MjLink Cannabis Business News and Press
Montana’s adult-use cannabis law automatically grants licenses to each of the state’s tribal nations to cultivate and sell cannabis, but new guidance from regulators prohibits tribal grows from expanding beyond tier 1 licenses.
Brendan Beatty, director of the Montana Department of Revenue, sent a letter June 2 to the Economic Affairs Interim Committee declaring that tribal cannabis cultivation operations must remain within the smallest grow size, which allows for a maximum of 1,000 feet of grow space, according to the Montana Free Press.
This differs from confirmation that the Economic Affairs Interim Committee received from the Department of Revenue after House Bill 701 passed during Montana’s 2021 legislative session to implement the state’s adult-use program. At that time, the committee verified with the department that although the legislation defines tribal licenses as tier 1, the licensees could scale up over time like the other license holders in the state, the Montana Free Press reported.
“During the last legislative session, a lot of the tribes and the legislators saw this as an opportunity, finally, for the tribes to get in on equal footing on the ground floor of the marijuana industry, and start bringing in additional revenue for themselves,” State Sen. Jason Small, R-Busby, a member of the Northern Cheyenne tribe, told the news outlet. “Unfortunately, it seems the Department of Revenue has been trying to hamstring our efforts.”
No tribe has applied for a cannabis license to date, and Small told the Montana Free Press that some are wondering if they should now that regulators have capped the licenses.
Illinois officials awarded 48 new craft grow cannabis licenses earlier this month, after a lengthy delay sparked by litigation from unsuccessful applicants, but the licenses are now on hold once again under a new court order.
Winnebago Associate Judge Stephen Balogh issued a temporary restraining order June 6 that bars all craft grower licensees from operating until new litigation is resolved, according to the Chicago Tribune.
The order says that “all craft cannabis licenses are locked in place and can’t start operating by Defendants issuing preconstruction permits, security plan approvals, site plan approvals, final construction approvals, label/packaging approvals, granting extensions to the operational requirements, or any other affirmative action that would permit craft growers to operate,” the news outlet reported.
Balogh’s order covers all craft grower licenses, according to the Chicago Tribune, including not only the 48 issued this year, but also 40 that were awarded last summer.
Balogh issued the order last week after a hearing that was not attended by representatives of the state or the craft grower licensees, according to the news outlet.
ANN ARBOR, Mich., June 15, 2022 /PRNewswire/ --PRESS RELEASE-- C3 Industries, a multi-state,vertically integrated cannabis company with headquarters in Ann Arbor, MI,today announced an exclusive partnership with Red White & Bloom, a multistate cannabis operatorand house of premium brands, to license their Platinum Vape brand in Missouri and Massachusetts.
Red White & Bloom boasts a wide portfolio of brands, including PlatinumVape, one of the leading vape cartridge brands in the United States. Platinum Vape utilizes acustom, pure terpene separation process, harvesting premium flower with a focuson quality and potency. Among Platinum Vape's core offerings include productslike vape cartridges, disposable vape pens, infused chocolates and gummies,premium flower and pre-rolls.
C3 Industries will exclusively license the full line of Platinum Vapeproducts in Missouri and Massachusetts, with items available for sale in High Profile Cannabis shops and third-party retailersacross the states. The initial offering will include the following flavors ofcartridges: Grease Monkey; Sour Dub; Lime OG; Fire OG; Grape Ape; Paris OG;Maui Wowie; Super Lemon Haze; and Cush.
"C3 Industries is intentional when it comes to selecting our brandpartners, and our commitment to Platinum Vape is no exception," said AnkurRungta, CEO and co-founder of C3 Industries. "Platinum Vape has provenitself as a powerhouse brand, out-performing all other cartridges in the stateof Michigan and gaining popularity around the country. Our team is thrilled tointroduce such a staple offering in multiple new markets this year. We areaiming to achieve a top 5 market share in each market, with additional flavorsintroduced over time as we ramp up our presence."
GATINEAU, Quebec, June 14, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE--HEXO Corp (TSX: HEXO; NASDAQ: HEXO), a producer of cannabis products, today reported its financial results for the fiscal quarter ended April 30, 2022 (Q3’22). All amounts are expressed in Canadian dollars unless otherwise noted.
