Marijuana Business Daily

California’s annual cannabis sales fell in 2022 for the first time since adult-use launch

Published

2 years ago

February 23, 2023

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Annual cannabis sales in California declined in 2022 for the first time since the state launched its adult-use market five years ago, according to state data analyzed by MJBizDaily.

Retailers generated just over $5.3 billion in taxable sales of recreational and medical marijuana last year, down 8.6% from roughly $5.8 billion in 2021, according to the latest statistics released by the California Department of Tax and Fee Administration.

Taxable sales in the fourth quarter dipped to about $1.3 billion – the third straight quarterly decline – down nearly 12% from the same period a year ago.

Depressed wholesale prices, which have made products cheaper for consumers, and the continued lack of retail outlets across wide swaths of the state have been two big drivers of this trend, according to California cannabis industry consultant Hirsh Jain.

“California’s ‘dual-licensing’ system has made it very difficult for new dispensaries

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Eaze winding down cannabis delivery operations as new owners ponder future

Published

18 hours ago

October 7, 2024

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The CEO of California’s largest cannabis delivery service, Eaze Technologies, said its parent company is winding down operations and new ownership will determine if the business continues.

“Stache LLC will be winding down operations, with the full closure expected to take place on or around December 31, 2024,” Eaze CEO Cory Azzalino told employees last week in an internal memo he posted on his LinkedIn feed Sunday.

Eaze will provide employees an update on or before Nov. 15, he added.

The California-based marijuana delivery company came under new ownership in August after a public auction of its corporate assets.

A bundle of Eaze assets was purchased for $56 million by a firm owned by Netscape co-founder James Henry Clark.

The acquisition by Clark,

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Ohio recreational marijuana sales near $90 million in 7 weeks

Published

4 days ago

October 4, 2024

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Barely seven weeks since the launch of Ohio’s recreational marijuana market, sales have reached almost $90 million.

Between Aug. 6 – when adult-use sales began in Ohio – and Sept. 28, sales totaled $87.1 million, according to the latest report from the state’s Division of Cannabis Control.

The report also found that recreational retailers sold 10,213 pounds of recreational flower and 1,361,146 units of manufactured products.

The price per gram of recreational flower has fallen steadily from a high of $9.42 in mid-August to a low of $8.23 per gram the week ending Sept. 28.

Likewise, the average price of recreational manufactured products also has fallen steadily, from a high of $31.65 in mid-August to a low of $30.04.

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Marijuana delivery company Eaze has new owner after assets auctioned

Published

7 days ago

October 1, 2024

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California-based marijuana delivery company Eaze Technologies has a new owner after a public auction of corporate assets.

The bundle of Eaze assets were purchased for $56 million in August via a telephone auction by a firm owned by Netscape co-founder James Henry Clark, according to Green Market Report.

Though Clark now has ownership of Eaze, the company’s future is up in the air.

“The new ownership group is evaluating the status of each state’s operations and expects to make a decision prior to year end about what will continue to operate or be closed down,” Eaze CEO Cory Azzalino told Green Market Report via email.

Clark’s FoundersJT acquired the following assets from San Francisco-based Eaze:

Accounts. Chattel paper, which denotes a

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