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U.S. Cannabis Market Soars Amid Legal Reforms, But Safety Concerns Persist
FinancialBuzz.com News Commentary
The cannabis market in the United States has experienced significant growth in recent years, driven largely by an increasingly favorable legal environment. Since Colorado and Washington first legalized recreational marijuana in 2012, numerous states have followed suit, with 23 states and the District of Columbia now allowing adult-use cannabis as of 2023. This trend has fueled a burgeoning industry, with legal cannabis sales reaching $24 billion in 2021, a sharp increase from the $8.5 billion reported in 2017. Analysts project that the U.S. cannabis market could surpass $45 billion by 2025, supported by ongoing state-level legalizations and potential federal reforms. This rapid growth highlights the expanding acceptance of cannabis and its economic potential, with more states considering legalization to boost tax revenues and create jobs. Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO), Abbott Laboratories (NYSE: ABT), Tilray Brands, Inc. (NASDAQ: TLRY), Canopy Growth Corporation (NASDAQ: CGC), Cronos Group Inc. (NASDAQ: CRON)
Despite the market's promising outlook, concerns about cannabis use, particularly regarding public safety, persist. One significant issue is the impact of cannabis on driving abilities. Research indicates that marijuana can impair motor skills, reaction times, and judgment, raising the risk of traffic accidents. This concern underscores the importance of developing and deploying marijuana breathalyzers. These devices, similar to alcohol breathalyzers, detect the presence of tetrahydrocannabinol (THC), the psychoactive component in cannabis, by measuring the amount of THC in a user's breath. By providing law enforcement and employers with a tool to assess recent cannabis use accurately, these breathalyzers can help prevent accidents and encourage more responsible consumption. Ensuring that drivers are not under the influence of cannabis is critical for maintaining road safety and reducing the potential negative impacts associated with increased cannabis availability.
Cannabix Technologies Inc. (OTC: BLOZF) (CSE: BLO) just announced breaking news reports that, "early testing by Omega Laboratories Inc ("Omega Laboratories" or "Omega") with the Company's marijuana breathalyzer technology have garnered positive results. Omega has commenced pre-validation scoping work to establish limits of detection (LOD) and limits of quantification (LOQ) as well as the cutoff level for the detection of delta-9 THC (primary psychoactive ingredient in cannabis) in breath. Recently, Cannabix entered into a strategic partnership and development agreement with Omega Laboratories to advance the development and commercialization of the Cannabix marijuana breathalyzer technology. Omega Laboratories is an international industry leader in forensic drugs of abuse testing with multiple international certifications and accreditations.
Highlights:
- Omega scientists have established a delta-9 THC calibration curve with samples obtained from the Cannabix Breath Collection Unit (BCU) for the purposes of quantification using Omega's preexisting and well-established extraction and detection processes.
- Thus far, Omega scientists have been able to detect and quantify delta-9 THC in the low picogram range – a level of detection low enough for detecting drug compounds in breath.
- Omega scientists have consistently detected and quantified delta-9 THC from breath samples collected from subjects utilizing the Cannabix BCU.
- Omega scientists have developed a test method for a breath sample that successfully detects and differentiates between delta-9 THC, delta-8 THC, CBN and CBD. Cannabix and Omega have begun working together on multiple fronts including hardware refinement, marketing and preparing numerous validation studies.
Omega Laboratories is headquartered in Ohio, USA in a state-of-the-art facility providing drugs of abuse testing to over 6,000 clients worldwide, including several Fortune 500 companies, police, highway patrol, court systems, military organizations, and school systems. Omega also has one of the largest Third-Party Administrator (TPA) client lists in America.
Rav Mlait, CEO of Cannabix stated, "We are off to a terrific start alongside Omega Laboratories. We are working together to help provide a comprehensive marijuana breath testing solution for employers, law enforcement and others. Public policy in the United States towards cannabis is garnering additional attention as we move closer to the U.S. presidential election later this year where cannabis legalization could become a hot topic. Recently the DEA proposed rules to reclassify cannabis from a schedule I to a schedule III substance, further bolstering our expectation that the demand for marijuana drug testing will continue to increase."
About Omega Laboratories, Inc.
