MjLink Cannabis Business News and Press
OAKLAND, Calif. – May 20, 2022 – PRESS RELEASE – Harborside Inc., a California-focused, vertically integrated cannabis enterprise, today announced it will officially launch its new store in the Haight-Ashbury neighborhood this Saturday, May 21 from 8 a.m. to 9 p.m., with a complete schedule of grand opening activities. Located at 768 Stanyan St., the 1,674-square-foot store showcases a broad range of products including Wonderbrett, Kingpen and High Purpose.
Store guests have access to a wide selection of equity brands, brands that are owned and operated by those disproportionately impacted by the war on drugs, reinforcing Harborside’s commitment to diversity and inclusion to cannabis. In addition, the cannabis concierge program enables consumers to schedule a discreet, one-on-one session with one of the store’s highly trained budtenders, providing personal shopping guidance and/or personal recommendations to suit individual tastes. This is one of only two dispensaries in the iconic Haight-Ashbury neighborhood, close to Golden Gate Park and the Grateful Dead house.
“This state-of-the-art store reinforces Harborside’s reputation for owning and managing one of the oldest, largest and most trusted cannabis dispensary businesses in the world,” said Ed Schmults, CEO of Harborside. “This new location in San Francisco is an important expansion of our footprint in the state, especially because of its legendary location. It is a fitting setting for one of California’s most established cannabis companies. In addition, we’re proud to offer a broad range of products from local equity and female-owned brands. Lastly, our curated collection of flower, edibles, tinctures, topicals, pre-rolled joints and vapes provide quality choices for cannabis devotees as well as the canna curious.”
Opening activities include doorbusters and VIP bags for the first 100 guests, a VIP consumption event from 12-4 p.m., pop-ups from iconic brands throughout the day and limited-edition Jeremy Fish shirts and totes with purchase.
The Haight-Ashbury store is the fifth Harborside-branded store to open in northern California and complements its nine other stores across the state branded under the Urbn Leaf banner. Harborside is partnering in the ownership of the store with leading community activist and mentor, Damien Posey. This is one of a select few equity licenses through San Francisco’s Cannabis Equity Program fostering equitable participation in the cannabis industry and creating business opportunities for those negatively impacted by the War on Drugs.
With adult-use cannabis sales recently coming online in New Jersey, one community college is already working to implement specialized programs in cannabis business to help to provide equal opportunities for students looking to enter the industry.
Hudson County Community College (HCCC), located in Jersey City, New Jersey, is heavily focused on meeting the needs of the community it serves, says Chris Reber, Ph.D., president of HCCC.
Reber says HCCC has been watching the growth of cannabis initiatives in New Jersey for quite some time. The college knew it wanted to play a role in this new, emerging industry, which can provide an array of job opportunities for students.
"We want to do everything we can to make it possible for the students we serve to … have the skills and training, to not only to seek employment in this industry, but to be competitive in this industry," he says. "Many of the folks that we serve aren't coming from backgrounds with lots of resources. … So, we're really interested in doing our role as a community college to help students who are interested in this to be prepared and able to be competitive and gain employment and [accomplish] other goals they might have."
Starting this summer, HCCC will offer for-credit and non-credit cannabis-related programs for students, including a cannabis business degree and a New Jersey cannabis licensing workshop.
RELATED: LIM College in New York Launches Bachelor of Business Degree in Cannabis
Illinois has officially started the process of issuing craft grow cannabis licenses that were held up in court until March, when a judge lifted an injunction to allow state officials to proceed with awarding the 60 licenses.
The Illinois Department of Agriculture awarded the first round of craft grow licenses in August 2021, and on May 18, the first three of these businesses received approval to begin construction on their facilities, according to the Chicago Tribune.
The three businesses that received the green light, Galaxy Labs in Richton Park, Mint Cannabis in Forest Park and Star Bud Illinois in Rockford, are all majority Latino- or Black-owned, the news outlet reported.
State law required the department to issue the 60 additional craft grow licenses by Dec. 21, 2021, but Sangamon County Judge Gail Noll and Cook County Judge Neil Cohen ordered that the licenses could not be awarded until litigation from unsuccessful applicants was settled, ultimately stalling the licensing process while the litigation moved through the legal system.
