The Daily Hit is a recap of the top financial news stories for Sept. 13, 2023.
On the Site
Colorado Marijuana Sales Surge in July After Earlier 2023 Dip
The Colorado marijuana market appears to have gotten a slight summer bump this year, with sales surging to $131.2 million in June and then $137.3 million in July, after slumping in the winter and spring to the lowest point in four years. Read more here.
New Mexico Hits New Sales Record With $48 Million in August
New Mexico’s cannabis market hit a new record high in August with a sales total of $48.2 million in cannabis sales, including $34.7 million in recreational and $13.5 million in medical, according to state data. Read more here.
August Worst Month for Missouri Marijuana Sales Since Market Launch
The Missouri marijuana market posted a strong $119 million sales total for August, but sales were actually down in the Midwest state to the lowest level since adult-use sales began in February, when the market sold $102.9 million. Read more here.
California Bill Legalizing Cannabis Cafes Awaiting Governor’s Signature
A bill that would let California marijuana stores tack on a new business model with “cannabis cafes” – letting them sell nonalcoholic food and drinks, host live music, and set up other customer attractions – sailed through the state legislature and is now waiting for Gov. Gavin Newsom’s signature. Read more here.
In Other News
The state agency tasked with regulating the cannabis market has hired the former CEO of Connecticut’s first licensed cannabis grower to lead its cannabis division. Jennifer Mandzuk worked with Theraplant from 2014 until January, according to her resume posted on LinkedIn. Read more here.
An Illinois vape distributor urged a federal court to force a similarly named rival in Tennessee to change its website domain and online name, saying in its trademark infringement lawsuit that they are “confusingly similar.” According to the complaint, Tennessee-based HS Global Distribution LLC has sold e-cigarettes and related products online under “H&S Wholesale” since 2021, a name that’s “virtually identical” to that of HS Wholesale Limited’s trademark. Read more here.