WeedLife News Network

Hot off the press cannabis, marijuana, cbd and hemp news from around the world on the WeedLife News Network.

The latest pro sports team in Colorado is sponsored by a cannabis brand

“We’re incredibly proud to be the first cannabis company to sponsor Colorado’s first professional ultimate disc team and hope this will drive a movement toward the acceptance of cannabis in professional sports.”

Colorado’s first professional ultimate disc team has announced its newest sponsor.

Local dispensary Star Buds will have its logo featured on the team’s jersey, a move that the company hopes will fuel the further acceptance of cannabis in professional sports.

Owned by parent company Schwazze, Star Buds has been operating in Colorado since 2013.

Copperstate Farms introduces new cannabis brand Jukebox

Jukebox will replace the Copperstate cartridge line and expand the product suite to include cartridges, pre-rolls, edibles and pre-packed flower.

Moodedibles is bringing hemp-based bites directly to your neighborhood

If you’re looking for more than a sugar rush from a baked good, Holly Teegarden’s business might be your new favorite sweet spot.

She runs Moodedibles, an online bakery specializing in hemp-derived edibles that will soon be popping up around Pittsburgh.

Inside a small commissary kitchen in Sewickley, the treats are made with CBD, Delta-8 THC and other minor cannabinoids that reportedly offer therapeutic, non-intoxicating benefits.

By June, her food trailer will be showing up around town, dispensing information along with goodies. It is already booked for the second and fourth Saturdays at the Terminal in the Strip District.

Teegarden says she’s not in the business of getting people messed up.

Legal cannabis sales exceed Starbucks N. America sales in 2021

Legal adult use and medical cannabis sales in 2021 topped $24.5 billion, which outpaced the North American sales total of $20.5 billion for Starbucks Corp. SBUX, -1.38%, according to the MJBiz Factbook released Wednesday.

Revenue growth of 30% in the cannabis business also outpaced the 25% growth by Starbucks, the study said. Cannabis sales managed the total with legal business in 39 states and the District of Columbia, compared to sales in all 50 states for Starbucks. By contrast 2021 U.S. cigarettes sales totaled $52.8 billion and global opioid sales amounted to $23.2 billion in 2021. The AdvisorShares Pure US Cannabis ETF MSOS, -1.35% is down 2.5% on Wednesday and has lost 43.4% so far in 2022, compared to a 20.6% drop by the Nasdaq COMP, -1.43%.

Cannabis industry stakeholders urged to address social and environmental challenges

New Frontier Data highlights the importance of ESG principles as global economy takes shape

New Frontier Data, the premier data, analytics and technology firm specializing in the global cannabis industry, in its latest report, highlights the imperative for leaders in the emerging global cannabis industry to adopt a robust Environmental, Social & Governance (ESG) framework. The report will be released at Regenerative Cannabis Live: Sustainable Development for and by the Cannabis & Hemp Industry, a one-day event hosted by Regennabis at the United Nations in New York City on May 5, 2022.

What’s the best place to buy CBD flower?

Now, Oregon is perhaps most notably known for its artisanal craft cannabis and CBD offerings.

A state with a long history of relaxed cannabis laws, Oregon is where many of the most important political and social events in American hemp history have occurred. Interestingly, Oregon has decriminalized cannabis twice, first in the late 1970s, then in 1998. Moreover, in 2008, Oregon was the second state to enact a Medical Marijuana Program.

Oregon’s fertile farmlands, pristine water sources, ideal climate, and deep-rooted counterculture, propelled it to its preeminent position both figuratively and geographically atop Northern California’s Emerald Triangle.

Malawi joins Zimbabwe in switching from cultivating tobacco to cannabis

Malawi has just followed Zimbabwe in reaffirming an intended agricultural switch from tobacco to cannabis. Both countries are doing so for economic survival as the long-term viability of tobacco is giving way to another crop entirely.

