by Grow Up Conference | Sep 14, 2023 | Cannabis News Wire, Media Partners
Maryland’s marijuana market achieved another milestone last month, with retailers notching almost $92 million in sales, marking the state’s second month of recreational cannabis sales. This surge represents a significant leap from July’s $87 million, illustrating the transformative impact of expanding cannabis access beyond the medical sector, more than doubling prior sales figures.
Data recently released by the state’s cannabis regulator, MCA, indicates that legal dispensaries tallied sales exceeding $91.7 million. Smokeable flower sales were in the lead at $55.1 million, followed by concentrates at $24.7 million, while infused edibles and nonedibles contributed $6.2 million and $5.2 million, respectively. Trim or shake products brought in $512,991, with marijuana plants contributing $9,588.
July saw a surge in marijuana sales, coinciding with the enactment of a law allowing the state’s medical stores to serve all adults aged 21 years and older. The opening weekend of this transition resulted in an impressive $10 million in cannabis product sales.
Multistate operators (MSOs) have emerged as prominent players in Maryland’s cannabis market, with companies such as Ascend, GTI, Verona and Curaleaf reporting the highest sales figures for the past month.
Later this year, Maryland officials will start taking applications for social-justice cannabis company licenses. The Social Equity Verification Portal, which MCA unveiled last week, will start letting potential applicants determine whether they qualify for the new licenses this week. Equity candidates will be the only ones eligible for the initial round of new cannabis grower, processor, and store licenses.
Maryland levies a 9% sales tax on cannabis for adult use; medical sales are excluded. This indicates that the policy change has already resulted in a few million dollars entering the state’s coffers.
A prohibitionist organization, Smart Approaches to Marijuana, has criticized the state’s management of tax collection. The group alleges that the state’s Office of the Comptroller was actively working to defend banks that were breaking the law.
The accusation was made following the publication of remarks made by Rob Scheerer, director of the Revenue Administration Division of the Maryland Office of the Comptroller, during a Maryland Association of Counties conference last month. Scheerer stated that to safeguard banks, the term “cannabis” could not be used on tax returns, instead employing the term “a sale subject to the 9% rate under SB516 of 2023.”
Both the Office of the Comptroller and Wells Fargo, its banking partner, have asserted that they adhere to the law.
The surging sales in Maryland suggest that the companies operating within that market could see the kind of success that enterprises such as Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) have enjoyed in the markets in which they operate.
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by Grow Up Conference | Sep 14, 2023 | Media Partners, Oaksterdam University
OAKLAND, Calif. — Oaskterdam University and revolutionary cannabis brand REEFORM, a cannabis company with a major initiative, have partnered to provide scholarships and education to help REBUILD the lives of individuals and families impacted by Cannabis Prohibition and the War on Drugs.
The scholarship program works in tandem with the launch of REEFORM, a premium indoor flower brand created by social justice activist Weldon Angelos in partnership with Glass House Brands. Angelos served 13 years in prison for a non-violent cannabis charge before being released in 2016 after a bipartisan campaign to secure his freedom and shortly after received a presidential pardon in 2020. Since his release, he has fought tirelessly to help those still serving prison time for cannabis-related offenses.
He has established The Weldon Project, Mission Green, the REEFORM brand, and now the REEFORM scholarships to do just that.
“Tens of thousands of people are still incarcerated across the country serving cannabis- related sentences, mostly people of color. I received a 55-year sentence for selling less than $1,000 worth of cannabis, and now I am able to sell it legally with the explicit aim of helping those impacted by cannabis prohibition,” said Mr. Angelos. “REEFORM will advocate for the release of those unjustly incarcerated, to help them rebuild their lives and participate in the legal industry post-release and to advance cannabis policy reform.”
The scholarship program seeks to empower those who have faced the challenges of reintegration into society after being released from prison due to drug-related offenses. According to Mission Green, tens of thousands of people are currently serving prison sentences for cannabis-related offenses, even as medical and adult use cannabis is legal in 38 states and counting.
REEFORM Scholarships will be awarded on a quarterly basis to recipients selected by Mission Green along with the Oaksterdam Nonprofit for Education. Scholarships will cover tuition for courses at Oaksterdam, the world’s first cannabis college.
“We firmly believe in the transformative power of education and its ability to break cycles of incarceration, providing opportunities for personal growth, and fostering new beginnings,” said Dale Sky Jones, Executive Chancellor of Oaksterdam University. “Oaksterdam is proud to have its logo on the packaging of REEFORM flower, available in Farmacy, The Pottery and Natural Healing Center (NHC) locations in California, with state and nationwide releases to follow.”
Register for Horticulture or Business of Cannabis here. To apply for a REEFORM Scholarship, clock here. Oaksterdam University’s next live semester starts Sept. 25, 2023.
About Oaksterdam University
Oaksterdam University is the World’s first cannabis college and academic institution to promote equity in the cannabis space, to lower barriers to cannabis licensing, entrepreneurship, and employment. With roots growing 27 years deep, OU is a dynamic, diverse, responsive academic institute dedicated to working locally to educate the global cannabis community, industry, regulators, and government. Visit oaksterdamuniversity.com.
About Glass House Brands
Glass House is one of the fastest-growing, vertically integrated cannabis companies in the U.S., with a dedicated focus on the California market and building leading, lasting brands to serve consumers across all segments. From its greenhouse cultivation operations to its manufacturing practices, from brand-building to retailing, the company’s efforts are rooted in the respect for people, the environment, and the community that co-founders Kyle Kazan, Chairman and CEO, and Graham Farrar, Board Member and President, instilled at the outset. Through its portfolio of brands, which includes Glass House Farms, PLUS Products, Allswell, FIELD, Forbidden Flowers, and Mama Sue Wellness, Glass House is committed to realizing its vision of excellence: outstanding cannabis products, produced sustainably, for the benefit of all. Visit glasshousebrands.com
by Grow Up Conference | Sep 14, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 14, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 14, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 14, 2023 | Cannabis Prospect Magazine, Media Partners
by Grow Up Conference | Sep 14, 2023 | Grow Opportunity, Media Partners
Smiths Falls, Ont. — Canopy Growth Corp. says it has obtained creditor protection for its BioSteel Sports Nutrition Inc. division and intends to seek permission to sell the business.
