Stormy Simon’s time as CEO of Hightimes Holding Corp. has come to an end after just four months. Simon will be replaced by Peter Horvath, a former Victoria’s Secret and American Eagle executive, but continue to serve on the Hightimes board of directors.
Boston-based alcohol delivery service Drizly has officially expanded into the cannabis sector with the launch of Lantern, a marijuana delivery platform that connects cannabis users to licensed dispensaries across Massachusetts. The service is currently available to medical marijuana patients in the greater Boston area who have access to products sold by Revolutionary Clinics.
Sales of adult-use cannabis are soaring in Illinois, even as residents remain under a coronavirus-induced stay-at-home order that was recently extended to May 30 by Gov. J.B. Prtizker. Recreational sales topped $37 million in April, the second-best month since adult-use shops opened their doors in January, according to data from the Illinois Department of Financial and Professional Regulation.
Constellation Brands -- which owns the Corona, Svedka, and Prisoner Wine Company brands, among many others -- has exercised more than 18.8 million warrants to buy shares of Canopy Growth, the largest cannabis company in the world. In a joint press release issued Friday, the two companies said the warrants -- originally issued on November 2, 2017 -- were exercised at a price of $12.97 CAD.
Global cannabis sales are expected to reach $47 billion by 2025, according to analysts at BDSA (formerly BDS Analytics) and Arcview Market Research. According to the firms, the global cannabis industry generated an estimated $14.8 billion in 2019, up a record 46% from 2018. The firms had previously predicted that sales would reach $14.9 billion in 2019.
Los Angeles-based Hightimes Holding Corp., which owns the eponymous “High Times” magazine founded in 1974, yesterday announced plans to acquire more than a dozen existing and planned California cannabis dispensaries from Arizona-based multistate operator (MSO) Harvest Health & Recreation Inc.
Chicago-based Cresco Labs (CNSX: CL) grew revenue 197%, to $128.5 million, in 2019, but the record growth wasn’t enough to keep the multistate cannabis operator out of the red. The cannabis firm’s net losses exceeded $65 million in 2019. Cresco also announced it would terminate a planned $282 million purchase of Tryke Companies.
A House bill that would make financial aid available to legal cannabis businesses impacted by the coronavirus has been introduced by Reps. Earl Blumenauer (D-OR) and Ed Perlmutter (D-CO). The “Emergency Cannabis Small Business Health and Safety Act” would give plant-touching marijuana companies and industry “service providers” access to federal coronavirus relief programs.
Sales of cannabis-infused products are poised to reach $3 billion in the U.S., according to New Frontier Data, a global marijuana research firm based in Washington D.C. In a recent report, New Frontier found that infused products such as edibles and beverages account for 14% of total U.S. cannabis sales. It is the third largest category behind flower (37%) and vape (32%).
While many marijuana enthusiasts may have spent yesterday toking up in celebration of the cannabis community’s official-unofficial holiday, several 420-friendly politicians used their platforms to call for legalization and other pro-pot policies.