Maryland adult-use cannabis sales hit $56M in November; DC sales dwindle

Published

1 year ago

December 22, 2023

admin

Adult-use cannabis sales in Maryland grew to nearly $56 million in November, a 1.5% increase over October.

Total cannabis sales, including medical marijuana, reached $89.7 million in November, down 0.4% from October, according to data from the Maryland Cannabis Administration (MCA).

Maryland has nearly 100 marijuana stores in operation, and more social equity businesses are on the way.

Adult-use sales in Maryland launched July 1.

Year-to-date adult-use sales total nearly $270.3 million through November, MCA figures show.

Meanwhile, in adjacent Washington DC, monthly MMJ dispensary sales declined by roughly 0.4% from October to November, totaling almost $2.9 million in November.

November sales at DC dispensaries declined 9% from the same month the previous year, according to figures published by the District’s Alcoholic Beverage and Cannabis Administration.

The agency reported 6,478 registered patients who were District of Columbia residents in November plus 2,601 non-DC residents registered to buy medical marijuana.

Source link

Cannabis MSO MedMen is exiting Arizona and Nevada

Published

12 months ago

December 22, 2023

admin

Marijuana multistate operator MedMen Enterprises is exiting Arizona and Nevada by selling its assets in those states to privately held MSO Mint Cannabis.

The sales are the result of a strategic review by MedMen, according to a news release, and consist of the Los Angeles-based company’s wholly owned operating subsidiary in Arizona and two operational stores in Clark County, Nevada.

The value of the transaction was not disclosed.

Mint Cannabis has operations in its home state of Arizona as well as Michigan and Missouri.

MedMen warned investors in February that the company was running out of cash and later in the month said it was evaluating divesting properties in Arizona, Illinois and Nevada.

In November, MedMen advised that its annual results for the 2023 fiscal year ended July 1 would be late.

“MedMen is pleased with the outcome of our strategic review and has made good progress in our restructuring efforts,” MedMen CEO Ellen Deutsch Harrison said in a statement.

“These transactions will bolster liquidity in the short term, reduce liabilities, and enable the Company to focus on operating efficiencies and executing our long-term asset-light growth strategy in our core markets.”

Source link

All U.S.

New PA law could increase medical marijuana dispensary permits by 20%

Published

1 year ago

December 22, 2023

admin

(This story has been updated to clarify the changes in Pennsylvania law.)

Up to 30 new medical marijuana dispensaries could open in Pennsylvania under a bill signed into law by the state’s Democratic governor, a potential expansion of 20%.

Under Senate Bill 773 – which Gov. Josh Shapiro signed into law Dec. 14, as promised – as many as 10 independent MMJ growers now qualify to apply for a dispensary license.

Until now, Pennsylvania law capped the number of dispensary license holders at 50.

That arrangement led to a market controlled by out of state big cannabis company that resembled a near monopoly, according to critics.

The new law:

Could mean an expansion of up to 20% in the number of dispensaries allowed in the state if all 10 that receive approvals apply.
Also allows up to four dispensaries previously barred from cultivating cannabis to begin growing operations.

The changes could help expand product offerings available to MMJ patients in the state, some of whom might be lured to nearby Ohio once adult-use sales begin there as anticipated in 2024.

There’s also new language that would require MMJ license holders to report any change in ownership affecting a stake of 20% or more.

Source link