisans excluded from doing so in the past. The Governor looks forward to continuing to work with the General Assembly on streamlining the process and helping social equity applicants enter and thrive in the industry.”
New medical cannabis dispensaries have continued to open on a weekly basis during recent months in Florida, but the state’s ever-expanding retail footprint remains limited to 22 operators.
Trulieve (120 dispensary locations), Verano (59 MÜV dispensaries) and Curaleaf (51 dispensaries) represent 49% of Florida’s 474 retail locations as of Sept. 9, according to a weekly update from the state’s Office of Medical Marijuana Use (OMMU).
Also as of Sept. 9, Florida has nearly 750,000 qualified patients with active ID cards, meaning each retail location serves almost 1,600 patients on average. For Trulieve, that means dispensing roughly 300 ounces of dried flower at each of its 120 locations every week, according to OMMU data.
But aspiring market entrants hoping to gain a piece of that pie through additional licensing will have to continue to watch from the sidelines following a Sept. 7 decision from Florida’s First District Court of Appeal. The court upheld an order to dismiss a complaint by Tampa-based Louis Del Favero Orchids Inc., which demanded the Florida Department of Health issue additional retail licenses under a default licensure mechanism in Section 120.60 of state law.
A general statute that applies to all state agencies, Section 120.60 states, “An application for a license must be approved or denied within 90 days after receipt of a completed application” or the application is “considered approved.”
Del Favero applied in 2018 for a license to cultivate and dispense medical cannabis from the Florida Health Department, but state officials didn’t approve or deny the application and instead told Del Favero that the department wasn’t accepting applications for additional licenses in the state at the time.
The United Kingdom has barred the government from legalizing cannabis in Bermuda, a British Overseas Territory.
Bermuda’s governor, Rena Lalgie, announced Tuesday that the United Kingdom blocked legislation to legalize the production and use of cannabis, according to a Caribbean National Weekly report.
“I previously announced that I had reserved the Cannabis Licensing Bill 2022 for the signification of her majesty’s pleasure under Section 35 (2) of the Bermuda Constitution,” Lalgie said in a public statement. “I have now received an instruction, issued to me on Her Majesty’s behalf, not to assent to the bill as drafted.
“The Secretary of State for Foreign, Commonwealth and Development Affairs concluded that the bill, as currently drafted, is not consistent with obligations held by the UK and Bermuda under the 1961 Single Convention on Narcotic Drugs and the 1971 Convention on Psychotropic Substances.
“I have informed the Premier and relayed the UK’s continued desire to work with Bermuda on reforms within the scope of our existing international obligations.”
FORT LAUDERDALE, Florida, & TORONTO, Sept. 9, 2022 - PRESS RELEASE - Flora Growth Corp., an all-outdoor cultivator, manufacturer and distributor of global cannabis products and brands, announced that its wholly-owned subsidiary, Just Brands LLC, has acquired substantially all of the assets pertaining to the brand No Cap Hemp Co. (No Cap). The company acquired the No Cap assets without paying any consideration at closing. Instead, Flora will pay to the sellers 10% of the gross revenue received from the sale of No Cap products up to a maximum of $2M.
“This transaction will allow Flora to immediately benefit from a profitable, cash flow positive and growing business,” said Luis Merchan, chairman and CEO of Flora Growth. “This strategic acquisition demonstrates our disciplined capital allocation approach that is consistent with both short-term needs and long-term vision as a leading global cannabis company. We look forward to increasing our product offering through this transaction while broadening our sales team in the process.”
The No Cap acquisition will fast-forward the introduction of high-quality flower and prerolls to Flora’s growing product portfolio and smokeables into JustBrand’s product portfolio. JustBrands will develop and further expand on their flower and smokable line as well as distribute the No Cap brand into Flora’s ~14,000 points of distribution.
The No Cap acquired assets are expected to add approximately 75 SKUs to Flora’s product portfolio, as well as the “No Cap” and “Moonblunt” trademarks. No Cap’s gas infusion technology should also complement Flora Labs’ manufacturing capabilities.
