Marijuana Business News

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Thu
06
Feb

Nebraska hemp researcher says growing hemp could boost Nebraska's economy

A Nebraska hemp researcher says growing hemp can lead to an economic boom for the state.

Nebraskans are allowed to apply for a state hemp license starting Monday. Doane University professor Andrea Holmes said she sent in a request to start researching hemp products last year.

"We basically do sample prep to test our flowers," Holmes said, "As well as consumer-facing products for different cannabinoid products."

The Nebraska Department of Agriculture said it could collect as high as $236,000 from hemp licensing fees. It also could get up to 315 licenses. Of those 315 licenses, 270 are designed for cultivator licenses, 30 for processor-handler licenses and 15 for broker licenses.

Thu
06
Feb

Marijuana shortages aren’t a coincidence. Illinois kept the market small on purpose.

Wellness Group Pharms, located in Anna, is ready to expand and meet the demand for recreational weed and pot from cannabis dispensaries in Illinois. Cultivators and lawmakers want to reach a point where supply and demand of the drug are balanced. By Derik Holtmann

 

Long lines, closures and shortages of product have frustrated consumers of legal weed in Illinois since the first of the year.

But state officials said the slow start to the sale of recreational marijuana was intentional, and one that cultivators also wanted. Both, however, say the eventual goal is a market where supply and demand are in balance.

Thu
06
Feb

Future Cannabis Industry Leaders Will Focus on Sustainability and Social Impact

The global legal marijuana market is predicted to reach $66.3 billion by the end of 2025. Many businesses and brands have emerged with the objective to secure a piece of that colossal greenback pie.

As with any new market, there will be those brands that rise above the rest. As sustainable and ethical business practices increasingly fuel consumer spending habits and investors’ decisions, significant competitive advantage is available to businesses that invest in sustainability and social impact efforts.  

Thu
06
Feb

Michigan recreational marijuana sales near $18 million in two months

Michigan recreational marijuana sales are nearing $18 million two months after the new industry’s Dec. 1 launch.

With $17,699,952 in sales between Dec. 1 and Feb. 2, the state has generated $2,938,192 in tax revenue, including $1,769,995 in excise taxes and $1,168,197 in sales taxes.

The excise tax on recreational marijuana is 10%. The sales tax is 6%.

For comparison, Illinois, a state that began selling recreational marijuana Jan. 1, generated nearly $40 million in sales during the first month, the Chicago Tribune reports.

Thu
06
Feb

THC Global: a cannabis market leader in the Asia-Pacific region

THC Global is unique thanks to its world-class cannabis production facilities.

THC Global Group Limited is a vertically integrated farm to pharma diversified cannabis company with primary operations in Australia, as well as activities in New Zealand and Canada.

THC Global’s cannabis operations follow an integrated approach across research and development, cannabis cultivation, processing, and pharmaceutical grade GMP manufacturing.

Thu
06
Feb

The Thorny Issue Of U.K. CBD Regulation In A Post-Brexit World

With Brexit done, U.K. authorities are being urged to establish a clear set of workable rules for the fast-growing CBD industry.

There will certainly be changes to the CBD industry as a result of Brexit. CBD is a global phenomenon worth £300m in the U.K. where it already surpasses the Vitamin C and Vitamin D supplement markets, combined. There are a number of options available with U.K cannabis experts calling for a new ‘light-touch’ industry-wide framework alongside a robust, and independent testing regime.

But one thing most agree on is this – a termination of the status quo.

Wed
05
Feb

Massachusetts’ cannabis sales worth over half of entire Canadian market

Dow do you like them apples?

In just over one year, legal cannabis sales in Massachusetts — a state with the population of 6.9 million — reached more than half of legal sales for the entire country of Canada, according to a U.S. national cannabis law firm.

All financial amounts in this story are in Canadian dollars unless otherwise noted.

Cannabis retailers in the northeastern state sold around US$509 million ($677 million) worth of legal weed from November 2018 to the end of January 2020, Vicente Sederberg LLP data analysis calculated.

Wed
05
Feb

Black market weed to remain for years amid supply shortages

Despite marijuana being legal in a number of US states, thriving black markets for weed will likely persist for years to come, according to a drug policy researcher.

Supply shortages and high prices of legal weed are the main factors still driving consumers to the illicit market.

Director of the California-based RAND Drug Policy Research Center, Beau Kilmer, says that about half of all weed in Washington DC is bought on the black market despite being legalized via ballot in 2014.

“You’re not going to eliminate the illicit market overnight. It’s going to take years,” Kilmer says.

Wed
05
Feb

Tilray to lay off about 10% of staff in effort to cut costs, hit profitability

Tilray Inc. is laying off about 10 per cent of its workforce as the Canadian cannabis producer looks to cut costs across its global operations in an effort to become profitable.

“Tilray restructured its global organization to meet the needs of the current industry environment and for continued growth in 2020 and beyond,” said Brendan Kennedy, Tilray’s chief executive officer, in an emailed statement to BNN Bloomberg.

“These changes include an approximately 10 per cent reduction in staff. By reducing headcount and cost, Tilray will be better positioned to achieve profitability and be one of the clear winners in the cannabis industry, which will drive value for our investor and employee shareholders.”

Wed
05
Feb

These Are The US Cities And States With The Most Dispensaries

The city with the most dispensaries based on its population figure is Missoula, Montana.

When most Americans pass by a store selling liquor, beer, or wine, they barely think twice about it. That’s because its existence isn’t novel; we all know plenty of folks who drink and buy alcohol. Outside of a few select cities, seeing a marijuana dispensary on a street corner still causes heads to turn.

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