Cannabis Briefs for November 21, 2023
November 21, 2023•Oregon-based Wyld has released new boysenberry-flavored gummies, aimed at consumers looking for a cannabis-based sleep aid. The gummies blend three cannabinoids—THC, CBD, and CBN—with additional terpenes in a ration of 1:1:1. Wyld’s new boysenberry gummies are the 13th flavor from the company. Wyld’s gummies are available in cannabis shops in Arizona, California, Colorado, Illinois, Michigan, Missouri, Nevada, New Mexico, Oklahoma, Oregon, and Washington.
•Tilray Brands has announced new cannabis beverages for its XMG and Mollo brands in Canada. The XMG brand will see four new releases in its XMG+ line—Tropical Cream Float, Citrus Peaks, Paradise Treat, and Lemon Iced Tea—all with 10mg of THC and 10mg of CBG. Mollo will receive one new release, Orchard Chill’r. The cider-inspired beverage is semi-sweet and packs 10mg of THC and 10mg of CBG.
•Colorado’s Department of Revenue reported cannabis sales of $128 million for September, a decline of more than $20 million compared to the same month in 2022, when sales neared $150 million. This monthly dip is part of a wider decline for Colorado cannabis sales in 2023, with each month of this year reporting lower sales than the corresponding month in 2022, according to the Denver Gazette. Tax and fee revenue for October 2023 was down compared to 2022, with the state taking in $22.8 million compared to $26 million the previous year. In total, since Colorado’s retail market launched in 2014, medical and recreational sales have reached $15.2 billion.
•Last week, New York Governor Kathy Hochul signed into law legislation providing tax relief to cannabis businesses based in New York City. The bill will allow tax deductions equal to federal tax deductions cannabis companies are currently prevented from taking due to section 280E of the IRS’s tax rules. The NYC-focused bill follows a separate budget bill from last year that allowed cannabis businesses in the rest of the state to make these deductions. This trend extends beyond the Empire State as well, with Pennsylvania, Maine, Connecticut, and New Jersey passing similar laws to lower the effective tax burden of legal cannabis businesses.
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