CANNABIS. PEXELS
CANNABIS. PEXELS

Cannabis News | Top of the Week: 2/6

Every week, ACRONYM rounds up your Cannabis News into one handy dandy post. Find what’s important, WEED out what’s not. See what we did there? Check weekly under our Cannabis category for up to date news!


 

Michigan cannabis sales are down—and the reason may be in your neighbor’s backyard (Leafly.com)

Publish Date: February 3, 2021

THE BOTTOM LINE: 

“Something has gone mysteriously missing from Michigan’s cannabis industry over the last six months: cannabis sales.

Statewide sales hit a peak in July 2020, then began trending downward. What’s going on?

After opening the state’s first adult-use stores in Dec. 2019, Michigan’s cannabis industry saw sales increase month-over-month at a sharp incline. Recreational and medical sales combined for $35 million in revenue in Jan. 2020; by July 2020, the state was recording nearly $110 million in combined monthly sales.

But then something happened.

Sales began to gradually fall. Combined medical and adult-use sales hit $92 million in Nov. 2020, and rebounded only slightly to $101 million in December.

It’s typical for Michigan’s regulated cannabis market to take a small dip between October and December, as the surplus from the autumn outdoor flower harvest hits the unlicensed market. But considering the electric trajectory of the state’s first quarter sales, during which monthly dispensary sales rocketed up $75 million between January and July, it’s difficult to read the sudden industry slump as merely a seasonal hitch.

Could Michigan’s cannabis industry bubble be popping already?”

READ MORE: (Leafly.com)

 

As Additional U.S. States Move Towards Legalization the Cannabis Industry Revenues Continue to Explode (PRNewswire.com)

Publish Date: February 5, 2021

THE BOTTOM LINE: 

“It seems as if every report on the future growth of revenues in the legal cannabis markets, recreational & medical, predict continued substantial growth through the next several years. Growing acceptance and adoption of legal marijuana for the treatment of chronic diseases like cancer, arthritis, and Alzheimer’s as well as neurological problems such as depression, anxiety, and epilepsy is a key factor driving the market. The increasing legalization of medical cannabis in the region to curb the black market and provide easy access to patients is also expected to spur market growth. A recent report from IMARC, an industry research organization, said that the North America legal cannabis market is expected to reach a value US$ 54.6 Billion by 2025.”

READ MORE: (PRNewswire.com)

 

Cannabis industry trends that could fuel investment over the next 6 to 12 months (CNBC.com)

Publish Date: February 3, 2021

THE BOTTOM LINE: 

“This year is shaping up to be a pivotal one for the cannabis industry.

Cannabis stocks have been climbing since the group began to show signs of profitability late last summer, with the onset of a blue wave igniting optimism around the possibility of nationwide legalization.

A statement issued this week by Senate Majority Leader Chuck Schumer and two other Democratic senators furthered the possibility of a subsequent green wave, with the lawmakers proposing a path to federal legalization.”

READ MORE: (CNBC.com)

 

Can cannabis help with body-damaging behaviors? (Leafly.com)

Publish Date: February 4, 2021

THE BOTTOM LINE: 

“Approximately 5% of Americans live with a body-focused repetitive behavior (BFRB), such as compulsive hair pulling, nail biting, or skin picking. In many cases, BFRBs are born from a need to self-soothe, and those who experience them may find themselves frequently performing a BFRB with little or no awareness of the fact.

Unlike those who self-harm, people with BFRBs typically don’t intend to inflict pain on themselves or cause physical damage to their bodies, but all BFRBs cause sufferers to repeatedly touch their hair, body, or both, in ultimately damaging ways. Depending on the BFRB, they can lead to bald spots, scarring, sores, infections, and other issues.”

 

READ MORE: (Leafly.com)

 

‘Pot for Shots’: Bud’s Craft Cannabis offers ‘pre-roll’ for a penny to those who get vaccinated (McAlesterNews.com)

Publish Date: February 5, 2021

THE BOTTOM LINE: 

“An Oklahoma dispensary is offering nearly-free marijuana products to anyone with a medical marijuana license who can prove they got a vaccination.

James Monks, owner of Bud’s Craft Cannabis in McAlester, said he started “Pot for Shots” in an effort to persuade more people to get the COVID-19 vaccine.

