Week In Review: Canopy Growth Introduces Targeted Product Expansion for Canadian Market; U.S. Legal Cannabis Sales Surpass $30 Billion in 2024

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#)Canopy Growth Introduces Targeted Product Expansion for Canadian Market: Canopy Growth Corporation has announced a strategic expansion of its product portfolio, focusing on four high-demand segments within Canada’s adult-use cannabis market: vapes, high-THC flower, pre-rolls, and edibles. This initiative is part of the company’s efforts to align its offerings with evolving consumer preferences and market trends

2#)U.S. Legal Cannabis Sales Surpass $30 Billion in 2024: In 2024, legal cannabis sales in the United States reached $30.1 billion, marking a 4.5% increase from the previous year. This growth occurred despite a 3.4% reduction in industry employment, equating to approximately 15,443 fewer full-time positions, bringing the total to 425,002 jobs.

3#)iAnthus Capital Holdings Reports Q1 2025 Financial Results: iAnthus Capital Holdings, Inc.  a multi-state operator in the U.S. regulated cannabis industry, released its financial results for the first quarter ended March 31, 2025.

4#)Glass House Brands to Manage The Leaf El Paseo Dispensary: Glass House Brands Inc. and LEEF Brands Inc. have entered into a Management Services Agreement (MSA), under which Glass House will oversee operations of The Leaf El Paseo dispensary in Palm Desert, California. The agreement, effective for an initial one-year term with potential extensions, includes Glass House managing all aspects of the dispensary’s operations, such as product sales, inventory procurement, and employee management.

5#)Pennsylvania Senate Committee Rejects Cannabis Legalization Bill: In a recent development, the Pennsylvania Senate Law and Justice Committee voted 7-3 against House Bill 1200, a proposal aimed at legalizing adult-use cannabis in the state. This decision follows the bill’s narrow passage in the House of Representatives, where it was approved by a 102-101 vote along party lines.

6#)Village Farms International Reports Q1 2025: Village Farms International Inc. has announced its financial results for the first quarter of 2025, highlighting a strategic pivot towards its cannabis operations and the privatization of certain fresh produce assets.

7#)Legalization Significantly Reduces Canada’s Illicit Cannabis Market: Recent analyses indicate that Canada’s legalization of non-medical cannabis in 2018 has substantially shifted consumer spending from illicit to legal markets. Studies report that within five years of legalization, approximately 75% of cannabis expenditures transitioned to the legal sector, underscoring the policy’s effectiveness in curbing unregulated sales.

8#) New York Cannabis Policy Faces Criticism Amid Regulatory Challenges: Boris Jordan, CEO of Curaleaf Holdings Inc., a multi-state cannabis operator, has publicly criticized New York Governor Kathy Hochul and state cannabis regulators, alleging that current policies are detrimental to established medical cannabis businesses. Jordan contends that the state’s approach, including substantial fees for medical operators seeking entry into the adult-use market, is financially burdensome and undermines companies that have been instrumental in developing the industry.

Growing Craft with Scott Vasterling ft. Lauren Carpenter: co-Founder & CEO: Embarc

Psychedelic Sector Update

1#)Cybin Secures Additional U.S. Patent for CYB003: Cybin Inc. a biopharmaceutical company, announced the granting of U.S. patent 12,291,499 by the United States Patent and Trademark Office. This patent pertains to pharmaceutical compositions and oral dosage forms within the company’s CYB003 program, a deuterated psilocin analog currently in Phase 3 development for the adjunctive treatment of Major Depressive Disorder (MDD). The patent is expected to provide exclusivity until at least 2041.

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