Mainers spend over $250K on marijuana over the first weekend of legal sales
The Maine Office of Marijuana Policy reported that the three-day weekend between October 9th-12th culminated in $258,412 in retail sales through 6,430 transactions. The state collected $25,841 in sales tax. As of last Friday, six retail stores were open. However, there are currently nine dispensaries licensed to sell recreational cannabis. Initial supply limitations led to just the six stores being open. Customer purchase limits were temporarily lowered below the daily limit of 2.5 oz. on flower or 2.5 oz. of marijuana/marijuana concentrate.
The cost of an eighth ran between $55 to $65, double what a medical marijuana patient would typically pay. More than 100 growers are waiting for a final state review to meet the expected demand, lower prices. Currently, the retailers are getting their supply from double-taxed medical plants. Maine’s medical market had $111M in sales last year, with 87,000 holders of medical marijuana cards. Recreational sales began after a four-year delay – a reminder of how long the legalization process can take.
A new poll shows support for marijuana legalization in Montana
According to a Montana State University (MSU) poll, voters appear likely to approve two marijuana legalization initiatives come this November. Analysts at MSU commented, “Right now, 49 percent of respondents overall indicate they will vote to legalize—a 10-point lead over those indicating they will not.” The survey found that 39% of respondents would oppose it, while 10% are still undecided. 70% of Democrats surveyed responded in favor of legalization compared to 27% of Republicans, an unsurprising split. The poll surveyed 1,787 Montanans between September 14th-October 2nd.
There are presently five states with official legalization measures on the November ballot:
• New Jersey: adult-use, (Population: 8.9M)
• Arizona: adult-use, (Population: 7.3M)
• Mississippi: medical-use, (Population: 3.0M)
• Montana: adult-use, (Population: 1.1M)
• South Dakota: adult-use and medical-use, (Population: 0.9M)
Cronos launches new CBD skincare brand with Kristen Bell (CRON)
Cronos Group announced Happy Dance, a new CBD skincare brand, co-founded with actress and New York Times best-selling author Kristen Bell. Happy Dance launches with a trio of high-quality, cruelty-free, and vegan bath and body care products. The new Happy Dance collection features a body butter (200mg of CBD), a coconut melt (22mg of CBD), and a bath bomb (60mg of CBD), all formulated with clean ingredients and high-quality CBD from full-spectrum hemp extract. The products range from $15-$30 and are aimed towards millennial moms.
“We feel fortunate to be working with someone as authentic, caring, and kind as Kristen,” said Kurt Schmidt, President, and Chief Executive Officer, Cronos Group. “We have always been committed to improving people’s lives with breakthrough cannabinoid products, which is why we’re incredibly excited to launch an accessible, purpose-driven brand with Kristen Bell, someone we know consumers trust for her integrity and relatability.”
Celebrity partnerships are significant within the cannabis space to destigmatize the plant and derivative products among all demographics.