Cannabis Briefs for December 5, 2023

•Martha Stewart CBD has introduced a new range of CBD gummies. They include Sleep CBD Gummies in a berry medley flavor with 25mg CBD and 3mg melatonin ($60 per 60 count); Chill CBD Gummies in a citrus-forward flavor with 25mg of CBD and 50mg of L-Theanine; and Extra Strength CBD Gummies in a blend of pluot, apricot, and California red peaches with 30mg CBD. They all retail at $60 per 60-count package. Martha Stewart CBD is a partnership with Marquee Brands and Canopy Growth Corporation.

•The Canadian province of Ontario is set to double the number of cannabis stores a retailer can operate, bolstering the country’s largest market. The change is part of the Enhancing Access to Justice Act, 2023, and will increase the total number of stores operated by one owner to 150, up from 75. The increase, according to the province, is aimed at combating the illegal market. The same law bans cultivation in at-home childcare facilities, and increases support for negotiations with Canada’s First Nations peoples over cannabis cultivation on reservations.

•California took in $269.3 million in cannabis tax revenues in the third quarter. The revenue is split between the state’s cannabis excise and sales taxes, with the former bringing in $156.9 million and the latter $112.4 million. The Q3 figures marked a slight drop in tax revenue compared to Q2 when the state brought in $285.1 million, split between $164.8 million in excise tax and $120.3 million in sales tax. Over the last five years, California has collected over $5 billion in cannabis taxes, with the excise tax reaching just under $3 billion and sales tax just under $2 billion, according to The California Department of Tax and Fee Administration.

•Minnesota is expected to roll out adult-use sales in early 2025, with the state accepting license applications beginning in the fourth quarter of next year, the Minneapolis Star-Tribune reported. That gives the state time to fill vacancies in its Office of Cannabis Management and issue rules covering taxes, adult-use retail, and the market for hemp-derived products. The latter are already making an impact in the market, with beverage alcohol retailers reporting brisk sales for hemp-derived THC beverages, which they have been allowed to sell since June.

Tagged : California sales, cannabis, Martha Stewart CBD, Minnesota legalization, Ontario retail

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