“No Cap’s unique product offering coupled with JustCBD’s robust distribution positions Flora to be the leader in the alternative cannabinoid segment,” Merchan added.
]]>Florida Commissioner of Agriculture and Consumer Services Nikki Fried is fighting back on the state's recently implemented dosing and supply caps for medical cannabis patients.
Fried issued a letter to Joseph A. Ladapo, Ph.D., Florida's surgeon general, who oversees the Florida Department of Health (DOH) and its Office of Medical Marijuana Use (OMMU) Sept. 8, requesting for officials to revoke the dosing restrictions outlined in an emergency rule released Aug. 26.
"I have serious concerns regarding the manner of which this emergency rule was put forward, which appears to have lacked any opportunity for meaningful input by those most impacted by them–patients and the doctors treating them," Fried said in the letter. "Unveiling a rule cutting the allowable preparations and extracts dosages by 69.4 percent with less than three days’ notice is not just thoughtless, it's irresponsible. It has caused chaos, confusion, and rightful panic among patients and providers."
The emergency rule, which went into effect Aug. 29, states that patients may not purchase more than 24,500 mg of THC of non-smokable cannabis products within 70 days and no more than 2.5 ounces of smokable products within 35 days, Cannabis Business Times reported.
The emergency rule also included daily dose THC limits per product, which are as follows:
| Route of Administration | Daily Dose Amount | |
| Edibles | 60 mg THC | |
| Inhalation (e.g., vaporization) | 350 mg THC | |
| Oral (e.g., capsules, tinctures) | 200 mg THC | |
| Sublingual (e.g., sublingual tinctures) | 190 mg THC | |
| Suppository | 195 mg THC | |
| Topical (e.g., creams) | 150 mg THC | |
| Marijuana in a form for smoking | 2.025 grams |
Fried said that by implementing such caps, the state is overriding doctors' professional judgment and endangering patients' health. She added, "Many patients require the ability to purchase a higher dosage in multiple forms in order to test combinations and find the best balance to treat their particular condition in consultation with their doctor. The state has no business inserting itself into nuanced decisions being made between patients and their health care providers."
U.S. Sen. Bob Menendez, D-N.J., advocated for the passage of the Secure and Fair Enforcement (SAFE) Banking Act during a Senate banking hearing this week as the legislation continues to stall in the upper chamber.
Menendez, a senior member of the Senate Banking Committee, urged passage of the cannabis banking reform legislation during a Sept. 6 hearing titled “Current Issues in Insurance,” according to a press release from his office.
Witnesses from the National Association of Insurance Commissioners and the Federal Insurance Office at the U.S. Treasury Department also testified at the hearing, according to the press release.
“I’m concerned that businesses that have nothing to do with cannabis could face serious consequences if this bill isn’t enacted,” Mendendez said during the hearing, while questioning Kathleen Birrane from the National Association of Insurance Commissioners. “Imagine a scenario where a New Jersey lightbulb manufacturer sells a product to a state-legalized cannabis business and there’s a fire related to the lightbulb, causing the business to suffer losses. The SAFE Banking Act and CLAIM Act would resolve the issue I described, as well as many others. The House has passed this bipartisan measure seven times, and it’s long past time for the Senate to do the same.”
RELATED: New Poll Reveals That Two-Thirds of Voters Support Cannabis Banking Reform
A new poll has revealed that two-thirds of voters support cannabis banking reform as the Secure and Fair Enforcement (SAFE) Banking Act continues to stall in Congress.
The Independent Community Bankers of America (ICBA) announced Sept. 6 that the organization’s recent poll, conducted by Morning Consult, showed that 65% of voters support allowing cannabis-related businesses to access banking services in state-legal markets.
“Americans understand that no industry can operate safely, transparently or effectively without access to banks or other financial institutions, and it is self-evident that this industry, and those consumers that are served by it, remain severely hampered without this access,” NORML Deputy Director Paul Armentano said in a public statement. “In order to truly bring the marijuana industry out of the shadows, actions need to be taken by Congress to repeal these outdated and discriminatory practices.”
