It’s time for your Daily Hit of cannabis financial news for September 21, 2020.
On The Site
A new report from analytics company Headset found millennials to be the biggest category for cannabis consumption in California and their overwhelming choice for form factor is smoking. The latest report on August sales read, “Millennial Males contributed to the most sales with 37.5% of the market share.” Millennials in general spent 43% of their money on flower, 9% on pre-rolls, and another 23% on vape pens. Making almost two-thirds of all purchases in the inhalant category.
Female cannabis consumers in this category weren’t as big of fans of the smokable categories. Millennial females spent 17% of their money on vape pens in California, which was far less than the men. However, this was the biggest category for female vape pen buyers. Other female age groups spent much less on vape pens.
Top Five Vape Pens
Among all demographics, these were the top five vape pens sold in California for August:
In Other News
Santa Fe Farms
Santa Fe Farms LLC, a leader in the production, extraction, manufacturing, and distribution of THC-free, Hemp-based phyto-cannabinoids, announced today that it has acquired FathomNM, LLC’s post cultivation services as part of its overall Hemp operations in New Mexico. FathomNM, LLC CEO Jeff Apodaca has joined Santa Fe Farms as both Vice Chairman of the Board of Managers and CEO of H47, Santa Fe Farms’ post cultivation service enterprise.
In addition, Santa Fe Farms will soon launch a $25 million, 100,000 square foot Hemp operation construction project that will include a leading-edge processor, extractor, warehouse, and laboratory with 50,000 lbs. per day dried biomass processing capacity. The facility, located on a 20-acre site located in Albuquerque, will be one of the largest, expandable facilities of its kind in the United States.
Acreage and Canopy Growth anticipate implementing the Amended Arrangement on or about September 23, 2020. Holders of Acreage shares and certain securities convertible or exchangeable into Class A subordinate voting shares of Acreage will be entitled to receive their pro rata portion of US$37,500,024 being paid by Canopy Growth. In connection with the Upfront Payment, each holder of shares of Acreage and certain other holders of securities convertible or exchangeable for Subordinate Voting Shares will receive approximately US$0.30 per Subordinate Voting Share (on an as converted to Subordinate Voting Share basis), with the final amount to be received by each holder to be determined based on the number of Subordinate Voting Shares into which all of the eligible securities would be converted at the close of business on the Record Date.