Cannabis Businesses That Are New to The Market
Despite the vaping crisis, the cannabis industry is still going strong. To summarize, several states are showing strong annual growth in recreational cannabis sales. Furthermore, we’re seeing the cannabis industry continue to expand right in front of us. Next, we will review a few of the newly created cannabis ventures new to the US market.
New West Genetics is focused on bringing stable genetics to the hemp business. President and CEO Wendy Mosher spoke with New Cannabis Ventures about the company’s experienced team, its research and development efforts and how she sees the competitive landscape for hemp genetics.
Genomic knowledge in the hemp industry is 100 years behind a crop like corn, and the industry desperately needs stable genetics, according to Mosher. New West Genetics is focused on creating and licensing stable, proprietary seeds. Creating those stable seeds takes years. The company began in 2014, and its first stable seed was certified in 2017. The company’s seeds are certified by the Association of Official Seed Certifying Agencies (AOSCA)via New Cannabis Ventures
Nevada’s first cannabis tasting room is opening this weekend, giving the venue a head start on a sector that won’t be widely available for two years.via MJ Biz Daily
The Las Vegas Pauite Tribe will open the establishment Saturday at the NuWu Cannabis Marketplace, which is located on tribal land about two blocks from downtown Las Vegas.
Other cannabis businesses are doubling down on their operations to prepare for future growth. Curaleaf executive Chairman Boris Jordan purchased more shares of Curaleaf, which drove stock prices forward.
Yesterday, it was announced that Executive Chairman Boris Jordan has recently acquired $821,000 USD worth of stock, valued at a price of $8.21 USD. Jordan, who is worth $1.1 billion according to Forbes, has several investments in European and Russian-based companies through his private equity firm Sputnik Group, but in Curaleaf, Jordan has now increased his holding size by 0.7%. While that’s not a large number, it’s still enough to make Curaleaf Holdings shareholders happy. And, as previously mentioned, it’s not Boris Jordan’s first acquisition of Curaleaf. Earlier in 2019, Boris Jordan paid $9.72 CAD per share in an $18 million CAD purchase.via Pot Stock News
In addition, states like Illinois will be joining the legal cannabis industry in 2020 and will drive nationwide growth. We’re looking forward to seeing what happens next.
Each of the state’s 55 medical-marijuana dispensaries can apply for an early-approval license to sell recreational marijuana at their current sites when it becomes legal Jan. 1. Those 55 medical-cannabis dispensaries are also permitted to apply for early-approval licenses to operate a second site within a defined region.via The News gazette
There is also a restaurant venture that is new to the cannabis scene. The cannabis restaurant Lowell Farms will be serving up growth in the legal marijuana industry.
Lowell Farms opened its doors earlier this month in West Hollywood, Calf., and it’s the first restaurant with a lounge licensed for cannabis use. Customers will be able to eat food and consume pot at the same establishment. That doesn’t mean the restaurant will be able to make and serve cannabis food. Instead, cannabis edibles will be permitted only if they are “produced by an outside source.”via Motley Fool
One of the other restrictions the restaurant will face is not being able to sell alcohol to diners. It’s a small price to pay to let them consume cannabis, since pot lounges remain a rarity in the industry. Las Vegas is among the cities looking at permitting such lounges, but that could be years away because there’s still a lot of opposition to it.
Lastly, New Jersey is on the brink of approving its legal cannabis industry. The November 2019 ballot will most certainly identify where the Garden State stands on legal marijuana.
More than 200 insiders and people interested in getting a start in New Jersey’s growing cannabis industry gathered to talk about expanding medical marijuana programs, trends in CBD and hemp — and if lawmakers will vote to legalize marijuana later this year.via nj.com
NJ Cannabis Insider’s Live fall event took place at the New Jersey Convention and Exposition Center in Edison Wednesday.
The legal cannabis industry is going strong despite the vaping crisis. The next two business quarters will provide a strong indication of where the market is headed. We’ll stay tuned.