🏪 NY Cannabis Control Board Approves 109 More Licenses
🏪 NY Cannabis Control Board Approves 109 More Licenses
Germany to Approve Cannabis Bill. Georgia RICO Lawsuit names Stiiizy and Cookies. Blüm Holdings sacquire three dispensaries from Operators Only for $9.7M. Aurora Cannabis CFO resigns.
🌿 Industry
New York approves 109 more adult-use licenses from 2023 application window. The 109 licenses the CCB approved included 26 microbusinesses, 25 dispensaries, 24 cultivators, 13 provisional retail, 12 processors and 9 distributors — Syracuse.com
It’s unclear how quickly the licensed businesses will be able to start operations
As of Friday, 70 adult-use stores are open for business in New York
“We were awarded a license July 19 and it feels like we've been forgotten about,” Lafonso Bonner said addressing members of CCB. Bonner is one of more than 460 people who got a license last year, he continues to wait for local approvals needed to submit the final plan to the state to open
Georgia RICO Lawsuit: Stiiizy and Cookies (along with 12 other companies) Accused of Mislabeling Marijuana as Hemp. A federal racketeering lawsuit filed in Georgia accuses STiiiZY and Cookies of mislabeling cannabis products as hemp, seeking $150M in damages — BNN
The RICO lawsuit accuses the defendants of intentionally misleading customers into purchasing illegal cannabis products that contained Delta-9 THC levels above the legal limit of 0.3%
The lawsuit claims the RFID tags could violate state law regarding unclear rulemaking and improper notice and collection, alleging the fees should be collected by the state’s Department of Revenue
Delaware plans to open recreational dispensaries into 2025. Timing updated to March 2025 for opening, four months later than initially expected — Delaware Public
The state is working on legislation to create conversion licenses, allowing the current 13 medical marijuana providers to begin serving the recreational market, but says they are considering delaying that service until the new retailers can also become operational
“It’s good for fairness and the competition; it’s good for the market. Because if we just open those 13 retailers today – if they’re providing for 17,000 patients, and suddenly the market jumps to 85,000, and they can’t meet the need – what we don’t want is we don’t want all of our medical patients to go in and the store be sold out," says Marijuana Commissioner Robert Coupe
Coupe is referring to the current 17,000 medical marijuana patients in Delaware and the projected 85,000 adults in the recreational market
Notorious B.I.G. mural outside Brooklyn dispensary saved after outcry. Bushwick dispensary Emerald sparked a heated controversy when passersby noticed the owners had blacked out the painting of young Biggie Smalls on their exterior wall — NY Post
But the Founders said they had no choice, and were instructed to do so by the the New York Office of Cannabis Management on the grounds the artwork violated its policy against “enticement” in store signage
Co-Founder Christina De Giovanni said the publicity and public outcry prompted OCM to issue a statement that paved the way for the image to be restored
Germany to Approve Cannabis Bill in Legalization Drive. German lawmakers will approve delayed legislation decriminalizing personal use of cannabis this week, paving the way for it to take effect on April 1 — Bloomberg
Lifestyle Foods challenging RFID tag requirement. The company contends that Colorado’s Marijuana Enforcement Division (MED) mandate for operators to use RFID tags supplied by Metrc adds an unnecessary financial burden — MJBizDaily
Legal weed in new york was going to be a revolution. What happened? Lawsuits. Unlicensed dispensaries. Corporations pushing to get in. The messy rollout of a law that has tried to deliver social justice with Cannabis — The New Yorker
Ukraine President Zelensky Signs Medical Marijuana Bill. A step that he and other officials say can help soldiers address physical and mental wounds incurred during the nation’s war with Russia — Marijuana Moment
Selling Weed, but Making It Fashion. A day with Edie Parker’s Parker Brett Heyman, the designer who is trying to push the legal cannabis market in a more stylish, sunny direction — The New York Times
LeafLink List 2023
Headset 2023 Fastest Growing Cannabis Brands
New Jersey has 102 dispensaries, 2 years after adult-use launched. 79 dispensaries serve recreational customers while 14 dispensaries have conditional licenses
Missouri generated $1.3B in sales from Feb. 3, 2023 through Dec. 31, 2023
Michigan January cannabis sales totaled $242.8M
Connecticut recreational sales of $15.6M, down from $17.1M in December
Richard Branson on why cannabis regulation makes sense
💵 Deals
Blüm Holdings to acquire three dispensaries from Operators Only for $9.7M. Operators Only owns and operates three retail stores in Sacramento, including a flagship Cookies cannabis dispensary located in downtown Sacramento, a Lemonade dispensary in North Sacramento, and another Lemonade dispensary in South Sacramento. If the Proposed Acquisition is completed, the addition of Operators Only's portfolio is expected to generate an estimated $14.0M in additional revenue for Blüm Holdings. Purchase price of $9.7M ($1.9M secured promissory note over 34 to 42 months and 1,835,330 shares). Sellers retain the option to exchange their stock issuance for a five year note in two years at a 35% discount to the purchase price value of the stock
