The Montana Secretary of State last week certified two complementary petitions — Initiative 190 and Constitutional Initiative 118 — that, if passed, would legalize and tax cannabis products for adults over the age of 21. Backed by New Approach Montana, the legalization measures aim to establish a regulated adult-use cannabis market in Big Sky Country.
Sales of cannabis soared to new highs in Colorado during the month of June as retailers sold a record $198 million worth marijuana products, according to the Department of Revenue’s Marijuana Enforcement Division.
Green Thumb Industries (CSE: GTII, OTCQX: GTBIF) announced Wednesday its second quarter financial results, reporting total revenue of $119.6 million — a quarter-over-quarter increase of 16.6%. The Chicago-based cannabis firm, which boasts 96 retail licenses and has operations in 12 U.S. markets, also said its first half revenue of $222.2 million exceeded total 2019 revenue ($216.4 million).
Acreage Holdings announced Wednesday plans to sell its Baltimore, Maryland medical marijuana dispensary to an unnamed buyer. The sale, which is pending approval from Maryland Medical Cannabis Commission, comes one day after the vertically integrated company said it grew quarter over quarter revenue 12%, to $27.1 million, in Q2.
Harvest Health & Recreation announced Tuesday its second quarter financial results, reporting a net loss of $18.3 million, a slight improvement over the $20 million it lost during the first quarter of 2020. The vertically integrated cannabis firm, which operates 35 dispensaries in seven states, said quarter over quarter revenue increased 26%, to $55.7 million.
Canada’s Tilray (Nasdaq: TLRY) announced its second quarter financial results on Monday afternoon, reporting a net loss of $81.7 million, a substantial decrease for its first quarter net loss of $184.1 million. However, total quarter over quarter revenue for the Nanaimo, British Columbia-based cannabis firm decreased 3.2%, to $50.4 million.
Columbia Care announced Monday its second quarter financial results, reporting a net loss of $27.3 million for the three-month period ending June 30, 2020. The multistate cannabis firm also reported a net loss of nearly $48 million through the first six months of 2020, a slight improvement compared to last year.
Canada's Canopy Growth Corporation (NYSE: CGC, TSX: WEED) announced Monday its first quarter fiscal 2021 financial results, reporting a net loss of C$128 million ($95.8 million) for the three-month period ending June 30, 2020. Net revenue for the Smith Falls, Ontario-based cannabis firm increased 22%, to C$110.4 million ($82.3 million), compared to the first fiscal quarter of 2020.
The number of full-time equivalent (FTE) U.S. cannabis industry jobs could reach nearly 300,000, according to new figures from the 2020 Marijuana Business Factbook. Published by Marijuana Business Daily, a trade publication covering the cannabis industry, the Factbook includes information on industry trends as well as financial and operational data for cultivators, manufacturers and retailers.
The Massachusetts Cannabis Control Commission (CCC) has fined marijuana firm Revolutionary Clinics $120,000 for selling contaminated cannabis products. According to the CCC, Revolutionary Clinics distributed vaporizer cartridges that contained higher-than-allowed levels of residual solvents in late 2018 and early 2019.
Ben Larson, the CEO of Vertosa, a leading cannabis infusion technology company, believes THC and CBD-infused beverages could eventually become society's so-called seventh glass. “Our entire culture has continually developed around beverage," he said. " While infused beverages are a small percentage of the overall industry right now, it’s only because we’re in the developmental phase.”
Fresh off signing a historic 10-year contract extension worth up to $503 million with the Kansas City Chiefs, NFL superstar Patrick Mahomes has now inked a lucrative endorsement with Biosteel Sports Nutrition. The Toronto-based CPG company announced Tuesday that it had signed a multiyear deal with the 24-year-old MVP quarterback, who will receive an undisclosed equity stake in Biosteel.