Week’s In Review: Tilray Expands U.S. Presence with Acquisition of Four Molson Coors Craft Breweries; California Seizes Over $120 Million in Illegal Cannabis Since January; North Dakota Voters to Decide on Cannabis Legalization for Third Time

LOS ANGELES–Welcome to the far too-exciting world of cannabis and psychedelics, where it’s a tale of two markets with some states doing amazingly well. And some, well…they’re not doing so well (hello New York). Let’s get to it!

Cannabis Industry Highlights

#1 Tilray Expands U.S. Presence with Acquisition of Four Molson Coors Craft Breweries: Tilray Brands has announced the acquisition of four craft breweries from Molson Coors, marking a significant expansion of its U.S. operations. The financial details of the deal were not disclosed. The acquired breweries include Hop Valley Brewing Co. (Oregon), Terrapin Beer Co. (Georgia), Revolver Brewing (Texas), and Atwater Brewery (Michigan).

#2 California Seizes Over $120 Million in Illegal Cannabis Since January: The Governor’s Unified Cannabis Enforcement Task Force (UCETF) announced this month that it has seized over $120 million worth of illegal cannabis since the beginning of 2024. The task force’s operations also led to the eradication of nearly 123,000 illegal cannabis plants and the destruction of more than 37 tons of unlicensed cannabis, equivalent in weight to over 20 cars. Additionally, law enforcement officials seized 22 firearms during these operations.

#3 North Dakota Voters to Decide on Cannabis Legalization for Third Time: North Dakota voters will have another opportunity to legalize adult-use cannabis this November after Secretary of State Michael Howe announced on August 12 that the necessary signatures had been validated for the measure to appear on the ballot. This marks the third attempt to pass such a measure following unsuccessful efforts in 2018 and 2022.

#4 Ohio Dispensaries Generate $11.5 Million in First Week of Adult-Use Cannabis Sales: Ohio’s newly launched adult-use cannabis market saw a strong start, generating over $11.5 million in sales during its first five days, according to data from the Ohio Division of Cannabis Control (DCC). The figures highlight the early enthusiasm for recreational cannabis sales, following the state’s legalization that went into effect in December 2023.

#5 Industrial Hemp Market Forecasted to Grow by $13.90 Billion by 2028: The industrial hemp market is projected to grow by USD 13.90 billion between 2023 and 2028, with a compound annual growth rate (CAGR) of 25.25%. The expansion is largely driven by increasing demand from the textile industry, notably in China and the US, where hemp fibers are valued for their strength and sustainability. according to a recent analysis by Technavio. Hemp’s versatility and environmental benefits contribute to its adoption across multiple industries, including textiles, food, biofuels, and pharmaceuticals.

#6. 98 is the number of dispensaries opening this week in Ohio. Read our article here for more details on Ohio’s momentous news.

Psychedelic Sector Update

#1 Silo Pharma Inc. a biopharmaceutical company, has entered into a collaboration with WuXi AppTec to conduct preclinical research on a novel peptide, SPU-16, aimed at treating multiple sclerosis (MS). This partnership focuses on assessing the tissue specificity of SPU-16, which is designed to target inflamed tissues in the central nervous system, particularly within the spinal cord.

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