📄 Company Updates / Earnings
Organigram Q1 FY2024 Results. Net revenue decreased (16%) Y/Y to $36.5M from $43.3M. Gross margin before declined to $9.5M (26% GM) from $11.7M. Adjusted EBITDA was $0.1M. The company maintained its #2 market position in Canada
Lume Cannabis will take over the Skymint Cannabis facility in Dimondale, MI. In December SKYMINT announced it would be laying off 143 employees from its Harvest Park production facility in Eaton County’s Windsor Township near Lansing Rd. and Creyts Rd. Lume said it is beginning a long-term lease with IIPR
🏬 Retail / Consumption Lounge
C3 Industries opens First High Profile Dispensary in New Jersey, 24th Retail Location Nationwide. The new dispensary is also conveniently located along the route from Philadelphia to popular New Jersey shore destinations such as Seaside Heights and Island Beach State Park, which are 25 minutes away
Curaleaf relocates Curaleaf Phoenix Airport dispensary to a newly updated and refreshed retail space. Curaleaf Phoenix Airport is the closest dispensary from highly trafficked 44th St., a major roadway to the Sky Harbor Airport. Curaleaf Phoenix Airport is on the centrifuge loop of the airport, offering improved parking and proximity for visitors to the city. The dispensary has undergone a state-of-the-art renovation and boasts 5,000 square feet of retail floor space
Etain (RIV Capital) opens first NY adult-use dispensary in White Plains. The move relocates Etain's prior medical-only retail dispensary from Yonkers to White Plains
Public Flower opens Buffalo's 5th dispensary. The dispensary first applied for their license in September 2022 and awarded the license in July of 2023
JAR Cannabis opens 6th retail location in Carrabassett Valley, ME
Trulieve to open dispensary in Pinellas Park, FL
Verano opens Zen Leaf Norristown, PA, the Company’s 18th PA Dispensary and 138th Retail Location Nationwide. The dispensary is located in Montgomery County, the second largest county in the Commonwealth, with a total population of over 856,000.Zen Leaf Norristown includes a drive-through window
Thrive Cannabis Marketplace receives inaugural Nevada Cannabis Consumption Lounge. The permit allows Thrive to offer an indoor space where consumers can legally consume the cannabis products they purchase at the dispensary. Smoke and Mirrors will open later this month. The dispensary and forthcoming lounge are within walking distance of several casinos on the northern part of the Strip, including Fontainebleau, Resorts World, Circus Circus, and Wynn/Encore
🌱 Product
TILT Holding’s Jupiter Research Introduces stackable Cartridges, THREDZ. THREDZ is a stackable cartridge that prioritizes portability and personalization, allowing consumers to blend two oil cartridges to create the perfect fusion—and a customized experience. This new technology from Jupiter Research empowers consumers to select two favorite strains and thread them together, creating bespoke blends from an endless variety of cannabinoid and terpene combinations
Airo x The Cannabist Company partner in West Virginia. The partnership expansion is the first to introduce Airo to West Virginia through the Company’s five Cannabist dispensaries. Airo is also available through the Company’s wholesale channels. The vape brand will continue to roll out across the Company’s dispensary and wholesale network in markets such as Virginia and Pennsylvania
4Front launch Mission Cannabis, its marquee flower brand. Each Mission product features rich terpene profiles, delivering smooth flavor and aroma. With a range of THC levels tailored to provide a variety of potential experiences. It will soon be available in Illinois as well, with the rollout anticipated in the coming days
Treez x Alpine IQ Launch Enhanced Top Tier Integration. Alpine IQ’s expertise in customer-focused marketing tools and loyalty solutions integrated with the Treez POS network streamlines access to customer data and enhances the loyalty program. With the new integration features, Treez and Alpine IQ offer a personalized customer experience with tailored discounts and interactions that make a customer feel truly understood, resulting in a lasting and loyal customer relationship
Kiva Brands x Sonoma Hills Farm Pink Jesus Lost Farm Live Resin Chews. A divine bouquet of exotic fruits and creamy sweet citrus with notes of raspberry and lavender, Pink Jesus is a sativa hybrid strain regeneratively grown at Sonoma Hills Farm
🧔 People
Aurora Cannabis appoints Simona King as CFO. She served nearly 20 years with Bristol Myers-Squibb, where she held increasingly senior finance roles. She was most recently the CFO of a number of clinical stage biotechnology companies. Glen Ibbott, current CFO, will be stepping down to pursue new opportunities
Lowell Farms appoints Jamie Schniedwind as CFO. Schniedwind will be replacing Tessa O’Dowd, who was previously Interim CFO. He was previously at Plus Products before joining Lowell Farms in June 2022
🎙️ Interviews
The Thesis is in Tact w/ Sammy J | Higher Exchanges
State By State Policy Updates With Hirsh Jain | The Mary Jane Society Podcast
Cannabist CEO David Hart on ‘Sweating the Assets’ | CBE
George Jage: Maximizing Value for Cannabis Trade Show | Ganjapreneur