In an exclusive interview, Christine Smith, founder and CEO of Grön Edibles, provided an in-depth look at the economic dynamics of operating a cannabis edibles brand across various states. 2024 marks a significant year for Grön, with expansion into multiple U.S. markets including New York, New Jersey, Ohio and Maryland, enhancing their presence to a total of eight U.S. and Canadian markets. Strategic Expansion And Market Dynamics Smith emphasized the strategic selection of states based on detailed market analysis. "Each state is very different," Smith noted, highlighting the unique regulatory and market environments that influence their expansion strategy. For instance, Ohio's recent shift to adult use and its limited license model presents a promising market, similar to past successes in Missouri. While less structured, New York offers vast potential due to its focus on brand scalability. Maryland, often overlooked, was chosen based on robust data analytics, including retailer and license counts, and market share opportunities, making it a strategic part of Grön's East Coast presence. Supply Chain Complexity And Ingredient Sourcing: Adapting to Localized Manufacturing Needs Grön's commitment to organic, single-origin ingredients and fair-trade certified suppliers, is a cornerstone of its market appeal, yet this approach presents considerable challenges in navigating the fragmented regulatory landscape of the U.S. cannabis market. In states like Ohio, regulations prohibit the purchase of oil on the open market, necessitating that companies process oil only within the licensed facilities. To manage these challenges, Grön has diversified its sourcing strategy to ensure a steady supply of biomass, crucial for scalable operations as it enters new markets. Smith noted the strategic importance of biomass availability: "We will not enter a market if we don't know that we have the biomass and availability to be able to move at scale." Further complicating their operations, Grön has adopted a unique manufacturing model to comply with varied state laws. "We set up our ...Full story available on Benzinga.com

Congresswoman Advocates for Marijuana Banking Reform In a bid to advance cannabis legislation, Congresswoman Maxine Waters (D- CA) champions the need for marijuana banking reform, highlighting bipartisan collaboration. Waters, a ranking member of the House Financial Services Committee, stresses the urgency of passing the Secure and Fair Enforcement Regulation (SAFER) Banking Act, reported Marijuana Moment. This legislation aims to provide banking services to cannabis businesses, addressing their current lack of access to traditional financial institutions due to federal prohibition. Despite potential challenges from Senate Minority Leader Mitch McConnell, Waters expresses optimism and determination to overcome obstacles. "I know that there may be some concerns with McConnell, but I am hopeful that we can overcome that (…), we've got to have SAFER Banking, and most of us who have been working on this ...Full story available on Benzinga.com

With the potential legalization of adult-use marijuana under Amendment 3, Florida's cannabis market is set for a significant transformation. Florida's legal cannabis spending is projected to grow at a 12% CAGR from 2023 to 2028, with total sales expected to reach $4.5 billion by 2028, positioning Florida as the second-largest U.S. cannabis market after California. Competitive Landscape And Consumer Behavior Florida's retail cannabis landscape has already shown significant growth, with the number of dispensaries rising to 628 by April 2024, as per BDSA data.  The state's medical cannabis sector remains robust, with patient numbers surpassing 878,000 this month and sales reaching $2.6 billion in 2023, marking an 18% increase from the previous year. As Florida prepares for a November ballot initiative on adult-use legalization, BDSA analyst ...Full story available on Benzinga.com

Health Recall: Microbial Contamination Alert In British Columbia In an uncommon event, Health Canada recalls Sirona Pharma Inc.’s Full Sesh Purple Gelato Punch dried cannabis sold in British Columbia due to microbial contamination. The recall responds to a quality control measure. Health Canada’s Cannabis Data Gathering Program identified microbial contaminant levels exceeding specified limits, potentially posing health risks. While no adverse health reports have been received, consumers have been alerted and are advised to cease using the recalled product immediately. With 1200 units sold between September 18, 2023, and April 18, 2024, the product must be returned to retailers or disposed of safely. Further specification on the contaminant was not made public. Manitoba’s Home ...Full story available on Benzinga.com

