CORRECTION NOT CONCERN
Apparent sales growth declines aren’t cause for concern: Headset
Year over year cannabis sales growth has softened in states like Colorado, Oregon, Washington and more in recent months, according to Headset’s latest report. But that’s likely a sign of a correction rather than a cause for concern, as cannabis sales are returning to pre-pandemic levels.
In Colorado:
- Average monthly sales have decreased year over year by 11.3% since June of 2021
- From February to July of 2020, the state saw dramatic total sales growth—an increase of 63%
- From March 2020 to March 2021, average monthly year over year sales increased 25.8%
“While it seems that sales are currently declining in legacy US markets, compared to June 2019 (pre-COVID) we see that sales in these markets have grown,” Headset writes.
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RETAIL READY
New York to start receiving retail licences on Aug. 25
Retail licence applications for New York’s estimated $1 billion adult-use cannabis market will be accepted by the state’s Office of Cannabis Management starting Aug. 25, per Spectrum Local News.
Applicants—who have to meet the state’s social equity criteria to be eligible—have one month after that to get their licences in.
“Today’s announcement brings us to the precipice of legal, licensed cannabis sales in New York State,” said Cannabis Control Board Chair Tremaine Wright. “With the Seeding Opportunity Initiative, New York has affirmed our commitment to making sure the first sales are conducted by those harmed by prohibition. We’re writing a new playbook for what an equitable launch of a cannabis industry looks like, and hope future states follow our lead.”
EQUITY BILL
Massachusetts’ diversity-focused cannabis bill signed into law
Gov. Charlie Baker of Massachusetts signed Senate Bill 3096 in law, per Benzinga.
The bill aims to improve diversity within the state’s cannabis workforce by:
- Putting 15% of the Marijuana Regulation Fund, which funded by excise taxes and business fees, toward the new Social Equity Trust Fund
- The Social Equity Trust Fund will give grants to eligible entrepreneurs
- Allow cities to approve cannabis consumption lounges
- Cannabis companies will also now be taxed the same way as other businesses, rather than be denied federal tax deductions as they were previously
“This law will rebalance the playing field, where so far wealthy corporations have been able buy their way through the licensing process and too many local, small business owners and Black and brown entrepreneurs have been locked out,” said Sen. Sonia Chang-DĂaz, the co-chair of the state legislature’s Cannabis Policy Committee.
