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Cannabis Briefs for April 11, 2023

April 11, 2023

•Denver, Colorado-based Charlotte’s Web formed a joint venture with a subsidiary of British American Tobacco and AJNA BioSciences. The partnership was established to pursue FDA approval for a novel hemp drug to target an undisclosed neurological condition. Charlotte’s Web and AJNA each own 40% of the venture, with BAT buying in with $10 million for the remaining 20%. Separately, Charlotte’s Web appointed Andrew Shafer as CMO; he joins from Verizon where he was executive director and head of brand marketing.

•Recreational cannabis sales climbed by more than $20 million in Missouri’s second month. The state’s market came online on January 23 and sold $71.7 million of recreational product in its first month through February 23. In the following 30-day period ending March 23, $93.5 million worth of cannabis was sold, along with $32.7 million in medical sales. The strong launch puts Missouri on track to sell $1 billion of cannabis by the end of 2023, an impressive milestone to achieve in its inaugural year. Missouri voters approved recreational legalization last November and the market’s quick launch has already created approximately 14,000 jobs in the state.

•Clackamas, Oregon-based Wyld, a top edibles producer, is launching a new sativa blood orange gummy. In addition to THC, this flavor will contain CBC, another cannabinoid that is present in the plant during the early stages of its maturation. It’s believed to cause mood boosting and euphoric effects and will be included in the gummy in a 1:1 ratio with the THC. Blood Orange joins 10 other flavors in Wyld’s lineup, including elderberry, huckleberry, and marionberry, among others. It will be available in the U.S. and Canada this spring. Wyld was founded in 2016 and is certified climate neutral.

•New Mexico’s recreational cannabis market surpassed $300 million in sales in its first year, according to the latest data from the state’s Cannabis Control Division. New Mexico launched recreational sales in April 2022, leading off that month with $22.4 million. That figure has trended upward, culminating in a new record last month of $32.4 million. Medical sales have trended downward slightly, from around $17 million last April to around $15 million in March 2023. The state has issued roughly 2,000 cannabis licenses of various types, according to the governor’s office, including 351 producers and 633 retailers, which logged 6.7 million recreational transactions over the past year.

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Tagged : AJNA BioSciences, British American Tobacco, cannabis, Charlotte’s Web, missouri sales, New Mexico sales, Wyld

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