“HEXO is committed to streamlining our operations across all functions, allowing our top-selling brands to remain competitive in the marketplace whilst aligning to our long-term financial objectives of becoming cash flow positive and driving growth,” said HEXO CEO Charlie Bowman. “As we move forward, we remain keenly focused on our financial objectives and taking the necessary steps to achieve them, including maintaining a lean organization and concentrating on operational excellence.”
Significant Financial Results & Events
On April 12, 2022, HEXO entered into definitive agreements with Tilray Brands Inc. to restructure the terms of the Senior Secured Convertible Note. Amongst other amendments, the notes maturity will be extended by three years and the equity condition clause will be removed, relieving the company from the punitive dilution pressure under the notes current structure.Concurrent with the definitive agreements, HEXO entered into a definitive equity purchase agreement with an affiliate of KAOS Capital Inc, which when completed, will provide HEXO access to an aggregate $180 million over a 36-month period.During the quarter, Management announced the closure of the centralized processing and manufacturing facility in Belleville ON. The decommissioning and phase out process is expected to be finalized by the end of July 2022. The company has begun to transition these operations to other existing sites to further streamline operations and capitalize on production efficiencies.Net sales decreased 14%, quarter over quarter, led by a reduction of international and adult-use sales.Total impairment losses of $83,171 were recognized in Q3’22, pertaining to the company’s property, plant and equipment, due to the above Belleville closure and due to new estimated recoverable amounts of certain redundant assets.Loss from operations improvement of 80%, quarter over quarter, as the result of the Q2’22 realignment of the balance sheet and the $616 million of previously recognized impairments to goodwill, intangible assets and property, plant and equipment.$34,924 of total Senior Secured Note redemptions occurred during the quarter, resulting in the issuance of 72,257,022 common shares.The loss on the company’s Senior Secured Note was reduced by $61,556 due to less volatility in the valuation approach. The Senior Secured Note continues to be valuated at the default demand amount of 115% of the outstanding principal.The company’s total Assets held for sale increased to $22,450 from $13,404 from the previous quarter as the result of closing operations of certain, previously announced, cultivation and research facilities as well as a manufacturing facility.Subsequent to the quarter-end and concurrent with a transformation of the company’s management structure, HEXO appointed Joelle Maurais, former Assistant General Counsel who joined the organization in April 2018, as General Counsel & Corporate Secretary, effective June 15, 2022. The company would like to thank departing General Counsel, Roch Vaillancourt, for his contributions and dedication to HEXO through this pivotal period. Mr. Vaillancourt will remain with the company in an advisory role through to July 1, 2022 to facilitate a smooth transition.Key Financial Results for Q3'22
| For the three months ended | For the nine months ended | ||||
| April 30, 2022 | January 31, 2022 | April 30, 2021 | April 30, 2022 | April 30, 2021 | |
| $ | $ | $ | $ | $ | |
| Revenue from sale of goods | 63,590 | 72,014 | 33,082 | 205,101 | 120,059 |
| Excise taxes | (18,021) | (19,251) | (10,482) | (56,808) | (35,219) |
| Net revenue from sale of goods | 45,569 | 52,763 | 22,600 | 148,293 | 84,840 |
| Ancillary revenue | – | – | 60 | 225 | 168 |
| Total revenue | 45,569 | 52,763 | 22,660 | 148,518 | 85,008 |
| Cost of goods sold | (55,179) | (61,302) | (18,281) | (199,463) | (57,391) |
| Gross profit/(loss) before fair value adjustments | (9,610) | (8,539) | 4,379 | (50,945) | 27,617 |
| Fair value adjustments1 | 4,335 | 5,979 | 4,437 | 11,134 | 17,997 |
| Gross profit/(loss) | (5,275) | (2,560) | 8,816 | (39,811) | 45,614 |
| Operating expenses | (127,704) | (667,296) | (24,906) | (918,139) | (71,186) |
| Loss from operations | (132,979) | (669,856) | (16,090) | (957,950) | (25,572) |
| Other expenses and losses | (19,723) | (66,248) | (4,621) | (48,288) | (20,175) |
| Loss before tax | (152,702) | (736,104) | (20,711) | (1,006,238) | (45,747) |
| Current and deferred tax | 7,697 | 25,218 | – | 33,070 | – |
| Other comprehensive income/(loss) | (1,658) | 20,632 | 3 | 19,339 | 3 |
| Total Net loss and comprehensive loss | (146,663) | (690,254) | (20,708) | (953,829) | (45,744) |
| 1 The combined realized fair value amounts on inventory sold and unrealized gain on changes in fair value of biological assets. | |||||
Select Balance Sheet Metrics
| Q3'22 | Q4'21 | % Change | |
| $ | $ | ||
| Cash & cash equivalents | 14,221 | 67,462 | (79%) |
| Restricted cash | 142,174 | 132,246 | 8% |
| Biological assets & inventory | 152,385 | 149,611 | 2% |
| Other current assets | 226,089 | 476,485 | (53%) |
| Accounts payable & accrued liabilities | 62,220 | 63,557 | (2%) |
| Current debt | 322,394 | 421,264 | (23%) |
| Working capital | (6,102) | 189,920 | (103%) |
| Property, plant & equipment | 296,634 | 393,902 | (25%) |
| Assets held for sale | 22,540 | - | n/a |
| Total Assets | 848,984 | 1,311,803 | (35%) |
| Total Liabilities | 478,160 | 579,538 | (17%) |
| Shareholders' Equity | 370,824 | 732,265 | (49%) |
Adjusted Earnings before Interests, Taxes, Depreciation and Amortization (“Adjusted EBITDA”)
Kentucky Gov. Andy Beshear issued an executive order June 14 to create a 17-member advisory board to assist his office on a path forward for medical cannabis legalization in the state.