RELATED: No End in Sight? Illinois Craft Grow Applicants Wait in Limbo as Litigation Drags On
Massachusetts lawmakers seem poised to tackle some of the cannabis industry’s biggest woes this legislative session.
The House voted 153-2 May 18 to pass a bill that would promote greater diversity in the market, increase oversight on the host community agreements that cannabis businesses must enter into with the state’s municipalities, and establish a regulatory framework for on-site cannabis consumption lounges, according to a GBH News report.
“Since the passage of legal recreational cannabis, the creation and growth of the legal industry in the commonwealth has been, in most cases, a success, leading to hundreds of new businesses, thousands of new jobs and the creation of new revenue streams for the commonwealth and its municipalities through this new and innovative industry,” Rep. Dan Donahue, D-Worcester, the House chair of the Cannabis Policy Committee and the bill’s sponsor, said, according to the news outlet. “It is, however, time to revisit the initial legislation to provide clarity on the intent of legislation and to work to ensure we continue to remove barriers to entry into this unique industry for those communities who are so disproportionately harmed and impacted by the prohibition of marijuana.”
The Senate approved similar legislation last month.
While Massachusetts mandated equity and inclusion as part of its legal cannabis framework and launched programs to support entrepreneurs from communities most impacted by the war on drugs, only 20 of the state’s 346 cannabis businesses are tied to participants in the Cannabis Control Commission’s (CCC) social equity program or are economic empowerment entrepreneurs, GBH News reported.
Lawmakers in the Minnesota Senate blocked a vote on an adult-use cannabis legalization bill May 18 when they voted against a procedural motion that would have pulled the legislation from committee and brought it to the floor for a vote, according to the Duluth News Tribune.
Senate Democrats led the push to bring the legislation to the floor, arguing that the House passed the bill, but it had not yet received a hearing in the Senate, the news outlet reported.
The Republican-led Senate then voted, 33-31, against the motion to take up the legislation, according to the Duluth News Tribune.
“Minnesotans want to have this conversation about legalization of cannabis, and they want to see us move ahead,” the bill’s author, Senate Majority Leader Melisa López Franzen, DFL-Edina, told the news outlet. “We all know that legalizing cannabis will have economic benefits, but just as importantly, we need to address the disparities in the criminal justice system around cannabis.”
RELATED: New Legislation Would Authorize More Medical Cannabis Operators in Minnesota
STONEHAM, Mass., May 19, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Theory Wellness, Inc., an independently owned and operated vertically integrated cannabis company in Massachusetts and Maine, announced the expansion of its industry-leading Hi5 beverage brand with the launch of Hi5 Energy: a new, fast-acting, cannabis-infused energy beverage.
Starting on Friday, May 20, the newest addition of the Hi5 family will be exclusively available for purchase at Theory Wellness Massachusetts locations in Bridgewater, Chicopee, and Great Barrington in regular and sugar-free citrus varieties. Later this spring, Hi5 Energy is also expected to roll out to the company's partner dispensaries in Massachusetts, as well as to its locations in South Portland, Bangor and Waterville, Maine.
Formulated using the same fast-acting, nano-emulsified cannabis as its predecessor, Hi5 Seltzer, the new cannabis-infused energy drink delivers a rapid onset of euphoric and therapeutic effects, helping to eliminate the waiting game that's characteristic of traditional edibles. Each can of Hi5 Energy contains 5mg of THC and approximately 80mg of caffeine, which is consistent with traditional energy drinks and roughly equivalent to a cup of coffee.
Brandon Pollock, CEO and co-founder of Theory Wellness, said, "Hi5's initial reception was very positive, met with a welcoming audience looking for a tasty, healthier alternative to alcohol. But after surveying customers and asking what they wanted to see in this space next, we consistently heard the same answer: energy drinks. For a wide range of consumers, the demand for cannabis-infused energy drinks continues to grow, and we're excited to answer that call."
The consumers' recommendations aren't surprising given the recent growth and trajectory of the energy drink market, which is forecasted to reach soaring highs of nearly $100B with a 7.2% compound annual growth rate (CAGR) by the year 2027. This coincides with the tremendous growth in the infused cannabis beverage market, which is projected to reach $2B with a 16.9% CAGR by the year 2026. The cannabis beverages market was estimated at around $915M in 2021.
