Cannabis Briefs for October 3, 2023
October 3, 2023•New York regulators are planning to award 1,500 cannabis licenses in an effort to bring the market up to speed and alleviate the growing surplus of cannabis that producers have found themselves unable to offload in such a constrained environment. Officials at the Office of Cannabis Management said those licenses will be spread across the supply chain, including retail as well as processing. The state has issued around 700 licenses up to this point, with over 450 of those for retail, though only a handful of those have become operational stores so far.
•Tallahassee, Florida-based Trulieve announced that its president, Steve White, is stepping down, effective immediately. He will continue to serve as a strategic advisor until his anticipated retirement at the end of the year. White co-founded Harvest Health & Recreation in 2011 and led it as CEO until its acquisition by Trulieve. “We thank Steve for his service as our president,” said Kim Rivers, CEO of Trulieve. “He has played a key role in the success of the integration of Harvest operations with those of Trulieve, and is stepping down as of the second anniversary of our historic acquisition.”
•With legalization on the ballot in Ohio next month, a new poll shows that the majority of state residents support the move. Conducted by FM3 Research on behalf of the Coalition to Regulate Marijuana Like Alcohol, the poll found 55% of respondents plan to “definitely” or “probably” vote yes on the legalization initiative. On the flipside, 34% said they will vote against it, with 11% undecided. Two other polls had similar findings. Ohio’s ballot initiative would legalize recreational cannabis and establish a 10% sales tax. Researchers at Ohio State project that legal sales could bring in $400 million in annual tax revenue.
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