PLEASE, CBDON’T
Is legalization a threat to US CBD retailers?
As more states legalize cannabis, CBD retailers are trying to figure out where they fit in, per MJBizDaily.
The details
- Some CBD retailers in newly legal states, like Connecticut’s Franny’s Farmacy, are applying for licenses to sell high-THC products. But she says CBD beauty and pet products are major sellers, and she doesn’t plan to pivot to entirely to high-THC
- While CBD sales tend to dip in stores when high-THC products are legalized, some retailers say the stigma reduction that comes with legalization boosts CBD sales
- Others, like Michigan’s Jerry Millen of The Greenhouse of Walled Lake, say CBD-only businesses will suffer in newly legal states
The 2022 BJBiz Factbook projects adult-use sales to hit $50 billion by 2026. CBD, by comparison, is projected to reach just $7.9 billion by that time.
Enjoy Cannabis Daily each morning at 7 a.m.
THREE’S A CHARM?
Hexo appoints yet another new CEO and CFO
Just days after announcing more layoffs, Quebec-based Hexo has appointed its third CEO in less than 12 months and its sixth CFO since 2019, reports MJBizDaily.
Charlie Bowman, who was the company’s COO and GM of Hexo USA, will replace Scott Cooper as CEO. Julius Ivancsits will take over the CFO role from Curtis Solsvig. Both are awaiting security clearance from Health Canada.
“After resetting operations as acting COO, [Bowman] is well-positioned to guide Hexo towards becoming cash flow positive,” the company said in a statement.
PUT A LIMIT ON IT
JazzPharma supports crackdown on UK CBD businesses
The largest exporter of cannabis in the world, JazzPharma, has expressed support for the Advisory Council on the Misuse of Drugs’ controversial recommendation to limit THC to 50- micrograms in CBD in a written statement submitted to last week’s Home Affairs Committee inquiry into drugs, per BusinessCann.
The committee is currently examining the efficacy of the current legal framework for cannabidiol.
“We welcome the ACMD’s recent recommendations on appropriate levels of controlled substances (∆9-THC, THCV and CBN and the cannabinoid ∆9-THCA-A) within consumer products and hope this will ultimately result in more decisive action by the Home Office and other bodies such as the Food Standards Agency (FSA) to protect consumers from illegal, and potentially harmful, levels of controlled substances,” they wrote in the statement.
FROM THE PERSONNEL FILE
Business of Cannabis co-founder Jay Rosenthal is moving on
BofC’s Managing Director Jay Rosenthal announced on LinkedIn that as of May 13, he’s leaving the company he co-founded alongside Blaine Pearson and Reva Seth to pursue a new opportunity with Bend, Oregon-based cannabis tech giant Dutchie.
In the post, Rosenthal shared the “gut-wrenching failures and life-affirming wins” he and his team experienced in the early years, all the way back in 2017.
“And now, Business of Cannabis—with a strong US game plan, the most compelling and soon-to-be largest newsletter in the worldwide cannabis industry— it is time to move on,” he wrote. “Business of Cannabis is in capable hands and has a bright future. You may see some changes — but they are all in an effort to strengthen the position of the Business of Cannabis brand and reputation.”
