NEWS BRIEF

Acreage pulls out of Iowa medical marijuana market

(This story has been updated with a comment from Acreage Holdings.)

Marijuana multistate operator Acreage Holdings relinquished its medical cannabis manufacturing license in Iowa, two months after halting operations at the facility.

The move is a hit to the small, heavily regulated market, which now has only one medical marijuana manufacturer, MedPharm in Des Moines.

The withdrawal from the market of Acreage’s Iowa Relief is a “big blow” to the program, MedPharm General Manager Lucas Nelson told The Gazette in Cedar Rapids. “We can’t quite seem to get our footing in this program.”

Howard Schacter, Acreage’s vice president of communications, told Marijuana Business Daily that the decision to pull out of Iowa “is in keeping with our recent announcement that our focus going forward will be on those markets with the greatest potential for growth.”

The New York-based MSO has embarked on a series of cost-cutting moves and asset sales as it refocuses on its most profitable markets amid a recession and coronavirus crisis.

Iowa lawmakers recently passed a medical cannabis bill that would increase the THC cap, which could bolster the roughly $5 million-a-year market.

State officials still are determining the timetable to take applications for another medical marijuana cultivator/manufacturer, according to The Gazette.

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One comment on “Acreage pulls out of Iowa medical marijuana market
  1. Alex Grunhovd on

    Iowa needs to get ahead of the times and end these old laws. Locking someone in a cage for consuming a PLANT that makes them feel good is CRIMINAL. This state is falling behind and losing out on saving people lives, adding jobs, oh and bonus, getting tax revenue for the state! People don’t even realize that the Federal Government filed for and received patents proving the medicinal benefits of cannabis over 20 years ago, but still keep it as a schedule 1 drug meaning no medicinal benefits. Shocking that they’d lie right? They’ve made billions keeping these laws in place, people locked up in ‘for profit’ prisons, and helping out their big pharma buddies get rich along the way. Years ago the feds approved production for a lab created pill that was supposed to mimic the THC cannabinoid, but if you grow it out of the ground in a plant it’s somehow illegal? It’s time for change. Wake up. Hundreds of thousands of people die from alcohol and tobacco every year. What are we even doing?

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