Omega Laboratories, headquartered in Mogadore, Ohio with additional state-of-the-art facilities in Ontario and British Columbia, Canada provides laboratory-based advanced testing solutions to over 6,000 clients worldwide. Omega Laboratories has over 24 years of experience in pioneering innovative drug testing methodologies, specializing in the detection of drugs of abuse utilizing Hair, Oral Fluid and Urine. Omega continues to innovate with the launch of their Technical Solutions portfolio that incorporates a paperless online Custody & Control Form system (oCCF) in eight languages, licensure of a Laboratory Information Management System (LIMS) designed specifically for Toxicology and powers new laboratories in countries that have demand for local service providers."
Abbott Laboratories (NYSE: ABT) unveiled its roadside drug-screening device, SoToxa™ Mobile Test System, back in 2019. SoToxa is a handheld device for law enforcement that uses an oral fluid swab – inserted into the handheld analyzer – that alerts police within five minutes whether a driver has recently used marijuana or other drugs. Because it collects only a small amount of oral fluid, the device is easier to administer than blood or urine tests, making it significantly easier for law enforcement to conduct the tests at the roadside, or in a police cruiser. SoToxa is able to test for the presence of THC (the psychoactive component in marijuana), cocaine, opioids, amphetamine, methamphetamine, and benzodiazepines.
Tilray Brands, Inc. (NASDAQ: TLRY) announced this week that its Good Supply cannabis brand has released its updated lineup of flavourful 1G 510 vapes with phenomenal potency featuring a wide selection of the best flavours to choose from for 710 and beyond. Good Supply is committed to promoting sustainability and an eco-conscious approach with its latest vape and product offerings. Emphasizing its "Green You Can Feel Good About" mantra, Good Supply's biodegradable vape mouthpieces and hemp tube containers not only provide reliable and potent products, but also have a positive impact on the planet. By mindfully composting them in organic processing or landfill facilities, you can confidently contribute to a greener planet.
Canopy Growth Corporation (NASDAQ: CGC) announced earlier this year the introduction of five new pre-roll products across the Company's adult-use cannabis portfolio from brands 7ACRES and Hiway. "Forging ahead with our commitment to innovation, we're excited to offer new pre-roll offerings that meet consumers across a range of occasions and price points," said Dave Paterson, President, Canada, Canopy Growth. "With convenience and enjoyment in mind, our new 7ACRES Smooth Burners offer a high-quality pre-roll with a unique filter design enabling a smooth and slow session, while our new Hiway Water Hash Infused pre-rolls provide consumers a premium experience in a value package."
Cronos Group Inc. (NASDAQ: CRON) reported last month that its Spinach® brand is expanding its portfolio of award-winning and best-selling cannabis products just in time for the summer months. Summer innovations feature new flavors and formats from Cronos' SOURZ by Spinach® edibles and a premier milled flower product. The new SOURZ by Spinach® Fully Blasted gummies offer the same great-tasting SOURZ by Spinach® flavors, now with 10 mg of THC per piece. The SOURZ by Spinach® Tropical Party Pack introduces new gummies with bolder tropical flavors, in the distinctive Spinach® "S" shape. These gummies have a perfect blend of sour and sweet and utilize Cronos' proprietary flavor-masking technology. Additionally, the Spinach® brand will introduce Spinach Grindz™, milled flower options designed to be ready to use for joints or vaporizers. Ready-to-use milled flower offerings have grown in popularity in the Canadian cannabis market, appealing to value-conscious consumers seeking convenience. Spinach Grindz™ caters to this growing demand by providing high-quality, milled cannabis that saves time and effort, allowing consumers to enjoy a consistent and hassle-free cannabis experience.
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Trulieve Announces Opening of Affiliated Medical Marijuana Dispensary in Wilkes-Barre, Pennsylvania
New dispensary expands patient access to medical marijuana with ribbon cutting and pop-up event
Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing marijuana company in the U.S., today announced the opening of a new Trulieve-affiliated medical marijuana dispensary in Wilkes-Barre, Pennsylvania .
The new affiliated dispensary, located at 1000 Wilkes Barre Township Boulevard, will host a grand opening celebration starting at 9 a.m. on Friday, July 12th , with a ribbon cutting, partner giveaways, special discounts and more.
