Cannabis Briefs for March 28, 2023
March 28, 2023•A set of reforms to the medical marijuana market in Washington D.C. went into effect after Congress failed to act. The law lifts the cap on the number of dispensaries allowed and gives residents the ability to self-certify as a medical cannabis patient. That last provision, which allows consumers to register for the program without doctor approval, is expected to function as something of a workaround for the continuing lack of recreational market infrastructure in the District. The law also legalizes delivery services and consumption lounges.
•Multi-state operator Curaleaf is launching Jams, a new edibles brand. The line consists of four form factors: jellies, fast-acting jellies, chocolates, and tarts. The jellies come in Mixed Berry (indica), Ruby Red Grapefruit (sativa), and Peach (hybrid), all at 10mg of THC apiece. The fast-acting jellies, which contain 5mg of THC and take effect in about 15 minutes, come in Sour Watermelon Lime (indica), Sour Strawberry Lemonade (sativa) and Sour Green Apple (hybrid). The chocolates, also 5mg apiece, consist of White Chocolate Birthday Cake, Milk Chocolate Pretzel, and Dark Chocolate Peppermint. And tarts, at 2.5mg apiece, come in Tangerine, Raspberry Lemonade, and Strawberry options. Jams is available now in Florida and soon in Arizona, with expansion to Massachusetts, New Jersey, and New York, among others, coming soon.
•Louisville, Colorado-based Charlotte’s Web reported earnings for the final quarter of 2022, in which revenue grew sequentially to $18.9 million but was down 24% from the same time last year when revenue totaled $24.8 million. The company made major strides in streamlining its business, reducing annual costs by almost $30 million, a development which the company said more than offset the revenue losses. Charlotte’s Web was also named the official CBD of Major League Baseball during the fourth quarter, and last September the company inked a distribution deal with Southern Glazer’s.
•Maryland’s state senate will vote this week to set up the framework for its forthcoming recreational cannabis market. Maryland voters approved a legalization ballot initiative in November that’s set to take effect July 1, passing it with 66% of the vote. Maryland’s state house of representatives has already passed its version of the regulatory law. Under the proposed law, recreational sales would be taxed at 6% the first year, increasing 1% each year until maxing out at 10%. Existing medical dispensaries will be able to convert to serve the general population by paying a fee, giving regulators a year to approve and license additional adult-use retail locations.
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