The Smiths Falls, Ont., cannabis company says it pursued creditor protection from the Ontario Superior Court of Justice because its sports drink business BioSteel no longer has access to funding.
Canopy described BioSteel as a “significant drag” on its profitability and cash flow, saying about 60 per cent of the company’s adjusted EBITDA loss was attributable to BioSteel.
Canopy says BioSteel having creditor protection will limit its further funding obligations and help the company focus on its core cannabis operations.
Canopy also intends to launch a Chapter 15 case in the U.S. to address its American BioSteel assets.
The move comes after Canopy said in June that it made management changes and parted ways with some staff after uncovering “material misstatements” in BioSteel’s previous financial filings.
by Grow Up Conference | Sep 14, 2023 | Grow Opportunity, Media Partners
(Globe Newswire) Phoenix — TILT Holdings Inc., a global provider of cannabis business solutions that include inhalation technologies, cultivation, manufacturing, processing, brand development and retail, today announced interim chief executive officer Tim Conder will speak at the Benzinga Cannabis Capital Conference in Chicago Sept. 27-28, 2023.
Conder will join Jason Nelson of BeLeaf Medical, Jeffrey Schultz of Foley Hoag, Darren Lampert of GrowGeneration, and moderator Shia Kapos of Politico for a panel titled “Building a Successful Cannabis Business While Regulations Catch Up” at 3 p.m. CT, Wednesday, Sept. 27. Additionally, TILT will host one-on-one meetings with investors.
by Grow Up Conference | Sep 14, 2023 | Grow Opportunity, Media Partners
A decision this year by the OCS to lower its price markups and fix its price structure has cannabis industry players hopeful the move will provide a much needed boon amidst a difficult financial environment and continuing competition with the illicit market.
Changes to the price structure by the Ontario Cannabis Store will lower profit margins for the government and put dollars back into industry producers and retailers. Currently, the pricing is based on a uniform markup rate of 50 per cent on the wholesale price. However, this system has led to inconsistent pricing and limited profitability for retailers.
The new pricing strategy aims to introduce a tiered approach that considers the price of the product. This means that lower-priced cannabis products would have a higher markup percentage, while higher-priced products would have a lower markup.
This change is intended to address concerns from retailers who have been struggling to compete with the illicit market due to pricing disparities.
These new prices changes will take effect September 11, 2023, and aims to create a fairer and more competitive market for cannabis retailers and producers.
by Grow Up Conference | Sep 14, 2023 | Media Partners, Psychedelic News Wire
A new study published in the “ACS Pharmacology & Translational Science” journal has revealed that psychedelics such as psilocybin may combat stress by triggering a temporary increase in stress hormones. The research provides more insight into the potential underlying mechanisms that may allow psychedelics to deliver various mental health benefits.
Psilocybin is a psychedelic compound that occurs naturally in certain mushroom species. It is converted into the active form psilocin when ingested and mainly interacts with serotonin receptors in the brain. The traditional “psychedelic experience’” occurs when psilocin interacts with the serotonin 2A receptor subtype and induces feelings of altered mood, consciousness and perception.
A recent surge in psychedelic-related research found that various psychedelics have the potential to offer long-term relief against several mental-health disorders at low doses and with minimal adverse side effects. Researchers have spent the past few years researching the potential benefits of using psychedelics as alternative treatments for hard-to-treat mental disorders, including post-traumatic stress disorder (PTSD), major depressive disorder and eating disorders.
There has also been a concerted effort to understand how psychedelics interact with the brain to figure out how to develop effective psychedelic-based therapies. These research efforts culminated in a type of therapy called “psychedelic-assisted therapy,” which involves dosing patients with psychedelics and then guiding them through psychedelic experiences before helping them integrate the insights they made during the experience into their lives.
As clinical studies involving psychedelic-assisted therapy have registered incredibly promising results, this type of therapy has attracted plenty of public attention because of its potential to treat conditions such as PTSD and depression long-term.
Cody J. Wenthur, study author, University of Wisconsin–Madison assistant professor and director of Psychoactive Pharmaceutical Investigation Programs, noted that psychedelics such as psilocybin are attracting considerable scientific attention, especially in clinical trials, as support for nondrug, talk-therapy approaches.
With these psychedelic compounds drawing closer and closer to FDA review, Wenthur said gaining an understanding of how psychedelics function on a biological level will be crucial to designing psychedelic-assisted treatments that minimize patient risk and maximize safety. Wenthur and his team used a mouse model to study psilocybin’s pharmacological and biological aspects. They found that a certain dose of psilocybin produced anti-anxiety effects similar to anxiolytic drugs around four hours after initial dosing.
Additionally, the researchers discovered that psilocybin triggered a rapid increase in corticosterone levels in blood plasma, indicating that the stress hormone played a role in psilocybin’s anti-anxiety effects. However, psilocybin didn’t deliver any significant anti-anxiety effects in mice with consistently high corticosterone plasma levels.
As other enterprises such as Seelos Therapeutics Inc. (NASDAQ: SEEL) dig further into understanding how different psychedelics bring about their therapeutic effects, the world could see an array of hallucinogenic-based formulations approved by regulators such as the FDA for treating a variety of mental health and other ailments.
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