MJNews Network

"The Voice of Legal Cannabis Since 2013"

You are here: Home / Archives for Business

Ohio Board of Pharmacy Publishes Updated Patient & Caregiver Numbers for February, 2023

by Leave a Comment

OHIO: The State of Ohio Board of Pharmacy published updated patient & caregiver numbers for February 2023.

These numbers include:

  • 686,320 Recommendations
  • 346,582 Registered patients
    • 21,028 Patients with Veteran Status
    • 22,145 Patients with Indigent Status
    • 1,280 Patients with a Terminal Diagnosis

    166,643 Patients with both an active registration and an active recommendation

  • 322,486 Unique patients who purchased medical marijuana (as reported to OARRS by licensed dispensaries)
  • 34,069 Registered Caregivers

For the full list of program numbers, please visit the Program Update page.

WSLCB Staff to Request Extension of Social Equity Application Window to April 27, 2023

by Leave a Comment

To:       Current and Potential Social Equity Cannabis Retail Applicants

Fr:        Liquor and Cannabis Board

Re:       LCB Staff to Request Extension of Social Equity Application Window to April 27, 2023

Liquor and Cannabis Board (LCB) staff will bring an emergency rule proposal to extend the March 30, 2023 application deadline for social equity cannabis retail licenses to April 27, 2023. Staff will propose this extension at the next regularly scheduled Board meeting on March 29, 2023.

Challenges Forming Business Entities

The Secretary of State’s Office is currently backlogged processing business entity applications. While the Office is working diligently to clear the backlog, the delay in processing impacts the timely completion of all necessary requirements for some applicants who are seeking to form a business entity. Under current rules, applicants have 30 days to complete the application process. However, out of an abundance of caution and fairness to those applicants seeking to form a business entity, staff will propose the extension.

Should the Board choose to accept staffs’ proposal, the emergency rule will be promptly filed with the state Code Revisor’s Office and communicated via GovDelivery, the LCB website and normal LCB communication channels.

Application Tips

Applicants can still apply for a retail license until the window closes. Please review the LCB website for the most accurate and up-to-date information. Keep in mind the following information when preparing and submitting an application.

  • You may only apply for a Social Equity License once.
  • This program is for retail licenses only. Producer/processor licenses are not available.
  • You cannot make changes to your business structure after submitting your application, so make sure it is correct before submitting your application.
  • After the application window closes on March 30, third-party contractor Ponder Diversity Group will reach out with a link to create an account to submit verification documentation.
  • After you apply, check your Business Licensing account to ensure the application was submitted and payment was made. Applications that are incomplete or have insufficient funds on March 30, 2023 will not be processed.

If you are interested in applying for a Social Equity license, please review the applicant checklist on the LCB website. For further assistance, review our Frequently Asked Questions page, where you can also submit your own questions.

The House of Cannabis to Debut in SoHo on April 7th, Ticket Sales Live

by Leave a Comment

“A Multi-Sensory, Immersive Journey into Cannabis Culture”

NEW YORK: The House of Cannabis (THCNYC) announces tickets are on sale for an April 7th grand opening. The House of Cannabis is the first-ever, permanent home celebrating “high culture” and its impact on music, art, fashion, social reform and cultivation. Ten mind-bending, immersive experiences created by artists and filmmakers, transport guests through the many dimensions of cannabis culture. Tickets are available at www.thcnyc.com.

“This is the first-ever physical home to shine light on the incredible ways that cannabis has influenced culture”

“This is the first-ever physical home to shine light on the incredible ways that cannabis has influenced culture,” Robert Frey, CEO, Westside Museum LLC, said. “Whether you are a cannabis aficionado, have a recreational or medicinal relationship to the plant or are just canna curious, I think everyone will be amazed by the artistry and narrative behind the experiences. If you understand the cannabis community, you know it is about connectivity, creativity, and important issues affecting social reform. We wanted to create an elevated space that helps foster these community values.”

A 30,000 square foot historic cast iron building is home to this new destination at the iconic intersection of Howard and Broadway. The space also features a private lounge and ground level gathering space featuring community events, a café, corner store, live glassblowing and a curated assortment of cannabis inspired lifestyle products.

The ticketed exhibition spaces will be open daily from 11 AM to 8 PM. For more information, visit www.thcnyc.com and follow along on Instagram at @THCNYC.

WSLCB Cannabinoid Science Work Group Meeting: April 6, 2022

by Leave a Comment

WASHINGTON: The Liquor and Cannabis Board will hold its third Cannabinoid Science Work Group (CSWG) meeting on April 6, 2023 from 1 – 2 p.m. The agenda is located here. 

