New York cannabis regulators issue quarantine for Sky High products
Green Market Report
by John Schroyer
1d ago
New York artisanal cannabis-infused ice cream brand Sky High had 21 of its products ordered into quarantine for safety reasons, according to a bulletin Thursday from state regulators. “The quarantine notice requests that all dispensaries and distributors immediately stop distribution and sales of these products,” read the notice from the New York Office of Cannabis Management. “All remaining units of these products must be held in a separate, secure area and labeled in a manner to clearly indicate that they are under quarantine.” The notice didn’t specify what sparked the investigation into S ..read more
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Florida’s hemp industry reportedly responds to DeSantis veto with millions in party donations
Green Market Report
by Adam Jackson
1d ago
Florida’s hemp industry reportedly pledged $5 million in donations to the Republican Party of Florida following Gov. Ron DeSantis’s veto of a bill that would have put a lid on the state market’s intoxicating offerings. According to CBS News Miami, WhatsApp messages from a group called “Save Florida Hemp” showed industry executives discussing the donations. The group, which includes major labs, hemp manufacturers, and small shops, framed the contributions as support for DeSantis’s stance against a recreational marijuana ballot initiative. “We know nothing in life is free and neither was this v ..read more
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Senate approves Equal Access Amendment for veterans – again
Green Market Report
by Debra Borchardt
2d ago
The Senate Appropriations Committee passed a measure that would allow doctors at the U.S. Department of Veterans Affairs to talk about and recommend medical marijuana as long as the patients reside in states where it is legal. The Equal Access Amendment, introduced by Sen. Jeff Merkley (D-OR), was approved in a voice vote on Thursday. “The only health care system in America where a doctor cannot discuss medical marijuana with patients in states where it’s legal is the veterans’ system,” Merkley told the panel. “We’re discriminating against our veterans. This is really unacceptable. This commi ..read more
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Numinus trims loss, maintains bet on AI amid cash crunch
Green Market Report
by Adam Jackson
2d ago
Numinus Wellness Inc. (TSX: NUMI) (OTCQX: NUMIF) reported a third-quarter loss for the period ending May 31, as it continues to restructure its operations. According to filings, the company posted a comprehensive loss of C$5.8 million for the quarter, narrowing from a C$7.3 million loss in the same period last year. Revenue fell 16% year-over-year to C$4.3 million. On a Thursday earnings call, CEO Payton Nyquvest said the company is “transitioning to a leaner and more efficient organization.” Numinus closed its Canadian clinics during the quarter, in a bid to focus on its U.S. operations ..read more
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Illinois lottery winners avoid losing their licenses
Green Market Report
by John Pletz
2d ago
This story was republished with permission from Crain’s Chicago and written by John Pletz.  Just one winner of a cannabis dispensary license is at risk of losing it tomorrow when a deadline hits for pot shop licensees to have found a location for their stores. It’s a far lower number than many had feared. The state used lotteries to award 185 new dispensary licenses in the summer of 2022, which would nearly double the number of marijuana shops. Winners originally had up to a year to get stores open or find a location, but the deadline was extended last year by legislators. Legislati ..read more
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710 no 4/20 for California cannabis operators
Green Market Report
by Adam Jackson
2d ago
The unofficial 710 “Oil Day” holiday was Wednesday, and while cannabis companies took to social media to try and drive hype around it, operators in California say it was no 4/20. Skyler Sutton, founder and chairman of Heavy Hitters, a top player in the state’s premium vape market, told Green Market Report, that the holiday “wasn’t enough to make a blip” in sales. “It wasn’t like one felt crazy around the warehouse or anything like that, or there was some big busyness from it,” Sutton said. It’s a sentiment echoed by Jerred Kiloh, a 25-year veteran of cannabis retail and president of the ..read more
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Enveric Biosciences nabs patent for “next-gen” psilocin prodrug
Green Market Report
by Adam Jackson
3d ago
Enveric Biosciences (NASDAQ: ENVB) has received a U.S. patent for its drug candidate EB-002, the company announced Wednesday. The patent (No. 11,945,778) covers methods of treatment for a range of brain neurological disorders, including sleep disorders, depression, substance-related disorders, and headaches, the company said. Those conditions involve similar neurotransmitter systems. EB-002 is described as a next-generation psilocin prodrug, currently being developed primarily for anxiety disorders. Psilocin is the active metabolite of psilocybin, the “magic” compound found in psychedelic mus ..read more
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Jones Soda upsizes offering from $3 million to $4 million
Green Market Report
by Debra Borchardt
3d ago
Jones Soda Co. (CSE: JSDA)(OTC: JSDA) originally announced a private placement of up to 7,500,000 units for $0.40 per share, to raise $3 million. However, the company quickly upsized the offering to $4 million and 10 million units. “Based on strong demand, we are pleased to increase the size of the private placement to allow more interested parties the opportunity to participate,” said David Knight the CEO of Jones Soda. Jones Soda said it intends to use the net proceeds of the offering to support growth and for general corporate purposes. Each unit will be one common share and ..read more
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High hopes, low profits likely for Vegas cannabis consumption lounges
Green Market Report
by Adam Jackson
3d ago
Temperatures may be soaring this summer in Sin City, but cannabis consumption lounges have a more temperate forecast ahead of them. More than a year after Nevada regulators approved the first consumption lounge licenses, only two state-licensed lounges have opened in the city. Smoke and Mirrors, which is run by Thrive Cannabis Marketplace, began welcoming patrons in February, while Planet 13’s Dazed! opened its doors in April. The path to opening these lounges has been long, starting back in June 2021 when the state legislature passed a bill to allow the establishments. It took more than a ye ..read more
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The Daily Hit: July 10, 2024
Green Market Report
by Staff
3d ago
The Daily Hit is a recap of the top financial news stories for Wednesday, July 10, 2024. On the Site California’s cannabis industry shifts 710 strategy on heels of new vape rules Sales of concentrates are on the rise across the country, even as California operators adapt to new terminology and a focus on sustainability. Read more here. Tension-filled meeting as New York cannabis regulators approve new licenses, rules The proposed rules will expand how cannabis operators can advertise in the state. Read more here. New York claps back at two cannabis lawsuits New York responded to the case agai ..read more
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