News
Ascend Wellness Expands Recreational Cannabis Sales in Ohio
LOS ANGELES- Ascend Wellness Holdings, Inc. a cannabis operator, announced the expansion of recreational cannabis sales in Ohio to its fifth dispensary in Carroll. The move comes after the company successfully transitioned four other locations—Cincinnati, Coshocton, Piqua, and Sandusky—to non-medical sales last week. The Carroll dispensary, located at 3560 Dolson Ct NW, is now open ...
Maine Regulators Reject Plan to Report High Electricity Usage to Law Enforcement
LOS ANGELES- Maine's Public Utilities Commission has rejected a proposal that would have allowed electric utilities to report high electricity usage to law enforcement as a possible indicator of illegal cannabis cultivation. The measure, proposed by Versant Power, aimed to assist law enforcement by flagging unusual electricity consumption patterns that could be linked to illicit ...
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 ...
California Seizes Over $120 Million in Illegal Cannabis Since January
LOS ANGELES- 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, ...
Industrial Hemp Market Forecasted to Grow by $13.90 Billion by 2028
LOS ANGELES- 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. ...
SNDL to Acquire Remaining Nova Cannabis Shares for $40 Million
LOS ANGELES- SNDL Inc. has announced plans to acquire the remaining 34.8% of Nova Cannabis Inc. shares that it does not already own in a deal valued at approximately C$40 million. The transaction will consolidate SNDL's ownership of Nova, strengthening its position in Canada’s cannabis retail market. Under the agreement, SNDL will pay C$1.75 per ...
Verano Acquires Cannabist Company’s Operations in Arizona and Virginia for $105 Million
LOS ANGELES- Verano Holdings Corp., a major multi-state cannabis operator, has announced agreements to acquire the Arizona and Virginia operations of The Cannabist Company Holdings Inc. The $105 million deal positions Verano to enter the Virginia market ahead of a potential adult-use program and expand its presence in Arizona. Under the terms, Verano will acquire ...
Ohio Dispensaries Generate $11.5 Million in First Week of Adult-Use Cannabis Sales
LOS ANGELES- 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. ...
MindMed Reports Q2 2024 Financials, Advances Clinical Programs
LOS ANGELES- Mind Medicine (MindMed) Inc. a clinical biopharmaceutical company focusing on treatments for brain health disorders, released its financial results for the quarter ending June 30, 2024. The company also provided updates on its research pipeline and business developments. Financial Overview MindMed reported a cash balance of $243.1 million as of June 30, 2024, ...
Rubicon Organics Reports Q2 2024 Financial Results
LOS ANGELES- Rubicon Organics Inc. a licensed producer specializing in organic and premium cannabis, released its financial results for the second quarter ending June 30, 2024. The company reported record net revenue of CAD 12.1 million, representing a 7% increase from the same period in 2023. For the first six months of 2024, Rubicon's net ...
Filament Health Reports Q2 2024 Results
LOS ANGELES- Filament Health Corp, a clinical psychedelic drug development company, has released its financial results for the second quarter ending June 30, 2024. The company highlighted its progress in advancing drug candidates targeting substance use disorders and provided updates on its financial position and management changes. Financial Performance Filament reported revenue of CAD 407,640 ...
North Dakota Voters to Decide on Cannabis Legalization for Third Time
LOS ANGELES- 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 ...
Tilray Expands U.S. Presence with Acquisition of Four Molson Coors Craft Breweries
LOS ANGELES- 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). Tilray expects to ...
Optimi Health and Psyence Biomedical Sign LOI for Psilocybin Supply Agreement
LOS ANGELES- Optimi Health, a GMP-approved and Health Canada-licensed psychedelics pharmaceutical manufacturer, has entered into a non-binding Letter of Intent (LOI) with Psyence Biomedical Ltd. . This partnership positions Optimi as the exclusive supplier of nature-derived (non-synthetic) psilocybin extract for Psyence's global drug development and commercialization efforts, particularly within the FDA-approved palliative care context. Under ...
