Cannabis dispensaries have turned out to be a pot of gold for the city of Vista, and they likely will bring in more tax revenue following a recent change that allows the businesses to sell their products for recreational use.
“Sales automatically increased,” said Mike Mellano, owner of Coastal Wellness dispensary. “We had such a quick response. Sales have been up about 35 percent or 40 percent. I was expecting 15 maybe.”
Tradecraft Farms became the first of the city’s 11 dispensaries when it opened in 2019 following the passage of the citizen-driven Measure Z initiative, and store manager Edgar Gaytan said business appears to be up by about 20 percent since the shop was allowed to sell products for recreational rather than just medical use about a month ago.
In the recent competition for cannabis business licenses in Illinois, Ambrose Jackson’s team struck gold. They won rights to both grow and sell their own cannabis. Jackson is quitting his health care management job to commit full time to becoming a legal marijuana business owner.
But he’s anxious about it, because now the hard part starts for license holders — hustling for funding. Like contestants on the TV show “Shark Tank,” they must sell themselves and their plans to get the millions of dollars they need to get started.
Marijuana stocks have been through series of up and down trading over the last several weeks. Before this, the cannabis sector has been going through a downtrend. Much of this came from the cannabis industry becoming more regulated. In addition to the hurdles of enacting some type of federal cannabis reform. In the last 6-7 months there have been many hold-ups and delays with federal cannabis reform. Mainly in the form of President Biden being opposed to federal cannabis reform.
Ohio's medical marijuana cultivators who have complied with rules and regulations can now request permission to expand their grow space, the Ohio Department of Commerce announced Wednesday.
The expansion process comes as the Buckeye State plans to more than double the number of its dispensaries after a cultivator, Fire Rock Ltd., sued the state for failing to act on its February 2020 request to expand.
"This decision comes after a review of multiple program metrics, including patient program participation and the Board of Pharmacy’s impending request for new dispensary license applications," a Commerce Department spokesperson told the Cincinnati Enquirer.
Investing in cannabis stocks can be like looking for a goose that lays golden eggs -- but finding only lemons much of the time. Between the ever-present hype about questionable companies and the industry's struggles with efficiency, even savvy buyers can make mistakes; I know I've made a few!
The good news is that becoming a wiser investor is easier than it may seem. And today, I'll be sharing four of my best tricks for identifying the best marijuana stocks so that you'll be equipped to succeed.
In response to a request from the Domestic Policy Office in the White House, the National Hemp Association released an economic impact report titled, “Building the Sustainable Hemp Industry in the United States.”
The report was presented to the White House last week and outlines a pathway to establish a new sustainable economy around hemp fiber and grain with a projected $32B impact by 2030.
Consolidation in the cannabis industry is inevitable. As long as marijuana remains federally illegal in the U.S. and cannabis companies need to expand via acquisition to penetrate more states, marijuana businesses will continue to join forces. One deal that investors will want to pay close attention to right now involves cannabis producer TerrAscend's (OTC:TRSSF) acquisition of Gage Growth (OTC:GAEG.F), a Michigan-based marijuana company.
The two businesses announced the deal on Sept. 1, and the combined entity could become one of the top multistate operators in the country. Here's why you should consider putting TerrAscend's stock in your portfolio in light of this news.
After months of only being able to sell oil-based cannabis products like edibles and vape cartridges, the Richmond region’s only licensed dispensary can now sell a more traditional form of marijuana.
Green Leaf Medical (stylized gLeaf) kicked off sales of smokable marijuana, both dry whole flower (also called bud) and pre-rolled joints, at its South Richmond dispensary last week.
Adult use of smokable marijuana was legalized in Virginia in July, which paved the way for Green Leaf to expand its offerings. The company already sold its smokable marijuana in Maryland, Pennsylvania and Ohio, where it also operates.
Hemprise launched in 2019 with the purchase of 25 acres of land in southern Indiana that will eventually house what the company claims will be one of the largest hemp processing facilities in the U.S. with 100,000 square feet of processing space when completed. (Photo courtesy of Hemprise)
The company is completing phase I of the buildout, which consists of a 10,000-square-foot workshop on about half of the property located in Jeffersonville. Hemprise plans to launch phase II of construction when cannabidiol (CBD) is a federally regulated ingredient for food, beverages and dietary supplements, according to Zheng Yang, the company’s general manager.
After the markets close Sept. 21, Aurora Cannabis (NASDAQ:ACB) will release results for its fiscal fourth quarter, which ended June 30. The troubled Canadian pot company's stock is already down by about 20% year to date -- a sharp contrast to the sector benchmark Horizons Marijuana Life Sciences ETF, which is up 5% -- and the upcoming report could be pivotal in determining whether the share price gets out of the red for 2021. Investors aren't expecting to see Aurora turn a profit in the final quarter of its fiscal year, but there are other ways that the company can show it is making progress. Here are the three main areas you should keep a close eye on when the company reports next week.
