GARDEN STATE INDEED
New Jersey’s adult-use market could exceed $2 billion by 2025
With adult-use sales scheduled to launch within weeks, MJBizDaily took a deep dive into the state to project sales from 2022 to 2026. Sales could rival those of New York, with projections between $320 million to $775 million for 2022, and could be as high as $2.4 billion by 2026.
The breakdown
- Population: 8.9 million
- Median age: 40.2
- Median household income: $87,751
Another important factor: Supply. Nearly every new market experiences a cannabis shortage after launching, and New Jersey could be no different. So far, just five applications by cannabis companies have been reviewed to supply the state. “We could have only five operators trying to meet the initial demand of the entire state,” said Rob DiPisa, co-chair of the cannabis law practice at Cole Schotz in New Jersey. “It’s almost naive to think we aren’t going to run into some issues.”
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PRISON GROW
Prison-turned-cannabis facility underscores need for reform
A former prison in California has been transformed into a cannabis cultivation facility by music manager Dan Dalton and his sister Casey, reports NBC News.
The duo bought the site for $4.1 million. Their cannabis company, Evidence, grows cannabis in a garden where inmates once grew vegetables. Edibles and pre-rolls are manufactured in the former mess hall.
Dalton, who manages Damian Marley, said the site is a strong reminder of the need for social justice reform. “We’re moving thousands of pounds of flower now, and I’m going to go home to my family tonight,” he said. “You know … there are people sitting in jail cells right now for personal possession of flower. And the hypocrisy makes no sense to me.”
WEED THE NORTH
Canada shows signs of chilling out
Slowly but surely, Canada’s tightly restricted adult-use cannabis industry is showing promising signs of loosening:
- Ontario, the largest provincial market for Canadian cannabis, has made delivery and curbside pick-up permanent starting March 15 (Global News)
- And now that online cannabis ordering has shifted from provincial control to private retail, five stores in Alberta have thus far been approved by the AGLC to do home delivery (CityNews)
- And the federal regulators are [finally!] looking at the nonsensical purchase limits on cannabis-infused drinks, which are currently measured by volume rather than THC (CP24)
KICK ‘EM OUT
Oxford co-founder goes public on why board should be replaced
The co-founder of UK-based Oxford Cannabinoid Technologies, who stepped down in November after breaching market rules, has now gone public in a letter detailing why he wants a general meeting and a vote on replacing the current board, reports BusinessCann.
In an effort to salvage the company’s share price, which has dropped 30% since the general meeting was called and risks losing its spot on the LSE, Gavin Sathianathan wrote that he would like the eight-person board to be completely replaced with three positions.
“Of these eight board directors, one breached lock-in arrangements while in the position of executive chairman, one lacks any relevant credentials or interest in the role, and two have ‘Big Tobacco’ experience,” he elaborated. “OCTP’s disappointing performance since IPO is, in no small part, attributable to this weak board structure.”
