Marijuana Business Daily

Cannabis producer Tilray quietly drops $4 billion sales target for 2024

Published

2 years ago

February 2, 2023

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Tilray Brands has quietly abandoned its pledge to achieve annual revenue of $4 billion (5.3 billion Canadian dollars) by the end of 2024, with analysts now predicting the North American cannabis producer will fall far short of that figure.

The company’s management no longer guides for the target, Pablo Zuanic, managing director at New York-based investment banking firm Cantor Fitzgerald, wrote in a note to investors, citing a conference call with Tilray executives in January.

The analyst said Tilray’s target was undone by “delayed” legalization in the United States and Germany plus ongoing issues in Canada, including price compression, overproduction and slowing national sales.

The Leamington, Ontario- and New York-headquartered business isn’t the only cannabis company tripped up by delayed legalization and U.S. reforms as well as other difficulties.

The industry is bracing for a challenging 2023.

In the U.S., Colorado-headquartered Akerna Corp., the parent company of

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Marijuana Business Daily

Connecticut’s cannabis sales decline 12% in September

Published

2 days ago

October 15, 2024

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Total cannabis sales in Connecticut dropped 12% in September, according to recently released data.

Recreational and medical marijuana sales declined from a $25.6 million in August to $23.4 million in September, according to the state’s Department of Health and Human Services.

Adult-use sales fell 7.6%, from $18 million in August to $16.6 million in September.

Medical marijuana sales dropped 10.9%, from $7.7 million to $6.8 million.

Ben Zachs, owner of recreational and medical marijuana retailer Fine Fettle, said sales were lower than expected.

“Our metrics showed that, just in terms of fundamentals, September should have been a month that was about 8.5% below August,” Zachs told CT Insider.

“But to see 12% was not what we’d love to necessarily see as we’re

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Massachusetts fines marijuana MSOs Ascend, Curaleaf a combined $165,000

Published

6 days ago

October 11, 2024

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Massachusetts regulators fined New York-based marijuana multistate operators Ascend Wellness Holdings and Curaleaf Holdings a combined $165,000 for neglecting consumer safety practices.

The Massachusetts Cannabis Control Commission (CCC) fined Ascend $85,000 on Thursday for omitting roughly 900 marijuana products from the state’s required track-and-trace system, The Boston Globe reported.

The allegations, which date as far back as 2021, included failing to seal gaps in doors and ducts as well as workplace deficiencies that led to at least three contaminated cannabis samples.

The CCC fined Curaleaf $80,000 on Thursday for systemic failures limiting contamination from pesticides at its Amesbury and Webster cultivation facilities, according to the Globe.

Meanwhile, the CCC expects to conclude its search

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Florida cannabis businesses shut down, halt delivery as Hurricane Milton nears

Published

1 week ago

October 10, 2024

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Florida cannabis businesses began shutting down this week in anticipation of Hurricane Milton, which was expected to make landfall late Wednesday on the state’s west coast.

Milton’s wrath didn’t sway Florida Gov. Ron DeSantis to extend the Oct. 7 deadline to register to vote in the Nov. 5 election.

In addition to casting votes for president, Florida voters will decide whether to legalize adult-use marijuana in the state.

“People can register today,” DeSantis told the Florida Phoenix on Monday.

“There’s nothing inhibiting you from registering today. The storm has not hit yet.”

Voters’ rights groups had asked DeSantis to extend the deadline as Florida residents continued to deal with the aftermath of Hurricane Helene ahead of Milton making landfall.

Meanwhile, cannabis operators were

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