Cannabis Briefs for February 11, 2025
February 11, 2025•Canopy Growth has posted sales down 5% to C$75 million ($52m) for its fiscal third quarter ended in December, with adjusted EBITDA showing a loss of C$3.5 million ($2.4m), a 61% improvement versus the prior year. Stripping out businesses divested during its cost-cutting drive, Canopy noted that sales showed an 8% increase, driven primarily by growth in Canada medical, international markets, and Storz & Bickel vapes. Canopy added that it’s now moving to integrate U.S. holdings Wana, Jetty, and Acreage under the Canopy USA banner. Southern Glazer’s veteran Brooks Jorgensen was named president of Canopy USA last month.
•Curaleaf has launched Reef, a new cannabis brand, in its 66 medical dispensaries in Florida. The brand, also available through select wholesalers, is inspired by Florida’s coastline and reefs, and covers flower in Sativa, Indica, and hybrid strains. Initial strains include Big Lime Key, Lemon Slush, Apple Bottom Genes, and Orange Peelz. Last year, Curaleaf increased investment in Florida’s medical market, opening three new dispensaries in the state.
•Both chambers of Virginia’s state legislature have voted to legalize adult-use cannabis sales in the commonwealth. The bill, introduced by Democratic delegate Paul Krizek, was approved 53-46 and follows the state senate’s passage of a bill by Democratic senator Aaron Rouse. The house bill will now be reviewed by the senate, and the house will review the senate’s legislation. The measures would allow adults over the age of 21 to buy up to 2.5 ounces of cannabis from licensed retailers. While the measures are promising moves, Virginia’s Republican governor Glenn Youngkin is likely to veto the proposals, like he did to similar legislation last year. In Virginia, cultivation, possession, and use are already legal. The Virginia Republican establishment’s reluctance to establish a retail framework has created a $3 billion black market in the state, according to delegate Krizek.
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