“We wanted to be kind of an outreach program that would encourage more people to get the vaccine,” Monks said.

He also said anybody with a valid Oklahoma medical marijuana license who shows written documentation that they received the vaccine will be able to buy a pre-rolled joint for a penny containing the King Tut strain. According to Bud’s menu on Leafly.com, the normal retail price for a King Tut pre-roll is $10.

Oklahoma state law prohibits dispensaries from advertising “free” or “donated” products.

“We set aside a large chunk of money and then we bought the product with it and so I think we got plenty,” said Monks.”

READ MORE: (McAlesterNews.com)

 

Virginia Lawmakers Pass Marijuana Legalization Bills (RollingStone.com)

Publish Date: February 6, 2021

THE BOTTOM LINE: 

“Virginia’s General Assembly voted Friday to legalize marijuana in the state, with a plan in place to open dispensaries beginning in 2024.

The Democrat-controlled Virginia Senator and House of Delegates both overwhelmingly voted in favor of the measure that could legalize simple possession of marijuana in the state as soon as this summer; weed was previously decriminalized in the state in July 2020.

The measure now awaits the signature of Governor Ralph Northam, who in the past has supported marijuana legalization in Virginia. When passed, Virginia will be the first of the Southern states to legalize weed.

When legal sales begin in Virginia in 2024, revenues will go toward pre-K and public health programs, addiction treatment and a fund to remedy the effects of the drug’s criminalization; as noted during the General Assembly, prosecution of marijuana use targeted the black communities in Virginia, the Virginian-Pilot reported.”

READ MORE: (RollingStone.com)

 

9 Things Investors Should Know About the Cannabis Industry in 2021 (VisualCapitalist.com)

Publish Date: February 5, 2021

THE BOTTOM LINE:

“Unlike dozens of other industries across the globe, cannabis experienced significant growth as a result of the COVID-19 pandemic.

In fact, with consumption for both medical and recreational products on the rise, 2020 was a record-breaking year for the industry. After years of investor uncertainty, analysts are predicting a continued bull market in 2021, with several new and exciting developments on the horizon.”

READ MORE: (VisualCapitalist.com)

Leafly and Jane partner to build a better online cannabis shopping experience (TechCrunch.com)

Publish Date: February 4, 2021

THE BOTTOM LINE:

“Today, two giants of the cannabis industry are announcing a partnership to create an improved retail experience for consumers and dispensaries alike. Through this partnership, Leafly and Jane’s technology solutions will offer dispensaries powerful tools to sync online e-commerce with in-store inventory — something that is sorely lacking in the cannabis world.

Legal weed shoppers know the pain. A handful of different apps report to show the inventory of local dispensaries and yet, the online menus often do not line up with the store’s real-time inventory. What’s more, sometimes other dispensaries have different ways of listing the same product. There’s a good reason for the dispensaries: there’s not an industry standard UPC barcode and the dispensaries often have hundreds of fast-moving SKUs from dozens of vendors.

Leafly and Jane’s partnership seeks to solve the pain on both sides of the counter. Jane’s technology enables dispensaries to build a modern e-commerce platform through automation and machine learning. Jane’s technology will soon be built into Leafly’s Menu Solutions that works with more than 30 point-of-sale systems. This should result in less tedious work for the dispensaries and a much more consistent online experience for the shopper.”

READ MORE: (TechCrunch.com)

 

A Colorado Democrat wants to cap THC levels in marijuana products at 15% (TheCannabist.co)

Publish Date: 

THE BOTTOM LINE:

“State Rep. Yadira Caraveo, a pediatrician and Thornton Democrat, said she is still revising the bill she plans to introduce this month, but one of the main provisions would ban legal marijuana products above 15% THC — the psychoactive compound responsible for the marijuana high. The ban would apply to flower and edibles. THC in flower products can top off close to 30%, while concentrates generally run at 70-80%.

‘Even if it’s the start of a conversation, I think it’s an important conversation,’ Caraveo told The Denver Post on Thursday. ‘We led the way with legalization, but it doesn’t mean we should never look at the issue of marijuana again. … My role as a physician is that you continue to look at the evidence.'”

READ MORE: (TheCannabist.co)

 

Check back next week in our Cannabis Section for more news, products, and more!

 


 

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