Cannabis Briefs for September 7, 2021September 7, 2021
•San Jose, California-based The Parent Company is expanding its Caliva brand with a new line called Well by Caliva. It comprises a selection of lotions and tinctures. The lotions come in both muscle & joint and head, neck, & shoulder varieties, with the former a 1:2 CBD:THC formulation and the latter purely THC and lavender oil; both contain 300mg of cannabinoids a 1.7-ounce bottle and retail for $30. The Well tinctures come in 20:1, 4:1, and 1:1 CBD:THC formulations, all containing 30 doses a 15ml bottle and retailing for $29. They’re available now at Caliva retail locations and for delivery on the Caliva app. The Parent Company also produces Monogram, the cannabis brand repped by Jay-Z.
•The New York state Senate moved quickly during its special session last week to confirm Governor Hochul’s nominees to head the Cannabis Control Board and Office of Cannabis Management. Former Brooklyn state assemblywoman Tremaine Wright was confirmed as chair of both agencies and Chris Alexander, policy manager of Canadian cannabis firm Vill, was named executive of both. Further appointments must be made to finish filling the five-seat board of the CCB but the progress is welcome after months of inaction.
•Las Vegas, Nevada-based Planet 13 has entered an agreement to acquire a subsidiary of Harvest Health and Recreation for $55 million in cash. The agreement is for a medical license to operate a vertical cannabis operation in Florida, cementing the West Coast company’s entry into the Sunshine State’s booming medical market; no other assets or liabilities will be exchanged. Planet 13’s flagship location is its SuperStore in Las Vegas, a model it plans to replicate in Florida with SuperStore locations in Miami, Orlando, and other tourist destinations, according to co-CEO Bob Groesbeck. Planet 13 logged gross revenue of $32.8 million in its most recent financial quarter.
•Recreational cannabis sales in Illinois topped $120 million for a second month in August, according to the latest data from the state’s Department of Financial and Professional Regulation. The total, $121.9 million, was down from July’s record high of $127.8 million but still counts as the second-best sales figure in the history of the Illinois market. Sales were down slightly among both state residents—falling $4.2 million to $81.2 million—and visitors, down $2 million to $40.6 million. The number of cannabis products purchased held above 2.5 million for the fourth straight month at 2.7 million items. Monthly adult-use sales have exceeded $100 million for 6 straight months.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.