This meeting will be held virtually. Details on how to observe the meeting are located below:

To connect to MS Teams and observe the meeting on a smart phone or computer, click here, then:

  • If you have the MS Teams app on your device, select “Open Microsoft Teams” when prompted.
  • If you do not have the MS Teams app, select “Continue on this browser” when prompted.

To listen to the meeting by phone:

  • Conference ID: 346 058 9#

Please note that the phone-in option and MS Teams options are available only for listening and/or watching the meeting. All attendees online and on the phone will be muted and cameras will not be available. Only the Cannabinoid Science Work Group members and agency staff will have audio and video capabilities. Chat and emoji/reaction features will not be available.

The meeting will be recorded and available on the LCB YouTube channel as soon as possible following the meeting’s conclusion.

About the LCB Cannabinoid Science Work Group

The LCB has been working on developing policy related to the regulation of cannabinoids. Since Nov. 2020, the agency has worked with the cannabis industry, the Washington State Legislature, partner agencies and other states to better understand the science of the cannabis plant. The LCB has hosted a series of discussions related to products other than delta-9 tetrahydrocannabinol (THC), engaged in rule discussions, and proposed legislation to address some of the issues arising since that time. The agency believes it would be beneficial to assemble a group of experts to have regular dialogue on the rapidly changing issues related to cannabinoids.

The objective of the CSWG is to collaboratively and transparently explore and build foundational understanding of the “plant of the genera Cannabis, as well as synthetic equivalents of the substances contained in the plant” (see RCW 69.50.204(c)(30)). The current CSWG Charter can be viewed here.

Lights, Camera, CannaGuide – QVC-Inspired Launchpad Reinventing Cannabis Shopping & Entertainment

by Leave a Comment

Discover CannaGuide: the QVC-inspired platform on CANNECTED TV, empowering cannabis brands to showcase products to millions of viewers & engage enthusiasts.

NEW YORK: CannaGuide, the ultimate QVC-inspired launchpad set to transform the cannabis industry, will launch on 4/20 with a streaming event that showcases innovative brands and products. With 420MEDIA as the agency of record, CannaGuide’s cutting-edge platform on CANNECTED TV will empower cannabis brands to showcase their products to millions of viewers across top platforms like Roku, Apple TV, Amazon Fire, Sony, Panasonic, TCL smart TVs, mobile, web, and more, connecting them with a massive, untapped market of cannabis enthusiasts and curious individuals.

For brands, CannaGuide will offer unprecedented exposure across top streaming platforms, tapping into a thriving market of cannabis aficionados and curious individuals seeking the best products and services. With CannaGuide, brands can showcase their offerings in an interactive, QVC-style format and connect with a vibrant community of fellow enthusiasts.
State-by-State of Cannabis Exploration
For consumers, CannaGuide will offer an immersive and authentic experience, where they can discover the best brands and products, connect with like-minded enthusiasts, and learn from expert advice and captivating entertainment. From product demonstrations to a comprehensive directory of brands and services, CannaGuide will offer a one-of-a-kind experience for anyone looking to explore the world of cannabis.

“I am beyond thrilled to unveil this incredible opportunity for cannabis brands to take their offerings to TV, and I can’t wait to see the impact it will have on the industry and our community,” exclaimed Kerri Accardi, Executive Producer at Cannected TV.

Unveiling a New Era of Accessibility and Innovation in the Cannabis

 

To celebrate the launch, CannaGuide has planned a 4/20 pitch & promo extravaganza, where participating brands will be streamed 24/7 on CANNECTED TV, captivating a massive audience of cannabis enthusiasts and boosting brand visibility, credibility, and sales. CannaGuide’s launch on 4/20 marks a new era in the cannabis industry, offering an authentic, cost-effective, and easily accessible platform for both brands, enthusiasts, and curious individuals. With limited time available, brands are encouraged to sign up and reserve their placement as soon as possible.

For more information and to secure your spot, contact the CANNECTED TV team at hello@420media.agency or 425-420-0585. Join the CannaGuide revolution and watch as your brand rockets to new heights with CANNECTED TV!

Discover the Best Cannabis Brands and Products with CannaGuide’s Entertaining and Educational Videos

Cannabis Regulatory Agency Adds New Visibility Option for Social Equity Businesses in Michigan

by Leave a Comment

MICHIGAN: The Cannabis Regulatory Agency (CRA) is committed to continuous improvement as well as transparency and communication with Michigan’s cannabis industry stakeholders. To that end – and after discussion with the CRA’s Diversity Equity and Inclusion Workgroup – the CRA and Gov. Gretchen Whitmer announced today a new process for Michigan’s social equity businesses to voluntarily identify themselves on the CRA’s website.

