As the marijuana industry continues to expand, a new economic analysis finds that the capital that cannabis businesses are expected to need will translate into upwards of $2.4 billion in revenue for banks from loan interest payments over the next 10 years. The report from CTrust, Whitney Economics and Green Check Verified projects that the […]
Tag: cannabis news
Six U.S. States Report Setting New Monthly Marijuana Sales Records
Officials in at least six states with legal marijuana—Connecticut, Maine, Maryland, Michigan, Missouri and New York—reported hitting their highest-ever monthly sales numbers in August, led by surging summer purchases of adult-use products. Retailers in Michigan sold $294.2 million in legal cannabis last month, according to data from the state’s Cannabis Regulatory Agency. Combined with $1.26 […]
Marijuana Legalization Is A ‘Significant Threat’ To Alcohol Industry Because People Substitute Cannabis For Beer And Wine, Analysis Finds
Financial analysts say they expect the expansion of the marijuana legalization movement will continue to post a “significant threat” to the alcohol industry, citing survey data that suggests more people are using cannabis as a substitute for alcoholic beverages such a beer and wine. A report from Bloomberg Intelligence (BI) projects that slumping sales of […]
U.S. Marijuana Consumers Have Spent More Than $4.1 Billion On Pre-Rolled Joints In The Past Year And A Half, Industry Report Finds
American marijuana consumers have spent more than $4.1 billion on pre-rolled joints over the past year and a half, according to a new industry report, with the products now making up about 15.9 percent of the cannabis market. Among the latest trends in the pre-roll market, it adds, is the continued growth of specialty infused […]
Volkswagen Launches Project To Use Hemp As A Sustainable Leather Alternative For Its Car Interiors
Volkswagen is teaming up with a German hemp company to produce a cannabis-based leather alternative for its vehicles. In the interest of exploring sustainable materials for its cars, Volkwagen announced last week that it will be working with the start-up business Revoltech GmbH to incorporate hemp into its automobile manufacturing, potentially beginning with its 2028 […]
Ohio Retailers Sold $22.5 Million Worth Of Recreational Marijuana In First 11 Days Of Legal Sales
Ohio adult-use marijuana sales reached $22.5 million in the first 11 days since the market launched earlier this month, according to new data from the Division of Cannabis Control (DCC). After selling $11.5 million in recreational marijuana during the first five days of the state’s first hybrid dispensaries opening, the state saw another $10.9 million […]
Most People Who Use Marijuana Obtain It From Licensed Retailers, New Survey Finds
Among cannabis consumers in states with legalization laws, nearly 8 in 10 say they purchase all or most of their marijuana from licensed retailers—seemingly supporting advocates’ arguments that enacting regulated markets can detract from illicit sellers. That’s according to a new poll conducted by the cannabis telehealth platform NuggMD. It found that 77 percent of […]
Illinois Marijuana Retailers Have Already Sold $1 Billion In Legal Products So Far This Year, Governor Announces
Marijuana retailers in Illinois have already sold more than $1 billion in legal cannabis products during 2024, Gov. JB Pritzker (D) announced on Wednesday, noting that the state reached the billion-dollar mark at a faster pace than it did in 2023. The total sales amount includes more than $850 million worth of recreational cannabis and […]
States Have Generated Over $20 Billion In Marijuana Tax Revenue Since First Markets Opened, New Report Finds
States have now generated more than $20 billion in adult-use marijuana tax revenue since the first markets opened a decade ago, according to a new report from a top cannabis reform advocacy group. The Marijuana Policy Project (MPP) also said that in 2023 alone, states collected over $4 billion in recreational cannabis tax revenue—the most […]
New Jersey Set A New Marijuana Sales Record Last Quarter, With Regulators Touting ‘Historical Highs’ On 4/20 Weekend
New Jersey marijuana shops sold a record $201 million worth of product in the first quarter of 2024, regulators say. And the state also reached new “historical highs” in sales over the 4/20 weekend, including more than $5.2 million worth of purchases on the holiday alone. The New Jersey Cannabis Regulatory Commission (CRC) announced on […]