The Team Kentucky Medical Cannabis Advisory Committee will be co-chaired by Secretary of the Justice and Public Safety Cabinet Kerry Harvey and Secretary of the Public Protection Cabinet Ray Perry.
Other committee members have relevant experience in health care, treatment of opioid use disorder and other diseases of addiction, law enforcement, criminal justice, and advocacy for medical cannabis. (See the complete list of members below).
“Polling suggests 90 percent of Kentucky adults support legalizing medical cannabis, while at the same time, far too many in our state who could benefit from it are suffering. It is simply time that something more is done,” Beshear said in a press release announce the advisory panel. “I want to make sure every voice is heard as I am weighing executive action that could provide access to medical cannabis in the commonwealth.”
Specifically, a February 2020 Kentucky Health Issues Poll showed that nine out of 10 Kentucky adults favored legalizing cannabis for medical purposes.
Beshear’s executive order comes roughly two months after weighing his executive authority on effecting policy changes following the Kentucky Senate failing to act on a House-passed bill that aimed to allow doctors to prescribe medical cannabis to patients for six qualifications: cancer, chronic pain, epilepsy/seizure disorder, multiple sclerosis, chronic nausea or cyclical vomiting syndrome, and post-traumatic stress disorder (PTSD).
Just days after the North Carolina Senate gave final approval on a medical cannabis legalization bill, the House passed legislation that would legalize only THC medications that have been approved by the U.S. Food and Drug Administration (FDA).
The House voted, 92-9, on June 8 to approve Senate Bill 448, which would allow FDA-approved prescription drugs containing cannabis and THC to be sold and used in North Carolina, according to The Carolina Journal.
S.B. 448’s passage could signal that a separate Senate-approved bill to legalize medical cannabis—regardless of FDA approval—is dead for the year.
That bill, Senate Bill 711 or the Compassionate Care Act, would allow North Carolina officials to license 10 businesses to grow and process medical cannabis, as well as 80 dispensaries to sell it to qualifying patients with a short list of medical conditions, including cancer, amyotrophic lateral sclerosis (ALS) and post-traumatic stress disorder (PTSD).
Sen. Jim Burgin, R-Harnett, one of the S.B. 448’s sponsors, told The Carolina Journal that his legislation will help the public more quickly access FDA-approved drugs.
Missouri regulators and a group of medical cannabis licensees have reached an agreement in a legal dispute that will ultimately result in three cannabis cultivators destroying their products and surrendering their business licenses.
The eight-page compromise, signed in May, settles alleged regulatory violations in an effort to end legal proceedings, according to the St. Louis Post-Dispatch.
The medical cannabis licensees tangled up in the dispute—Perrysville-based Archimedes Medical Holdings, FUJM and Holistic Health Capital—had been accused of “pervasive irregularities” that ultimately kept state officials from confirming that products from the companies’ cultivation facilities had been tested, as well as not reporting “numerous outages” on security cameras to regulators, the St. Louis Post-Dispatch reported.
Two of the facilities also allegedly had employees using pesticides without proper training or personal protective equipment (PPE), according to the news outlet.
