Cannabis News

Cannabis Weekly Round-Up: Connecticut Won’t See Adult Stores This Year

SmartNews
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Catch up on the latest cannabis news items for investors this past week.

Connecticut may have to wait until the new year to see adult-use cannabis shops open, according to a new report.

Also this past week, new figures for recreational cannabis sales in Canada continue to showed growth year-over-year in the largest three markets in the space.

Keep reading to find out more cannabis highlights from the past five days.


Connecticut may be headed to open adult stores in 2023

“The state had targeted the end of this year for retail stores to open but that timeline now seems unrealistic,” a report from CT insider noted this past week.

The issue seems to relate to the policy from the state of needing at least 250,000 square feet of grow and manufacturing space before opening the new stores.

According to the state Department of Consumer Protection three producers — Advanced Grow Labs, Connecticut Pharmaceutical Solutions, and Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) — reached the requirements needed to add adult growing capacity to their facilities.

In addition to these operators, the state regulators confirmed seven additional medical cannabis dispensaries are now in the process of receiving recreational licenses.

New adult-sales cannabis numbers in Canada

Sales of cannabis in Canada reached C$389.9 million between August and September, representing a 12.2 percent increase on a year-over-year basis.

The new data provided by Statistics Canada indicated sales increases in the three biggest provincial markets in Canada: Ontario, Alberta and British Columbia.

As the leading cannabis market for the nation, Ontario brought in C$155.5 million in September, while Alberta and BC secured C$68.7 million and C$59.4 million, respectively.

Cannabis company news

  • Pure Sunfarms, a subsidiary of Village Farms International (NASDAQ:VFF), introduced a new CBD-focused product line into the Canadian market.
  • The Société québécoise du cannabis (SQDC), the agency in charge of the cannabis market in Quebec, reported income of C$22.3 million for its reporting period that ended on September 10.
  • The Valens Company (NASDAQ:VLNS,TSX:VLNS)informed shareholders two independent proxy advisors recommended that shareholders approve the proposed acquisition deal with SNDL (NASDAQ:SNDL).
  • High Tide (NASDAQ:HITI,TSXV:HITI)shared a report from New Cannabis Ventures, a research firm with analytics insights into the industry, indicating the company is now a leading revenue generating cannabis company in Canada. “Our continued focus on operational execution is something that I believe can set us up to be amongst the highest revenue-generating companies in all of cannabis,” Raj Grover, president and CEO of High Tide, said.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

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