BOSTON, May 19, 2022 /PRNewswire/ -- PRESS RELEASE -- Lantern, an on-demand cannabis e-commerce marketplace and home delivery platform in the U.S., announced plans to expand its delivery zone to Massachusetts' North Shore in partnership with local dispensaries, Insa and Olde World Remedies. Customers over the age of 21 living in Lynn, Salem, Beverly, Swampscott and Marblehead are now able to order cannabis products of their choosing through the Lantern marketplace.
Lantern launched in May 2020 as Massachusetts' first medical delivery platform and became the first adult-use delivery marketplace to serve the Greater Boston area one year later. In February, Lantern expanded its delivery operations to the South Shore by partnering with economic empowerment and delivery licensee South Shore Buds and adult-use retail dispensaries Health Circle and Commonwealth Alternative Care. Now, North Shore residents can place on-demand delivery orders for a variety of Insa and Olde World Remedies offerings including flower, pre-rolls, edibles, vapes, concentrates and more. Flexible delivery times are offered, including same-day delivery on most products.
"Lantern's latest expansion into the North Shore reaffirms the company's commitment to building lasting relationships with local innovative businesses while striving to provide an effortless, convenient cannabis experience for all consumers," said Meredith Mahoney, co-founder and CEO of Lantern. "Insa and Olde World Remedies are the perfect partners to work with as we bring a diverse product selection to North Shore residents in the comfort of their homes. We are proud to work with two companies that always keep the consumer first as we expand the cannabis marketplace in the great city of Boston and beyond."
]]>LAS VEGAS (May 18, 2022) – PRESS RELEASE – Deep Roots Harvest opened the doors of its new, 8,400-square-foot flagship dispensary today, marking the occasion with a ribbon-cutting ceremony attended by company and community leaders. Located at a prime Las Vegas location at the intersection of Cheyenne and Jones, the new dispensary is the largest Deep Roots Harvest dispensary in the Las Vegas area.
“Deep Roots Harvest is committed to Nevada and grateful for the thousands of consumers who have put their trust in us as their preferred dispensary,” said Jon Marshall, chief operating officer of Deep Roots Harvest. “Our beautiful new dispensary is one of the larger dispensaries in Las Vegas. It reaffirms our community commitment to bring Nevada citizens the best opportunities in the cannabis industry, as well as the best products and customer service.”
The culmination of months of rapid expansion over the past year, the newest Deep Roots Harvest dispensary is located at the intersection of Cheyenne Avenue and Jones Boulevard, slightly more than a mile from the US-95 and Cheyenne interchange and just east of the popular community of Summerlin. The new store will serve as the company’s Las Vegas flagship and is expected to employ as many as 40 new employees once fully staffed. A future build-out at the facility will add administrative offices for marketing, wholesales, retail and security, along with a drive-thru window offering a safe and convenient pick-up option.
“Deep Roots has demonstrated that it supports the diverse community of Las Vegas and actively works to ensure that diversity is represented in its hiring practices, from entry-level to more senior positions,” said Ken Evans, president of the Urban Chamber of Commerce of Las Vegas. “Deep Roots is a great example of a local business that really works to be a part of the communities where they are located. They are a real Nevada company, and we are glad to have them as a member of the Urban Chamber family.”
The new Deep Roots Harvest flagship store is located at 5991 W. Cheyenne Ave. in Las Vegas and is open 24 hours a day, seven days a week. Job seekers should visit https://deeprootsharvest.com/careers for information on current and future employment opportunities.
]]>Dr. Greenhouse Launches Vapor Pressure Deficit (VPD) Calculator App for Indoor Grows and Greenhouses
SACRAMENTO, Calif., May 18, 2022 -- PRESS RELEASE -- Dr. Greenhouse, Inc., a provider of state-of-the-art HVAC design and controls solutions for indoor grows, vertical farms and greenhouses, has launched the Dr. Greenhouse VPD Calculator App. The VPD Calculator app helps growers understand their indoor grow environment and its effect on plant responses and HVAC equipment operation.