"We are proud to expand access to medical marijuana in Pennsylvania with this new affiliated dispensary," said Trulieve's Chief Executive Officer Kim Rivers . "This location offers greater convenience to patients in Wilkes-Barre and Luzerne County looking for their favorite Trulieve branded products and our world-class customer service."
Additional Trulieve-affiliated dispensaries in Pennsylvania communities include Camp Hill , Coatesville , Cranberry Township , Devon , Harrisburg , Johnstown , King of Prussia , Limerick , Philadelphia , Philadelphia Charter City, Philadelphia Washington Square, Pittsburgh , Pittsburgh North Shore, Reading (on Lancaster ), Reading (on 5th St. Hwy), Scranton , Washington, Whitehall , York and Zelienople .
Trulieve Wilkes-Barre will be open 9 a.m. – 8 p.m. Monday through Saturday and 10 a.m. – 6 p.m. on Sundays . For more information, or to learn how to become a registered patient, visit Trulieve.com , follow us on Instagram at trulieve_pa or connect with Trulieve PA on Facebook.
About Trulieve
Trulieve is an industry leading, vertically integrated marijuana company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to marijuana, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .
Facebook: @Trulieve
Instagram: @Trulieve_
X: @Trulieve
Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-announces-opening-of-affiliated-medical-marijuana-dispensary-in-wilkes-barre-pennsylvania-302194155.html
SOURCE Trulieve Cannabis Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/11/c3662.html
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Trulieve to Open Medical Cannabis Dispensary in Gulf Breeze, Florida
New Santa Rosa County location will host grand opening celebration Friday, July 12th
Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in Gulf Breeze, Florida .
A grand opening celebration will be held Friday, July 12 th , beginning at 9 a.m. , featuring music, specials, discounts, and opportunities to register for upcoming patient education sessions as well as learn about #YesOn3 and the Florida ballot initiative for adult use.
"We are excited to bring Trulieve's world class customer service and assortment of high quality products to Gulf Breeze ," said Trulieve's Chief Executive Officer Kim Rivers . "We look forward to serving patients and caregivers in south Santa Rosa County ."
Trulieve Gulf Breeze, located at 3271 Gulf Breeze Pkwy, will be open 9 a.m. – 8:30 p.m. Monday through Saturday and 11 a.m. – 8 p.m. on Sundays , offering walk-in and express pickup service.
The new location will carry a wide variety of popular products including Trulieve's portfolio of in-house brands such as Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One, Sweet Talk, and Trekkers. Customers will also have access to beloved partner brands such as Alien Labs, Bellamy Brothers , Binske, Black Tuna, Blue River , Connected Cannabis, DeLisioso, Khalifa Kush , Love's Oven, Miami Mango, O.pen, Seed Junky, and Sunshine Cannabis, all available exclusively at Trulieve in Florida .
Across Florida , Trulieve offers home delivery, convenient online ordering, and in-store pickup. Veterans receive 20% off every order when they show their military ID, and all first-time guests are eligible for a 60% new customer discount at any Florida Trulieve location. For more information, or to learn how to become a registered patient, please visit Trulieve.com and connect on Instagram or Facebook .
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona , Florida , and Pennsylvania . Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .
Facebook: @Trulieve
Instagram: @Trulieve_
X: @Trulieve
Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-to-open-medical-cannabis-dispensary-in-gulf-breeze-florida-302192630.html
SOURCE Trulieve Cannabis Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/10/c8290.html
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Trulieve Cannabis Corp. to Hold Second Quarter 2024 Results Conference Call on August 6, 2024
Trulieve Cannabis Corp. (CSE: TRUL ) (OTCQX: TCNNF ) ("Trulieve" or "the Company"), a leading and top-performing cannabis company in the U.S., will hold a conference call on Tuesday, August 6, 2024 at 8:30 AM Eastern Time following the release of its second quarter 2024 financial results.
Chairman, Founder, and Chief Executive Officer Kim Rivers and Chief Financial Officer Wes Getman will participate on the call to review Trulieve's financial and operating results.
Interested parties can join the conference call by dialing in as directed below. Please dial in 15 minutes prior to the call and ask to join the Trulieve Cannabis Corp. call.
