Connect with us

Arizona

Arizona cannabis sales tick up in October, but still down year-over-year

Published

on



Arizona recreational and medical marijuana sales both picked up slightly during October after a disappointing summer season, according to state data from the Department of Revenue.

Arizona dispensaries sold $75.3 million in recreational cannabis and another $16.9 million in medical marijuana for a total of $92.2 million in sales for October, the state reported, up a notch from the $91.4 million sold in September.

Still, the October sales figures are below most of the rest of the year, according to state data, and the Arizona market arguably remains in a slump, with the market not expected to match last year’s $1.4 billion sales total, the Arizona Mirror reported.

October recreational marijuana sales were lower, for instance, than any month of the year apart from September. It was the same with medical. The high point of the year was March, when dispensaries sold $113.7 million worth of cannabis.

Last October, by contrast, Arizona dispensaries sold $112.8 million, including $87.2 million in recreational marijuana and $25.5 million in medical.

Cannabis sales for the year as of Oct. 31 stood at about $808 million in recreational and $204 million in medical for a total of just over $1 billion, the Mirror reported, and monthly sales trends this year make it unlikely that the final two months of the year will see a sudden giant boost of several hundred million more.

If the state’s cannabis sales pace continues, the yearly total will be more along the lines of $1.2 billion at most.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Arizona

The Daily Hit: December 9, 2024

Published

on



News from: Nebraska, Epidiolex, Kansas, Detroit and more.

The Daily Hit is a recap of the top financial news stories for Monday, December 9, 2024.

On the Site

Last-gasp challenge to Nebraska cannabis law fails, appeal still possible

The ruling found challengers couldn’t prove enough signatures were invalid to overturn the initiatives.

Read more here.

Epidiolex delivers positive results for a third rare condition called TSC

Epidiolex is showing positive results for treating TSC, adding to its success with addressing Dravat Syndrome and Lennox Gastaut seizures.

Read more here.

Detroit operators could see licenses invalidated even though stores are open

The decision in a lawsuit centered on licenses in Royal Oak lawsuit found that the Open Meetings Act was violated.

Read more here.

Report: Kansans registering as medical marijuana patients in Missouri

Kansas’ governor is a vocal supporter of medical cannabis, but the legislature is controlled by Republicans, who stand in opposition.

Read more here.

Arizona cannabis sales tick up in October, but still down year-over-year

Full-year sales for 2024 are expected to be down from 2023.

Read more here.

Green Rebates finalizes acquisition of competitor

Combined, the two companies have procured $135 million in energy rebates for marijuana growers across the U.S.

Read more here.

In Other News

Ohio

A long-stalled overhaul of Ohio’s relatively young recreational marijuana program might see new life next year, as outgoing Senate President Matt Huffman (R-Lima) prepares for his likely speakership in the House.

Read more here.

Texas

Texas State Rep. Jessica González filed House Bill 1208 for the upcoming legislative session. The bill would allow adults 21 and older to use, possess and transport up to 2.5 ounces of marijuana for personal use.

Read more here.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Arizona

Ohio drives revenue increase at Vext Science

Published

on


Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) released its financial results for the third quarter ending September 30, 2024. Vext reported revenue rose 13% to $8.9 million over last year’s $8 million for the same period. Revenue also increased over the second quarter revenue of $8.4 million.

The company’s acquisitions in Ohio paid off when the state began adult-use sales. Vext owns two dispensaries in the state, which it acquired in February 2024. Initially named Buckeye Botanicals, it now operates as Herbal Wellness Center. Vext also has a binding letter of intent to buy two more dispensaries in the state. In addition to that, the company owns a cultivation and processing facility in the state. The company said in its filing, “After normalizing for consolidation, Ohio sales increased by +3.3% in Q3 2024 compared to Q3 2023. We anticipate Ohio sales will continue to increase as the customer count increases now that recreational sales are permitted.”

Vext also reported that its net losses increased to $2.4 million over last year’s net loss of $1.8 million, but was trimmed from the second quarter net loss of $4.3 million. The company’s cash levels fell dramatically from $8.7 million at the end of 2023 to $2.8 million at the end of the third quarter.