“Our website VPD calculator is the most visited resource on our website. Our team decided to build a mobile VPD Calculator App for growers and farmers to quickly calculate their environment’s VPD,” notes Dr. Nadia Sabeh, president of Dr. Greenhouse, Inc. “It is critical to know the best environment for plant steering and health to ensure optimal crop outcomes and timing are achieved.”
Vapor pressure deficit (VPD) represents the “pressure” that air puts on the plant to transpire and move water and nutrients from the roots to other parts of the plant. For example:
With low humidity and high VPD levels, there is more pressure on the plant to transpire and use more water. If plants are not well-watered under high VPD levels, they may begin to wilt.With low humidity and low VPD levels, there will be less pressure on the plant to transpire. If plants are over-watered under low VPD levels, they are prone to pest pressures.The VPD can be a valuable metric for growers to predict water use, steer crops for optimal growth, and operate HVAC equipment to achieve the desired indoor plant environment.
The Dr. Greenhouse VPD Calculator App supports all crop types and includes VPD lookup tables for tomatoes, leafy greens and cannabis. The VPD Calculator App allows growers to use their existing air temperature and humidity sensors to understand if the room condition is more suitable for vegetative, flowering or stress-induced plants. The VPD Calculator App provides color-coded results to indicate if the room is humid (blue), vegetative (green) or reproductive (yellow) or dry (purple).
A recent study released by Validcare directly addresses the U.S. Food and Drug Administration's (FDA) safety concerns regarding CBD's effects on the liver, testosterone levels and drowsiness.
The FDA's safety concerns state that CBD in self-dosing individuals could cause liver injury, male reproductive toxicity, or damage males' fertility, and increase the risk of sedation and drowsiness when mixed with alcohol or other drugs that slow brain activity.
The study, completed March 22, 2022, observed the effects of daily consumption of CBD on the liver, testosterone and daytime drowsiness. According to the abstract, the study included 1,061 adults ranging from 18-75 years old from across the U.S.
The adults were divided into two cohorts. Both cohorts followed the same methods and took CBD orally for a minimum of 30 days. The adults "were recruited from 17 individual CBD product companies in this decentralized, observational study and sent their standard CBD regimen from the company of their choice," the abstract states.
The first cohort of the study (cohort 1)—which was peer-reviewed and published in Cannabis and Cannabinoid Medicine last year—involved 839 individuals who took CBD produced by 12 companies. Cohort 2 added 222 individuals who took CBD from an additional five companies.
Cohort 1 used liver function as the primary endpoint. In addition to liver function, cohort 2 focused on testosterone levels and daytime drowsiness. The combined results of each cohort found that CBD "is not associated with an increased prevalence of LFT [liver function tests] elevation, testosterone deficiency, nor daytime drowsiness," according to the study.
Rhode Island is on the verge of becoming the 19th state to legalize adult-use cannabis as legislation is expected to receive floor consideration in each chamber of the state’s bicameral Legislature next week.
The momentum on reform comes after state Sen. Joshua Miller and Rep. Scott A. Slater—both Democrats—added a key amendment to their companion bills May 17.
RELTED: Rhode Island Senate, House Lawmakers Align on Cannabis Legalization; Votes Expected
The next day, Senate Judiciary Committee members voted, 9-1, to advance Senate Bill 2430 Substitute A, sponsored by Miller, and House Finance Committee members voted, 12-2, to pass House Bill 7593 Substitute A, sponsored by Slater. The identical bills—the Rhode Island Cannabis Act—now head to their respective chambers with full-body votes expected May 24.
Before the Senate Judiciary Committee vote on May 18, Miller stressed the significance of having both chambers on the same page.
“We are fortunate to not only to have such great staff but be in the position to have identical bills,” he said. “I’ve been doing this for several years, as all of you know, and this is the first year in which we’ve had collaborative and identical bills before both the House and the Senate.”
BrightMa Farms, a South Carolina-based minority-owned vertically integrated hemp company, is working to maximize hemp’s carbon-sequestering properties in its most recent partnership.
The company announced that it has partnered with SonoAsh Engineered Materials of Maryland, a processing engineering company, to make low-carbon green cement products using industrial hemp.
"This agreement represents the type of new thinking required to create generation reductions in upfront carbon emissions and further establishes SonoAsh as a strategically placed process innovation company," said Bruce Sifton, SonoAsh president. "No other upcycling, waste to value process demonstrates both a positive impact on the legacy environmental issues associated with waste coal ash and the new requirements for green building materials."
