Illinois cannabis Archives

John SchroyerSeptember 28, 2023

The unions show no signs of slowing recruitment efforts in the cannabis industry.

StaffAugust 22, 2023

Gen Z purchasing habits in Illinois make them a lucrative target.

StaffAugust 16, 2023

The Daily Hit is a recap of the top financial news stories for Aug. 16, 2023.

On the Site

4Front Ventures Bids California Farewell in Search of Profits

Phoenix-based 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported its second-quarter financial results ending June 30, showing a slight rise in revenue and headway in the Windy City as the company packs its bags in California. Read more here.

Marley Sends Tilray a $13 Million Bill

The ongoing battle between Marley Green LLC and Tilray (NASDAQ: TLRY) continues, with the latest round involving a demand for payment of $13 million for a licensing deal. The original deal stretches back to 2018 when Docklight Brands, which at the time was a part of Privateer Holdings, signed a licensing agreement with the late Bob Marley’s estate and its company, Marley Green. Read more here.

Cresco Labs Continues Retail Expansion in ‘Year of the Core’

Revenue for Chicago-based Cresco Labs (CSE: CL) (OTC: CRLBF) fell 9% in the second quarter ended June 30, compared with the same period a year ago. But the $198 million brought in during the period was a slight uptick from the first quarter. Read more here.

Illinois Cannabis Sales Rise, Taxes Fall

Illinois collected 3% less in marijuana taxes during the fiscal year ended June 30 than it did a year earlier, even though recreational cannabis sales grew 5% during that period. Read more here.

Ohioans Will Vote on Recreational Marijuana in November

After a number of fits and starts, the Coalition to Regulate Marijuana Like Alcohol appears to have succeeded in getting its proposed law for an adult-use marijuana program on the November ballot. According to a certification form, the campaign has at least 711 valid signature from Franklin County voters, which is enough to qualify the measure for the November ballot. Read more here.

In Other News

Germany

Germany’s cabinet passed a contentious bill on Wednesday to legalize recreational marijuana use and cultivation, one of the most liberal cannabis laws in Europe that could potentially provide further momentum for a similar worldwide trend. The legislation, which still has to pass parliament, does not allow for the widespread sale of cannabis via legal stores. Read more here.

Washington Liquor and Cannabis Board

Washington’s cannabis authority has busted two retailers for selling cannabis without licenses, with one falsely claiming to be affiliated with a Native American tribe, according to announcements by state enforcers who say they seized nearly 60 pounds of marijuana. Read more here.

VPR Brands

VPR Brands LP (OTC: VPRB) reported sales for the second quarter ended June 30 were $1.9 million, a roughly $1 million increase over the same period a year ago. Net income increased to $928,322. Read more here.

John PletzAugust 16, 2023

The cannabis business faces unique forces, from national politics to local market dynamics.

StaffAugust 7, 2023

The Daily Hit is a recap of the top financial news stories for Aug. 7, 2023.

On the Site

NY Judge Halts Retail Marijuana Licensing After Military Veterans Sue

History is repeating itself. For the second time in less than a year, a New York judge has issued an order halting all state cannabis retail licensing. Judge Kevin Bryant on Monday sided with four service-disabled military veterans who filed suit against the New York Office of Cannabis Management and other state officials last week. Read more here.

Get Paid to Wait in Cannabis

It’s an old Wall Street strategy on dividends – getting paid to wait. In cannabis stocks, this could be the way to go since valuations have been terribly slow to recover. If you genuinely believe in the cannabis sector, it might make sense to put your money where you may get something back as you wait for the buzz to return to cannabis investing. Read more here.

Connecticut-Based Fine Fettle Expanding into Multistate Operations

A new marijuana multistate operator is poised to join the ranks of cannabis companies that have industry footprints in three or more states: Connecticut-based Fine Fettle. Read more here.

Verano to Open Six Social Equity Joint Ventures in Connecticut

The first of six social equity joint ventures backed by multistate operator Verano Holdings (CSE: VRNO) (OTCQX: VRNOF) has opened in Connecticut, doing business under the MSO’s umbrella retail brand Zen Leaf. Read more here.

Illinois Hits 2023 High Mark With $140 Million in July Sales

Illinois marijuana dispensaries have set a new bar for the year after topping $140 million in sales for July, according to state figures. The only other time the Illinois cannabis market sold that much in a single month was December last year, when sales passed $143 million. Read more here.

