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Cannabis Briefs for September 1, 2020

September 1, 2020

•Los Angeles-based CannaFame has launched three brands in the California market. Higher Frequencies includes a proprietary formulated vape pen and an all-natural, fragrance-free, CBD- and grape-seed oil-enriched moisturizer. Hesh’s 1913 will focus on flavored cannabis products across multiple consumption categories, beginning with flower from various California growing areas. Finally, CannaFame’s Generic label initially includes terp sauce pens blended using High Terpenes High Cannabinoid Extract (HTHCE). CannaFame is led by Isaiah Orlen, former director of brand partnerships at Southern Glazer’s.

•The U.S. House of Representatives is set to vote on the MORE Act, which would deschedule cannabis and legalize it federally, the week of September 21. The Marijuana Opportunity Reinvestment and Expungement Act would leave regulation of commercial cannabis programs to states, levy a 5% federal retail sales tax on marijuana, and funnel revenues to those most harmed by the war on drugs. The MORE Act is expected to pass the House, but like its predecessor, the SAFE Act, which focused on opening up the financial system to cannabis businesses, will likely not be taken up by the Senate, unless control of that chamber passes to Democrats in the November election.

•Florida has given the green light to edible products in its medical cannabis program. “Similar to what we saw when flower was introduced in 2019, we expect that edibles will contribute to a sizable share of overall sales,” said Kim Rivers, CEO of Trulieve, which operates 57 dispensaries in the state. Under Florida regulations, edibles can include baked goods, chocolate, drink powders, lozenges and gelatins. Trulieve is partnering with edibles makers including Binske, Bhang, District Edibles, and Love’s Oven to offer cookies, brownies, and other products moving forward.

•Medical cannabis operator Vireo Health posted revenue up 70% to $12.2 million for the second quarter, with adjusted EBITDA showing a $1.8 million loss, roughly in line with the previous year. The company’s rising retail sales were principally due to greater patient enrollment and average revenue per patient in Minnesota and New Mexico, as well as contributions from new retail dispensaries in Pennsylvania. Vireo also saw rising wholesale revenues, propelled by Maryland, New York, and Ohio. CEO Kyle Kingsley said the company is focused on “increasing scale in our core markets of Arizona, Maryland, Minnesota, New Mexico, and New York.”

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