READ MORE: How BrightMa Farms is Striving to Create Opportunities in Hemp
And Harold Singletary, BrightMa Farms CEO, also expressed the company's excitement for the collaboration.
"BrightMa Farms is excited to enter into this collaboration program with SonoAsh as part of BrightMa's growing hemp cluster in South Carolina," he said. "Industrial hemp refinement from genetics to processing promises carbon negative plastics and raw materials for various vertical industry partners. A SonoAsh collaboration adds enhanced performance building products that support our work to reduce the planet's carbon emissions while building opportunities for rural and farming communities."
Alice Kuo has always had a passion for design.
After earning her undergraduate degree in accounting from the University of California, Riverside, she pursued a Master of Interior Architecture degree at the University of California, Los Angeles (UCLA).
Upon graduating from UCLA, she worked for an architectural firm for a few years and received hands-on experience and training—leading her to eventually open her practice, Caisson Studios.
Based in Los Angeles, Calif., Caisson Studios is an interior design company that specializes in residential, commercial and hospitality projects. In 2017, the company acquired its first cannabis-related design project.
"I had my first opportunity of working with a large cannabis group that was starting three [retail] stores," says Alice Kuo, Caisson Studios founder. "That was the beginning of getting into the retail [side] of the cannabis industry."
The Asian-American Pacific Islander (AAPI)- and woman-owned design firm has worked on roughly 25 cannabis-related design projects throughout California.
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Shoppers have spent more than $3 billion at 216 licensed Massachusetts adult-use cannabis dispensaries and 11 delivery businesses since sales first launched on Nov. 20, 2018.
The first state east of the Mississippi River to establish a commercial adult-use retail program, Massachusetts first joined the likes of California, Colorado, Nevada, Oregon and Washington in the billion-dollar sales club in October 2020, according to data from the state’s Cannabis Control Commission’s open data platform.
It took Massachusetts adult-use retailers another 10 months to hit the $2-billion benchmark in August 2021. Since then, 54 more adult-use dispensaries and five more adult-use couriers opened for business to help push the cumulative total past $3 billion, according to a CCC press release.
“These sales figures illustrate the steady growth Massachusetts residents expected when they voted to legalize adult-use cannabis in 2016, and the commission was appointed in 2017,” Commission Executive Director Shawn Collins said in the release. “I’m proud our staff continue to work diligently to ensure applicants move through our licensing process efficiently, marijuana establishments operate within a safe, accessible, and effective regulated market, and our work to ensure equity in the industry and the agency remains front and center.”
The $3-billion milestone comes on the heels of Massachusetts retailers generating a total of $5,986,186 on April 20, 2022, representing a 41.7% increase from last year’s roughly $4.2 million in 4/20 sales, according to CCC.
In addition, adult-use cannabis establishments generated more than $1.3 billion in adult-use sales 2021—the first time the state surpassed $1 billion in gross sales in a calendar year.
Colorado Officials Issue Expanded Advisory Over Cannabis Products Potentially Contaminated With Mold
Colorado officials issued an Expanded Health and Safety Advisory May 18 over cannabis products potentially contaminated with mold.
The Colorado Department of Revenue’s Marijuana Enforcement Division (MED) and the Colorado Department of Public Health and Environment (CDPHE) have identified additional flower batches produced by Fresh Baked, LLC that contain unacceptable levels of microbial contaminants, regulators said in the advisory.
The flower, sold on the adult-use market, was not tested or not tested properly dating back to July 14, 2021, according to the announcement.
The products have since been found to contain levels of microbial contaminants above Colorado’s acceptable limits.
The CDPHE and MED are expanding the Health and Safety Advisory issued April 20 to include all adult-use products produced by Fresh Baked before February 25, 2022.