In Other News

Ohio recreational ballot initiative

Ohio is now expected to vote on cannabis legalisation in November this year after campaigners successfully gathered more than 6,000 additional signatures to cover the shortfall of 697 signatures reported last month. Read more here.

Complete Hemp Processing

After five years of planning and working with South Dakota lawmakers on industrial hemp policy, Complete Hemp Processing opened its doors. A.H. Meyer & Sons, a fourth-generation South Dakota family-owned honey and beeswax processing business expanded into growing and processing hemp. Siblings Ken and JB Meyer and Melissa Shipley set up the new facility in Winfred, South Dakota. Read more here.

John SchroyerAugust 4, 2023

Illinois marijuana dispensaries have set a new bar for the year after topping $140 million in sales for July, according to state figures. The only other time the Illinois cannabis market sold that much in a single month was December last year, when sales passed $143 million.

But after that record-breaking month, sales toppled in January and February before rebounding in March and finally surging over the summer, according to data from the Illinois Department of Financial and Professional Regulation. The Illinois market has had a tougher time competing ever since Missouri launched its recreational marijuana market in February.

But in July, sales were up almost $5 million from a year prior, when Illinois retailers sold $135.6 million, and increased almost $4 million from June this year, when sales hit $136.4 million.

For the entire calendar year so far, the Illinois marijuana market has sold $924.4 million.

In July, in-state residents accounted for the vast majority of sales, with $104.2 million, while out-of-state visitors bought $35.7 million in cannabis. The total number of products sold was 3.5 million.

The adult use market launched in January of 2020. Medical marijuana sales, which reached $27 million in June, are tracked by a different state agency, the Illinois Cannabis Regulation Oversight Officer. Medical cannabis sales for July have not yet been released.

John SchroyerJuly 31, 2023

Report: As one of the largest cannabis markets in the U.S., Illinois still offers many opportunities for entrepreneurs.

John SchroyerJuly 17, 2023

An employee of Green Thumb Industries (CSE: GTII) (OTCQX: GTBIF) died recently while on the job at a grow operation in Rock Island, Illinois, raising additional questions about worker safety in the cannabis industry following another worker death last year in Massachusetts.

Though little is yet known about the Illinois victim or how she died, WeedWeek reported that the death took place in a “non-work area of the facility,” per a spokesman for the Illinois Department of Agriculture. And the Rock Island county coroner told the news outlet that the death is being attributed to natural causes and not the work environment.

GTI confirmed the death to WeedWeek and said last week the company was still working on confirming details surrounding the circumstances of the death, which it called a “tragic event” and said “our deepest condolences go out to her family.”

“However we have no reason to believe it was related to the work environment,” GTI said in a statement. “We are focused on supporting our team members and the family during this difficult time.”

WeedWeek reported that the woman who died was roughly 60 years old, and had recently switched from a desk job to one in a production area of the grow, according to a coworker identified as “Marv.”

Marv told WeedWeek that he had been subject to coughing fits while working in the GTI grow, and also said he received a “very threatening” call from a GTI human resources staffer after he posted on social media that a coworker had died.

Separately, an official with the Teamsters Local 777 told WeedWeek that the worker had died from chronic obstructive pulmonary disease.

GTI is also still facing a number of federal labor complaints filed with the National Labor Relations Board by the Teamsters, in connection with a nearly two-week strike at three of GTI’s Illinois dispensaries.

The possibility that the GTI worker died from breathing-related issues runs parallel to reports that another cannabis cultivation worker employed by multistate operator Trulieve, who died in January 2022 at one of the company’s Massachusetts grows after suffering a reaction to “ground cannabis dust,” a report from the Occupational Safety and Health Administration stated.

That situation was ultimately settled by Trulieve for a fine of just $14,502.

It’s yet unclear whether OSHA will take on a new investigation into the most recent death at the GTI Rock Island facility, but GTI has been cited at least four times in the past by OSHA for various violations, WeedWeek reported, including two complaints filed just this year regarding the Rock Island grow. Both of those complaints are still open.

GTI spokespeople did not immediately respond to a request for comment Monday from Green Market Report.

John PletzJuly 13, 2023

Most of the applicants were competing for 35 licenses in the Chicago area.

John SchroyerJuly 12, 2023