Few investors are unaware by now of the booming cannabis market. The drug is federally legal in Canada and in many U.S. states, and it looks to be on a path toward federal legalization in the U.S. This commercialization of cannabis has led to a boom in growing the plant across North America. One industry that has benefited from this is hydroponics, which is when someone grows a plant without soil. Many cannabis growers utilize this growing method.
GrowGeneration (NASDAQ:GRWG) is a fast-growing hydroponics supplier that is benefiting from this surge in popularity for cannabis. Does that make the stock a buy?
A company already drawing scrutiny in Florida for potentially holding a stake in multiple medical cannabis businesses drew similar interest from Massachusetts regulators. Now a high-priced acquisition could hinge on how Florida handles its own licensing rules.Purchases in both Florida and Massachusetts involve the hedge fund Gotham Green Partners. That business last year made a play to purchase most shares of iAnthus, another fund with a heavy stake in the industry. But that’s a deal iAnthus now wants nixed, with iAnthus suing Gotham last month in a Canadian court over details of the restructuring deal, according to the trade publication GreenMarketReport.
Resonate Blends Inc., a cannabis holding company in Calabasas, has signed a letter of intent to acquire Lemon and Grass, a Florida-based cannabis wellness brand.
Lemon and Grass sells products such as relief balms, patches and capsules as well as vape cartridges and PAX pods. The products will flank Resonate’s existing product line, Koan Cordials, a liquid made from cannabis and botanical extracts.
Lemon and Grass products are distributed to more than 40 dispensaries in Florida. The company also has had product trials in California and has licensing plans for multiple states across the country, as well as for provinces in Canada.
Ocean Commerce Plc, a provider of original palm oil fuel ash, has joined hands with two cannabis and pharmaceutical business operators to develop water-soluble cannabidol (CBD) extracts from hemp for the first time in Thailand to serve growing domestic and global demand for CBD-based products.
"Our customers do not need to conduct further development because we use technology to make water-soluble CBD that can be mixed with drinks. Other companies in the market have yet to go to this production level," said Teera Chutivaraporn, chief executive of Ocean Commerce Plc.
His company has partnered with Cannabiz Way Co and JSP Pharmaceutical Manufacturing (Thailand) Plc.
Today American Green (ERBB:OTC) announced that it has begun selling its Premium Hemp Cream and Hemp Lip Balm by expanding its E-commerce presence on eBay. The company is excited to add sales from eBay as another revenue stream and plans to meet or exceed the success it is currently enjoying following its launch on Amazon last December.
David G. Gwyther, American Green’s president, said, “We are thrilled to offer our premium hemp products on eBay. Our products will be made available with eBay’s “Buy it Now” function and will include free shipping to all US customers. Consumers throughout the world will now have direct access to American Green’s premium hemp products on eBay.” Ebay currently has over 185 million users worldwide.
The ganja gold rush is on, and a new brokerage firm is all set to cash in on the cannabis business boom, clearing the path for storefronts and warehouses making plans to bring pot to the people.
Not since the internet gave birth to new ventures across the industry spectrum has the marketplace been so ripe for new business blood.
Cannabis stocks have been struggling over the past six months, with the Horizons Marijuana Life Sciences ETF down more than 30% while the S&P 500 has risen by 17%. Though optimism was high when the Democrats took control of the Senate earlier this year, a lack of progress with respect to the federal legalization of marijuana may have led investors to look for other near-term growth opportunities instead. Although the majority of Americans are in favor of legalizing pot federally, it still could take years before that happens.
Still in its early stages, the corporate marijuana sector in the U.S. is famously unprofitable and frequently cash-starved. Despite this, many operators have managed to build up quite a bit of scale, and as such are poised to benefit as the current recreational cannabis legalization trend continues to spread.
Exhibit A: Columbia Care (OTC:CCHWF), an ambitious multi-state operator (MSO) that despite its growing size is still landing in the red. Motley Fool contributor Eric Volkman had the chance to talk with Columbia Care CEO Nick Vita, who in this edited interview had a few thoughts on profitability, acquisitions, and other pressing matters for his company specifically and the wider cannabis industry in general.
The USA’s National Hemp Association (NHA) and its Standing Committee of Hemp Organizations (SCOHO) has its cap out for a billion-dollar amendment to the pending House Budget Reconciliation measure.
The NHA and organizations comprising SCOHO represent more than 90% of licensed hemp farmers across the USA.
The NHA says the cash it’s chasing is essential for acceleration of hemp fiber and grain production as vital infrastructure is needed to build reliable supply chains after eight decades of prohibition. Planting and growing hemp was prohibited in the USA in 1937 and officially banned in 1970 under the Controlled Substance Act (CSA) when it was unfairly lumped in with its intoxicating cousin, marijuana.
NORWICH — With marijuana currently legal to consume for people 21 and older in Connecticut, and sales of recreational marijuana products to be allowed in 2022, many businesses owners want to know any potential impact to them.