BOCA RATON, Florida, May 18, 2022 - PRESS RELEASE - Jushi Holdings Inc., a vertically integrated, multi-state cannabis operator, announced that Campbell Hill Ventures, LLC, the company’s 100% owned subsidiary, has been awarded a provisional medical cannabis dispensary license by the Ohio Medical Marijuana Control Program. The license is designated for 693 Old State Route 74 in Clermont County, Ohio, located just 17.5 miles east of Cincinnati. The new store will operate under Jushi’s retail brand, BEYOND / HELLO, and marks the company’s first retail location in the Buckeye State. This will be the company’s fifth vertically integrated state, accompanying Pennsylvania (by way of its affiliated subsidiaries), Virginia, Massachusetts and Nevada. This summer, the company plans to begin construction on the BEYOND / HELLO Cincinnati store and expects the store to be open by Q1 2023.
“We are very pleased with the outcome of the lottery selection, which allows Jushi to open its first licensed medical dispensary in Ohio and establish our fifth vertically integrated market. Along with this win, we intend to pursue additional retail dispensary licenses through opportunistic acquisitions to expand our Ohio retail store base,” said Jim Cacioppo, CEO, chairman and founder of Jushi. “We look forward to bringing the full Jushi retail experience to Ohio, including our new retail design system, which will provide patients with an efficient, accessible and safe experience that goes beyond the traditional cannabis retail environment. With this newly awarded retail license, along with our existing state-of-the-art cultivation and processing assets, Jushi is well-positioned to support the rapidly evolving Ohio medical market.”
The new dispensary location is a five-minute drive from the Cincinnati Nature Center. Additionally, the new site is a five-minute drive from EastGate Mall and situated close to two major routes, Route 275 and Route 32, as well as several big-box stores along Route 74. Surrounded by local museums, historic sites, parks, breweries, wineries and golf courses, the new store is also approximately 20 miles east of major tourist sites such as Paul Brown Stadium, Newport Aquarium and Cincinnati Zoo & Botanical Gardens.
Currently, three of Jushi’s in-house brands are available in the Ohio medical cannabis market, including Sèchè, a flower line, Tasteology, a brand of premium, real fruit, cannabis-infused gummies and The Lab, a vaporization line. In Q2 2022, Jushi expects to launch additional Sèchè flower product lines, along with its flower brand, The Bank, in Ohio.
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California Gov. Gavin Newsom’s revised state budget proposal includes eliminating California’s cannabis cultivation tax, but in Santa Barbara County, local officials have decided to keep the tax intact within their jurisdiction for now.
The Santa Barbara Board of Supervisors voted May 17 against altering the current taxation system, which is based on the self-reported dollar value of the crops, according to the Santa Ynez Valley News.
The board did, however, direct its staff to draft ordinance amendments that would implement a “use it or lose it” policy for cannabis operators who have secured cultivation space within Santa Barbara County’s acreage cap but are not currently growing plants, the news outlet reported.
County leaders also want to clarify in the ordinance that transfers of cannabis products between a one business’s operations to a separate business’s facilities—such as seedlings from one operator going to the cultivation facility of another—are considered taxable sales, according to the Santa Ynez Valley News.
The owners of three Lovely Buds cannabis dispensaries in Spokane, Wash., could end up owing their workers as much as $300,000 in alleged unpaid wages and overtime from the past three-plus years.
The Washington State Department of Labor & Industries (L&I) received a complaint in January 2019, and investigators found that the dispensaries’ parent corporation, Cannabis Green, had paid employees overtime only if they worked more than 40 hours at a single store, according to the L&I.
Unable to reach a settlement, L&I officials and the Washington State Office of the Attorney General (AGO) filed a wage-and-hour compliant May 11 in the Spokane County Superior Court, litigation that state officials said was the first of its kind against a cannabis retailer in the state.
The complaint names Cannabis Green and majority owners Elizabeth and Todd Byczek, with Lovely Buds, Lovely Buds North and Lovey Buds Division as the three dispensaries where the alleged claims are being investigated.
“Failing to pay workers the overtime pay and benefits they earned is wage theft—period,” Attorney General Bob Ferguson said in an L&I news release. “All businesses must follow the law. I’m proud to partner with the Washington State Department of Labor & Industries to ensure workers’ wages are protected.”
The three named dispensaries opened in August 2014, February 2015 and June 2016, according to retail sales data from the Washington State Liquor and Cannabis Board. Combined, the three stores reported more than $10.7 million in total sales in 2021. Since launching, the retail chain has recorded more than $64.8 million in sales overall through the end of 2021.
