Adult-use dispensaries in Colorado sold more than $1.1 billion worth of cannabis products through the first eight months of the year but sales dipped slightly in August, recent data shows. According to the Department of Revenue’s Marijuana Enforcement Division (MED), recreational marijuana sales in The Centennial State eclipsed $176.5 million in August, down from $183 million in July.
Is there a market for “functional cannabis” and can a brand convince you to get moving? The entrepreneurs behind OFFFIELD, a Los Angeles-based startup, are betting on it.
Will U.S. beer distributors eventually be the ones bringing cannabis-infused drinks to market? That’s what Canopy Growth Corporation, one of the largest cannabis firms in the world, is betting on.
Denver-based GrowGeneration (NASDAQ: GRWG) announced Monday the acquisition of Phoenix’s largest indoor and outdoor garden center, Hydroponics Depot, for an undisclosed sum. The purchase adds to GrowGen’s expanding national footprint of Hydroponic gardening stores, which now includes 29 locations across 11 states.
Columbia Care is pushing deeper into the adult-use cannabis market. The New York-based multistate operator announced Thursday the launch of its first “internally developed cannabis lifestyle brand,” called Seed & Strain.
Vermont Gov. Phil Scott (R) said Wednesday he would allow a cannabis legalization bill to become law without his signature. The legislation, S. 54, creates a commercial marijuana market in The Green Mountain State and establishes a 14% tax on all cannabis products.
Pabst Blue Ribbon is moving from the dive bars to dispensaries. The 176-year-old brand — which in recent years has expanded into whiskey, hard coffee and hard seltzer — now adorns cans of cannabis-infused seltzer that are sold at a handful of California pot shops.
Rhythm is a line of CBD-infused seltzers that feature broad spectrum CBD and other functional ingredients. The product is available in two flavors – Grapefruit Rosemary and Blackberry Lavender – both of which contain 15 mg of hemp-derived CBD and just 5 calories.
Illinois cannabis dispensaries continued to break records in September, as adult-use sales increased 5.7% to more than $67.64 million. The Illinois Department of Financial and Professional Regulation (IDFPR) reported Monday that recreational marijuana sales grew to an all-time high for the fifth month in row.
Canopy Growth Corporation will bring its THC-infused beverages to the U.S. in 2021 through a partnership with New York-based cannabis firm Acreage Holdings, the two companies announced Thursday. In a news release, Canopy and Acreage said the products are expected to debut at dispensaries in California and Illinois next summer, and that “sessionable” drinks would be the initial focus.
More VC money is flowing into the cannabis software space. California-based Trym, which sells management software to cannabis growers, has raised a combined $3.1 million in seed funding from friends, family and several venture funds.
Billionaire investor Nelson Peltz is no longer advising Canada’s Aurora Cannabis, the company announced Monday. In a news release, the Edmonton-based cannabis firm said Peltz had resigned to “pursue other commitments.”
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