Regulators with the Missouri Department of Health & Senior Services (DHSS) also accused one of the licensees of leaving medical cannabis products “unattended, unsecured, and in unsanitary conditions,” the St. Louis Post-Dispatch reported.
A Michigan cannabisdispensary has added a twist to its operations: a drive-thru.
Located at 920 American Rd.in Lansing, Mich., Bazonzoes Provisioning Center can now serve consumers cannabis products fromtheir vehicles. This is Bazonzoes Provisioning Center’s second retail locationin Lansing and third overall. However, according to the Lansing State Journal, consumers cannot place an order at the drive-thru.Instead, they must place an order online ahead of time.
Anthony Virga, BazonzoesProvisioning Center founder and president, told the Lansing StateJournal that customers will be required to show a valid ID at thedrive-thru window before receiving their order. He also adds that thedrive-thru will help strengthen worker’s safety.
He told the news outlet thatopening a dispensary with a drive-thru has been his goal.
“Everywhere around us hasdrive-thrus, so it’s just like a perfect fit to come on through,” he toldthe Lansing State Journal. “We’ve been so good at ourcurbside at our other two locations. It’s kind of the same process, we just don’thave to go outside.”
]]>AUSTIN, Texas--(BUSINESS WIRE)--PRESS RELEASE--Fluence, a global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, today launched RAPTR, the company’s latest high-output lighting solution built to replace 1,000-watt, high-pressure sodium (HPS) fixtures and maximize energy efficiency.
Greenhouse and indoor growers are increasingly seeking more efficient, higher-output lighting solutions to reduce installation, operating and maintenance costs while increasing yield and plant quality. Recognizing the importance of maintaining consistency in harvest schedules while accommodating specific energy requirements, Fluence designed RAPTR to help enable cultivators to seamlessly retrofit their lighting solutions. In most cases, existing HPS electrical infrastructure such as cables or distribution panels can be reused for RAPTR—making it a true plug-and-play solution.
“Retrofitting a facility with LED technology opens the door to more light, creates opportunities for greater yields and ultimately increases revenue,” said Jordon Musser, chief product officer of Fluence. “RAPTR is designed to lower operating expenses for cultivators, increase light levels or even achieve both without changing the existing facility layout.”
Fluence’s ongoing global research exploring the effects of LED lighting on cannabis and produce crops has consistently shown that higher light intensities boost production at a nearly one-to-one ratio. Multiple Fluence research studies and customer trials found that, for every 1% increase in photosynthetic photon flux density (PPFD), growers are achieving a corresponding 1% increase in yield. For commercial produce growers, increasing light output is certainly desirable but cannot come at the expense of energy efficiency. RAPTR achieves higher light levels than its HPS equivalent—boosting yields for cannabis and produce growers—while helping to optimize a facility’s energy usage.
“We are in the business of meeting a grower’s goals, whether through a 100% LED lighting strategy or a hybrid approach,” said David Cohen, CEO of Fluence. “Adding RAPTR to our suite of lighting solutions gives growers yet another option to optimize their facilities based on what retailers and consumers want. We look forward to collaborating with our global cultivators to design best-in-class lighting strategies tailored to their environments using RAPTR.”
Purposely designed to mitigate surface dirt and dust collection, RAPTR fixtures are IP67-rated and feature powder-coated surfaces for easy cleaning and chemical resistance. RAPTR will be featured inside Fluence’s booth (No. 05.524) at GreenTech Amsterdam from June 14 to June 16.
A federal judge has granted a preliminary injunction that removes a critical signature-gathering obstacle for Nebraskans for Medical Marijuana, a campaign working to place two medical cannabis legalization initiatives on the state’s November ballot.
The group, which became a grassroots effort last month after losing two of its major donors, filed a lawsuit May 16 that seeks to overturn a rule that requires petitioners to collect signatures from 5% of registered voters in each of the state’s 38 counties.
The lawsuit, filed in conjunction with the ACLU, argues that the requirement violates the “one person, one vote” rule, according to according to a local KETV report, and that it gives fewer registered voters in a sparsely populated county more say than those in a more populous county.
District Judge John Gerrard issued the preliminary injunction June 13 to block the Nebraska Secretary of State from enforcing the rule, the news outlet reported, and similar provisions in Idaho and Illinois have also been struck down by federal courts.