“Michigan’s cannabis industry supports thousands of jobs and drives economic growth,” said Governor Whitmer. “I am grateful to the CRA for continuing to improve relations with stakeholders in this industry and offering a new process for businesses to identify themselves as social equity licensees. Together, we are going to grow our economy while improving the lives of those who were unfairly targeted by racially biased, unequal enforcement of cannabis use in the past.”

“Being able to identify and support social equity businesses has been requested in many of my discussions with industry stakeholders and I’m proud of our social equity team at the CRA for finding a way to make this happen,” said CRA Executive Director Brian Hanna. “This new voluntary opt-in process allows the CRA to highlight the businesses who have qualified as licensees through our social equity program.”

The Verify a Cannabis Business License in our Database and the Locate a Cannabis Businesses on an Interactive Map tools are used by the public to locate licensed marijuana businesses in Michigan. Soon, this new additional filter will allow the public to identify those licensed social equity marijuana businesses who opt-in to these CRA website search tools.

Adult-use social equity businesses who wish to share their social equity status with the public and be added to the search tools on the CRA website can do so by completing the Consent to Publish Marijuana Business Social Equity Program Status form and emailing it to CRA-SocialEquity@michigan.gov. As social equity businesses fill out the forms and submit them to the CRA, the database and the map will be populated and updated to reflect the new filter options and the businesses that have opted to participate.

For questions regarding this new process for social equity businesses, please email CRA-SocialEquity@michigan.gov or contact the CRA’s social equity team by phone at 517-284-8599.

Employees at New Jersey’s Valley Wellness Medical Marijuana Dispensary Welcome Spring by Voting to Unionize With UFCW

by Leave a Comment

Valley Wellness touts expertise of employees, who will now enjoy important union protections, trainings, and benefits as they support company growth

NEW JERSEY: United Food and Commercial Workers (UFCW) Local 360 is pleased to announce the decision by workers at Valley Wellness in Raritan, NJ., to unionize as members of UFCW. As Valley Wellness notes on its website, valleywellnessnj.com, “providing great products starts with a great foundation … That means employing a knowledgeable staff [and] providing a welcoming environment.” According to Valley Wellness, its “staff knows cannabis inside and out,” and are noted as a key driver of customer satisfaction and, ultimately, the company’s current and future success.

“Valley Wellness, and its owner Sarah Trent, have already proven to be a great addition to the growing New Jersey cannabis community,” said Hugh Giordano, UFCW Local 360’s director of organizing. “We’re looking forward to a long and mutually beneficial relationship with what is one of the first stand-alone dispensary operators in the state, a company that provides a refreshing alternative to the large number of Multi-State Operators here.”

NJ Cannabis Certified, the sister company to Valley Wellness and also owned by Trent, was recently named NJ Cannabis Insider’s 2022 Woman-owned Business of the Year.

“Sarah and her team clearly recognize the roll professional employees play in driving long-term success,” added Giordano. “So, it was a real vote of confidence in the future of both the company and the industry when those same professional employees carefully considered, and then selected, the career-supporting benefits that come with joining Local 360.”

Valley Wellness employees now add their names to the growing list of UFCW Local 360 members from New Jersey’s young marijuana economy. The highest scoring 2019 applicant for a medical dispensary license, Valley Wellness recently announced its intention to pursue a conversion license, allowing expansion beyond medical marijuana and into adult-use.

“It is a very positive development. After a blockbuster 2022, this year is continuing the trend of votes in favor of unionizing,” said Sam Ferraino, Jr., UFCW Local 360 president. “This vote is not just in support of unions organizing, it’s in the power of unions to positively impact businesses, families and communities, while maintaining high operating standards powered by a diverse and skilled workforce.”

From seed to sale, UFCW is a recognized leader in organizing cannabis industry employees and is the official AFL-CIO designated cannabis labor union. Representing tens of thousands of cannabis workers in dispensaries, labs, delivery, manufacturing, processing, grow facilities and more, UFCW works with employees and business owners to achieve the shared goal of a regulated cannabis industry that delivers family-sustaining jobs and is focused on social equity.

 

Washington Cannabis Retail Licensees Offered Free Security Assessments

by Leave a Comment

WASHINGTON: The Liquor and Cannabis Board (LCB) is encouraging Cannabis Retail Licensees to take advantage of no-cost assessments offered through the LCB’s contract with security management firm Setracon, Inc.  Assessments are voluntary, on-site security assessments of individual cannabis retailers across Washington State.

Note: this free service for cannabis licensees is available only for a limited time. Please consider taking advantage of this opportunity soon.