CEO Eric Offenberger said, “Our solid Adjusted EBITDA results reflect both the transition to adult-use sales in Ohio, as well as our focus on maintaining strict cost control. Despite a challenging economic climate and typical third-quarter seasonality and pricing pressures in the Arizona market with the ongoing supply-demand imbalance, we’re pleased to report that our economic unit volumes remain strong. This demonstrates the resilience of our business model and the strength of our customer relationships, positioning Vext favourably with customers as the Arizona market continues to stabilize.”

Ohio pays off

Vext told investors that during the third quarter consolidated Ohio retail locations experienced an increase of +14.2% in total sales compared to the second quarter. The company said in its filing that it is still waiting to complete the acquisition of the Big Perm dispensaries in Ohio. It also noted that the two retail locations also grew in excess of +200% in the third quarter versus the second quarter as a result of the beginning of adult-use sales.

Offenberger added, “As anticipated, Ohio proved to be a key revenue driver this quarter. Vext retail stores performed at or above state averages, resulting in a 14.2% sequential increase in consolidated retail sales driven by higher customer traffic and order volumes. As 2024 ends, our focus remains on maximizing the benefits of our fully vertically integrated footprint in Ohio to support revenue and cash flow growth, while optimizing our presence to reach the state dispensary cap of eight (8), putting us on the path to achieve our financial targets. For the remainder of the year and moving into 2025, we are confident that the continued execution of our strategy and systematic cost management will drive sustained profitability and cash flow, building long-term shareholder value.”

Arizona weakness

The company noted that Arizona, which once represented 83% of the company’s sales now only contributes 63% of the sales. Vext has cut headcount in the stores as sales have been flat. The Arizona market overall has seen store count rise and competition increase. Still, Arizona represents a large portion of the company’s revenue.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Arizona

Where quality meets savings: Independently owned Giving Tree offers fantastic deals

Published

on


Discover deals like daily $10 eighths for the holiday weekend and beyond at one of the state’s most trusted dispensaries. 


Since opening its doors in 2013, Giving Tree has established itself as a respected cannabis leader in the state of Arizona. A minority- and female-owned business with a dedicated team of employees, Giving Tree is committed to creating a positive impact in the local community.

Stock up for the holiday season with everyday $10 eighths at Giving Tree, featuring daily drops of quality flower grown right here in North Phoenix.

Whether you’re a seasoned enthusiast or a first-time buyer, Giving Tree is the place to go to find a curated selection of quality cannabis products and unparalleled customer care.

Located in the heart of the Valley, Giving Tree’s North Phoenix retail shop serves up some of the state’s freshest flower, top-tier products, and an educational experience shoppers are unlikely to find anywhere else. The staff are knowledgeable and passionate about cannabis, and they’re eager to help each and every customer find what they’re looking for.

But Giving Tree knows that shopping is more than just a transaction, which is why they also offer a 10-day risk-free guarantee—and they’re the only dispensary in the state to do so. If you’re not completely satisfied with your purchase, you can return it for a replacement or store credit.

So, what are you waiting for? Green Wednesday is just around the corner, and now is the time to stock up! With unmatched customer service, great deals on iconic strains, and a full line of pre-rolls, cartridges, concentrates, and edibles, Giving Tree is your one-stop shop for the holiday season.  




Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading
Business2 days ago

Massachusetts regulators order single-lab testing to combat cannabis lab shopping

Business2 days ago

Cansortium completes merger with RIV Capital, plans to scale up in New York

Business2 days ago

The Daily Hit: December 19, 2024

Business2 days ago

Legal cannabis brands find their footing in New York

Business2 days ago

Oregon Cannabis: State of the State (2024) – Cannabis Business Executive

Business3 days ago

Marijuana activist leaders optimistic for progress in 2025

Business3 days ago

cbdMD posts lower annual sales, mixed fourth quarter

Business3 days ago

Vireo nabs $75M through 120M new shares, goes on acquisition spree

Business3 days ago

The Daily Hit: December 18, 2024

Beena Goldenberg3 days ago

Organigram eyes global cannabis growth after Motif deal

Business3 days ago

Farm Bill extension leaves hemp industry intact for now, including intoxicating products

cannabis cafes3 days ago

Cannabis predictions for 2025: Low prices, high taxes, and hash

Business3 days ago

Bat Feces Used to Fertilize Cannabis Is Linked to 2 Deaths – Cannabis Business Executive