Gerrard wrote in his ruling that "the State of Nebraska is absolutely free to require a showing of statewide support for a ballot initiative—but it may not do so based on units of dramatically differing population, resulting in discrimination among voters,” according to KETV.
How many of us think about the quality of building materials used in our homes? This is a question that’s driving the interest in the hemp building industry in Europe and North America.
That was also the motivation for Stephen Hill and Marjolein Meulblok, a couple based in the south of Spain, when they decided to rebuild a derelict Spanish farmhouse using raw hemp materials. In 2020, they launched The Hempcrete Project after years of searching for the right location to build a durable home for their family.
Hill and Meulblok met 15 years ago in La Herradura, Andalucia, and today the couple has five kids. They’ve lived in rental accommodations since they met, but for the last few years, they have been researching alternative ways to live that are more connected to nature–and may even avoid the burden of a 30-year mortgage.
Due to their backgrounds, sustainability and self-sufficiency are important to Hill and Meulblok. Hill grew up on one of the first organic farms in the United Kingdom, where he gained an in-depth knowledge of agriculture. Since 1980, he has specialized in making hand-made guitars, and still teaches the craft to students around the world.
Meulblok is a Tibetan yoga and reflexology practitioner with a deep interest in self-healing practices. Together, they’ve run organic farming workshops in La Herradura, where they learned about permaculture (a sustainable and self-sufficient approach to land management) and how to live in harmony with nature. They knew they wanted to infuse their knowledge of sustainability and self-sufficiency into their next home.
La Herradura is also home to beautiful beaches. But as scenic as is the region is, its coastal location brings high humidity inland, which has a major effect on the structural integrity of buildings over time and makes homes built with concrete extra cold in the winter and extra hot in the summer.
GATINEAU, Quebec, June 14, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE -- HEXO Corp., a producer of cannabis products, today announced that the company has entered into an amending agreement (the “Amending Agreement”) to the previously announced transaction agreement (the “Transaction Agreement”) with Tilray Brands, Inc. Separately, the company announced that it has also entered into an amending agreement to the previously announced equity purchase agreement (the “Standby Agreement”) with 2692106 Ontario Inc. (the “Investor”) and KAOS Capital Ltd. (“KAOS”).
Transaction Agreement Amendments
On June 14, 2022, in view of current stock market conditions and in order to reduce closing risk related to the pre-amendment minimum liquidity closing condition, the Company entered into the Amending Agreement to the Transaction Agreement pursuant to which HEXO, Tilray Brands and HTI agreed to:
reduce the minimum liquidity interim covenant and closing condition from USD$100,000,000 to CAD$70,000,000 with such amount to be determined after giving effect to a release of all conditions in any blocked accounts and restricted cash of the Company and its subsidiaries and including net cash proceeds expected to be received from the Company’s captive D&O insurance policy;extend the Outside Date (as defined in the Transaction Agreement) from July 1, 2022 to Aug. 1, 2022 and to extend the date past which the Outside Date cannot be extended to Nov. 30, 2022;extend the date by which the Company must use best efforts to obtain shareholder approval from June 15, 2022 to July 15, 2022;reduce the Amendment Share Price (as defined in the Transaction Agreement) from USD$0.54 to CAD$0.40;amend the condition regarding Tilray’s right to appoint nominees and an observer to the Company’s board of directors such that Tilray will be entitled to appoint two directors and one observer to the Company’s board of directors;amend and restate the Purchased Note (as defined in the Transaction Agreement) to reflect a reduction in Tilray Brands’ Conversion Price (as defined in the Purchased Note) from CAD$0.85 to CAD$0.40; andamend and restate the Assignment and Assumption Agreement (as defined in the Transaction Agreement) to reflect certain changes to the purchase price and consideration (as between Tilray Brands and HTI).Additionally, Tilray has irrevocably waived any non-compliance by HEXO with the minimum liquidity interim covenant contained in the Transaction Agreement for all periods prior to the date of the Amending Agreement for all purposes, including with respect to Tilray’s ability to terminate the Transaction Agreement for any such non-compliance.
“The strategic partnership with Tilray Brands significantly improves HEXO’s capital structure and provides the opportunity to accelerate our growth in global markets,” said Charlie Bowman, president and CEO of HEXO. “Challenging stock market conditions have necessitated amendments to the agreement, but this is a critical step in unlocking the shareholder value held within the Company."
