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Cannabis Briefs for November 17, 2020

November 17, 2020

•Illinois cannabis sales refused to cool as they broke the previous month’s record yet again in October. Total sales surpassed $100 million for the first time as recreational sales climbed to $75 million. Medical sales made up another $33 million. The recreational figure amounts to growth of nearly $8 million from the month prior and is nearly double the amount the market generated its first month in January. The state has licensed approximately 70 retail locations but could allow as many as 500 total; in the recent election, six municipalities voted to allow retailers within their limits and only one voted to reject such a proposal.

•Cannabis legalization is afoot in Mexico, where legislation advanced from committee to a planned floor vote. The legislation in question would legalize cannabis and establish a regulated market nationwide, setting the age to purchase at 18. It would also allow public cannabis consumption except where tobacco use is prohibited or where minors could be exposed to its effects. The country has been working toward a comprehensive policy for legalization since its Supreme Court ruled in late 2018 that prohibition was unconstitutional and charged the legislature with amending the law. If the bill is passed by the Senate tomorrow it will face an additional vote in the congress’s other house, the Chamber of Deputies.

•Minneapolis, Minnesota-based Vireo Health sold three of its dispensaries in Pennsylvania to Jushi Holdings for $5 million. The three dispensaries, in Scranton, Bethlehem, and in development in Stroud Township, were subject to a purchase option Vireo granted Jushi after the latter acquired former Vireo subsidiary Pennsylvania Medical Solutions in August.

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