James M. Fejes Jr., owner of Flying High Investments LLC, faces the loss of his pilot license after transporting cannabis within Alaska. The Federal Aviation Administration (FAA) revoked his certificate despite Fejes’s argument that since cannabis is legal in Alaska, its transportation should be legal as well. The trouble began when the FAA discovered that Fejes was using his private plane for cannabis distribution following a report from the state’s Alcohol and Marijuana Control Office. For starters, Fejes allegedly violated tracking requirements. While cultivation facilities must adhere to strict protocols, known as seed-to-sale tracking, Fejes misrepresented his transport methods, triggering the investigation. Alaska, which has a land area of 570,865.8 square miles and a water area of 94,722.2 square miles, is the largest US state by area. Small planes are essential for transporting supplies, food and people to hard-to-reach places across ...Full story available on Benzinga.com

GAINERS: The Flowr (OTC:FLWPF) shares closed up 9900.00% at $0.0001 Heritage Cannabis Holding (OTC:HERTF) shares closed up 50.00% at $0.00 Global Compliance (OTC:FUAPF) shares closed up 25.00% at $0.01 Greenlane Hldgs (NASDAQ:GNLN) shares closed up 20.34% at $0.64 Global Hemp Group (OTC:GBHPF) shares closed up 13.64% at $0.03 Body and Mind (OTC:BMMJ) shares closed up 13.43% at $0.08 4Front Ventures (OTC:FFNTF) shares closed up 12.67% at $0.10 Kaya Holdings (OTC:KAYS) shares closed up 10.26% at $0.04 Argent Biopharma (OTC:MGCLF) shares closed up 9.38% at $0.28 C21 Investments (OTC:CXXIF) shares closed up ...Full story available on Benzinga.com

Sam Adams maker Boston Beer Co (NYSE:SAM) isn’t seeing its cannabis-infused beverage segment tap revenue from its flagship lager. What Happened: The company disclosed its financial results for the first quarter, which ended on March 30. Its performance exceeded analyst expectations, too. The company reported a net revenue of $426.1 million That’s more than 3.1% higher than analyst estimates of $413.21 million. Earnings per share (EPS) of $1.04 was above the analyst estimate for EPS of 9 cents. Sam Adams likely owes some of its success to the backlash Anheuser-Busch Inbev (NYSE:BUD) faced from conservative beer drinkers. The Bud Light parent company saw sales plummet on the heels of a promotional campaign with transgender influencer Dylan Mulvaney. THC’s so-called cannibalization of ...Full story available on Benzinga.com

Recent research reveals that states adopting recreational cannabis laws (RCLs) in the U.S. may have fewer immigration deportations related to cannabis offenses. The study, conducted by Emilie Bruzelius and Silvia S. Martins and published in BMC Public Health, analyzed the period from 2009 to 2020, offering insights into the relationship between immigration and drug policy reform. Study Findings On Deportations The researchers utilized data from the Transactional Records Access Clearinghouse, focusing on immigration arrests and deportations where cannabis possession was cited. Researchers found that by 2020 states with RCLs showed a notable decrease in deportation rates related to cannabis possession. Specifically, the adoption of these laws led to a “moderate relative decrease in deportation prevalence,” indicating a 32% reduction in deportations compared to states ...Full story available on Benzinga.com

Over the last several years, Europe has become more open-minded about medical and recreational marijuana. Here are some of the latest cannabis developments from the Untied Kingdom, Scotland, Sweden, and Portugal. United Kingdom: Release Launches Initiative To Protect Medical Marijuana Patients Rights Release, the national center of expertise on drugs and drugs law in the United Kingdom, is launching #ReleaseOurMeds campaign to protect the rights of patients to access their medicine. There has been an increase in reports of patients having negative encounters with the police due to their possession of prescribed cannabis medication. Last year, The Guardian reported that as many as 24 medical cannabis users responded to its call, opening up about their experience with the police regarding public medical marijuana use. The lucky ones encountered understanding police officers. The unfortunate ones had their medicine seized, were arrested and brought to court. Release is looking to here from prescribed medical marijuana patients that had a concerning interaction with the police about it. This campaign is exploring what changes could stop the problems some patients ...Full story available on Benzinga.com