HARRISBURG,Pa., June 14, 2022 (GLOBE NEWSWIRE) --PRESS RELEASE-- Pennsylvania Options for Wellness, Inc. is announces launch of Rick Simpson Oil under its "VytalOptions" brand of products in its Pennsylvania-based dispensary locations.
Thedevelopment of this product was announced after PA Options forWellness/"Vytal Options" saw an increase in demand for acompetitively priced RSO product. From patients as well as physicians, thisconcentrated product appears to be a top choice for those battling cancer, chronicpain and insomnia.
Packaged in aneasy-to-read pouch, the back label features simple dosing and warmingdirections.
The fullextract cannabis oil (FECO) is made from high-quality cured flower thatundergoes an extraction process using food-grade ethanol to yield and preservea full array of cannabinoids, terpenes, flavonoids, phenols and other fattyacids. RSO is meant for oral consumption (eaten or used sublingually) orapplied topically, as opposed to being inhaled like other concentrateforms.
PA Options forWellness/"Vytal Options" RSO is poised to be an integral addition tothe brand's curated in-house product lineup, offering relief througha concentrated intake method at a competitive cost. With educational-backedmarketing materials for patients, this product is well-positioned to serve avariety of patients in the Pennsylvania medical cannabis program. PA Optionsfor Wellness/"Vytal Options" currently offers RSO in one-gramsyringes.
The company'scurrent branded products include its Troche sublingual and exclusive strains inits flower catalog. In addition to product line expansion, PA Options forWellness looks toward geographic growth, with two more dispensaries scheduledto open over the next three months.
]]>Dimmable and Spectrum Flexible LED Fixtures Offer Growers Maximum Control Over Lighting Installation
IJSSELSTEIN, 14 June 2022. Dutch Powerhouse Monarch, the smallest and most powerful top light on the market, has been improved. The water-cooled LED fixture is now available with a 1200W driver and more efficient LED chips, and can reach a light output of up to 4020 μmol/s. In addition, the top lights are now dimmable via Oreon's LED Control Center in the cloud.
Massachusetts’ 2022 adult-use cannabis sales are up big compared to the first five months of 2021, but May figures represent a seasonal plateau in the state market.
Adult-use retailers reported just more than $120 million in May 2022 sales, bringing the state’s yearly total to $585.6 million, representing a 20.7% increase from the $485.2 million in sales during the same timeframe in 2021, according to the Massachusetts Cannabis Control Commission’s (CCC) open data platform.
But the current retail market has remained stagnant for three months now: May’s $120 million in adult-use sales is a slight dip from March, $120.3 million, and April, $122.2 million. Year-over-year, May 2022 sales represent a 9.3% increase from May 2021.
The three-month plateau comes after Massachusetts retailers experienced a $10-million sales spike from February to March.
The recent flatline somewhat mirrors last year’s seasonal trend. After a $21-million uptick from February to March 2021, sales rose slightly in April, May and June, before another uptick—a $17-million surge to $127.4 million in July 2021—the state’s highest grossing month last year.
Overall, Massachusetts adult-use retailers have recorded roughly $3.1 billion since the state first launched commercial sales in November 2018.
The Louisiana Legislature has passed a bill to protect workers who use medical cannabis, sending the legislation to Gov. John Bel Edwards for his signature.
House Bill 988, sponsored by Rep. Mandie Landry, D-New Orleans, shields state employees from being fired, as well as protects job candidates from being discriminated against, if they are a registered medical cannabis patient.
RELATED: Louisiana House Committee Advances Proposal to Protect Employees Who Use Medical Cannabis
The legislation would not apply to law enforcement, firefighters or other public safety officials.
H.B. 988 passed the House May 24 in a 60-32 vote and cleared the Senate June 1 in a 26-8 vote.
In an unprecedented move, Oregon will ban the sale of all synthetic cannabinoids next month in an effort to crack down on unregulated products that have popped up on the shelves of grocery stores and gas stations.
Oregon will prohibit the sale of synthetic cannabinoids, such as delta-8 THC, starting July 1, according to The Oregonian, and next year, starting in July 2023, the state will allow retailers licensed by the Oregon Liquor and Cannabis Commission (OLCC) to sell synthetic cannabinoids—as long as they are approved by the U.S. Food and Drug Administration (FDA).
Regulators claim the restrictions stem from concerns about the chemicals used to produce synthetic cannabinoids, The Oregonian reported.
