Cannabis Briefs for August 3, 2021August 3, 2021
•Tilray has posted net revenues up 27% to $513.1 million for its fiscal year ended in May, with adjusted EBITDA surging by nearly 600% to $40.8 million. The sales increase was driven by 55% growth in net cannabis revenue to $201.4 million, a 1% increased in distribution revenue to $277 million, and a $29 million contribution from the company’s SweetWater Brewing unit in the U.S. Tilray, which merged its business with that of Aphria effective in early May, says it has been gaining market share in Canada over the last three months, where it recently launched a new multi-pack of pre-rolls under its Riff brand. Tilray also opened a new SweetWater brewery in Colorado in the past few months, and launched “Broken Coast BC Lager,” to introduce the Broken Coast cannabis brand to consumers in the U.S.
•Ohio lawmakers have formally filed the first bill in the state that would legalize cannabis. Under the bill, Ohioans aged 21 and over would be allowed to possess up to five ounces of cannabis and cultivate up to 12 plants for personal use. The state would impose a 10% excise tax, with more than two-thirds of the revenue going toward K-12 education and infrastructure. Ohio’s Department of Commerce would have responsibility for issuing licenses, with individual municipalities granted latitude to restrict the number and type of businesses allowed to operate in their areas.
•Illinois has awarded 55 new recreational cannabis dispensary licenses, with an additional 130 licenses slated to be awarded via lottery over the next two months. Up to now, the recreational store licenses had been limited to existing medical cannabis license holders, who currently operate 110 stores in the state. Three dozen of the 55 new licenses issued are in the Chicago area, Crain’s reported. Illinois adult-use cannabis sales held above $110 million for the third straight month in June, according to data from the state’s Department of Financial and Professional Regulation.
•California-based cannabis delivery and retail company Emjay has launched an iOS app on the Apple App Store, which now allows shoppable cannabis apps in locations where its sale is legal. Previously, cannabis brands were not able to promote the sale of their products directly within apps. The new app will allow customers to browse Emjay’s full menu, shop, view product reviews, manage their accounts and delivery addresses, and share referral codes to build credit towards their next order. Other features will be forthcoming. Emjay offers free 60-minute and pre-scheduled delivery in Los Angeles, San Diego, and San Francisco, seven days a week from 9am to 10pm.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.