🧾 Texas Senate passes Hemp ban
Edibles.com launches. Springbig acquires VICE CRM. Blinc Group files for bankruptcy. Poseidon invests $1M into Herb Haus (NJ).
🌿 Industry
Texas Senate passes Hemp ban. Dan Patrick says the measure will shut down the dangerous THC products business. The House’s proposal would tighten oversight of the industry without a full ban. — Texas Tribune
The Texas Senate passed a state ban on all forms of THC, advancing a priority of Lt. Gov. Dan Patrick to crack down on the state’s booming consumable hemp market six years after lawmakers inadvertently permitted its rise
The Texas House has yet to consider its hemp proposal, House Bill 28, which would impose stricter oversight and licensing requirements for the hemp industry rather than ban THC altogether. If the House passes its proposal, the two chambers would have to reconcile their differences before the legislation could become law
State Sen. Charles Perry, R-Lubbock, the lead author of SB 3, said that the Senate and the House were “philosophically aligned” and that there was time to work out any policy differences
Edible Arrangements’ parent company launches marketplace for the other kind of edibles. Edible Arrangements’ parent company will start selling hemp drinks and edibles and using its franchise network to deliver orders. — CNBC
The website launches today, starting with Texas. The company is planning to roll out the platform nationwide quickly, with Florida, Georgia and other Southeastern markets following soon after Texas
Edibles.com is also planning to open brick-and-mortar locations. The business had nearly 800 locations as of the end of 2023
How Missouri Became a Cannabis Mecca. Missouri has become the 7th-largest state for weed sales since it legalized recreational marijuana in 2022, putting it ahead of Arizona and Washington, which have bigger populations and older markets. — WSJ
The industry credits its success in the conservative state to low taxes, its role in helping shape regulations and proximity to states where adult-use isn’t available
The state’s marijuana sales tax is 6%, compared with Colorado’s 15%. Additionally, Missouri has one of the country’s lowest overall corporate income-tax rates, at 4%
“We look at different states and we see that Missouri isn’t too tightly controlled, which allows for competitiveness, but there aren’t so many businesses that there’s too much margin pressure,” said Ankur Rungta, CEO of C3 Industries
The Rise and Fall of the “Napa Valley of Cannabis.” Pueblo’s dreams have gone up in smoke. A once-thriving industry of retailers, growers and cannabis-oil extractors—there were more than 200 such businesses in the county in 2017—has collapsed. Only 45 remain, state records indicate. County tax revenue related to cannabis plunged from more than $7.1 million in 2021 to $4.8 million in 2023. — WSJ
A once-thriving industry of retailers, growers and cannabis-oil extractors—there were more than 200 such businesses in the county in 2017—has collapsed. Only 45 remain, state records indicate. County tax revenue related to cannabis plunged from more than $7.1 million in 2021 to $4.8 million in 2023
Colorado levies a 15% marijuana sales tax and 15% excise tax on marijuana, and Pueblo County tacks on another 5% excise tax and a 6% sales tax. Cannabis businesses in the city of Pueblo pay an additional 10% excise tax, among the highest in the state
Lawsuit claims Colorado regulators allowed hemp-derived THC into market. In a March 10 complaint filed in state court in Denver, cultivator and manufacturer Mammoth Farms accused the Marijuana Enforcement Division (MED) of allowing Colorado’s distillate market to be “illegally taken over by synthetic THC from outside” the state. — MJBizDaily
These “failures” to crack down on criminal activity and ensure consumer safety have put the state’s $1.4 billion industry in “crisis”
State lawmakers are seeking an audit of MED after Caliper Holdings found what it claimed was unsafe and mislabeled marijuana products on store shelves
SEC alleges Acreage Holdings CFO orchestrated $4.2M “round-trip” accounting scam. The accounting fraud boosted the company’s year-end cash balance by more than 15%, to approximately $30.7 million, the SEC alleged. — CFO Dive
