CANNA-THIRSTY
Jones Soda and Monster want to ride the cannabis drinks wave
Cannabis drinks were one of the fastest-growing cannabis categories last year, according to Headset, selling more than $64 million in California alone, reports Forbes. So it’s not surprising that two drinks giants, Jones Soda and Monster, are making moves into the space.
- Seattle-based Jones Soda raised $11 million and scooped up a Canadian shell company with plans to develop cannabis drinks, reports MJBizDaily
- And rumour has it energy drinks makers Monster Beverage Corp. could be making a deal with Constellation Brands, the company already heavily invested in Canopy Growth, reports Market Realist
The takeaway
While there are already plenty of cannabis drinks options in California, many brands are available within just one state—creating an opportunity for emerging brands to make an impact in less mature markets.
Enjoy Cannabis Daily each morning at 7 a.m.
NO NM LIMITS
‘There’s no limit’ on cannabis sales licenses in New Mexico
More than 100 applications have already been filed in New Mexico to transform medical cannabis stores, tobacco shops and even a strip club into adult-use cannabis stores, reports KRQE. Unlike some states, there’s no limit to the number of retail licenses available.
The details:
- Applications were filed in early December, and licensed stores can open for sales starting April 1, 2022
- Each municipality has its own requirements. In Albuquerque, stores can’t be within 300 ft. of a school or daycare, and stores have to be a minimum of 600 ft. from each other
- In Albuquerque alone, with a population of nearly 600,000 within the city, there are already 80 licenses under consideration
- Earlier applicants will get first dibs on locations so long as they meet other requirements
“There’s no limit to the amount of licenses that can be issued as long as they’re able to meet the law in the Cannabis Regulation Act and the rules and requirements set forth by the Division and the Department,” said Victor Reyes, deputy superintendent of the Regulation & Licensing Department.
TO THE HOUSE
MCBA’s Amber Littlejohn is headed to the US House of Representatives
Amber Littlejohn, the executive director of the Minority Cannabis Business Association and a guest speaker at Business of Cannabis: New York Sessions coming up on March 10, will testify before the United States House of Representatives Subcommittee on Consumer Protection and Financial Institutions, according to a press release.
At a virtual hearing titled Small Businesses, Big Impact: Ensuring Small and Minority-Owned Businesses Share in the Economic Recovery, Littlejohn will share the challenges and ongoing barriers minority-owned cannabis businesses face in the industry, such as the effects of federal prohibition and the lack of access to federal relief programs.
“Small businesses are the backbone of our country and they require full access to government resources to help sustain the local and federal economy,” said LIttlejohn in a statement. The event will take place on Feb. 17 at 2 p.m. Find out more at minoritycannabis.org.
INTE-GREAT?
IM Cannabis shifts away from M&A toward integration
International powerhouse IM Cannabis, which operates in Israel, Canada and Germany, is slowing down on its recent M&A spree to focus on tightening and integrating its new acquisitions into a cohesive team geared for growth, reports BusinessCann.
“We’ve done acquisitions, but now we need to integrate them and make sure that we are growing organically, said CEO Oren Shuster. “To grow only by M&A, it’s very easy. But M&A is fundamental for organic growth because this is the added value that M&A brings.
Revenues have grown by almost 150% in the past year, but the stock price has dropped from $9.40 to $2 since launching on the Nasdaq in March 2021. Schuster is unfazed: “For IMC it’s about the long term and building infrastructure. That’s markets, they go up and they go down and we don’t have any control over that.”
