It’s time for your Daily Hit of cannabis financial news for October 27, 2021.
On The Site
Delta-8, a psychoactive compound similar in effect to delta-9 (which is what most people are talking about when they refer to THC), has been slipping through legislative loopholes around the country, including in strictly anti-recreational states like South Carolina, Louisiana, and Oklahoma. Even in states where recreational use is legal, delta-8 products are not held to the same legal requirements as delta-9. Though delta-8 has a slightly different chemical structure that supposedly makes it less potent than delta-9, an independent study commissioned by CBD Oracle Lab analyzed 51 delta-8 THC products and found that 76% of them contained illegal levels of delta-9 THC. How illegal? In at least one case, a staggering 7700% over the legal delta-9 limit. The average amount of delta-9 THC in all products tested by CBD Oracle Labs was 6.6%, 22 times higher than the federally legal limit.
The state of Nevada has joined the billion-dollar bud club as the Nevada Cannabis Compliance Board (CCB) and the Nevada Department of Taxation (DoT) released figures showing more than $1 billion in taxable sales reported by Nevada’s legal cannabis industry over a 12-month period. The agencies noted that during the Fiscal Year 2021 (July 1, 2020 – June 30, 2021), licensed adult-use cannabis retail stores and medical dispensaries generated $1,003,467,655 in taxable sales. Th groups stated that this is an increase of more than $318 million versus the $685 million in taxable sales from the fiscal year 2020. The majority of sales took place in Clark County and unincorporated cities in Southern Nevada.
In Other News
Legendary boxer, entrepreneur and icon Mike Tyson is reentering the world of commercial cannabis with the launch of Tyson 2.0, a new company to bring to market high-quality, Tyson-branded cannabis products available at multiple price points. Led by cannabis industry leaders, Adam Wilks and Chad Bronstein, Tyson 2.0 will provide retailers across the country with a suite of products designed to reach Mike Tyson’s national audience.
Two California cannabis farms have pioneered a new milestone in cannabis, and are now certified as the first “comparable-to-organic” cannabis farms in the state, as well as in the United States, by CCOF (California Certified Organic Farmers). OCal is a new certification program through the California Dept. of Food and Ag (CDFA). The certification was awarded to well-respected legacy farmer Sensiboldt Organics out of Humboldt County, and The Highland Canopy at Sonoma Hills Farm, a new premium craft cannabis farm and culinary garden located in Sonoma County. The first cannabis certification program of its kind in the U.S., OCal’s standards, certification process, and regulations mirror almost exactly those of the USDA’s National Organics Program (NOP), ensuring consumers that cannabis products bearing the OCal seal have met the consistent, uniform standards comparable to NOP.