“We have testing for pesticides,” Steven Crowley, the OLCC’s hemp and processing compliance specialist, told the news outlet. “We have testing for residual solvents from the extraction process. We don’t have any testing for any of the whole universe of chemical reagents that you could use to synthetically turn one cannabinoid into something else, or for any of the byproducts of that reaction.”
As The Oregonian pointed out, the FDA has so far approved only a handful of hemp-derived products, meaning the agency is unlikely to grant the approval necessary to bring synthetic cannabinoids to the shelves of OLCC-licensed retailers next year.
New Mexico’s largest cannabis company teamed up with five medical cannabis patients and the father of a minor participating in the state’s program in filing a class-action lawsuit June 10 against several of the state’s prominent health insurance companies.
The lawsuit, filed in the 2nd Judicial District Court in Bernalillo County, comes nearly four months after Ultra Health sent a letter to the health insurers, asking them to confirm their coverage for medical cannabis patients with certain conditions.
A vertically integrated operator with 38 dispensaries serving both patient and adult-use customers in the state, Ultra Health officials claim to have New Mexico law on their side through Senate Bill 317, legislation that expanded the definition of behavior health services to cover several treatment options.
RELATED: New Mexico Cannabis Provider Seeks Insurance Coverage for Patients
Becoming effective Jan. 1, 2022, the legislation intends to make mental and behavior health services more affordable for New Mexicans by eliminating all cost-sharing and any out-of-pocket costs for those services and accompanying medications.
Sent in February, Ultra Health’s letter asked health insurers to affirm they’ll be making payments for qualifying medical cannabis patients with behavior health conditions, such as the now 74,000-plus patients enrolled in the state program for post-traumatic stress disorder (PTSD). The letter also requested information from the insurers in regard to how they intend to pay for medical cannabis without any cost sharing for patients enrolled through their programs.
Alabama’s medical cannabis market is expected to launch next spring, roughly two years after Gov. Kay Ivey signed it into law in May 2021.
The Alabama Medical Cannabis Commission (AMCC) met June 9 to discuss plans to develop regulations for the program, according to an AL.com report.
The commission heard presentations Thursday from officials who oversee the medical cannabis programs in Ohio and Louisiana, the news outlet reported.
AMCC members will now submit proposed rules to the Legislative Services Agency for publication on June 21, kicking off a 35-day public comment period on June 30, according to AL.com.
The 14-member commission will hold a public hearing on the rules July 14, and those looking to speak at the hearing must sign up on the AMCC’s website starting June 30, the news outlet reported.
MIAMI, June13, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE--Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a vertically integrated U.S. multi-statecannabis operator, today announced that it will begin serving adult-usecustomers at its three New Jersey dispensary locations on Wednesday, June 15,2022.
Ayr’sadult-use dispensaries are in prime locations in the towns of Woodbridge,Union, and Eatontown, all within Central New Jersey, a region of 3.4 millionpeople. Ayr’s adult-use stores represent 3 of 5 adult-use stores in this highlypopulated region.
“With thesimultaneous opening of our three adult-use dispensaries, Ayr immediately hasone of the largest adult-use retail footprints in the state of New Jersey. Thismarks a monumental step for our company,” said Jonathan Sandelman, Founder,Chairman and CEO of Ayr. “Adult-use cannabis sales in the state topped $24million in the first month alone with only 12 dispensaries, according to theNew Jersey Cannabis Regulatory Commission. As we bring expanded access andintroduce Ayr’s portfolio of high-quality branded offerings, including Kyndflower and Origyn Extracts, to the currently under-served and densely populatedCentral New Jersey market, we expect adult-use cannabis sales to climb furtherfrom these initial levels, with Ayr being a significant contributor. Thank youto our teammates across Ayr who worked so hard to bring this milestone tofruition.”
“I want tothank the towns of Woodbridge, Union and Eatontown for being such greatpartners throughout this process. We are committed to being a great neighbor,and we appreciate the level of trust that these municipalities have placed inus,” said Julie Winter, Ayr’s Vice President of Retail Operations in NewJersey.
Ayr currentlyoperates its New Jersey dispensaries under the Garden State Dispensary banner.
Adult-usesales in New Jersey officially began five weeks ago. BDSA expects New Jersey to be the third largest contributorto overall US sales growth by 2026, projected to generate an annual revenue of$2.3 billion in total legal cannabis sales.
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