Someone needs to go check on California. Legal cannabis sales in California fell 8 percent last year when compared to 2021. This marks the first-ever drop in cannabis revenue since retail began in 2018. Between tanks in wholesale prices, licensing delays, and stiff competition from the unregulated market, this drop may not come as a surprise, but it certainly highlights a bigger issue for the industry.
The WeedTube welcomes a new leader. The social media platform for cannabis has announced that Maggie Adair will be taking over the role of CEO. Former CEO and co-founder Arend Richard will remain an owner while pursuing the launch of Cirrus Social Club, a consumption lounge in Colorado set to open this summer.
Baby steps for Alaska, finally. The court system is set to remove about 750 cannabis convictions from the state’s online database on May 1st. While the records will still be available to inspect at courthouses or for formal background checks, they won’t be easily accessible for the general public. This comes after years of unsuccessful attempts at passing similar legislation and nearly a decade after the state legalized recreational cannabis.
Bigger steps for Colorado, though. A bill that proposes overhauling the state’s social equity program has moved forward in the state legislature. House Bill 23-1020 would add new features to the social equity program, including preferential cannabis delivery opportunities and amendments to the social equity licensing requirements. We’re hoping good things come out of this, especially since Colorado has a pretty bad track record for promoting equity within the industry.
Dude, you can’t do that. Cannabis regulators in Michigan have suspended the medical and adult-use licenses associated with TAS Asset Holdings after discovering their products were mixed with unregulated cannabis before hitting the shelf. The “Fwaygo Extracts” products were produced in November of last year and contain a banned chemical, Bifenthrin. Video surveillance showed that the product used to make the vape cartridges was different from what was recorded in Metrc and had passed safety tests.