Ohio’s medical marijuana program lags compared to Pennsylvania (GTBIF)
As of the end of July, there were 125,087 registered patients in Ohio’s medical marijuana program or 1.07% of Ohio’s population per 2019 census numbers. As of August 17th, medical marijuana sales have totaled $176.1M in total product sales since April 2019. The most recent historical sales data has medical marijuana product sales totaling $95.9M in mid-July; Ohio likely crossed the $100M milestone sometime in early August.
However, medical marijuana operators complain that the state is constraining market growth, a concern that appears valid when Ohio’s program is compared to Pennsylvania’s. The neighboring states have similarly sized populations with Pennsylvania at 12.8M and Ohio at 11.7M, and their medical marijuana sales began within five months of each other. However, Pennsylvania has almost double the number of registered patients, and the state permits 150 dispensaries. Ohio has only 57 so far.
In 2018, Green Thumb won five retail licenses in Ohio under their Rise retail brand, and in 2019, the company won one processing license and was awarded a cultivation license. Pennsylvania, however, is a near-term priority market – the company entered the state in 2017 and has one manufacturing facility and twelve retail stores there.
Truss cannabis beverage portfolio launches in Canada (HEXO, TAP, CGC, STZ)
Canadian LP Hexo and Molson Coors have launched a new beverage product line under their joint venture Truss Beverages. Their five new drink brands contain both CBD and THC, containing between 2.5 mgs to 10 mgs of THC.
The product descriptions are as follows:
- Little Victory: Vibrant, naturally flavored sparkling beverages to toast to any of life’s little victories (2.5 mgs CBD, 2.5 mgs THC).
- House of Terpenes: A range of sparkling tonics with botanically sourced terpenes that celebrate the flavors of cannabis (5 mgs CBD, five mgs THC).
- Mollo: Crisp with an easy drinking taste (2.5 mgs CBD, 2.5 mgs THC)
- Very vell: A complete lineup of products to support your self-care journey (2.5 mgs CBD, 2.5 mgs THC)
- XMG: Bold and high intensity flavored beverages. (10 mgs THC)
This product lineup is a comprehensive challenge to Canopy Growth’s cannabis beverage portfolio backed by Constellation Brands.
Pennsylvania Gov. Tom Wolf (D) calls for adult-use legalization
Yesterday, Pennsylvania’s Governor called for legalization recreational marijuana to help offset the economic damage incurred by the coronavirus pandemic, primarily to aid small businesses with additional state revenue and address social inequities brought by marijuana criminalization. Gov. Tom Wolf is asking the state’s legislature to approve a recreational marijuana bill that would direct tax revenue to small business grants. It’s unclear whether the bill will gain the support of the Republican-controlled General Assembly, especially with state lawmakers having only 11 session days before the November election.
Per a press release from the Governor’s office:
“The Governor is calling on the legislature to legalize recreational marijuana with the proceeds going to existing small business grant funding. Fifty percent of the funding would be earmarked for historically disadvantaged businesses. Along with the call to the General Assembly to pass legislation legalizing the sale and use of recreational marijuana, the Governor proposes that a portion of the revenue be used to further restorative justice programs that give priority to repairing the harm done to crime victims and communities as a result of marijuana criminalization.
Also, the Governor wants the General Assembly to pursue criminal justice reform policies that restore justice for individuals convicted of marijuana-related offenses.”
