Cannabis Briefs for June 11, 2024

•Washington, D.C. is one step closer to seeing adult-use cannabis sales, with a subcommittee of the Republican-controlled House of Representatives putting forward a version of the Financial Services and General Government Bill allowing for D.C. sales. This version of the budget bill does not include the Harris Rider, a provision inserted into the bill every year by Representative Andy Harris that has stopped D.C. sales since the District legalized cannabis in 2014. While this development is promising, the bill still has a long road to becoming law and, even if enacted, would only last for one year before the next funding bill is put forward. In addition, the bill would deny federal funding to agencies that punish banks for working with the cannabis industry.

•Pennsylvania-based Wherehouse Beverage Co. has expanded Wynk cannabis seltzer into Texas and Tennessee. In Texas, Wynk’s seltzers—available in 2.5- or 5-mg. doses—will be available in 10 Total Wine locations across the state beginning in Austin. For Tennessee, Wynk is debuting in McEwen Bottle Shop, Colonial Liquors, and Dawghouse Saloon. This is just beginning for Wynk in these states, with Wherehouse noting that more expansion will come later this summer. In addition, the company’s other hemp-derived THC drink, Countdown, will also be available in Tennessee.

•Evermore Cannabis Company and Union Craft Brewing have partnered to create a Maryland-made THC-infused seltzer, Tall. The new brand launches with two flavors, Dark Berry and Yuzu Blood Orange, with both containing zero calories, zero sugar, and 5-mg. of THC. The new brand will be available exclusively in Maryland’s dispensaries beginning this summer.

•Canopy Growth Corp. announced a plan to raise up to $250 million through an at-the-market equity program, with the offering available in both the U.S. and Canada. The move follows Tilray, which last month announced a similar plan to raise funds for acquisitions. Canopy has not indicated when the shares would be issued nor the price-per-share. The Canada-based Canopy posted sales down 11% to C$297 million ($218m), with adjusted EBITDA registering a loss of C$59 million ($43m), in its fiscal year through March.

Tagged : cannabis, Canopy, Evermore Cannabis Company, Tall, Union Craft Brewing, Wherehouse, Wynk

GET YOUR FIRST LOOK AT 2025 ESTIMATES AND 2030 PROJECTIONS FOR THE WINE AND SPIRITS INDUSTRIES. ORDER YOUR 2025 IMPACT DATABANK REPORTS. CLICK HERE.