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.
In a continued effort to conserve cash, Canada’s Canopy Growth Corporation is trimming back its operations via the closure of several international locations. In a press release issued last Thursday, the vertically-integrated cannabis firm said it would shutter an indoor cultivation facility in Canada and halt hemp farming at a 1,000-acre site in Springfield, New York.
Cannabis advocates are pushing for marijuana businesses to be included in the next round of federal coronavirus relief. Over the last week, several lawmakers and lobbyists have penned letters to state and federal officials urging them to extend aid to cannabis businesses as part of a phase four stimulus package.
Cannabis retail management platform Greenbits has raised $23 million from a group of prominent investment firms including Tiger Global Management, Casa Verde Capital and DNS Capital. The funding will be used to grow sales and expand into new markets, according to the company.
California-based cannabis firm Caliva is bringing its products directly to consumers with a contactless payment and delivery option as the coronavirus pandemic continues to keep many of its core customers sheltered-in-place. The San Jose, California-based cannabis company has partnered with payment and banking technology firm Hypur to help implement a cashless payment system.
Cash-strapped Canadian marijuana firm Aurora Cannabis today announced plans to launch a $350 million at-the-market offering aimed at strengthening its balance sheet as the company navigates “macroeconomic uncertainty caused by COVID-19.” The company also said it plans to complete a 1-for-12 reverse stock split to avoid being delisted on the New York Stock Exchange.
Multistate cannabis company iAnthus Capital Holdings has failed to make $4.4 million in interest payments due on senior secured and unsecured convertible debts totaling roughly $160 million. In a press release, iAnthus said it asked debt holders for temporary relief, noting that poor public market conditions and the coronavirus outbreak had caused liquidity constraints.
In an effort to preserve cash, New York’s Acreage Holdings has made a number of strategic moves intended to help the company mitigate the economic impact of the coronavirus pandemic. In a press release issued last Friday, the company said it had temporarily furloughed 122 employees and closed certain U.S. operations.
Charlotte Figi, the young Colorado girl whose debilitating condition led to the development of an eponymous cannabidiol (CBD) brand called Charlotte's Web, died on Tuesday at the age of 13. Figi suffered from a rare form of epilepsy called Dravet syndrome and used CBD oil to help treat frequent seizures.
As cities and states increasingly decriminalize and legalize cannabis, public policy is trending toward expungement. It’s a start, and it’s one that’s happening at various speeds across the country. But justice doesn’t just mean pardoning those with low-level marijuana convictions. It means actively offering public and private programs to ensure minorities get more than an equal shot.
The coronavirus pandemic has forced thousands of “non-essential” businesses to temporarily shutter as America works to slow the spread of COVID-19, the disease caused by the novel coronavirus. One industry still deemed essential during the outbreak, however, is marijuana. A majority of Americans agree that cannabis is essential, according to a recent YouGov poll.