Cannabis Briefs for March 8, 2022March 8, 2022
•Las Vegas-based cannabis retailer and producer Planet 13 completed its acquisition of Next Green Wave Holdings. Announced in December, the arrangement saw Planet 13 pay approximately $71 million for the California company, giving it a 35,000 square foot indoor facility in Coalinga, California that will form the backbone of Planet 13’s California operations going forward and allow the company to introduce its portfolio of exotic cultivars to its Santa Ana superstore and elsewhere across the state.
•Ontario finalized rules that made cannabis delivery a permanent fixture following its provisional implementation during the early days of the pandemic. The changes go into effect March 15. The final rules require retail locations to function primarily as a brick-and-mortar operation, requiring that orders be placed at a particular store and fulfilled using products stored on-premises.
•Many cities and towns across Vermont considered allowing cannabis retail within their borders during the state’s recent Town Meeting Day, with approximately 25 more opting in. Those 25 join more than 30 that had already opted in. Existing medical dispensaries will be allowed to begin adult-use sales on May 1, with new recreational retailers having to wait until October, VT Digger reported.
•Montana’s recreational cannabis industry reported $13 million in sales in February, its second month of operation. That figure was basically even with the $12.8 million in first-month sales in January. Sales appear to be accelerating, as the final week of February saw the highest single-week sales in the young program’s history, at $3.4 million.
•New Mexico expects to launch its recreational market on April 1, according to an update from state regulators. Victor Reyes, deputy director of the state’s Cannabis Control Division, said that the agency has issued nearly 100 licenses for producers, manufacturers, and retailers. The state also recently doubled the number of plants licensed growers can cultivate. New Mexico has estimated that annual recreational sales could reach $300 million in the first year.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.