This week, a swathe of North America’s largest cannabis companies reported thier most recent financial results, revealing slimming but continued losses almost unanimously. Curaleaf topped the list in terms of net revenue for the first quarter of 2023, rising by 2% year-on-year to $338.9m, but falling by 2% compared to the previous period.   The company reported an adjusted EBITDA of $76.7m, up marginally year-on-year from $74m, but down from $83 in the previous quarter, ‘primarily due to seasonally lower sales’. Net losses fell from $57.7m in the previous quarter to $51.6, but grew year-o ..read more

US Congressman and long-time cannabis advocate Earl Blumenauer has said that legalization ‘is now inevitable’ and the Biden administration ‘is listening’. In a later final memo ahead of his departure from politics the co-founder of the Congressional Cannabis Caucus celebrated the recent news that the DEA is expected to approve the rescheduling of cannabis. While stating that rescheduling is ‘not quite what we wanted’, noting that cannabis shouldn’t be scheduled at all’, he called it a revolutionary step that sends a strong message about the end of the failed war on drugs. However, he urged bot ..read more

High Times, one the best know brands in the cannabis industry, has put its assets up for sale as it scrambles to gather enough cash to pay its creditors. The 50-year-old magazine, which has since expanded significantly into further publications, events and dispensaries, has called for offers for its array of assets after being put into a ‘court ordered receivership’.  Greenlife Business Group, which is handling the sale, has called for offers ahead of May 17, by which time any assets without bids will be put up for auction. The property on offer includes the intellectual property, includi ..read more

The UK is the primary driver of new growth in Europe’s medical cannabis market, with sales of medical cannabis greater than expected due to ‘unusually high’ consumption volumes on a per-patient basis. By the end of 2024, for example, 62,960 patients are forecasted to be using medical cannabis in the UK, generating €240 million (£205 million) in sales, meaning the average medical cannabis patient in the UK will consume €3,811-worth (£3,261) of medical cannabis per year, or €318-worth (£272) per month. Compare this to Germany, with the largest medical cannabis market and patient population in Eu ..read more

US cannabis sales have generated more than $20bn in tax revenues for their respective states since adult-use legalization began, according to a new study. According to new figures published by the cannabis advocacy nonprofit Marijuana Policy Project (MMP), 2023 saw the highest tax revenues on record, topping a combined total of $4.2bn for the first time. This was up from the $3.8bn in tax revenue recorded in 2022, following a slight dip from the previous pandemic-driven highs of $3.9bn in 2021. Since Colorado became the first state to roll-out legal adult-use sales in 2014, 23 further US state ..read more

Synbiotic   German cannabis group SynBiotic has capitalised on the recent explosion in medical cannabis patients since the country’s landmark CanG came into effect last month. This week, SynBiotic announced the acquisition of German importer and wholesaler, Weeco Pharma, marking its second acquisition in less than a month and its third since the start of the year. According to the company, Weeco is forecast to achieve sales of €5m this year, bringing expected sales for the wider group to €20m. “With Weeco Pharma, our group of companies now has a high-quality full range of cannabis flowers ..read more

New York authorities have launched ‘Operation Padlock to Protect’ in a renewed effort to use ‘the full force of the law’ to shut down illegal cannabis shops and block their continued profileration. Yesterday, New York City Mayor Eric Adams announced the launch of a five-borough operation, putting into effect a raft of new enforcement powers granted by the state last month. Business of Cannabis reported in April that New York’s Governor Kathy Hochul announced a new five-point plan to significantly increase the fight against New York’s thriving illicit cannabis market, after more than a year of ..read more

Reports from last week suggesting that the US Drug Enforcement Administration (DEA) would support recommendations for cannabis rescheduling were not approved by the organization’s administrator, one source has suggested. Last week, Business of Cannabis reported that the head of anti-cannabis legalization group Smart Approaches to Marijuana (SAM), Kevin Sabet, said he was ‘hearing a lot of chatter’ that a DEA decision was coming soon. “I’m hearing from some sources that pro-marijuana Democratic senators are saying it’s very soon, as in today or tomorrow,” he said, but added that this could be ..read more

The UK’s Food Standards Agency (FSA) has issued the first two ‘positive safety assessments’ for CBD (cannabidiol) products as part of its years-long novel foods authorisation process. Chanelle McCoy’s subsidiary, Pureis, became the first company in the UK to receive a positive risk assessment for a synthetic CBD application on April 29, 2024. Cannaray similarly received the first ever positive risk assessment for its isolated CBD application, meaning both can now move on to the next stage of authorisation, risk management. Each have hailed the development as a ‘milestone’ for both their brands ..read more

Both US Democrat and Republicans have put forward their proposals for the reauthorization of the 2024 Farm Bill, which covers the regulation of the countries industrial hemp industry. On May 01, the Senate of Agriculture Committee, which is controlled by a Democrat majority, published their proposals for the bill, which is renewed roughly every five years in order to address the agricultural issues of the day. One such issue, is the proliferation of hemp-derived intoxicating products such as Delta-8 THC and HHC. As Business of Cannabis has previously reported, such compounds have proliferated ..read more