Cannabis Briefs for February 2, 2021February 2, 2021
•Washington State’s cannabis industry contributed nearly $2 billion to the economy last year, according to a new study from Washington State University’s economics department. The report found that the sector directly and indirectly supports nearly 20,000 jobs and generated $883.4 million in tax revenue last year. The study’s authors estimate that tax revenue will exceed $1 billion for the first time this year. They also go on to speculate about the effect allowing home-growing might have on the market, comparing it to craft brewing and its important effects deconsolidating the beer market, ultimately projecting that home cultivation would contribute to further growth. A proposal is currently under consideration in the state legislature to allow such activity.
•Lafayette, New York-based cider producer Beak and Skiff is launching a line of CBD sparkling water. Only two flavors are currently available—Black Cherry and Blood Orange—both of which contain 20-mg of CBD a 12-ounce can. The products, officially called CBD Sparkling Water, are available now on Beak and Skiff’s website where a 12-pack retails for $40, as well as at the company’s taproom and soon in select retailers statewide. Beak and Skiff also produces wine and spirits under the 1911 Beverages label.
•Los Angeles-based NXT Water has appointed Gotham Brand Managers as metro New York distributor for its Akeso hemp water. Akeso is a new 10-milligram, broad-spectrum CBD water, which also includes the CBDA and CBG cannabinoids. Gotham Brand Managers’ portfolio also includes La Croix, Fiji Water, and Bulletproof.
•Canadian cannabis producer Aurora has set up a five-year supply agreement to export to Australia. The deal makes MedReleaf Australia the exclusive supplier of three of Aurora’s brands to the Australian medical market. Aurora holds a 10% stake in MedReleaf. There are approximately 85,000 registered patients in Australia’s medical cannabis program.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.