SOCIAL EQUITY APPLICANT
First cannabis retail store owned by a victim of the war on drugs to open in New York
The new dispensary, which like the first currently operating one will also be located in Manhattan, is scheduled to open for a soft launch on Tuesday, writes Marijuana Moment.
The publication notes that Smacked LLC will be owned and operated by Roland Conner, and will run on a “pop-up” basis through February 20 in order to give the business training opportunity and additional resources through the state’s Social Equity Cannabis Investment Fund ahead of a formal opening.
Connor told Marijuana Moment: “I am so excited to become a part of history as the first individual to open a legal cannabis dispensary in New York City. Given my experience with cannabis, I never could have imagined that I would be opening a store like this.”
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ADULT USE IN CONNECTICUT
Connecticut sees $2 million sales in first week of adult-use cannabis retail
MJ Biz Daily reports that, based on state data, dispensaries likely eclipsing USD$2 million in sales during the first week of recreational cannabis retail in Connecticut.
The publication notes this has been driven by strong consumer demand, limited product availability and the debut of gummies, with Connecticut’s Department of Consumer Protection reporting that adult-use sales surpassed $251,000 in the first seven hours of business.
It also highlights that recreational sales are expected to reach $300 million to $375 million and will increase to $650 million-$800 million by 2026.
EU STOCK REVIEW
Celadon shares jump after regulatory win, IM Cannabis closes private placement, & more from SEED
BusinsessCann brings you the latest roundup of European stocks.
The publication reports that IM Cannabis saw its stock price jump by nearly 10% this week after it announced the receipt of US$500k in funding in a private placement led by two company insiders.
Additionally, Celadon Pharmaceuticals announced it has now received Good Manufacturing Practice (GMP) approval from the Medicines and Healthcare products Regulatory Agency (MHRA) for the manufacturing of cannabis Active Pharmaceutical Ingredients (APIs) – marking a major step forward towards commercialisation for the company.
Further, SEED Innovations also saw a 10% share price increase this week, following an announcement from its investee company, Little Green Pharma, that it had achieved ‘record’ quarterly results, however, BusinessCann states that it is not clear whether this news alone was responsible for its share increase.