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UPDATE: Editor’s note: This article was originally published Jan. 6, 2023, at 4:01 p.m. and was updated Jan. 7, 2023, at 11:50 a.m. to reflect Kevin McCarthy’s win as U.S. House speaker.For most of this week, Republicans in the U.S. House of Representatives—who gained a chamber majority in the November 2022 election—were split on who to elect for House speaker. California Rep. Kevin McCarthy won his bid for the position after a 15th roll call in the early morning hours Jan. 7, after various members of the party had cast votes for other people, including Reps. Byron Donalds, R-Fla., Kevin…
15th consecutive quarter of positive adjusted EBITDAMaintains leading market share position in adult-use cannabis in Canada and medical cannabis across EuropeNet revenue of $144.1 million, on a constant currency basis $157.6 millionEPS of -$0.11 and adjusted EPS of -$0.06Strategy in place to build the world’s leading and most diversified cannabis lifestyle consumer packaged goods company Completes acquisition of Montauk Brewing Co., No. 1 craft beer in metro New YorkLEAMINGTON, Ontario and NEW YORK, Jan. 9, 2023 – PRESS RELEASE – Tilray Brands Inc., a leading global cannabis-lifestyle and consumer packaged goods company, reported financial results for the second fiscal quarter ended Nov. 30, 2022. All financial information in this press release is reported in U.S. dollars, unless otherwise…
Over $50 million of cannabis sale-leasebacks were priced in the third quarter of 2023, spanning both coasts. Institutional buyers continue to communicate confidence in the sector, especially strong credits, multistate operators and established operators with tenure of multiple grow cycles.While in recent months, unit pricing for regulated cannabis products has declined in certain states at the wholesale level, driven by a variety of factors, institutional confidence in the cannabis sale-leaseback market remains strong.Through Q1 2022, the cannabis sector exhibited a general trend of cap rate compression, in line with the broader sale-leaseback market. However, that trend has reversed over the…
Name: Scott VasterlingLocation: Humboldt County, Calif.Title: Founder & Owner-Operator, Humboldt Family FarmsOne word to describe your cultivation style: Sun-grownIndoor, outdoor, greenhouse or a combination: Combination of outdoor and greenhouseCan you share a bit of your background and how you and your company got to the present day?My family has owned and operated a farm-to-table style café in Trinidad, Calif., for the past 20 years. We have been sourcing and curating fruits and vegetables from the best farmers in Humboldt for our café. These same farmers also grow amazing cannabis. Humboldt Family Farms was created to provide a platform for the…
“Open and welcoming and inviting and high end, but still accessible,” is how Pete Nischt, J.D., Klutch Cannabis’ vice president of compliance and communications, describes the intended atmosphere at the Ohio business’ first medical dispensaries, called The Citizen.Black tiled ceilings, herringbone-patterned wood floors, vibrant gold and black sign displays, and informative digital technology comprise design elements at The Citizen’s Lorain, Ohio, location, which Cannabis Business Times visited ahead of its upcoming January opening. The company also plans to open another The Citizen in Canton around the end of March.The stores signal Klutch’s diversification in adding retail to its existing cultivation, processing…
During the past few years, Mason Walker and Katie Stem have watched as small- and medium-sized cannabis businesses in Oregon’s competitive and mature market—some owned by their friends and close acquaintances—have closed or sold, the owners unable to navigate the litany of challenges many operators face.Stem and Walker wanted to shape a different future for their businesses. In November, they announced they were uniting East Fork Cultivars, a craft cannabis and hemp breeder, and Peak Extracts, which produces single-cultivar extracted products including chocolates, topicals, tinctures and oils. Regulatory approval from the Oregon Liquor and Cannabis Commission (OLCC) in mid-December made…
Predictions are easy. They are opinions and don’t necessarily need to be correct; in the same way New Year’s resolutions are shrugged off by March. Instead, what are the themes we all can come back to every day?Consider this an open letter to all my cannabis industry colleagues. These are some of the many places where my attention will be focused in 2023.More of the SameSome major themes we saw in 2022 will continue:The relentless march towards legalization. Cannabis is normalizing. Every mainstream reference and recognition chips away at the opposition to federal legalization. Political prognostications aside, the normalization of cannabis…
On Tilray’s recent Q2 F2023 earnings call on Jan. 9, chairman and CEO Irwin Simon discussed the possibility of allocating cultivation resources to fruits and vegetables as a way of countering oversupply in the cannabis space and hedging against the industry’s broader economic headwinds. The company’s second quarter ended Nov. 30, 2022. The conference call webcast may be accessed here. “There’s food shortages in the world of lettuce, tomatoes, strawberries,” Simon shared on the conference call update, according to Bloomberg. “If we have overcapacity, how do we start growing fruits and vegetables at some of these facilities and supply food to the world?” A question like that is…
On Jan. 10, 2023, Connecticut became the 18th state to launch commercial cannabis sales.With Connecticut’s launch, 18 of 21 adult-use states have launched commercial sales—with six states launching adult-use sales in 2022 and now one in 2023. Individuals 21 years and older in Connecticut can now possess up to 1.5 ounces of flower in public and can purchase up to a quarter-ounce of cannabis flower, or its equivalent, per transaction, Cannabis Business Times previously reported.“[Jan. 10] marks a turning point in the injustices caused by the war on drugs, most notably now that there is a legal alternative to the…
Housing Works Cannabis Co. has spent the last 33 years serving homeless people suffering from HIV and AIDS, with a particular focus on those with substance use disorder.Now, the organization has embarked on a new journey as the first adult-use cannabis retailer in New York, opening its doors to the public Dec. 29.“Our two early claims to fame were we were the first supportive housing organization in the nation to house people without regard for their drug or alcohol use in the privacy of their home,” CEO Charles King tells Cannabis Business Times. “Second, we started the first job training…