Another week, another deluge of pertinent news in the world of cannabis and alcohol!
In case you’re looking for a brief respite from the events in Afghanistan and the discouraging IPCC climate report, let’s dive into seven stories from the week of August 16-20, 2021 to bring us up to date:
1. The Washington Post Highlighted a Study That Found Moderate Drinking Could Be Healthy for Your Heart
A responsible amount of drinking — up to 2 drinks per day for a man, up to 1 drink per day for a woman — may actually reduce the risk of major cardiac problems like strokes and heart attacks. The Washington Post highlighted the findings of a new medical article that studied brain scans and cardiac outcomes for over 50,000 adults. The findings? That those who drank moderately were less likely to have major cardiac events than those who drank very little (<1 drink per week) or a lot (≥14 drinks per week).
2. Village Farms Acquired CBD Company Balanced Health Botanicals for $75 Million
Mergers and acquisitions aren’t always terribly fascinating, but when it comes to giant, vertically integrated greenhouse growers Village Farms acquiring one of the leading CBD manufacturers in the US, it’s suddenly edge-of-your-seat drama. Colorado-based Balanced Health Botanicals has built a solid business model around hemp-derived CBD products, managing to stay profitable in a fledgling and fickle industry. The acquisition is projected to be immediately beneficial to Village Farms.
3. 50% of Survey Respondents Are Giving Their Pets CBD Products
On August 16, Leaf Report (the official watchdog website for the CBD industry) released results from a survey of pet owners. Among the 1,448 survey respondents, 50% reported giving their dogs or cats CBD products, and nearly 3 out of 4 stated they were very likely to recommend that others use CBD products for their pets. This highlights a growing sector of the CBD industry.
4. PharmaCann Announced a Plan for an Ipo After New York Legalizes Weed
PharmaCann was one of New York state’s 10 original cannabis companies. With the state legalizing cannabis on April 30, 2021, PharmaCann has filed for an initial public offering that could see its value top $1 billion. This would set the company up with the needed capital to supply its market with products when New York officially legalized recreational weed sales sometime in 2022. This IPO will most likely take place in the fall. PharmaCann also operates in five states outside of New York and will likely try to dual-list shares on the Canadian stock market as well.
5. Four States Have Broken Records in Marijuana Sales in July
According to Marijuana Moment, four states have sold record-breaking amounts of marijuana in July. Illinois sold $128 million in recreational cannabis, reaching a total of 2.8 million customers, bringing in significant tax revenue. Maine sold 45% more marijuana in July than in June, a total of $9.4 million worth, bringing in $943,500 in taxes. Michigan’s July sales of over $171 million netted the state a whopping $23 million in tax revenue, much of which will be allocated to education and infrastructure. Finally, Missouri’s cannabis sales passed the $20 million mark last month, and the move to reform the state’s marijuana laws is in faster motion than ever before.
6. After a Rejected First Version, Ohio Marijuana Advocates Submitted a New 2022 Legalization Petition
In Ohio on Friday, activists submitted a new petition to place the legalization of marijuana on the ballot in 2022. This comes after the state’s attorney general rejected a previous petition based on “misleading” language. The original petition was cited as having seven problematic areas, and the attorney general concluded that it did not properly convey the proposed measure’s character. The activists revised it and collected a fresh batch of 1,000 signatures required for review.
7. California Legislators Are Being Charged with “Governing Under the Influence” of Special Interests
The California Alcohol Policy Alliance and Alcohol Justice, two California-based watchdog groups, have charged the state’s legislators with governing under the influence (GUI). The accusation is that legislators accepted money from special interest groups to deregulate alcohol during the past year under the guise of “pandemic relief” for bars and restaurants. They say this is being done at the expense of taxpayers in the state.
