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DEA Proposes Increasing Amount of Cannabis, Psychedelics Authorized for Research

October 31, 2023

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Connecticut Cannabis Landscape Evolving Quickly, No Shortages Feared

October 31, 2023

#KahliBuds #MMJ #CBD #THC

The Connecticut recreational marijuana industry – one of several that launched earlier this year – is quickly coming into its own, with 64 licensed dispensaries and a quartet of grow operations that have been laboring to supply them.

There are another 13 in the works, for a total of 17 cultivators, but the new entrants – including many of the 64 dispensaries – have yet to become operational. However, there are no fears of supply shortages, Kaitlyn Krasselt, spokesperson for the state Department of Consumer Protection, told CT Insider.

“The agency is continually reviewing the available supply and market demand to ensure medical marijuana patients and the adult-use market are adequately supplied,” Krasselt said.

At the same time, retailers have become more business-savvy and are choosing high-density locations to maximize foot traffic and advertising exposure, the Hartford Business Journal reported.

The Journal reported that new shops are being selective about where they sign leases: Hartford County, home to the state capitol of Hartford, seems to be the most appealing and has the most shops thus far with eight.

Of the 21 towns that have at least one cannabis shop, the average population is over 51,000, the Journal found.

“The dust is settling a little bit, and we’re definitely seeing a lot of these retail outlets pop up in the more condensed areas of the state – cities where there’s more population and potential customers,” CPA Drew Richards told the Journal.

One high-profile example is the latest shop opened by Verano Holdings Corp., which in October opened a new dispensary in Newington within eyeshot of the Berlin Turnpike, a major thoroughfare that sees more than 32,000 motor vehicles pass by every day.

“At Verano, we always aim to open our Zen Leaf dispensaries in convenient, accessible, and high-traffic locations in commercial corridors that have ample parking, a large sales floor, and a welcoming visual aesthetic,” Verano spokesman Steve Mazeika said.

Mazeika further predicted the opening of even more dispensaries near population centers in the state, as businesses will naturally want to be as close to consumers as possible.

Part of the reason dispensaries are choosing certain municipalities, however, is because several in Connecticut have cannabis business moratoriums or outright bans. Many also have been wary of locating too close to the Massachusetts border, in order to avoid interstate competition.

The post Connecticut Cannabis Landscape Evolving Quickly, No Shortages Feared appeared first on Green Market Report.

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John Schroyer, KahliBuds, 420GrowLife

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Colorado Regulators Weigh Banning Marijuana Businesses at Events

October 31, 2023

#KahliBuds #MMJ #CBD #THC

A proposed ban on marijuana businesses in Colorado participating in private events that don’t have their own state permits drew strong pushback from the industry this week, as regulators near the end of a new rulemaking period for cannabis companies.

If implemented, the move would cut off a critical advertising avenue for brands, since there are very few licensed cannabis events, while unlicensed events are myriad, Westword reported.

The proposal follows months of crackdowns by Colorado officials on events where cannabis was consumed, Westword reported. The enforcement has been undertaken by both the Denver Department of Excise and Licenses as well as the state Marijuana Enforcement Division.

A MED spokesperson said during an Oct. 30 hearing – at which many cannabis industry insiders spoke against the proposed ban – that the idea emerged from “feedback” from some stakeholders, but didn’t elaborate on where the proposal originated.

Several companies and trade organizations said the proposal would only lessen their chances of survival, given that social consumption business models have yet to fully take off in Colorado. There are only five licensed marijuana consumption businesses and mobile buses, Westword reported. Other cannabis-friendly events are much more commonplace and can be valuable for brands to connect with consumers.

“Regulated marijuana businesses have been severely limited in how they can advertise their businesses since the inception of our program in Colorado,” marijuana attorney Rachael Ardanuy of RZA Legal told regulators. “This addition is really a step in the wrong direction. It would really hurt licensees of all types and all brands. … At this point in our state, nearly 100% of consumption takes place in private places or illegally in public.”

Two of the five licensed consumption businesses – both mobile buses – spoke in opposition to the proposed rule, as did trade organization the Marijuana Industry Group.

The Oct. 30 meeting was the last hearing before final rules will be adopted and revealed on Jan. 8. A MED spokeswoman emphasized that the draft form may yet significantly change, meaning the proposed ban may be removed.

“What you see today may or may not be adopted by the state licenses authority,” she said.

The post Colorado Regulators Weigh Banning Marijuana Businesses at Events appeared first on Green Market Report.

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John Schroyer, KahliBuds, 420GrowLife

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Adam Jackson

Ayurcann’s Direct-to-Consumer Shift Pays Off

October 31, 2023

#KahliBuds #MMJ #CBD #THC

Canadian cannabis extractor Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF) reported a meaningful surge in annual revenue and expanded product availability, according to its latest financial statements.

For the fiscal year that concluded on June 30, Ayurcann doubled its gross revenue to $22.37 million, up from $11.08 million the previous year. That result showcased a 101% increase despite widespread price drops in the retail cannabis market.

While the company observed a slight decrease in cash reserves from $1.35 million to just under $972,000, it broadened its consumer reach by growing its product line to 60 stock keeping units (SKUs).

CEO Igal Sudman attributed the revenue growth to the company’s strategic shift from wholesale to a direct-to-consumer sales model, allowing deeper penetration into the dispensary ecosystem.

“We are excited to see consistent growth in our revenues across the country, despite the retail price compression affecting the industry,” Sudman said in a statement Monday.

Sudman also noted the company’s continued expansion, pointing out its significant presence in dispensary listings across:

Ontario
New Brunswick
Manitoba
Saskatchewan
Alberta
British Columbia
Yukon

“The growth trajectory for our in-house brands should have a tremendous and positive impact on the future development of Ayurcann,” he added.

The company secured top rankings in the sales of vape and pre-rolled cannabis products across several Canadian regions, underscoring its competitive presence in the market.

In its operational highlights, Ayurcann reported a presence in 8,500 product listings in dispensaries nationwide, emphasizing consistent supply and active participation in product calls to diversify its offerings.

Looking ahead, Sudman foresees further growth in market share and revenue as the company solidifies its position with an increase in production capacity, strategic partnerships, and a focus on innovation.

The post Ayurcann’s Direct-to-Consumer Shift Pays Off appeared first on Green Market Report.

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Adam Jackson, KahliBuds, 420GrowLife