Arizona’s adult use sales are up as medical sales fall

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NEW HIGHS

Arizona’s adult use sales are up as medical sales fall

Benzinga reports that Arizona’s adult-use cannabis sales reached a new high in October 2022, with more than USD$85.4 million in estimated sales, $5 million above the $80.4 million from September sales. 

The figures are included in a report from Arizona Department of Revenue (ADOR), which highlights that by contrast, in October 2022, medical cannabis sales at $31.4 million, more than $1 million less than the September sales of $32.5 million. 

The publication also notes that tax revenue collected through October totals $13.6 million from medical sales and $22.5 million from recreational sales. 


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NEW BILL

Minnesota lawmakers approve cannabis legalisation bill with amendments

Marijuana Moment reports that Minnesota lawmakers have approved a cannabis legalisation bill with a series of amendments in a House committee on Wednesday. 

The bill aims to create a regulated and legal marketplace where Minnesotans can grow, sell and buy cannabis. 

Its recent revisions include: 

– The addition of a new license category for businesses that sell “lower-potency edible products”. 

– Reduced regulatory requirements for those licensees, which will permit on-site consumption if they have a liquor license. 

– Inclusion of tribal representatives on a new Cannabis Advisory Council that would be established

– Packaging requirements on cannabis products to warn about consumption by pregnant or breastfeeding women. 


SOLD!

Akerna Corp. announces sale of 365 Cannabis

Akerna’s sale of 365 Cannabis to 365 Holdco LLC closed on January 11, writes Street Insider. Akerna received consideration for 365 with an aggregate value of approximately USD$2.8 million. 

Under the terms of the SPA, as consideration for the sale of all of the outstanding shares of common stock of The NAV People, Inc (dba as 365 Cannabis), Akerna received a cash payment of $500,000. 

The parties agreed to terminate an earn-out payment due and payable to the principals of 365 Holdco LLC with a deemed value of $2,283,806. $100,000 of the cash payment is being held back by 365 Holdco in accordance with the terms of the SPA for post-closing accounts payable adjustments and certain indemnification claims through April 30, 2023.


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