North American toll free: 1-844-824-3830 | Passcode: | 1732811 |
International: 1-412-542-4136 | Passcode: | 1732811 |
A live audio webcast of the conference call will be available at:
Trulieve Second Quarter 2024 Results Call
An archived replay of the webcast will be available at:
https://investors.trulieve.com/events
About Trulieve
Trulieve is an industry leading, vertically integrated cannabis company and multi-state operator in the U.S., with leading market positions in Arizona, Florida, and Pennsylvania. Trulieve is poised for accelerated growth and expansion, building scale in retail and distribution in new and existing markets through its hub strategy. By providing innovative, high-quality products across its brand portfolio, Trulieve delivers optimal customer experiences and increases access to cannabis, helping patients and customers to live without limits. Trulieve is listed on the CSE under the symbol TRUL and trades on the OTCQX market under the symbol TCNNF. For more information, please visit Trulieve.com .
Facebook: @Trulieve
Instagram: @Trulieve _
X: @Trulieve
Investor Contact
Christine Hersey , Vice President of Investor Relations
+1 (424) 202-0210
Christine.Hersey@Trulieve.com
Media Contact
Phil Buck , APR, Corporate Communications Manager
+1 (406) 370-6226
Philip.Buck@Trulieve.com
View original content to download multimedia: https://www.prnewswire.com/news-releases/trulieve-cannabis-corp-to-hold-second-quarter-2024-results-conference-call-on-august-6-2024-302191314.html
SOURCE Trulieve Cannabis Corp.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2024/09/c4702.html
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Cronos Group Inc. to Reconvene Virtual 2024 Annual Meeting of Shareholders
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) ("Cronos" or the "Company") announced today that it will reconvene its 2024 Annual Meeting of Shareholders on Friday, July 19, 2024, at 11:00 a.m. ET.
Cronos will be conducting the reconvened meeting in a virtual-only format via live audio webcast. Registered shareholders and duly appointed proxyholders will have an equal opportunity to participate in the reconvened 2024 Annual Meeting online regardless of their geographic location, including a chance to ask questions and vote.
The record date for the Annual Meeting continues to be April 25, 2024.
The Company's proxy statement and proxy supplement describing the formal business to be conducted at the meeting and containing detailed instructions about how to participate in the meeting are available on the Investors section of the Company's website at https://ir.thecronosgroup.com/financial-information/annual-meeting .
Access Information
Date: Friday, July 19, 2024
Time: 11:00 a.m. ET
Live Audio Webcast Online at: http://www.virtualshareholdermeeting.com/CRON2024
Replay
A replay of the reconvened Annual Meeting will be available in the investor relations section of the Company's website ( https://ir.thecronosgroup.com/events-presentations ) starting about 24 hours after the meeting is finished.
About Cronos
Cronos is an innovative global cannabinoid company committed to building disruptive intellectual property by advancing cannabis research, technology and product development. With a passion to responsibly elevate the consumer experience, Cronos is building an iconic brand portfolio. Cronos' diverse international brand portfolio includes Spinach®, PEACE NATURALS® and Lord Jones®. For more information about Cronos and its brands, please visit: thecronosgroup.com .
Forward-looking Statements
This press release may contain information that may constitute "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and U.S. securities laws and court decisions (collectively, "Forward-looking Statements"). All information contained herein that is not clearly historical in nature may constitute Forward-looking Statements. In some cases, Forward-looking Statements can be identified by the use of forward-looking terminology such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify Forward-looking Statements. Some of the Forward-looking Statements contained in this press release include statements about Cronos' intention to build an international iconic brand portfolio and develop disruptive intellectual property. Forward-looking Statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive risks. Financial results, performance or achievements expressed or implied by those Forward-looking Statements and the Forward-looking Statements are not guarantees of future performance. A discussion of some of the material risks applicable to the Company can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, each of which has been filed on SEDAR+ and EDGAR and can be accessed at www.sedarplus.ca and www.sec.gov/edgar, respectively. Any Forward-looking Statement included in this press release is made as of the date of this press release and, except as required by law, Cronos disclaims any obligation to update or revise any Forward-looking Statement. Readers are cautioned not to put undue reliance on any Forward-looking Statement.
Cronos Group Contact
Shayne Laidlaw
Investor Relations
Tel: (416) 504-0004
investor.relations@thecronosgroup.com
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