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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Aug 04 2023

Washington State Launches Online Portal for Reimbursing Those With Drug Convictions

Washington State has launched a first of its kind online portal that allows those charged with drug possession prior to 2021 to request reimbursement for expenses associated with the charges.

Following a 2021 decision by the Washington State Supreme Court (Washington v. Blake) that effectively decriminalized the personal possession of all drugs, the state Administrative Office of the Courts (AOC) has officially launched the Blake Refund Bureau website in order to facilitate reimbursements for those who were charged prior to the ruling. This will be done in coordination with city and county courts, clerks, public defenders, prosecutors and advocates.

“If you have a Blake-impacted criminal record, you must first have your Blake-related convictions vacated and refund eligibility determined by the court or courts where your convictions were issued,” says the AOC. “Once your convictions have been vacated, you can apply for reimbursements on your paid Blake-related financial obligations.”
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Aug 04 2023

Bill Allowing Marijuana Stores to Take State Tax Deductions Signed Into Law By Maine Governor

Maine Governor Janet Mills has signed into law legislation that is seen as a partial remedy to Internal Revenue Service (IRS) code 280E.

IRS code 280E explicitly prohibits businesses from taking tax deductions if they’re federally illegal, even if they’re legal under state law. This has placed a large burden on many state-legal marijuana stores, leading to states like New Jersey passing laws that allow for these businesses to take standard state-level deductions.

Under the new law, proposed by Senator Teresa Pierce, Maine will use a portion of the tax revenue marijuana stores send them as a means of making up for lost revenue resulting from tax deductions that will be available for “business expenses related to carrying on a trade or business as a registered caregiver, a registered dispensary or a manufacturing facility,” in addition to “a cannabis establishment or testing facility” as of January 1.
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Aug 04 2023

$140 Million in Legal Marijuana Sold in Illinois in July, Second Highest Ever

There was $140 million worth of marijuana sold legally in Illinois in the month of July.

This marks the highest sales month for the year, and the second highest since the start of legal sales in 2020.

According to the Department of Financial and Professional Regulation licensed marijuana stores sold $140,048,722 worth of marijuana in July. This includes dried marijuana flower as well as marijuana-infused products such as edibles and concentrates. This is a roughly $4 million increase from June.
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