The former CFO for Acreage Holdings, Glen Leibowitz, allegedly directed company accountants to falsify the December 2019 transaction — first as a loan repayment and later as a short-term loan from the non-profit to Acreage — and then misrepresented the cash exchange to auditors, the SEC alleged
In January 2025, the SEC said that it settled charges with Acreage pertaining to the round-trip accounting scheme. Acreage, without admitting or denying the SEC findings, agreed to pay a $225,000 civil penalty
Santa Barbara County Supervisors Mandate Clean-Air ‘Scrubbers’ in All Cannabis Greenhouses. The Santa Barbara County Board of Supervisors unanimously adopted what may be the toughest odor-control regulations for commercial cannabis in the nation, requiring the installation of state-of-the-art odor control systems inside every cannabis greenhouse in the Carpinteria Valley, on or before March 31, 2026. — Independent.com
One model of scrubbers, developed by the Envinity Group, an air purification engineering firm in the Netherlands, in partnership with a few growers in the valley, has proven to eliminate 84% of the smell of cannabis, on average, before it can escape through the vents on the greenhouse roofs
But at $22,000 each, these models are expensive. At a recommended density of 10 per acre, it would cost at least $30M for growers across the valley to install them, and that’s not counting the cost of electrical upgrades
Several New Jersey legal adult-use cannabis products failed independent safety tests for mold, yeast, and bacteria, along with their reported THC potency. A new organization has sprouted up called the Safe Leaf Society which said they purchased cannabis products from dispensaries and then brought samples to certified, independent laboratories for rigorous testing.
Pro-cannabis interests spent at least $1.6 million lobbying the Pennsylvania legislature in 2024.
San Diego is raising its city cannabis tax from 8% to 10%. City revenue from cannabis taxes dropped from $18.3 million in fiscal year 2023 down to $16.8 million during the fiscal year that ended last June. In the ongoing fiscal year, cannabis tax revenue is on pace for about $13.6 million.
💵 Deals
Springbig acquires VICE CRM and Appoints Jaret Christopher CEO. VICE CRM is an AI-enabled performance marketing platform designed to optimize ROI for consumer marketing campaigns in highly regulated industries. Most recently, Jaret was General Manager and Vice President, CRM Software at WM Technologies, Inc., a position he held until last year following the sale of Sprout, a CRM and marketing software company he founded, to WM Technologies, Inc. in 2021. Prior to starting Sprout in 2017, Jaret was founder and CEO of multiple SaaS-based technology start-up businesses that he led to successful exits.
Poseidon Investment Management invests $1M into New Jersey Dispensary Herb Haus. Herb Haus in Carlstadt is within walking distance of the Meadowlands Sports Complex, the dispensary is conveniently situated near MetLife Stadium, Meadowlands Racing & Entertainment, Nickelodeon Universe Theme Park, American Dream Mall, and the New Meadowlands Flea Market. Managing Director Patrick Rea expects Herb Haus to become the highest performing store in the tri-state area.
📄 Company Updates
Ascend Q4 and 2024. Q4 2024: Net revenue declined 4.0% QoQ to $136.0M, Adjusted EBITDA was $30.2M (22.2% margin). 2024: Net Revenue up 8% YoY to $562M, Adjusted EBITDA up 9% YoY to $116M (20.7% margin). $88M of Cash, Net Debt was $220.2M.
Agrify Q4 and 2024. Q4 Revenue of $2.3M, 2024 Revenue of $9.7M. Cash of $31.2M.
WM Technology Q4 and 2024. Q4 2024: Revenue of $47.7M increased from $46.6M sequentially and $46.5M in the prior year period, Adjusted EBITDA increased to $11.9M from $11.3M sequentially and $8.9M in the prior year period. 2024: Revenue of $184.5M decreased from $188.0M in the prior year, Adjusted EBITDA increased to $42.9M from $36.9M in the prior year. Cash increased to $52.0M as of December 31, 2024, as compared to $34.4M as of December 31, 2023.
Advanced Flower Capital Q4 and 2024. Q4 2024 GAAP net loss of $(1.0M) or $(0.05) per basic weighted average common share and Distributable Earnings of $6.3M or $0.29 per basic weighted average common share. The company cites ~$1.6B of potential debt capital demands across PA, MN, OH, GA, AL and KY.
