Cannabis Briefs for June 25, 2024
June 25, 2024•The Cannabist Company has announced a restructuring plan that could save the company up to $10 million a year. The plan will see the company end operations in Florida, with Cannabist getting rid of all licenses and assets in the Sunshine State. In addition, the company will close a struggling retail location in Trinidad, Colorado, close two New York dispensaries, and reduce the hours in two medical dispensaries in New York. While the company is winding down its Florida operations and cutting back in New York and Colorado, Cannabist is focusing on growth in Delaware, Ohio, Virginia, and New Jersey. The company had sales of $511 million last year.
•Leading multistate operator Curaleaf is introducing a new line of hemp-derived THC products under its Select and Zero Proof brands. The products—gummies from Select and seltzers from Zero Proof—are launching online through the company’s new The Hemp Company website, as well as in 25 states and the District of Columbia, with DoorDash on-demand delivery in FL, TX, IL, NJ, and MN at launch. “Curaleaf’s hemp business represents a pivotal opportunity for our brands to be distributed to, and to compete in, mass market retail locations across the country as well as create an online storefront,” said executive chairman Boris Jordan. “We continue to advocate for one regulatory framework for all cannabinoids.” Curaleaf had sales of $1.35 billion in 2023.
•San Diego, California-based cannabis company VIIA has released a new line of effects-focused gummies in a variety of THC levels. The new gummies come in zero, low (2-mg.), medium (5-mg., 10-mg.), and high (50-mg., 100-mg.) THC levels and are aimed at creating four effects: sleep, relief, focus, and love. In addition to the THC, the gummies incorporate a variety of botanicals and vitamins. For example, the sleep line has L-Theanine, focus has vitamin B12, relief has L-Theanine, and all of the zero THC gummies include functional mushrooms like lion’s mane and reishi.
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