Exclusive news and research on the wine, spirits and beer business

Cannabis Briefs for April 2, 2019

April 2, 2019

•New York Governor Andrew Cuomo on Sunday signed a $175 billion dollar state budget plan that did not include the legalization of recreational marijuana. An inability to craft satisfactory policy around justice reform and economic reinvestment doomed the attempt. Cuomo called adult-use legalization the one unfulfilled promise of the budget and reiterated his desire and belief that it will happen eventually. He acknowledged that the scope of the considerations involved made it a poor candidate to be included in a process as expedited as the budget. A Quinnipiac poll from January found that 65% of New York residents across the state supported adult use, to only 31% opposed.

•Canopy Growth has scooped up more celebrity cannabis entrepreneurs—actor Seth Rogen and his longtime writing and directing partner Evan Goldberg. The Canadian duo, who have frequently produced “stoner comedies,” join Martha Stewart and Snoop Dogg at Canopy, which acquired 25% of their brand Houseplant and invested an undisclosed amount of capital. Houseplant’s Toronto-based operation mostly will consist of commercial and marketing teams, with its cannabis grown in Canopy’s facilities in Smiths Falls, Ontario. Their first offering, Houseplant Sativa, will launch at retailers in British Columbia this month, with hybrid and indica strains to follow. Pre-rolled joints and softgels will debut later in the year as distribution spreads across Canada.

•Following CVS’s plans to place CBD products in 800 stores across the country, Walgreens announced it will sell CBD creams, patches, and sprays in approximately 1,500 locations. The nine states involved—Oregon, Colorado, New Mexico, Kentucky, Tennessee, Vermont, South Carolina, Illinois, and Indiana—are a regulatory mixture of adult-, medical-, and limited CBD-only medical-use. Walgreens did not specify which brands it would carry.

Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.

Tagged : , , ,

Get your first look at 2019 data and 2020 projections for the wine and spirits industries. Order your 2020 Impact Databank Reports. Click here.

Previous :  Next :