New Mexico’s cannabis program
New Mexico’s medical cannabis program sales grew 57% in 2020 to $203M. According to the New Mexico Department of Health, patient enrollment increased 30% to 104,655, representing 5% of the population. The 34 providers in the state sold a total of 31,434 pounds of medical cannabis flower, up 43% from 2019. A gram price remained relatively stable during the year at $10.23 compared to $10.40 in 2019. New Mexico’s cannabis sector has been challenged by a low cap on the number of plants providers may cultivate and a cap on how much patients may purchase. New Mexico has a cap of 1,750 plants per producer, while Arizona does not have a cap. New Mexico also limits patients to purchase up to 8 ounces in a 90 day period. Arizona has a 15-ounce limit, while Oklahoma’s limit is 270 ounces. Voters in Arizona approved adult-use, which is encouraging New Mexico legislators to consider the same.
TLRY DISTRIBUTION AGREEMENT
Today, TLRY announced it had established an agreement with Grow Pharma to import and distribute Tilray’s medical cannabis products into the United Kingdom (UK). This agreement allows Tilray to provide authorized UK patients in need with a locally maintained supply of medical cannabis solutions. Tilray expects to have a range of GMP-certified medical cannabis products available for patients in the UK by March 2021. CEO Brendan Kennedy said, “This partnership with Grow Pharma provides patients in need access to a sustained supply of GMP-certified, high-quality medical cannabis and is an important step in improving access in the UK. Tilray will continue to advocate for reasonable patient access to medical cannabis in Europe and countries around the world.” Pierre van Weperen, Chief Executive Officer of Grow Pharma, said, “We’re proud to join forces with Tilray and provide patients in need with a secure and sustainable supply of the highest-quality medical cannabis products in the UK.”
NATIONAL CANNABIS ROUNDTABLE
Kathleen Sebelius (two-term Democrat Governor of Kansas) is the new co-chair of the National Cannabis Roundtable. Effective today, Sebelius joins former House Speaker John Boehner, a (Republican) and Acreage Board Member, as the board of directors now has a bipartisan feel at a critical juncture of heightened optimism that federal marijuana restrictions could be loosened. The National Cannabis Roundtable’s members include Trulieve, Cresco Labs, and CannaCraft, as well as the Greenspoon Marder law firm and Pura Vida Investments. A new national advocacy group, the U.S. Cannabis Council, was announced on Monday (first reported by POLITICO.) That coalition includes some Curaleaf and Canopy Growth Corp. The industry is not doing itself by dividing its lobbying efforts across multiple groups.
