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Cannabis Briefs for July 19, 2022

July 19, 2022

•Las Vegas, Nevada-based cannabis company The Source+ is launching a new line of gummies called High Heads. Developed in partnership with chefs Becky Quan and Ricky McCormick, the gummies feature distillate-based infusions and terpenes from the company’s Camp flower line. Flavors include tropical, raspberry, apple, and watermelon. High Heads gummies contain 10mg of THC apiece and are available in packs of ten, priced at $18. The line is available at The Source+ locations in Nevada and Massachusetts, as well as on its website.

•Connecticut is approximately six months from launching recreational cannabis sales, according to a recent tweet from governor Ned Lamont. Asked about the retail setup in the coming market, Lamont wrote, “I just got my latest briefing on adult-use cannabis this week. We’re about six months away from opening a safe, equitable market.” The state’s Social Equity Council also approved 16 cannabis cultivators last week, marking another important step toward ensuring there is sufficient product on shelves when sales begin early next year.

•Tilray closed its $155 million investment in Hexo, officially solidifying the strategic alliance between two of Canada’s biggest cannabis players. Originally announced in March, the deal involved Tilray paying off a significant portion of Hexo’s outstanding debt in exchange for a stake that could ultimately amount to approximately 37% of its rival. “We are excited to close on this strategic transaction and alliance with Hexo, which is expected to provide several financial and commercial benefits, including substantial cost-savings synergies, increased strength in product innovation to capitalize on for market opportunities in Canada and internationally, along with the U.S., upon federal legalization,” said Tilray CEO Irwin Simon.

•Recreational cannabis sales in Michigan rose slightly in June to $165.9 million, making for the second-best sales month in the state’s history behind April of this year, when sales topped $167 million. Flower sales made up nearly half that total with $81.4 million, followed by vape cartridges at $35.4 million. Over 233,000 pounds of cannabis were sold as well as 216,000 fluid ounces. Launched one month apart, Michigan’s recreational market is now consistently outpacing Illinois’ by around $30 million each month.

•Mike Tyson’s cannabis brand, Tyson 2.0, launched in Arizona, Maryland, Ohio, and Pennsylvania through a partnership with Columbia Care. The partnership was first announced last October, making Columbia Care the exclusive national cultivation, manufacturing, and distribution partner of Tyson 2.0. The brand is now available in nine Columbia Care markets with more planned to be added in the coming months.

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