Business3 days ago

Cannabis Potency Testing Needs to Be Done the Right Way for Consumer Protection – Cannabis Business Executive

Business3 days ago

Charlie Fox opens largest northeast dispensary in Times Square

Business3 days ago

Massachusetts regulators advance social cannabis consumption rules

Business3 days ago

MediPharm Labs sells Ontario facility for C$5.5M as part of streamlining plan

Strains & products4 days ago

2024’s weed award winners and where to buy them

Alabama4 days ago

The Daily Hit: December 17, 2024

Business4 days ago

Ohio marijuana market continues maturing with new rules

Business4 days ago

Weedmaps co-founders bid to take company private

Business4 days ago

Organigram tops estimates, expands international reach ahead of major deal

Business4 days ago

Michigan’s cannabis prices continue to free fall, spelling trouble for industry

Business5 days ago

Kentucky governor defends out-of-state dominance during medical cannabis licensing lottery

Mississippi Cannabis News8 months ago

Mississippi city official pleads guilty to selling fake CBD products

Bay Smokes6 months ago

Free delta-9 gummies from Bay Smokes

California8 months ago

May 2024 Leafly HighLight: Pink Runtz strain

Breaking News7 months ago

Connecticut Appoints The US’s First Cannabis Ombudsperson – Yes there is a pun in there and I’m Sure Erin Kirk Is Going To Hear It More Than Once!

Mississippi Cannabis News7 months ago

People In This State Googled ‘Medical Marijuana’ The Most, Study Shows

best list5 months ago

5 best CBD creams of 2024 by Leafly

cbd7 months ago

New Study Analyzes the Effects of THCV, CBD on Weight Loss

California Cannabis Updates7 months ago

Alert: Department of Cannabis Control updates data dashboards with full data for 2023 

Breaking News7 months ago

Curaleaf Start Process Of Getting Their Claws Into The UK’s National Health System – With Former MP (Resigned Today 30/5/24) As The Front Man

Mississippi Cannabis News7 months ago

Horn Lake denies cannabis dispensary request to allow sale of drug paraphernalia and Sunday sales | News

Asia Pacific & Australia7 months ago

Thailand: Pro-cannabis advocates rally ahead of the government’s plan to recriminalize the plant

California Cannabis Updates8 months ago

Press Release: May 9, STIIIZY and Healing Urban Barrios hosted an Expungement Clinic & Second Chance Resource Fair

Dispensaries6 months ago

Ohio legal cannabis buyer’s guide to 2024

One-Hit Wonders7 months ago

Marijuana Rescheduling: Why Opponents Have No Idea What They Are Talking About

DEA7 months ago

President Biden Announces Federal Government Will Reschedule Cannabis in ‘Monumental’ Announcement

adult-use cannabis7 months ago

Monitoring Weed’s Business Landscape

Mississippi Cannabis News6 months ago

Medical Cannabis changes to take effect July 1

adult-use cannabis7 months ago

Majority of Texans Now Support Legalizing Pot for Adult Use

Pot Luck7 months ago

Benefits of Kratom: Uses, Effects And More 

Asia Pacific & Australia8 months ago

Australia: Legalise Cannabis MP Sophia Moermond quits party over offshore wind farm opposition

Mississippi Cannabis News7 months ago

Cannabis lab files appeal with Mississippi State Department of Health

adult-use cannabis7 months ago

DeSantis Likely To Veto Hemp Bill that Would Limit THC, Sources Say

Business8 months ago

Planet 13 reports $6M loss in first quarter, preps for Florida expansion

California8 months ago

Senator Cory Booker Visits Sacramento Cannabis Giant Amid Decriminalization Push

Trending