Aug 09 2023

Colorado Made Over $23 Million in Marijuana Taxes and Fees in July

In July Colorado garnered over $23 million in taxes and fees from the legal marijuana industry.

According to the Colorado Department of Revenue the state made $22,399,914 in tax revenue from the legal distribution of marijuana and marijuana products in July. This is in addition to the $843,850 in fees the state earned during the same period, bringing the combined total to $23,243,765.

This marks a roughly $1 million increase from the $22,124,218 in taxes and fees the state made in June, and $300k more than the $22.9 million made in May.
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Aug 08 2023

Global Cannabis Stock Index Up 12% Since June But Down 47% From a Year Ago

The Global Cannabis Stock Index has seen a modest increase in recent weeks.

As of the time of publication the Global Cannabis Stock Index currently sits at 8.32, a 3% increase from the 8.05 seen at the close of markets yesterday.

The low point of the year for the Index came on June 23 with the market dipping to an all-time low of 7.41. Since then the market has seen a 12% increase, rising to 8.32 at close of today’s market.
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Aug 08 2023

New Hampshire Governor Signs Marijuana Bill Into Law

New Hampshire Governor Chris Sununu (R) has signed into law legislation to create a commission designed to prepare the state for the legalization of marijuana and give recommendations on how lawmakers can most effectively achieve that goal.

The legislation was proposed by the governor who believes the state should legalize marijuana in a manner similar to alcohol, including having state-run marijuana stores. Governor Sununu backed this approach after coming to the conclusion that marijuana legalization is “inevitable”.

In April New Hampshire’s House of Representatives voted 272 to 109 to pass a bill that would have legalized recreational marijuana for everyone 21 and older. The bill, introduced by  Majority Leader Jason Osborne (R) and Minority Leader Matthew Wilhelm (D) failed to advance in the Senate.
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Aug 08 2023

Cannabis Company Purchases 8 Beer Labels From Anheuser-Busch

Tilray Brands, Inc., a global cannabis-lifestyle and consumer packaged goods company, today announced that the company has entered into a definitive agreement to acquire eight beer and beverage brands from Anheuser-Busch.

Upon closing of the deal, Tilray will acquire Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy. The transaction includes current employees, breweries and brewpubs associated with these brands. The purchase price will be paid in all cash and the transaction is expected to close in 2023.

The deal is valued at $85 million in cash, according to an 8-K filing. The relatively low price has shocked many in the industry, especially given SweetWater alone was acquired from $300 million in 2020.
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Aug 08 2023

Rhode Island: $9.4 Million in Legal Marijuana Sold in July, New Monthly Record

Rhode Island’s legal marijuana industry has set a new sales record for the third straight month.

There was $9,465,617 in legal marijuana and marijuana products sold in July in Rhode Island, according to data released by the Rhode Island Department of Business Regulations. This surpasses the $9.1 million sold in June and the $8.9 million sold in May. This marks the third month in-a-row where the monthly sales record has increased.

$2,713,023 of the $9.4 million sold in July was purchased by medical marijuana patients, a slight decrease from June. However, recreational marijuana sales saw a jump to $6,401,678.
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Aug 07 2023

Maine Marijuana Sales Set Record for Third Straight Month

In Maine marijuana sales have set a monthly record for the third month in a row.

There was $20,872,185 in legal marijuana sold in July in Maine. This is an over $2 million increase from the record-breaking $18,484,493 sold in June. In May there was $17.2 million sold, a record at the time. This is according to data released by the Maine’s Office of Cannabis Policy.

There were 360,886 different marijuana transactions in July, an increase of 38,000 over June. The average price per gram in July was $7.79, a record-low that’s $0.11 lower than the average for June.
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Aug 07 2023

$150 Million in Marijuana Sold in Massachusetts in July, $883 Million Year-to-Date

There was $150 million in legal marijuana purchased in Massachusetts in July, according to the Massachusetts Cannabis Control Commission.

The $150 million sold in July is just $1.8 million shy of the record-breaking $151.8 million sold in June. $131.9 million of this was purchased by recreational consumers, with $18.1 million purchased by medical marijuana patients. Sales include dried marijuana flower and marijuana concentrates (hash, oil, wax, etc.), as well as products containing marijuana such as topicals and edibles.

Massachusetts marijuana stores have now sold $883 million in marijuana and marijuana products so far in 2023, and $4.85 billion since the start of legal sales in late 2018. The $4.85 billion has resulted in $824 million in tax revenue, with year-to-date taxes standing at $150 million.
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Aug 07 2023

Study: Marijuana Use Manages Opioid Cravings, Reduces Unregulated Opioid Use

The use of marijuana significantly reduces the use of unregulated opioids, according to a new study.

The study, which can be found by clicking here, is being published in the September issue of the International Journal of Drug Policy. It was conducted by researchers at the British Columbia Centre on Substance Use, the University of British Columbia, the University of California and Simon Fraser University.

“Accumulating evidence has indicated that cannabis substitution is often used as a harm reduction strategy among people who use unregulated opioids (PWUO) and people living with chronic pain”, begins the study’s abstract. “We sought to investigate the association between cannabis use to manage opioid cravings and self-reported changes in opioid use among structurally marginalized PWUO.”
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Aug 05 2023

Minnesota: Second Tribal Marijuana Store Opens to Everyone 21+

Just two days after the first legal marijuana store in Minnesota opened their doors, a second outlet has opened their doors to everyone 21 and older. Both outlets are on tribal land.

As of August 1 in Minnesota those 21 and older are allowed to possess and cultivate marijuana for recreational purposes in Minnesota. Despite state-licensed marijuana stores not opening until 2025, two tribes have voted to allow marijuana sales sooner – Red Lake Nation and White Earth Nation.

Red Lake Nation’s marijuana store (NativeCare) opened their doors on August 1, with hundreds waiting in line despite heavy rain at times. On Thursday, White Earth Nation’s Waabigwan Mashkiki began selling recreational marijuana to everyone 21+, including nontribal members. The outlet was funded by a $6 million loan approved n 2021 by the White Earth Reservation Business Committee.
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Aug 05 2023

Jersey City Police Department Must Reinstate Officer Fired for Marijuana, Give Backpay

State officials ruled this week that the Jersey City Police Department must reinstate Norhan Mansour, an officer they fired for off-the-job marijuana use.

The decision is in alignment with an administrative law judge’s decision. Not only is the police department required to reinstate the officer, they must give him backpay for the entire time he was away from his position.

Not long after New Jersey legalized marijuana in 2021, Attorney General Matthew Platkin issued a memo clarifying that employees, including government positions like police officers, should not be fired or face disciplinary actions for testing positive for marijuana they use while not at work.
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