Blinc Group files for bankruptcy. Vape manufacturer The Blinc Group cited $1 million in liabilities in its Chapter 7 bankruptcy filing in New York. Plant-touching marijuana companies are not eligible to file for Chapter 7, but Blinc identified itself as a vaping technology company.
3Fifteen Primo Cannabis returns 100% of invested capital to shareholders, marking five consecutive quarters of seven-figure distributions. 3Fifteen operates five dispensaries across Missouri.
IIPR reported that PharmaCann failed to pay rent again for March on 9 of its 11 properties. It suggested it may commence eviction proceedings.
Solful Launches Wholesale Division. Through Solful’s new partnership with Nabis, select retailers and delivery services throughout California will now offer Solful’s expertly curated and formulated selection of sustainable Emerald Triangle-grown and produced cannabis products.
Kaycha Labs Selected by MA CCC for Statewide Cannabis Testing Services. Under the terms of the agreement, Kaycha Labs’ Natick, Massachusetts, facility will test samples to identify cannabinoid profiles, biological contaminants (such as microbials and mycotoxins), chemical contaminants (such as pesticides, solvents, and heavy metals), and the presence of unauthorized additives. These services are critical to the CCC’s enforcement and regulatory oversight, including initiatives like the Secret Shopper Program and the Quarantine Order on Vaporizer Products.
Tilray Medical Launches Tilray Craft: Introducing High THC, High Terpene Genetics to the German Medical Cannabis Market. Tilray Craft's medical cannabis products, including the Tilray Craft, Cannabisblüten THC 25 TAM, are now available across Germany with a physician's prescription at pharmacies.
🏬 Retail
GTI opens 6th Ohio RISE Dispensary in Whitehall, OH. The new Whitehall location, marking the Company’s entry into the Columbus area, is the sixth RISE Dispensary in Ohio and 103rd nationwide. This is the first RISE Dispensary to open in Ohio since adult-use sales launched in August 2024 in Ohio.
Jushi Opens Beyond Hello™ Warren, OH. Beyond Hello Warren marks the fourth operating dispensary in Ohio that Jushi owns or has future rights to acquire, joining owned locations in Cincinnati, Toledo, and Oxford.
Trulieve Opens Medical Cannabis Dispensary in North Miami Beach, Florida.
🌱 Product
Verano Targets Industry’s Fastest-Growing Categories. The new product includes Extra Savvy 2-gram vape cartridges; Savvy Strut 2-gram all-in-one vapes; Savvy 100 Proof diamond-infused barrel-style pre-rolled joints; and (the) Essence J’s barrel-style pre-rolled joints. Pre-rolled joints and vapes represent the fastest-growing categories in the industry, and the larger-format vape category specifically grew more than 400% in 2024, according to BDSA data.
Vertanical's cannabis-based painkiller hits target in trials. A cannabis-derived drug developed by Germany's Vertanical has shown efficacy in phase 3 as a treatment for chronic pain, offering the prospect of an alternative to opioid drugs that carry the risk of dependency.
🧔 People
Cronos Appoints Anna Shlimak as CFO. Shlimak, who previously served as Cronos’ Chief Strategy Officer, will succeed James Holm who is stepping down to pursue other opportunities and will remain with the Company through April 18, 2025 to ensure a seamless transition.
Culta CEO Allison Siegel steps down. The announcement was made in a Linkedin post. Culta, founded in 2015, has three dispensaries in Maryland.
🎙️ Interviews
These California pot pills could be the future of legal weed | SFGate
Launching a THC Beverage with Hippie Water | High Spirits
Frank Colombo Unpacks Cannabis Earnings Season | TDR
The Cannabis Industry is in a Knife Fight w/ Jerry Derevyanny | High Spirits
The future of Michigan’s cannabis industry | The Metro
Jonathan Black, CEO of Cheech and Chong Global | Highly Enlightened
Cameron Clarkeon the future of weed-centric wellness | Globetrender
New CEO aims to transform Safe Harbor from cannabis lending to fintech | MJBizDaily