The ICBA’s survey revealed that 71% of voters believe that allowing cannabis-related businesses access to the banking system would help protect public safety by reducing the risk of robbery, according to the press release, while 55% said that cannabis banking reform would advance social equity by supporting cannabis-related businesses owned and led by people of color, women and the LGBTQ community.
The poll also found that more than 80% of voters believe that businesses that operate exclusively in cash have a higher risk of robbery or theft, 62% believe that restricting cannabis-related businesses from accessing banking services poses a threat to public safety, and 63% believe that allowing cannabis-related businesses to access the banking system will help improve public safety.
One university is hosting a symposium dedicated to exploring hemp’s many potentials.
From 8 a.m to 1 p.m. CT Sept. 17, Southern Illinois University Carbondale (SIU) is hosting its third Southern Illinois Hemp/Cannabis Symposium—sponsored by SIU’s Cannabis Science Center—which will feature several speakers from the industry, as well as vendors and industry related displays, according to an SIU press release.
The symposium will address various topics related to hemp fiber and seed crops and their produced products.
The speaker list includes:
Chris Berry, chief operation officer, Illinois Hemp Growers AssociationOussama Badad, lead geneticist, Trilogene SeedsDoKyoung Lee, professor, University of IllinoisPatrick Van Meter, CEO and co-founder, Midwest Natural FiberJustin Swanson, Co-Founder and President, Midwest Hemp CouncilJacob Waddell, President, U.S. Hemp Building AssociationRyan Doherty, CEO, Hemp VenturesSpeakers will discuss the many end uses of hemp, including the latest developments of hemp materials in building and construction, as well as business models and techniques for marketing cannabis and hemp products.
In addition, hemp experts will also address “cultivating efforts in Illinois and the Midwest, including Farm Bill and federal regulation aspects.” And hemp breeders will unveil the development of “new cultivars optimized for Illinois or for use in unique row crop production systems where fiber, seed and cannabinoids can be harvested from the same crop,” according to the release.
It’s a difficult time to succeed as a cannabis operator, for a number of reasons. Doing so in a mature and jam-packed market only exacerbates the challenges.
But Veritas Fine Cannabis, a vertically integrated operator based in Aurora, Colorado, is doing its best to creatively meet the local consumers’ needs.
Veritas launched a build-your-own four-pack of eighths of flower, equating it to your own mix and match half-ounce of product. The promotion, which is currently available at more than 200 dispensaries across Colorado and runs through September 18, allows consumers to select three different eighths of flower while receiving the fourth eighth for only 10 cents.
Jordan Plunkett, director of marketing at Veritas, says the build-your-own four-pack idea was inspired by the marketing team’s backgrounds in hospitality.
“We like to take some of those tools and tactics that were successful in the alcohol/bar scene and implement them here in the cannabis space. That’s where we got the idea of the build-your-own four-packs, taking a play off craft beer, [where] you can build your own six-packs,” Plunkett says. “We really wanted to give our customers the ability to create their own experience. We believe with our vast strain library, we're able to provide something for everybody.”
Licensed cannabis retailers logged a record $26.8 million in total sales this August, representing continued growth for one of the nation’s newest adult-use markets, according to the state’s Department of Revenue.
That monthly total was a 1% increase over July, despite July having five Fridays and five Saturdays—the two biggest sales days of the week for cannabis retail—to help boost numbers.
Overall, Montana recorded $7 million in medical cannabis and $19.8 million in adult-use cannabis last month, with the latter representing 74% of the total market and growing. When Montana first launched its expanded retail market in January 2022, adult-use sales accounted for 58% of the monthly sales total.
So far in 2022, Montana dispensary operators have sold more than $201 million of cannabis ($133 million coming from adult-use sales) in a state that only houses roughly 1.1 million residents. Those sales have provided the state with nearly $29.3 million in tax revenue.
And that revenue stream comes despite only half of Montana’s 56 counties participating in the state’s adult-use cannabis retail program in August.
Yellowstone County, the most populous in the state with roughly 160,000 residents, accounted for an estimated $3.2 million in adult-use sales and $1.3 million in medical sales in August—more than any other county in Montana—representing roughly 16.6% of the state’s combined retail market for the month.