Emerald Cup Unites with Local Oakland Dispensary Lounge Urbana for 20th Anniversary Celebrating Legacy and Community
OAKLAND — As the Emerald Cup marks its 20th anniversary this year, the event continues to evolve while staying true to its roots. Often hailed as the "Academy Awards of Cannabis," the Emerald Cup is celebrated for its commitment to honoring the best in cannabis while fostering a strong sense of community. Seeking a local ...
Award-Winning Cannabis Farm Tikun Olam’s Secret to Exceptional Cannabis Yields
LOS ANGELES — An international award-winning cannabis company backed by 15 years of clinical research, Tikun Olam, knows a thing or two about growing world-class crops. They also know that optimizing their facility protocols can lead to dramatic gains in potency, yield, and profit. With over 60,000 square feet of greenhouse space and more than ...
Silo Pharma Collaborates with WuXi AppTec for Preclinical MS Research
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 ...
MariMed Reports Q2 2024 Earnings with Revenue Growth Amid Margin Pressures
LOS ANGELES- MariMed Inc., a Massachusetts-based multistate cannabis operator, reported its financial results for the second quarter of 2024, revealing strong revenue growth alongside increased expenses and margin pressures as the company continues to expand its operations. The company achieved revenue of $40.4 million for the quarter ending June 30, marking an 11% increase from ...
Week In Review: DEA’s Proposed Rescheduling of Cannabis Sparks Public Response; The Battle Over Recreational Cannabis Legalization Heats Up; Harris-Walz Ticket First to Support Federal Cannabis Legalization
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 DEA's Proposed Rescheduling of Cannabis Sparks Public Response: The Drug Enforcement Administration (DEA) ...
Experts Advocate for Rescheduling Psilocybin to Unlock Mental Health and Economic Benefits
LOS ANGELES- A group of academics from The University of Manchester, supported by Policy@Manchester, has submitted evidence advocating for the rescheduling of psilocybin under the UK's drug laws. The submission, authored by Professor Jo Neill, Dr. Sara Tai, and Dr. John Gigg, highlights the therapeutic potential of psilocybin and other psychedelics in treating severe mental ...
Planet 13 Reports Q2 2024 Revenue Growth
LOS ANGELES- Planet 13 Holdings Inc. a vertically integrated multistate cannabis operator, announced its financial results for the second quarter of 2024, highlighting robust revenue growth driven by strategic acquisitions and expanding operations. For the three-month period ending June 30, 2024, Planet 13 reported revenue of $31.1 million, a 20.3% increase from $25.8 million in ...
AFC Gamma Reports Q2 2024 Earnings with Transition to Pure-Play Cannabis Lender
LOS ANGELES- AFC Gamma, Inc. a Florida-based commercial focused on the cannabis sector, reported solid financial results for the second quarter of 2024, reflecting its strategic shift to become a pure-play cannabis lender. The company posted GAAP net income of $16.4 million, or $0.80 per basic weighted average common share, and distributable earnings of $11.4 ...
Harris-Walz Ticket First to Support Federal Cannabis Legalization
LOS ANGELES- Vice President Kamala Harris and Governor Tim Walz have made history by becoming the first major party presidential ticket to endorse the federal legalization of cannabis. This move aligns with the growing national support for cannabis reform, with polls indicating a significant majority of voters favoring legalization. Harris, who has evolved her stance ...
Growlink Secures $2 Million Seed Funding to Enhance AI Capabilities and Integration Platform
LOS ANGELES- Growlink, a provider of advanced Internet of Things (IoT) controllers, sensors, and cultivation software for controlled environment agriculture, has closed a $2 million seed financing round led by Casa Verde Capital. The funding will enable Growlink to expand its AI capabilities and enhance its third-party integration platform, ensuring compatibility with various hardware systems. ...
Advanced Nutrients Honored with International Cannabis Award for Best Fertilizer USA 2024
LOS ANGELES — Advanced Nutrients continues to lead the cannabis cultivation market, garnering the International Cannabis Award for Best Fertilizer USA 2024. This recognition underscores the company's longstanding commitment to innovation and excellence in cannabis cultivation. In a notable achievement coinciding with their presence at the International Cannabis Business Conference (ICBC) in Barcelona, Advanced Nutrients ...
