Start your day with our News Update, where we bring you a comprehensive roundup of the latest headlines from the past 24 hours. In this edition, we cover cannabis sales in various states and markets, how cannabis industry jobs some states are seeing, standardized psilocybin dosing, and more!
Join us as we dive into the latest developments and insights shaping the cannabis and psychedelics industry.
BUSINESS:
Innovative and Regenerative Growing Techniques for Cannabis Cultivators
At the Cannabis Conference held last year, outdoor cannabis growers shared their sustainable cultivation techniques that contribute to a closed-loop system and help preserve the planet. These innovative and regenerative growing techniques focus on sustainable practices that minimize environmental impact and promote a healthier ecosystem. By implementing these techniques, cannabis cultivators aim to cultivate high-quality cannabis while minimizing their carbon footprint and supporting long-term sustainability in the industry. [Source: Cannabis Business Times]
Delays for Marijuana Consumption Lounges in Las Vegas
Marijuana operators and consumers in Las Vegas are facing delays in the opening of marijuana consumption lounges, which were expected to launch this summer. The establishment of these lounges, where individuals can consume cannabis products in a social setting, has been met with challenges and regulatory hurdles. Despite the initial anticipation, the process has encountered delays, potentially affecting the timeline for their opening. The situation highlights the complexities and evolving nature of cannabis regulations and the challenges faced by entrepreneurs in the industry. [Source: MJBizDaily]
Idaho Expresses Envy Over Marijuana Boom in Oregon Town
The opening of cannabis stores in Ontario, Oregon, has led to a surge in tax revenue, prompting neighboring Idaho to consider legalizing marijuana sales. Idaho officials are observing the economic benefits experienced by their neighboring state and are feeling the pressure to follow suit. The success of the cannabis industry in nearby regions can influence neighboring jurisdictions to reevaluate their stance on cannabis legalization. [Source: NYT > Business]
Aurora Cannabis Reports $87 Million Loss, Aims for Positive Free Cash Flow
Aurora Cannabis, a Canadian cannabis producer, reported a loss of $87 million for the three months ended March 31, 2023. The company is focusing on achieving positive free cash flow and implementing cost-cutting measures to improve its financial performance. The cannabis industry continues to experience challenges and market contraction, and Aurora Cannabis is working towards its goal of capturing a significant market share. [Source: MJBizDaily]
New Rhode Island Adult-Use Cannabis Stores Coming, New Regulator Says
Rhode Island is set to see the opening of more adult-use marijuana stores as early as 2024. The state’s Cannabis Control Commission has been confirmed, paving the way for the expansion of the adult-use cannabis market. The increased availability of cannabis products is expected to boost the industry and meet the growing demand from consumers. [Source: MJBizDaily]
Report: New Mexico Cannabis Industry Employs 4,600+ Workers
According to a report by the New Mexico Department of Workforce Solutions, the state’s cannabis industry employed over 4,600 workers at the end of last year. The report highlights the significant employment opportunities created by the cannabis industry, with the majority of workers employed by dispensaries. This demonstrates the positive economic impact of the legal cannabis market in New Mexico. [Source: Ganjapreneur.com]
High Tide Revenue Rises, But Company Still in the Red
High Tide, a cannabis retailer, reported an increase in revenue but remains in a loss-making position. The company acknowledged the challenging market conditions in the Canadian cannabis industry, which have resulted in market contraction and increased competition. High Tide aims to capture a significant market share and improve its financial performance through strategic measures and potential acquisition opportunities. [Source: Green Market Report]
Connecticut Cannabis Sales Approach $23 Million in May
Connecticut’s combined sales of recreational and medical cannabis reached nearly $23 million in May. The state’s cannabis market has shown significant growth since the legalization of recreational cannabis, surpassing previous monthly sales records. The increasing consumer demand and expanding product offerings contribute to the positive revenue trend in Connecticut’s cannabis industry. [Source: MJBizDaily]
Sweeping Bill Benefiting Marijuana Operators in Nevada Heads to Governor
Nevada is awaiting the signature of its governor on an omnibus marijuana bill that would bring several benefits to cannabis operators. The bill includes provisions for cannabis consumption lounges, cannabis-infused alcoholic beverages, home cultivation, and expanded licensing opportunities. If signed into law, this legislation would create new opportunities for the cannabis industry in Nevada. [Source: MJBizDaily]
RESEARCH:
Cannabidiol Receives Orphan Designation for Treating Tuberous Sclerosis
Cannabidiol (CBD) has been granted orphan designation by the European Commission for the treatment of tuberous sclerosis, a rare genetic disorder characterized by the growth of benign tumors in various organs of the body. This designation recognizes the potential of CBD as a treatment option for a specific medical condition and may facilitate further research and development of CBD-based therapies for tuberous sclerosis. [Source: EMA What’s New]
Psychedelic Therapy Is Here. Just Don’t Call It Therapy
Oregon’s Measure 109, which was approved by the public in November 2020, allows adults over 21 to access and use psilocybin, the active ingredient in magic mushrooms, in a supervised setting. However, the therapy facilitated by psilocybin is not officially recognized as therapy by the state. The use of psychedelic substances for therapeutic purposes is a rapidly evolving field, and the terminology and legal frameworks surrounding it are still being defined. [Source: Wired]
Filament Health Wants to Standardize Natural Psilocybin
Filament Health, a psychedelic drug development company, aims to standardize dosing from natural psilocybin. The company recently received FDA approval for a natural psilocybin drug candidate, making it the first-ever psychedelic drug development company to achieve this milestone. By establishing standardized dosing protocols, Filament Health seeks to enhance the consistency and predictability of psilocybin therapies. [Source: Green Market Report]
