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Cannabis Briefs for May 10, 2022

May 10, 2022

•New York-based Acreage Holdings posted sales up 48% year-on-year to $57 million in the first quarter, with adjusted EBITDA up markedly to $8.6 million. Acreage says year-on-year growth was driven by its acquisitions of Ohio, California, and Maine operations over the past 12 months, partially offset by the divestiture of its Florida operations. Acreage has added to its brand stable recently, introducing its own Superflux brand, offering premium flower, live resin vapes, and concentrates, and striking a licensing deal to manufacture and distribute Mr. Moxey’s THC mints in Ohio, New Jersey, Pennsylvania, Illinois, New York, and Maine.

•New York’s Cannabis Control Board has approved 36 more conditional cultivation licenses, raising its total number of licensed growers to 88, ahead of the planned fall rollout of adult-use sales in the Empire State. Office of Cannabis Management executive director Chris Alexander said approximately another 100 applications for such conditional cultivator licenses are set to be reviewed by the board, as the state looks to ramp up supply and open retail sales before the end of the year.

•Cannabis sales in Illinois grew 9% year-on-year to $164 million in April, including both the adult-use and medical markets. Through four months of 2022, year-to-date sales are up 17% in Illinois. Meanwhile, New Mexico saw $22 million worth of adult-use sales in April, its first month of recreational sales. “The new industry is projected to generate $300 million annually in sales, create 11,000 jobs, and bring in $50 million in state revenue in the first year alone,” New Mexico’s Cannabis Control Division stated.

•WM Technology, operator of Weedmaps, has acquired Enlighten, a B2B cannabis tech provider, for an undisclosed sum. Enlighten offers a ‘SmartHub’ subscription that powers in-store digital menus and kiosks, and an ‘AdSuite’ in-store digital solution for brands to reach consumers at the point of purchase. Weedmaps says the deal allows it “to expand beyond its digital products and have a presence within legal brick and mortar locations, allowing the company to further reach and educate existing and potential consumers.” WM Technology saw revenue increase 40% year-on-year to $58 million in the first quarter.

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