The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX:CBSTF) (FSE: 3LP) announced on Friday its latest expansion with Airo Brands, a multi-state cannabis company focused on proprietary, cutting-edge vapor delivery platforms and high-quality oils, into Virginia and Pennsylvania. "Expanding into Virginia and Pennsylvania underscores our commitment to providing the highest quality products and demonstrates the precision and expertise of The Cannabist Company to create consistent experiences across multiple markets, which is critical for developing ...Full story available on Benzinga.com

Residents of Lubbock, West Texas' largest city with 264,000 residents, are slated to vote next week to decriminalize local low-level marijuana offenses, making it yet another city in the Lone Star State, to do so. For the May 4 vote, which has been raising dust for months, Gov. Greg Abbott (R) said it's not the right way to make a change. Instead, he proposes reaching out to lawmakers, reported Marijuana Moment. "Local communities such as towns, cities and counties, they don't have the authority to override state law," said Abbott, who previously agreed that marijuana possession alone shouldn't put anyone behind bars. "If they want to see a different law passed, they need to work with their legislators. Let's legislate to work to make ...Full story available on Benzinga.com

At the recent Benzinga Cannabis Capital Conference, co-founder and CEO of Wana Brands, Nancy Whiteman, detailed the upcoming leadership transition within her company, scheduled by the end of May 2024. Wana Brands, a trailblazer in the North American cannabis edibles market, began in Whiteman’s Boulder, Colorado kitchen and has risen to prominence over fourteen years. Leadership Transition And Future Direction In a discussion about the company’s future, Whiteman expressed confidence in Wana Brands’ next stage, which she described as brimming with new markets, products, and opportunities. “We have a fantastic leadership team that’s going to be able to execute beyond my tenure as CEO,” Whiteman explained. Joe Hodas, currently the Chief Marketing Officer of Wana Brands and with twelve years of experience in the cannabis industry, will assume the CEO ...Full story available on Benzinga.com

Private psychedelics medicine company Beckley Psytech Ltd announced this week that the first patient has been dosed in the second part of its two-part Phase IIa study evaluating BPL-003 in patients with treatment-resistant depression (TRD). BPL-003 is its proprietary intranasal formulation of synthetic 5-MeO-DMT for treatment-resistant depression (TRD.) “Understanding the safety, tolerability and efficacy of BPL-003 in people who are taking SSRIs is a critical step in our journey to bringing BPL-003 to market as a safe, effective and convenient treatment opportunity for both patients and providers," stated Dr. Rob Conley, chief scientific and medical officer at Beckley Psytech. "We are looking forward to better understanding BPL-003 as an adjunctive therapy ahead of end-of-Phase II interactions with regulatory authorities, and we are thankful to the patients and study partners who ...Full story available on Benzinga.com

The conversation around cannabis legalization in Pennsylvania is pivoting towards a potential state-run model, akin to the existing system for alcohol sales. This approach, which would involve using the framework of state-run liquor stores to manage and distribute recreational marijuana, aims to streamline operations and enhance revenue, positioning state-run weed shops as pivotal to PA's strategy for regulating and capitalizing on the burgeoning cannabis market. Governor’s Proposal Democratic Governor Josh Shapiro has reignited the push to legalize recreational marijuana in Pennsylvania, following in the footsteps of his predecessor, Tom Wolf. Shapiro's proposal suggests regulating and taxing cannabis like alcohol to boost state revenue and reform social injustices. The governor emphasized that the industry should create jobs and invest in communities disproportionately affected by past criminalization, proposing that taxes on legal sales could generate approximately $250 million annually within five years. Legislative Dynamics Even the GOP-dominated state Senate shows signs of shifting perspectives, with key figures open to discussing legalization. The proposal sets the stage for a highly contested debate, with significant implications for the economy and ...Full story available on Benzinga.com

Over a week after a group of North Dakotans filed a 2024 ballot measure petition to legalize recreational cannabis, the state's top election official gave the green light for signature gathering to begin, reported ABC News. The New Economic Frontier, a cannabis advocacy committee behind the push, needs to garner and submit 15,582 valid signatures to Secretary of State Michael Howe by July 8 in order to place the measure on the November general election ballot. Under a measure's 20-page text, personal recreational marijuana use at home would be legal for those 21 and older. The measure proposes ...Full story available on Benzinga.com