Marijuana Business News

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Tue
13
Apr

Five Things Every Cannabis Business Needs Before They Open

When it comes to small business opportunities these days, few phrases give people the old dollar-sign-eyes more than “legal cannabis”.

From states like Michigan where it’s been approved for both medicinal and adult use, to places like South Carolina where legalization has been a popular topic for ballots and voters, cannabis is slowly turning into one of America’s biggest businesses.

You don’t need us to tell you that – Investopedia reports that (as of Nov. 2020) over 340,000 American jobs were devoted to the handling of plants at various stages along the retail cycle, and the industry was estimated at over $13 billion as of 2019.

Tue
13
Apr

Colorado marijuana sales reached $167 million in February

Total marijuana sales in Colorado reached $167 million in February, the state's revenue department announced on Friday.

The total represents a $20 million decline in sales from the previous month. However, Colorado’s overall sales for the first two months of 2021 remain $78 million above the pace set between January and February of 2020.

Marijuana sales are calculated by adding the total sales for both medical and recreational marijuana sales in Colorado’s 64 counties.

Tue
13
Apr

Harvest Of NZ’s Largest Medical Cannabis Crop Commences

New Zealand medical cannabis company Puro has kicked off the harvest of its crop, which it claims to be the largest in the country to date.

Planted in December last year, tens of thousands of plants have been grown on the 10-hectare site in Kēkerengū, on the Kaikōura coast of NZ’s South Island (Te Waipounamu). Cultivated under organic protocols, harvesting is being carried out entirely by hand by more than 40 workers over a period of around 5 weeks.

Mon
12
Apr

Marijuana consumption lounges inch closer to reality in Nevada

When Nevadans buy marijuana at local dispensaries, it must be consumed at home.

Tourists are not allowed to do it in public, most hotels ban it, and it can’t be used in the dispensary where it is purchased.

Social use legislation would change that and create two new categories for cannabis consumption lounges: retail (attached to existing dispensaries) or independent

Existing retailers could let people buy their products and consume them on-site. Independent lounges, places not permitted to sell cannabis on their own like barber shops or nail salons, could have marijuana products delivered or people could bring it in on their own.

Oasis Cannabis Dispensary, near downtown Las Vegas sees on average about a thousand customers per day.

Mon
12
Apr

Hemp Can Increase Sustainability Across Many Industries

Since the U.S. Food and Drug Administration lifted the ban on growing industrial hemp in 2018, companies developing sustainable products can look forward to a future supply of hemp fiber and oil. The plant material works in numerous industrial applications, including paper making, textiles, bioplastic packaging, flooring, and even a form of concrete.

Long History Of Usefulness

Hemp is the non-intoxicating variety of the cannabis or marijuana plant. For thousands of years, human civilizations have cultivated hemp for fiber. Historians have evidence that people grew hemp in 8,000 B.C. It was also a common crop in Colonial America. As recently as the 1930s, the state of Kansas was one of the biggest hemp producers in the world.

Mon
12
Apr

How to Grow a Successful CBD Business in 2021

The CBD market has always been a tough place to succeed. And companies experienced yet more hurdles in 2020, as a pandemic and an assortment of lawsuits gripped the industry.

In the face of such strong headwinds, it seems like it’ll also be hard for CBD businesses to grow in 2021. But it won’t be impossible. Despite obvious difficulties, the industry still provides opportunities for well-run companies to establish themselves and prosper.

There are several strategies companies can employ to develop a successful brand in this ever-changing market. But before discussing them, it’s important to understand the challenges that CBD entrepreneurs face.

Mon
12
Apr

This SPAC Allows You to Invest in the Booming Israeli Cannabis Market

Today, Canada's cannabis companies are the only ones that trade on U.S. exchanges, but their businesses have struggled amid rampant oversupply. While U.S. cannabis companies are performing much better financially than their Canadian counterparts, their business is still illegal at the federal level, leading to all sorts of tax and cost burdens.

Perhaps a better place for cannabis investment is another country altogether. What's more, this country has the highest global cannabis usage rate as a percentage of the population: Israel.

Mon
12
Apr

With More Women Buying Cannabis, Product Demand Could Change

More women are buying cannabis, which could lead to shifts in product demand. Women still make up a minority of adult-use marijuana purchasers – 33.6 percent in February – but that’s increased almost a full percentage point from 2020. While that trend might not be a dramatic shift in the gender makeup of retail marijuana sales, it could have a lasting effect because men and women shop differently for cannabis products.

For example, female buyers are more likely to purchase products other than flower when compared to their male counterparts. Both men and women spend the most on flower, but women spend less on it, according to analysis of wallet share (the percentage of a customer’s spend on specific categories) from February 2021.

Mon
12
Apr

A Look at the Rise Of The East Coast Cannabis Market

The rise of the East Coast cannabis market gained another foothold in late March 2021 when New York became the most recent state to legalize adult use cannabis, joining ranks with other Atlantic stalwarts, including New Jersey, Maine, Massachusetts, Vermont, Virginia and Washington, D.C.

Mon
12
Apr

Irish start-up raises funds to get farmers to grow hemp using drones

An Irish start-up has just raised $5.3 million (€4.5 million) in financing to provide loans to farmers in Ireland and across the world to encourage them to grow hemp for use in cannabidiol (CBD) products.

Co Meath-based Greenheart CBD, which was founded by Paul Walsh and Mark Canavan two years ago, uses drones and artificial intelligence to help maximise crop cultivation by continually monitoring plant health.

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