Marijuana Business News

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Fri
19
Feb

Michigan Cannabis Sales Neared $1 Billion in 2020

money with cannabis ontop

Cannabis sales in Michigan approached $1 billion in 2020, state records show.

According to data from the Michigan Marijuana Regulatory Agency (MRA), combined sales of medical marijuana and adult-use cannabis reached $984.7 million.

Adult-use cannabis made up more than 50% of statewide sales, reaching $510.6 million, while medical marijuana sales eclipsed $474 million.

Sales peaked in July, when consumers spent $109.5 million on adult-use cannabis and more than $52 million on medical marijuana.

In addition to July, monthly consumer spending on cannabis surpassed $100 million four other times in 2020 — August, September, October and December.

Fri
19
Feb

The Cannabis Industry Has a Chance to Change the World

icon of a earth with marijuana leaf in middle

As is typical of most entrepreneurs, I like to think that I am responsible for my success. Entrepreneurs do work very hard, and some are talented enough (and lucky enough) to become successful. 

Fri
19
Feb

THC Extraction: How to Turn Trim to Profits

yellow cannabis concentrate with white background

Growers, tenders, trimmers, producers and distributors all take different risks, skillsets and roles. Working with cannabis insiders operating on both sides of the law gives insight into the process of cultivating these plants and turning them into profit. Utilizing trim is one such way.

The strain of cannabis grown doesn’t matter as much as the process you use to grow, harvest and prep the product for sale. Fruit and vegetables bought in a store aren’t just ripped from the ground and sold as is – they’re gussied up and made presentable. Cannabis is no different.

Fri
19
Feb

Is Craft Cannabis the Next Craft Beer?

someone pouring a pint

We've seen the popularity of craft beer rise across the nation, and according to IBISWorld, "Craft beer industry revenue has increased at an annualized rate of 4.4 percent to $7.6 billion over the five years to 2020, including estimated growth of 2.1 percent in 2020 alone." There always seems to be a unique appeal to any product we deem to be "craft." As many of us predicted, we're starting to see this trend become more evident in the cannabis space.

Fri
19
Feb

5 Things to Consider Before Investing in the Cannabis Market

money peaking out behind marijuana leaves

It's no surprise that brands like Constellation and Estee Lauder have dipped their toes into the rapidly expanding cannabis industry over the past few years.

Fri
19
Feb

Michigan Leads The Pack In Cannabis Industry Job Growth

woman walking amongst field of marijuana

The number of cannabis industry jobs in Michigan is growing faster than any other state with legal marijuana, according to a new jobs report released on Tuesday. Michigan has surpassed Oregon and now places sixth on the list of the most cannabis jobs by state, as documented by the report from cannabis education resource and marketplace Leafly.

Fri
19
Feb

Grants For Promoting Pennsylvania Hemp Products

hemp field

Pennsylvania’s Agriculture Secretary recently announced a funding program that aims to help boost sales, export or consumer awareness of hemp products made in the state.

Prior to prohibition, hemp was an important crop in the state. 2017 marked the first year in seven decades industrial hemp was (legally) cultivated and harvested in Pennsylvania. Last season, 500 growing sites and 60 processors were licensed statewide and applications for this year’s season opened in December last year. Growing permit applications will be accepted until April 1, while processing permit applications will continue to be accepted throughout the year.

Fri
19
Feb

Morocco Misses Out On Record German Medical Cannabis Imports

medical bottle filled with cannabis buds

Morocco, Europe’s largest cannabis supplier, is falling behind against countries that have legalized cannabis as German imports grow. Even amid the COVID-19 crisis, Germany’s medical cannabis imports hit a record high in the fourth quarter of 2020. The country imported nearly 10,000 kilograms of legal medical cannabis in 2020.

While traditionally Morocco has supplied 70% of Europe’s demand, all of Germany’s legal imports were supplied by countries that have legalized their cannabis industry. Whereas much of the illegal market in EUrope continues to rely on untaxed exports from Morocco, the legal market is being supplied by Canada, the Netherlands, Uruguay, Spain, Australia and Israel.

Thu
18
Feb

The Evolution of a Female CBD Executive

woman using cbd dripper on a table

I remember sometime around 2007, sitting in the boardroom for a publicly-traded company I ran. Ten men sat around a table with me; a potential investor was on speakerphone. We were requesting $10 million in funding from him. 

 "Honey," he said to me. "What if I didn't give you $10 million, but I gave you $100 million instead? How would you spend it?"

It was a misogynistic and loaded question that I knew he would never ask my male colleagues. Without losing my cool, I remained silent for 20 seconds, relishing the uncomfortable silence. Then I said, "I'd go to Neiman Marcus, of course! What else would I do with the money?"

Thu
18
Feb

The 3 Biggest Mistakes Marijuana Stock Investors Are Making

icon of a dollar sign fading away into dust

Don't look now, but marijuana stocks are blazing hot, once again.

Pot stocks have been on fire since the beginning of November, which follows a roughly 19-month lull (April 2019 to October 2020) where they grossly underperformed. For instance, the ETFMG Alternative Harvest ETF, which holds stakes in dozens of direct and ancillary pot players, is up 129% since the end of October.

If you're wondering what changed, look no further than the political makeup in the United States.

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