Connect with us

Business

State Cannabis Officials Repeatedly Raised Alarms to Hochul’s Team Over Private Equity Loan Deal, Internal Emails Show – Cannabis Business Executive

Published

on






State Cannabis Officials Repeatedly Raised Alarms to Hochul’s Team Over Private Equity Loan Deal, Internal Emails Show – Cannabis Business Executive – Cannabis and Marijuana industry news



























skip to Main Content



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Your email address will not be published.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 *

Business

Michigan cannabis sales down at close of 2024

Published

on



Michigan’s marijuana shops sold just $265.5 million for the month of December, the latest in a multimonth decline for the longstanding Midwest cannabis market.

The figure includes $264.6 million in recreational sales and another $815,759 in medical sales, according to statistics from the state Cannabis Regulatory Agency.

The numbers are down from $276.3 million sold in November, and from the $268.5 million sold in October. The market hit a record high in August, with $295.4 million in sales, before starting to slide in September.

The December figures are also down significantly year-over-year, from $279.8 million in December 2023, when Michigan dispensaries sold $3.1 million in medical marijuana and another $276.7 million in recreational products.

Flower remained the top-selling product category, with $113.2 million in recreational sales and $265,823 in medical sales. Vape cartridges came in a strong second, with $49.5 million in recreational sales and $277,459 in medical sales.

As of Dec. 31, Michigan was home to 2,256 active cannabis companies, including 1,021 growers, 848 retailers and 279 processors, along with scores of other license types such as transporters, event organizers and more.

That’s an increase from a year ago, when the state had 2,170 total licensed companies.

The increase in the number of companies, combined with price compression, oversupply and several other headwinds facing the national marijuana trade, has some stakeholders expecting significant contraction in Michigan this coming year. The average price for cannabis flower is down 23% and two big-name growers have already announced the closure of their facilities, Crain’s Detroit reported recently.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Business

Minnesota to publish draft of recreational marijuana industry regulations

Published

on



The upcoming recreational marijuana market in Minnesota took another step toward launching this week, when the Office of Cannabis Management announced its intent to publish its first draft of industry regulations on Monday in the state register.

That will kick off a 30-day public comment period, the OCM said in a press release, in which industry members and other stakeholders can submit feedback to the agency on its proposals. The comment period will close on Feb. 12 at 4:30 p.m. Central Standard Time, the OCM noted. Written comments can be submitted via mail to the Office of Administrative Hearings or electronically via the agency’s website, the OCM said.

“Member of the public can submit comment in support of or in opposition to the proposed expedited rules and any part or subpart of the rules,” the agency said in a press release, calling the rules release a “significant milestone.”

Also upcoming are several other key dates for would-be cannabis business owners in Minnesota, beginning with social equity eligibility verification on Jan. 15, followed by the opening of the license application window on Feb. 18, and eventually a series of lotteries beginning in May to determine license winners. Dates for the lotteries have yet to be announced.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading

Business

Tilray sees second-quarter revenue growth despite cannabis slowdown

Published

on



Tilray Brands Inc. (NASDAQ: TLRY) topped Wall Street’s revenue expectations Friday as the company continues beefing its beer business amid sluggish marijuana sales.

The company’s fiscal second-quarter revenue rose 9% to $211 million for the quarter ended Nov. 30, eclipsing analysts’ average estimate of $207.8 million, according to financial data from Yahoo Finance.

The company reported a net loss of $85 million, widening from a $46 million loss in the same period last year. The latest quarter included $75 million in non-cash items and $8 million in one-time costs, the company said.

CEO Irwin D. Simon said in a statement that the company remains generally focused on “revitalizing the beer market, driving growth in spirits and non-alcoholic beverages, and advancing the legitimacy of cannabis for both recreational and medical use.”

The company’s alcohol segment saw revenue jump 36% to $63 million versus the prior year. However, cannabis revenue dipped slightly to $66 million from $67 million, while international cannabis sales grew 25%.

Tilray has been expanding its beverage portfolio via new deals since entering the category in 2020. The company announced “Project 420,” a $25 million synergy initiative focused on tweaking its beverage operations following recent craft brewery acquisitions.

“Through our brew pubs, we focus on bringing people together, creating exceptional experiences through entertainment, and enhancing lives through moments of connection,” Simon said.

The company reaffirmed its fiscal 2025 guidance, projecting net revenues between $950 million and $1 billion. Wall Street analysts expect revenue of about $901 million for the year, according to Yahoo Finance data.

Tilray shares fell over 10% to $1.23 in morning trading as of press time.

The company’s adjusted gross profit increased 29% year-over-year to $61 million, with growth across all business units.

The company said it has achieved $17 million of its planned $25 million in synergies from Project 420 as of the quarter’s end, though noted these savings are not yet fully offsetting related investments.

Additionally, the load of acquisitions may make it difficult for investors to project a fuller organic sales picture in the shorter term, according to Seeking Alpha.



Source link

mscannabiz.com
Author: mscannabiz.com

MScannaBIZ for all you Mississippi Cannabis News and Information.

Continue Reading
Business14 hours ago

Michigan cannabis sales down at close of 2024

arousing strains1 day ago

Leafly invites you to ‘Love Buzz’- an arousing flower release party

Mississippi Cannabis News1 day ago

University Launches New Cannabis, Dietary Supplements Program – Ole Miss News

Mississippi Cannabis News1 day ago

Medical Cannabis Research Facility Could Come to Mississippi: #MSLeg Roundup – Mississippi Free Press

Business1 day ago

Minnesota to publish draft of recreational marijuana industry regulations

Business1 day ago

Tilray sees second-quarter revenue growth despite cannabis slowdown

Cali sober1 day ago

Poll: What’s the best exercise to do stoned?

Business2 days ago

Cannabis dispensaries navigate operations as wildfires spread across Los Angeles

Business2 days ago

Rhode Island releases draft rules for expanding adult-use market

Business2 days ago

Legal marijuana sales in Nevada continue multiyear dip, as illicit market surges

Business2 days ago

Cannabis industry faces unique risks as LA fires spread

flower2 days ago

RS-11 is January 2025’s HighLight strain

Business2 days ago

Stiiizy reports customer data breach at Northern California Stores

Business3 days ago

Safe Harbor cuts loan liability in credit union deal

Business3 days ago

Ohio adult-use cannabis sales near quarter-billion in first five months of program

Business3 days ago

New Jersey cannabis sales top $1B in 2024 as recreational market expands

Business3 days ago

Three MedMen shops still operational in California

Mississippi Cannabis News3 days ago

Nourish Your High Masterclass » Emily Kyle, MS, RDN

Agrify4 days ago

Agrify sells cultivation business back to former CEO

Business4 days ago

Pritzker, Johnson on opposite sides of hemp bill in Illinois

Business4 days ago

Canopy USA taps cannabis industry veteran as president

Business4 days ago

Cannabis regulators in Delaware, Minnesota to step down

Business4 days ago

Illinois hemp bill fails to pass, dealing a blow to Pritzker

Business4 days ago

Kentucky cannabis licenses already being flipped for profits

Trending