Security Assessment Information

For cannabis retail stores, choosing to participate is completely voluntary. The goal is to create a positive process to manage security risks at each individual establishment.

Among the services Setracon, Inc. will provide include:

  1. Working with retailers to assess potential security risks;
  2. Review criminal threats facing the retailer;
  3. Evaluate and document present mitigations and suggest solutions for improvement;
  4. Providing retailers with a report of findings.

Sign-Up Process
Retailers interested in a security assessment can sign up on the Setracon website. Participants will need to sign a waiver in order to register, as well as provide the following information:

  • Name of Store:
  • Full Address:
  • Hours of Operation:
  • Point of contact Name for the visit:
  • Point of contact Email address:
  • Point of contact Telephone number:

About Setracon, Inc.
Tacoma-based Setracon, Inc. is committed to providing subject matter expertise, consulting, training, and information management services to align risk, resilience, and security solutions with organizational strategies and goals. Due to its industry knowledge, detailed reports, a focus on excellence, collaborative attitude, and a strong reputation for customer service, Setracon enjoys long-term loyalty from many of its clients.

POSaBIT Expects FY 2023 Revenue of $60 to $63 Million, Gross Profit of $15 to $17 Million and to Resume Profitability on an Adjusted EBITDA Basis

by Leave a Comment

Plans to Report Fourth Quarter and Full Year 2022 Financial Results and Host Earnings Conference Call on April 26

CANADA & WASHINGTON: POSaBIT Systems Corporation, a premier point-of-sale and payments provider for the cannabis industry, provided financial guidance for 2023.

2023 Financial Guidance

The Company provides the following guidance for the full year 2023.

Full Year 2023 Guidance1

(as of March 20, 2023, in US dollars)

Total Revenue

$60 to $63 million

Gross Profit

$15 to $17 million

Adjusted EBITDA2

Positive

1

Does not include the Company’s expectations for financial results of the previously announced acquisition of MJ Platform, Leaf Data Systems and Ample Organics from Akerna Corp. or any additional acquisitions.

2

Represents a non-IFRS measure. For the relevant definition, see “Non-IFRS Measures” below.

“Our business continues to grow at a high rate, significantly outpacing the growth rate of the cannabis market as a whole,” said Ryan Hamlin, CEO and Co-founder of POSaBIT. “2023 is off to a great start; our teams are highly engaged with merchants to optimize and fully integrate both our point-of-sale and payments platforms to increase same-store sales and improve efficiencies for the merchants and the customers they serve. We also look forward to closing our recently announced acquisition in the second quarter of 2023.”

The Company expects to report financial results for the three and 12 months ended December 31, 2022 and host a conference call to discuss the results and FY 2023 Guidance on April 26, 2023.

Non-IFRS Measures

Adjusted EBITDA is a non-IFRS measure used by management that does not have any prescribed meaning by IFRS and that may not be comparable to similar measures presented by other companies. The Company defines Adjusted EBITDA as net income or loss generated for the period as reported, before interest, taxes, depreciation and amortization and is further adjusted to remove changes in fair values and expected credit losses, foreign exchange gains and/or losses, impairments. The Company believes this non-IFRS measure is a useful metric to evaluate its core operating performance and uses this measure to provide shareholders and others with supplemental measures of its operating performance. The Company also believes that securities analysts, investors and other interested parties frequently use Adjusted EBITDA in the evaluation of companies, many of which present similar metrics when reporting their results. We caution readers that Adjusted EBITDA should not be substituted for determining net loss as an indicator of operating results, or as a substitute for cash flows from operating and investing activities.

Forward-Looking Statements

This news release contains certain forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as “anticipate”, “achieve”, “could”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “outlook”, “expect”, “project” and similar words, including negatives thereof, suggesting future outcomes or that certain events or conditions “may” or “will” occur. Forward-looking statements may include, among other things, statements about: our expectations regarding full year 2023 results; our future growth strategy and growth rate; and our anticipated integration efforts.

Forward-looking statements are subject to known and unknown risks, uncertainties and other important factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking statements, including but not limited to, business, economic and capital market conditions; the ability to manage our operating expenses, which may adversely affect our financial condition; our ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; market conditions and the demand and pricing for our products; our relationships with our customers, distributors and business partners; our ability to successfully define, design and release new products in a timely manner that meet our customers’ needs; our ability to attract, retain and motivate qualified personnel; competition in our industry; our ability to maintain technological leadership; our ability to manage risks inherent in foreign operations; the impact of technology changes on our products and industry; our failure to develop new and innovative products; our ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect our business; our ability to manage working capital; and our dependence on key personnel. POSaBIT is an early stage company with a short operating history; it may not achieve profitability; and it may not actually achieve its plans, projections, or expectations.