Medical marijuana industry booming in Florida in last two years

As in other states that have legalized medical marijuana, Florida has seen a huge increase in doctors, users and dispensary businesses in the last few years, thanks in part to the COVID-10 pandemic.

“Cannabis is one of the few industries in the world that grew during the pandemic,” Javier Hasse, of Benzinga, which tracks business trends, told the South Florida Sun Sentinel last week.

“Home deliveries and the fact that it was declared essential in the U.S. really helped, but deep down people were looking for something to deal with stress,” he said.

Amid federal delays, can marijuana companies break their slump?

Is pot in a ‘regulatory recession’?

More U.S. states are headed toward allowing the sale of recreational cannabis, including New Jersey this month, giving some analysts hope that the swoon hitting publicly traded pot companies may come to an end. 

It’s been quite a rut. The shares of Curaleaf Holdings, Green Thumb Industries and Trulieve Cannabis have plummeted more than 30% this year — much worse than the declines posted by benchmark indexes such as the S&P 500 and Dow Jones Industrial Average. Much of cannabis companies’ slide is due to the failure of reforms that investors had hoped for to materialize so far under U.S. President Joe Biden.

How much did New Jerseyans spend on first day of cannabis sales? Yes, there was enough weed for everyone

Last week New Jersey kicked off long-awaited recreational cannabis sales.

On the first day of sales, April 21, over 12,000 customers spent nearly $2 million for cannabis, according to NJ's Cannabis Regulatory Commission (CRC). (Benzinga)

Some worried about the availability of cannabis for both the recreational and medical markets, but there was plenty to go around. The MMJ supply remained strong, with 64,000 ounces of products sold to patients and their caregivers over the past month.

'Copycat' cannabis edibles draw ire of big food companies

Packaging that mirrors major brands called 'unscrupulous' and potentially dangerous for children. 

At first glance, there is little indication the snack-size bag of Trix is meant to get a user stoned. Every detail of the packaging has been copied from General Mills' cereal, and the company's logo even adorns the corner.

But the cannabis edible recently pulled from the market was a "copycat" product with a combined 1,000 milligrams of THC, the main intoxicating compound in marijuana. (A standard dose is 10 mg.)

The Consumer Brands Association and several major food companies, including Minnesota-based General Mills and Post Consumer Brands, are urging Congress to crack down on the practice.

Investments in hemp industry highlighted at summit

The 2022 Pennsylvania Hemp Summit ran Tuesday and Wednesday in Lancaster, featuring nearly 100 hemp growers and entrepreneurs.

Industrial hemp is grown for fiber and seed. It is a different variety of the plant that produces marijuana and became regulated with marijuana in the 1950s and 1960s. Industrial hemp must maintain a concentration of the psychoactive chemical tetrahydrocannabinol below the 0.3 percent legal threshold.

“Industrial hemp is an economic driver delivering innovative approaches to everyday challenges,” Agriculture Secretary Russell Redding said, opening the trade show.

MariMed completes acquisition of kind therapeutics USA, a Maryland vertically integrated cannabis business

MariMed Inc. (OTCQX: MRMD) (“MariMed” or the “Company”), a leading multi-state cannabis operator focused on improving lives every day, today announced it completed the acquisition of Kind Therapeutics U.S.A., LLC (“Kind”), a leading vertically integrated cannabis business in Maryland.

The Maryland Medical Cannabis Commission approved the transfer to MariMed at their April 13th meeting and the closing took place April 27, 2022. MariMed was instrumental in the development of the Kind operations from its inception in 2017. The Company owns, and had developed, a 180,000 square foot cannabis cultivation and production facility in Hagerstown and is developing a 6,000 square foot dispensary in Anne Arundel County, both of which were leased to Kind.

Hemp eggs: Kreider Farms introduces An egg-centric idea

 

 

The concept made its first trip through a Kreider Farms brainstorming session about six years ago. Hemp products were only an exciting idea then. Not yet a legal possibility.

Eggs were a natural starting point for Kreider, which was already producing a wide range of organic and brown options. That led to a question.

“Why not throw some hemp in there, see if we can get some elevated omegas and some elevated nutrients?” said Khalee Kreider, the company’s marketing manager. “It seemed like it would fit into what we already had going on.”

A seismic shift came two years later. The 2018 Farm Bill authorized the production of hemp and removed hemp and hemp seeds from the Drug Enforcement Administration’s list of controlled substances.

Nearly $1.9 million in cannabis, related products sold in NJ on 1st day of legal sales

The Garden State raked in the green during the state’s first day of recreational marijuana sales.

More than 12,000 people headed to dispensaries and bought nearly $1.9 million worth of cannabis and cannabis products, according to the New Jersey Cannabis Regulatory Commission. In the days since sales started on Thursday, lines have been steady at dispensaries.

“We expected sales to be substantial and the data shows that the market is effectively serving both adult-use consumers and patients,” Jeff Brown, executive director of the NJ-CRC, said. “We continue to monitor inventory and access for patients and are prepared to take enforcement action against any ATC that does not meet the requirements for patient access and supply.”

Newly licensed Western New York marijuana growers anxious to be on forefront of state's cannabis market

 

 

Kerry Trammel and Michael Yager are excited to be at the forefront of New York's recreational cannabis industry.

But they're also nervous, since the market hasn't been established yet and they're not sure exactly what to expect. 

Trammel, owner of The Releaf Market in Jamestown, and Yager, one of the owners of Yager Farms in Eden, are among the 52 growers granted the first licenses to cultivate adult-use recreational marijuana in the state.

Wheatfield Gardens in Wheatfield is the other local business that was awarded a license from the state Office of Cannabis Management.

Report: IL marijuana sales fall short of projections

Illinois could have realized an additional $600 million in revenue from recreational marijuana sales, according to an analysis by the Illinois Policy Institute.

The group said it found a complicated tax system and restrictive licensing has cut into the state's revenue stream. In 2021, Illinois took in $317 million from cannabis taxes despite the demand for the product due to the pandemic.

Illinois lawmakers had projected in 2019 that revenue could produce $440 million to $676 million in annual tax revenue. The number of dispensary licenses has also been a problem.

Arizona collects more cannabis than liquor taxes, poll finds one-third Americans prefer weed over booze

In March, Arizona generated more tax revenue from legal marijuana than from tobacco and alcohol, reported Marijuana Moment. (Article Originally Appeared on: Benzinga)

The state receives Marijuana Tax revenues from three different sources: 1) the 16% Recreational Marijuana Excise Tax; 2) Sales Tax applied to Recreational Marijuana purchases; and 3) Sales Tax applied to Medical Marijuana purchases.

The state collected $11.9 million in dedicated marijuana excise taxes in March and $94.3 million in fiscal years to date.

Billings lowers minimum age to own or work for marijuana businesses to 18

 

On Monday night, the Billings City Council brought its marijuana laws in line with state marijuana laws and lowered the age a person can work for or own a marijuana business from 21 to 18.

The city has the right to establish an age requirement for marijuana business license holders and their employees, but voted 8-3 to lower the minimum age to 18.

The 21-year-old age requirement prompted the Billings dispensary, Montana Advanced Caregivers, to file a lawsuit against the city earlier this month. The dispensary employs three people who are older than 18, but not yet 21.

Arizona college expands cannabis business program

 

A new certificate program in Cannabis Business Fundamentals is now open for enrollment at Scottsdale Community College.

 

 

 

The Cannabis Business Fundamentals certificate, which is open to Arizona residents, includes four classes:
– Introduction to Cannabis
– Social Equity and Current Events
– Supply Chain Management in the Marijuana Industry
– Legal and Regulatory Environment

The new certificate complements the non-credit cannabis class currently offered nationwide at SCC. Both programs offer eight-week, online options that allow students to work on their own time.


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