Arizona Medical Cannabis News
The failure of a key marijuana bill in Arizona’s Legislature has triggered an angry round of the blame game by social equity advocates, who charge that more established companies torpedoed the bill because they want to keep the state’s cannabis market to themselves.
Cannabis growers are confronting the same issue that threatens to upend the wine industry and other agricultural-based businesses – shifting weather patterns and climate change.
Those shifts are forcing cannabis growers to rethink how to cultivate their plants.
U.S. and Canadian marijuana retailers are discounting their products more and more, forgoing billions of dollars in revenue since the launch of adult-use markets in recent years.
Most of the largest U.S. marijuana multistate operators experienced revenue declines in the first quarter of 2022 versus the previous three months, reflecting seasonal factors, declining cannabis prices and inflationary pressures that could be curbing consumer spending.
Item 9 Labs Corp., an Arizona-based company that invests in marijuana-related businesses, signed an agreement to acquire Wild Card Cannabis, which includes Sessions Cannabis, one of the largest franchise MJ companies in Canada.
Marijuana multistate operator MedMen Enterprises said it prevailed in a $60 million breach-of-contract lawsuit involving its 2018 purchase of a vertically integrated medical cannabis operation in Arizona.
The cannabis industry hit a possible milestone in March when Bright Green Corp., a Florida company with “conditional” approval from the U.S. Drug Enforcement Administration to grow marijuana for research purposes, applied to list on the Nasdaq stock exchange.
But the move also highlights the lofty – some say unrealistic – financial ambitions of such companies.
