Cannabis Briefs for February 20, 2024

•Canadian cannabis company Organigram is setting its sights on the American retail landscape, following last November’s injection of cash from British American Tobacco. Organigram says part of the $92 million investment from BAT will go towards developing a presence in the U.S. market, with the company beginning the process by watching how other cannabis companies have structured their acquisitions to comply with U.S.’s patchwork system of state legalization amid federal prohibition. The announcement comes as Organigram reported a net loss of $11.7 million in Q1 of fiscal 2024. The company pointed to lower than expected flower sales as a reason for the decline.

•The first cannabis consumption lounge in Nevada is set to open soon in Las Vegas. The operator, Thrive Cannabis Marketplace, announced last week that it had received state approval to open “Smoke and Mirrors,” a lounge serving a selection of cannabis products. Thrive’s lounge blends a retail space and a consumption area, with one flowing seamlessly into the other, according to the company. The state reports that 19 lounges have been granted conditional licenses, with 14 of those connected to a retailer and five as independent lounges.

•New Jersey has reached over 100 adult-use and medical dispensaries since the retail market came online two years ago. In total, the state says there 102 shops now serving both medical and retail consumers, a huge jump from the 12 facilities that existed prior to adult-use legalization. Forty of the 102 shops serve both medical and retail consumers, 50 serve only retail, and the remaining 12 are medical sales only. The next step for the state’s market is to allow on-site use, with regulations finalized last month for cannabis lounges.

Tagged : cannabis, New Jersey retail, Organigram, Thrive Cannabis Marketplace

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