Cannabis Briefs for May 28, 2019May 28, 2019
•California has reported cannabis tax revenue for the first quarter of 2019. The state’s three-part tax structure generated $116.6 million in total revenue, with $61.4 million coming from the bulk excise tax, $16.8 million from a cultivation tax, and $38.4 million from sales tax. Local taxes imposed by individual jurisdictions weren’t included in the state report. The total represents a 4.2% improvement over the final quarter of 2018, when the state brought in $111.9 million in total.
•Aurora Cannabis announced an exclusive multi-year, multi-million dollar partnership with the Ultimate Fighting Championship to examine the relationship between CBD and athlete recovery. Researchers at the UFC’s Performance Institute in Las Vegas, Nevada will conduct studies on pain management, inflammation, exercise recovery, and mental well-being. Dr. Jason Dyck, a professor at the University of Alberta and Canada Research Chair in Molecular Medicine—and an independent director on Aurora’s board—will lead the studies.
•San Jose-based cannabis company Caliva has acquired plant-based beverage company Zola for an undisclosed sum. Caliva plans to leverage Zola’s R&D team and distribution network to move into cannabis beverages. Zola founder and CEO Chris Cuvelier will continue to lead the Zola brand and become head of beverage for Caliva. The Zola brand will add a CBD drink to its range looking ahead, and the Caliva brand will launch both THC and CBD beverages. The company intends to begin manufacturing by August, with product releases in California set for later this year.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.