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Cannabis producer Cronos Group ends year with $168.7 million loss

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Canadian cannabis producer Cronos Group lost $78.9 million in its fourth quarter ended Dec. 31, bringing the company’s net loss for the year to $168.7 million.

The Toronto-based company on Tuesday reported that its net revenue grew 23% year-over-year to $91.9 million in 2022.

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Cronos’ revenue in the United States fell 48% in the same time period, to $5.2 million in 2022.

That was offset by sales growth in Canada and Israel.

The company’s net revenue in Canada grew 12% in 2022 over 2021 to $56.2 million.

In Israel, net revenue increased 128% over 2021 to $30.5 million in 2022.

Cronos said net revenue increased primarily because of higher cannabis extract sales in the Canadian adult-use market and higher flower sales in the Israeli medical marijuana market.

In the October-December quarter, Cronos saw its consolidated net revenue fall to $22.9 million, down 11% over the

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Oklahoma high court declines to hear challenge to medical cannabis fees

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The Oklahoma Supreme Court declined to hear arguments challenging a new law that significantly raises fees for medical cannabis operators.

Filed in late June, the petition will now be sent to district court in Oklahoma County, The Oklahoman reported.

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The petition – filed by Jeb Green, founder of Oklahomans for Responsible Cannabis Action, as well as the Bingo 101, Oklahoma Natural Cures and Pharside dispensaries – claims the new fee structure violates the state constitution and is a “revenue-raising tax disguised as a fee.”

The challenge also alleges the bill wasn’t passed through the three-fourths majority required by state law and its approval came within the last five days of the legislative session.

Oklahoma law prohibits lawmakers from passing revenue-generating bills during the last five days of a legislative session.

The state attorney general’s office argued the bill was not a revenue generator subject to constitutional

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New York will open adult-use marijuana retail to multistate operators

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New York regulators voted Tuesday to allow the state’s medical marijuana operators to apply for adult-use retail licenses.

That means the multistate operators who years ago snapped up a majority of the state’s 10 “registered organization” permits will enter what observers say could be the largest market on the East Coast.

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Under the resolutions the Office of Cannabis Management approved Tuesday, regulators will accept applications seeking a retail or microbusiness license from Oct. 4 through Dec. 23.

Regulators also will accept applications from registered organizations during a still-unspecified window “to be set by the Office.” That action was approved in a separate resolution.

“Today marks a pivotal step toward expanding and sustaining the state’s medical program and creation of an economically viable and equitable adult-use cannabis industry in New York,” Barry Carmody, a spokesperson for the New York Medical Cannabis Industry Association (NYMCIA), said after a

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Judge blocks Arkansas ban on delta-8 THC, other hemp products

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In at least a temporary victory for the Arkansas hemp industry, a federal judge blocked enforcement of a recent state ban on products containing intoxicating hemp-derived cannabinoids such as delta-8 THC.

Calling the ban confusing and arbitrary, U.S. District Court Judge Billy Roy Wilson on Thursday granted an injunction that stops the state from enforcing it, according to Little Rock TV station KTHV.

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The judge’s ruling stemmed from a lawsuit filed by four hemp-product makers in July – the day before the ban was to take effect.

The suit argued the ban was “unconstitutionally vague.”

Arkansas in May became the latest state with a legal marijuana industry to regulate or ban intoxicating hemp-derived products, which have exploded in popularity since the 2018 Farm Bill legalized hemp production nationwide.

The judge wrote in his decision that “Arkansas law criminalizes hemp derived products without an effective exemption for

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