POLICY:
Oregon’s Measure 109 Allows Access to Psychedelic Therapy
Oregon’s Measure 109, which was approved by the public in November 2020 and took effect at the beginning of this year, allows adults over 21 to access and use psilocybin, the active ingredient in magic mushrooms, in a supervised setting. This groundbreaking measure recognizes the potential therapeutic benefits of psychedelic substances and establishes a framework for their regulated use in a therapeutic context. By providing access to psychedelic therapy, Oregon aims to offer alternative treatment options for individuals seeking relief from various mental health conditions. [Source: Wired]
New York’s Slow Rollout of Adult-Use Cannabis Industry
New York’s adult-use cannabis industry has faced challenges and a slower-than-anticipated rollout since the enactment of the Marihuana Regulation & Taxation Act in 2021. With only a limited number of licensed retail dispensaries currently operational, cultivators are struggling to sell their surplus of cannabis products. The slow progress raises questions about the state’s ability to meet market demands and effectively implement the regulatory framework for adult-use cannabis. [Source: Cannabis Business Times]
Lawsuits Filed After Montana Gov. Vetoes Bill to Fund Roads Using Cannabis Taxes
Montana’s governor vetoed a bill that proposed using cannabis taxes to supplement county road maintenance funding. The bill aimed to allocate a portion of cannabis tax revenues to counties for road maintenance purposes. Following the veto, lawsuits have been filed, arguing that the governor’s action deprived the legislature of the opportunity to override the veto and impeded the intended distribution of funds. [Source: Ganjapreneur.com]
Catalyst Cannabis Sues Glass House Brands Alleging Illegal Product Diversion
Catalyst Cannabis, a California-based company, has filed a lawsuit against Glass House Brands Inc., accusing the company of being one of the largest black market operators in the state’s cannabis industry. Catalyst Cannabis alleges that Glass House Brands engages in illegal product diversion, which undermines the legal cannabis market. The lawsuit highlights the ongoing challenges of illicit market activities and their impact on licensed cannabis businesses. [Source: Ganjapreneur.com]
PRODUCTS:
Advancements in Edibles Technology Drive Rise in Popularity
Cannabis edibles are transforming the way people consume cannabis and are influencing the expansion of the industry. According to Amanda Reiman, chief knowledge officer at New Frontier Data, advancements in edibles technology, such as improved taste, precise dosing, and innovative product formats, are driving the increased popularity of cannabis edibles. This trend reflects the evolving preferences and demands of cannabis consumers. [Source: Green Market Report]
Genetica Unveils Flora Match: Powering Personalized Cannabis Retail Experiences with AI
Flora Match, an AI-powered cannabis retail platform developed by Genetica, aims to enhance the retail environment for both customers and retailers. The platform utilizes AI algorithms to provide personalized product recommendations based on individual preferences and needs. By leveraging AI technology, Flora Match aims to improve customer satisfaction and optimize sales in the cannabis retail industry. [Source: Cannabis Business Times]
Leafwire Launches the Largest Retargeting Audience in the Cannabis B2B Industry, Reaching 3+ Million Connected Devices
Leafwire, a cannabis business networking platform, has introduced the largest retargeting audience in the cannabis business-to-business (B2B) industry. With a reach of over 3 million connected devices, Leafwire aims to provide advertisers with a unique opportunity to target professionals and decision-makers in the cannabis industry. The platform seeks to enhance business connections and facilitate growth within the cannabis B2B sector. [Source: Ganjapreneur.com]
CULTURE:
UK Government Reverses Stance on Drug Testing at Festivals
The UK government has made a “risky” U-turn on drug testing at festivals. A drug testing pilot program is set to launch in Ireland, allowing festival attendees to have their substances tested for purity and potency. The aim of this program is to reduce the potential harm associated with drug use by providing users with information about the substances they intend to consume. This move represents a shift toward a harm reduction approach and acknowledges the need for evidence-based strategies to address drug-related risks in festival settings. [Source: Mixmag]
Las Vegas Marijuana Consumption Lounges Encounter Delays
The opening of marijuana consumption lounges in Las Vegas, which was anticipated for this summer, is facing delays. Operators and consumers looking forward to these lounges will likely have to wait longer than expected due to various factors, including regulatory hurdles and licensing challenges. This delay underscores the complexities involved in establishing and regulating consumption spaces for cannabis and highlights the ongoing evolution of cannabis policies and businesses in different jurisdictions. [Source: MJBizDaily]
Brandi Carlile, Adam Lambert and Ciara Among Those Set to Perform at “Can’t Cancel Pride 2023”
The “Can’t Cancel Pride 2023 – The Future Starts Now” concert, presented by Procter & Gamble and iHeartMedia, will feature performances by artists such as Brandi Carlile, Adam Lambert, Ciara, Big Freedia, Billy Porter, Hayley Kiyoko, Kesha, and Kelsea Ballerini. The event aims to celebrate and support the LGBTQ+ community and raise awareness for LGBTQ+ causes. Brandi Carlile will also be honored with the Elton John Impact Award for her contributions to the LGBTQ+ community. [Source: The Hollywood Reporter]
EDUCATION:
EVENTS:
VOICES:
Keep Yourself Informed
We hope you enjoyed today’s news update! We hope you enjoyed today’s segment on cannabis sales, industry jobs, psychedelic therapy, and everything else we covered today. Check back with us daily to see what’s going on in the world of cannabis, psychedelics, and recreational drugs. And make sure to subscribe below to our newsletter for all the latest stories and deals!
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