Important factors that could cause actual results to differ materially from POSaBIT’s expectations include consumer sentiment towards POSaBIT’s products, litigation, global economic climate, loss of key employees and consultants, additional funding requirements, changes in laws, technology failures, competition, and failure of counterparties to perform their contractual obligations.

Neither we nor any of our representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this news release. Neither we nor any of our representatives shall have any liability whatsoever, under contract, tort, trust or otherwise resulting from the use of the information in this news release or for omissions from the information in this news release.

Financial Outlook

This press release contains a financial outlook within the meaning of applicable Canadian securities laws. The financial outlook has been prepared by management of the Company to provide an outlook for the Company’s forecasted revenue, gross profit and Adjusted EBITDA for the 12 months ended December 31, 2023 and may not be appropriate for any other purpose. The financial outlook has been prepared based on a number of assumptions including the assumptions discussed under the heading “Forward-Looking Statements” herein. The actual results of the Company’s operations for any period will likely vary from the amounts set forth in these projections and such variations may be material. The Company and its management believe that the financial outlook has been prepared on a reasonable basis. However, because this information is highly subjective and subject to numerous risks, including the risks discussed under the heading “Forward-Looking Statements” herein, it should not be relied on as necessarily indicative of future results.

OLCC New Chair Charts Commission Course Change

by Leave a Comment

“Agency will do better and our partners can help”

OREGON: The recently appointed Chair of the Oregon Liquor and Cannabis Commission (OLCC) made clear the agency will change its ways but will have to work to restore public trust in the agency. Chair Marvin Révoal (Ruh-vol) set the tone for change at the start of the Board of Commissioners regularly scheduled monthly meeting on Thursday, March 16, 2023.

“We have very strong supporters, not only in this room, but throughout the country,” said OLCC Chair Marvin Révoal. “Many of you, and many of them have reached out to us to say that and to offer help. And we’re accepting that help. We understand mistakes have been made, we’re correcting those mistakes, and we’re continuing to move forward.”

The Board also received a progress report on the agency’s new warehouse and office complex planned for Canby, appointed two new agents to run independently operated liquor stores, and took action on rules affecting the cannabis industry. In addition, Commissioners approved several stipulated settlement agreements with alcohol licensees, and discussed the need for training on the roles and responsibilities of the Board and agency staff.

Révoal’s remarks came in the wake of recent disclosures that some agency leaders had set aside rare and hard-to-find liquor for their own purchase. Governor Kotek appointed Révoal as the Chair on February 24, 2023, with a directive to the OLCC’s new leadership to get the agency back on track. The Board had previously appointed Craig Prins as the agency’s interim Executive Director at its monthly meeting on February 15, 2023.

The Board indicated it doesn’t want progress on the agency’s projects to come to a halt. That includes sticking to the agency’s timeline to build a new warehouse for distilled spirits, since the current warehouse – built in the 1950’s – has reached its capacity.

“Stakeholders are very pleased with the fact that the organization is moving forward and staying on track for the warehouse because they understand the business opportunity and the needs,” said Révoal. “They want to support that and support us in every way. We’re on track and our partners are happy about it. They told us that point blank. They see what the future looks like and they agree with our direction.”

The Board learned that OLCC, along with the state’s Department of Administrative Services, has signed a contract with a Construction Manager/General Contractor (CMGC) to oversee the design and build of the warehouse project. The CMGC, JE Dunn Construction, will move the project forward in collaboration with the architect that designed the warehouse-office complex.

In other action, the Board appointed William Minihan to operate the independently owned liquor store in Eugene at 1530 Coburg Road. Another small business owner, Harpreet Sangha, (AJS Investment LLC) was selected by the Board to run the Springfield Gateway liquor store at 812 Beltline Road.

The Board also initiated rule-making to extend the deadline for OLCC marijuana licensees to comply with artificially derived CBN requirements. In addition, Commissioners finalized “batch tagging” rules for marijuana plants that will reduce the number of seed-to-sale tags used to track marijuana in the OLCC [regulated market] cannabis tracking system. The batch tag rules, which will lower costs for producer licensees and medical marijuana growers, take effect beginning January 1, 2024.

To help with the agency’s course correction, individual Commissioners expressed a desire to better understand the difference between Board and staff roles and responsibilities; that could include agency-wide training on: ethical conduct for public officials, public records requirements, as well as overviews on how each agency department operates. The Board plans to review a syllabus of training options at an upcoming meeting.

The Commission also ratified three stipulated settlement agreements for alcohol licensees. Detailed information on the specific cases below can be found on the OLCC website: