Cannabis Briefs for June 1, 2021
June 1, 2021•Fable, a line of four cannabis-infused botanical beverages, will debut in California this July. Each 12-ounce bottle delivers three cocktail servings, containing a micro dose of 4mg THC and 2mg CBD per serving. Flavors include Night Flight (ginger, cucumber, blackberry, hibiscus, spearmint, lemon peel), Hive Society (lemongrass, basil, jasmine), Best Zest (grapefruit, orange, lime, cinnamon, cardomom), and Into The Woods (rosemary, peach, juniper, white oak). The Fable brand was created by wife and husband team Kristin and Ben Kennedy.
•Forbidden Flowers, the cannabis brand from American actress, model, singer and entrepreneur Bella Thorne, has struck an exclusive distribution partnership with California distributor Herbl. The move will see Forbidden Flowers, created by Thorne in collaboration with vertically integrated cannabis player Glass House Group, expand from its current 57-location retail footprint in the Golden State. Launched in 2019, Forbidden Flowers’ sun-grown flower eighths and pre-rolls have proven popular with the younger female demographic in the early going, according to the company.
•Legal cannabis sales have yielded almost $8 billion in tax revenue, according to a new report from the Marijuana Policy Project. The report includes tax revenue figures from Alaska, California, Colorado, Illinois, Maine, Massachusetts, Michigan, Nevada, Oregon, and Washington. “As of May 2021, states reported a combined total of $7.9 billion in tax revenue from adult-use marijuana sales,” the study’s authors wrote. “In addition to revenue generated for statewide budgets, cities and towns have also generated hundreds of thousands of dollars in new revenue from local adult-use cannabis taxes.”
•Denver, Colorado-based HempFusion Wellness will acquire Sagely Enterprises for $25 million. Sagely, founded in 2015, is a leader in premium CBD products with distribution to more than 14,000 retailers in the U.S. including major chains like CVS, Rite Aid, Albertsons, and Nordstrom. Sagely’s line comprises a variety of lotions, creams, and other beauty and wellness products and it had net revenue in 2020 of approximately $4.2 million. Sagely co-founders and co-CEOs Kerrigan Behrens and Kaley Nichol will remain in their positions.
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