King County, home to Seattle, will create a Cannabis Safety Task Force in the wake of recent dispensary robberies and violence. The goal is “to develop strategies to prevent criminal activity targeting cannabis businesses and address security concerns at cannabis businesses and to provide a report” to the county, according to council documents.
That report is due no later than Aug. 31.
As KOMO News reports, the King County Sheriff’s Office and Prosecutor’s Office will work with local cannabis dispensary owners and community members to identify and distribute resources to help officers prevent robberies to any extent possible. Part of the intent of this task force is to expand on any cross-jurisdictional capabilities.
This county legislation includes an immediate review of cannabis business tax revenue allocations. Some $4.6 million in cannabis tax revenue was diverted from the sheriff’s office’s budget this year, as KOMO reports. The task force will investigate the matter to determine where, exactly, those previously budgeted dollars have gone.
“A dedicated Cannabis Safety Taskforce will be able to focus on keeping our local communities safe from the pattern of armed robberies targeting cannabis stores and manufacturers across the region,” councilman Regan Dunn said in a public statement. “This legislation sends a strong message that King County plans to hold those committing these crimes responsible for their actions. I could not be more proud of this bipartisan legislation and am grateful to my colleagues for their support.”
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SMITHS FALLS, ONTARIO and OAKLAND, CALIFORNIA (May 18, 2022) - PRESS RELEASE - Canopy Growth Corporation and Lemurian, Inc., a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology, announced today that they have entered into definitive agreements providing Canopy Growth, by way of a wholly-owned subsidiary, the right to acquire, upon federal permissibility of THC in the U.S. or earlier at Canopy Growth’s election, up to 100% of the outstanding capital stock of Jetty.
Founded in 2013, Jetty is a top 10 cannabis brand in California, and a top 5 brand in the Vape Category. Backed by award-winning technology, Jetty has paved the way for the most authentic and natural vape experience available to consumers. As a leader in solventless vape and a pioneer of extraction-related intellectual property (IP), Jetty has achieved strong growth over the past two years while generating positive EBITDA amidst the highly competitive California cannabis market.
These agreements present Jetty with potential opportunities to collaborate across Canopy’s robust U.S. THC ecosystem, which already includes the right to acquire both Acreage Holdings, Inc. and Wana Brands, as well as a significant conditional ownership interest in TerrAscend Corp. The two companies are also exploring avenues through which Jetty could bring the brand and its innovative product line up to the Canadian recreational market to fully realize the North American, cross-border potential of Jetty’s industry leading IP.
Strategic Benefits
Further Accelerates the Growth of the Company’s U.S. THC Ecosystem: Through these agreements, Canopy Growth continues to develop its robust U.S. ecosystem by adding an established cannabis brand that is the market share leader in solventless vapes, holding more than 75% share of the rapidly expanding California market with monthly sales growing by over 45% from February to March 2022. This strategic investment is aligned with Canopy Growth’s U.S. THC strategy and will help position the company to unlock the full potential of the U.S. market upon exercise of the options granted under the agreements.Extraction Technology: Jetty has developed industry-leading capabilities in extraction and clean vape technology. As one of the first brands to bring to market a vape free of fillers and cutting agents, Jetty has built on that legacy with the 2021 launch of its solventless vape and concentrate collection, made from just ice, water, heat and pressure. Their products have received critical acclaim winning Best Vape at the 2021 Cannabis Cup, in addition to consumer success with the top eight solventless vape SKUs in California and the #1 PAX Era pods brand three years in a row. Establishes a foothold in the Largest U.S. THC Market: Jetty is a beloved California brand and upon exercise of the options granted under the agreements, would give Canopy Growth a critical position in the largest and most historically significant THC market in the U.S. Jetty’s established presence as the fifth largest vape brand in the California market is supported by nine years of operations and serving cannabis consumers with unrefined live resin, high THC distillate vapes, infused pre-rolled joints and solventless vape products."Canopy Growth is building a house of premium cannabis brands with a focus on the core growth categories that will power the market’s path forward, now including Jetty - a pioneer of solventless vapes,” said David Klein, CEO, Canopy Growth. “There are significant opportunities for Jetty to scale at the state-level across the U.S. by leveraging Canopy’s U.S. ecosystem, and we’re actively working on plans to bring the brand to the Canadian recreational market.”
