EPA Approves Finalsan for Use in Hemp

Finalsan can be used any time of the year, even in cool weather, and leaves no harmful residue in the soil.

May 16, 2022

BRENTWOOD BAY, British Columbia, May 16, 2022 — PRESS RELEASE —Neudorff North America announced that the U.S. Environmental Protection Agency has approved its Finalsan Herbicidal Soap for the use in hemp.

Finalsan is a fast-acting, non-staining, non-selective weed, grass, algae and moss killer that works within hours. It can be used any time of the year, even in cool weather, and leaves no harmful residue in the soil. It is OMRI Listed, thus suitable for organic production.

“This label addition allows us to make Finalsan available to farmers licensed to grow hemp on nearly 500,000 acres in the U.S.,” said Cam Wilson, Neudorff North America president. “Finalsan delivers unparalleled performance against pests listed on its label.”

Headquartered in Brentwood Bay, British Columbia, Canada, Neudorff North America provides high-efficacy, low-risk plant protection products. More information is available at neudorffpro.com.

Jushi Holdings Inc. Expands Product Offerings with Launch of Its First Line of Solventless Cannabis Extracts

The Lab solventless live rosin vapes and concentrates bring customers freshness, taste and terpene experiences crafted solely from flower, water and ice.

May 16, 2022

Posted by Melissa Schiller

News

BOCA RATON, Fla., May 16, 2022 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Jushi Holdings Inc., a vertically integrated, multi-state cannabis operator, launched the company’s first line of solventless live rosin extracts by its award-winning brand The Lab, famous for delivering high-quality, precision vape products and concentrates.

The new top-shelf product line, produced purely from premium flower and extracted simply with ice and water, includes a 0.5g vape extract cartridge available now and 1g jarred concentrates coming soon for purchase exclusively at BEYOND / HELLO store locations in Pennsylvania under the name, The Lab Solventless Live RSN. In addition, throughout the summer, it is expected to launch at the company’s locations in Massachusetts, Nevada and Virginia, pending regulatory approvals.

“Consumer demand for live rosin cartridges and concentrates is on the rise,” said Jushi Chief Executive Officer, Chairman and Founder Jim Cacioppo. “Forged solely by the forces of nature, The Lab Solventless Live Rosin line captures the essence of whole premium flower, sets a new standard for quality in this fast-growing cannabis category, and brings customers some of the purest cannabis products available on the market today.”

Cacioppo went on to say, “Solventless products represent the pinnacle of extraction, as they capture the fullest expression of cannabinoids, terpenes, and flavonoids unique to each cultivar in concentrated form. Initially a niche category confined to dabbable concentrates, the demand for solventless is on the rise and there is a growing presence of solventless vapes and edibles with solventless inputs in markets throughout the country. Using some of the most innovative proprietary extraction technologies, we look forward to continuing to introduce new cannabis products that raise the bar across all product categories.”

The Lab Solventless Live Rosin expands Jushi’s suite of other branded cannabis products, including The Bank, Sèchè and Tasteology, and is formulated using premium flower, which is freshly frozen to preserve the plant’s best qualities. The cannabinoid-rich trichomes are isolated and gradually extracted using a proprietary flash-freezing and ice-water gentle extraction process, specifically designed to capture the plant’s coveted cannabinoids, terpenes, and flavonoids. This cannabinoid-rich mixture is then dried and pressed using heat and pressure to produce some of the purest, most sought-after forms of concentrate.

As cannabis markets mature and more states come online, the demand for extracted products continues to accelerate. According to leading cannabis market research firm BDSA, the cannabis extract market size was estimated at US$9.24B in 2021 and is projected to increase nearly fivefold, reaching US$42.89 billion by 2030.

Verano Launches Mobile Applications, Exclusive Rewards Program For Zen Leaf and MÜV Cannabis Dispensaries

The applications and rewards programs aim to provide broader accessibility, deals and product information across 71 dispensaries in seven states.

May 16, 2022

Posted by Tony Lange

Finance Dispensary News State by State: Illinois

CHICAGO, May 16, 2022 – PRESS RELEASE – Verano Holdings Corp., a leading multistate cannabis company, announced the launch of mobile applications for the company’s flagship Zen Leaf and MÜV dispensaries, unlocking an additional digital channel for shoppers to order cannabis products and access exclusive rewards across a total of 71 dispensaries in seven states. Both the Zen Leaf and MÜV mobile applications boast rewards programs and exclusive deals that provide a superior shopping experience for patients and adult-use customers alike.

The Zen Leaf and MÜV mobile applications offer a robust suite of conveniences and exclusive offerings for patients and adult-use customers through comprehensive rewards programs that include:

Exclusive incentives upon initial application download and enrollment into the rewards program
Vouchers and special limited-time offerings
Referral programs allowing patients and adult-use customers to earn discounts when they refer their friends
In-app push notifications delivering the latest Zen Leaf and MÜV updates
Rewards offers that are unlocked at different thresholds, allowing users to earn redeemable rewards, or save points to unlock discounts off a future purchase
Mobile ordering for in-store pickup or delivery (delivery available in select markets only)
List of all participating dispensary locations in each state, with option to create accounts and earn points in multiple markets

“Since Verano’s inception, we’ve taken pride in fostering an exceptional environment for our guests by ensuring that customer care, convenience, accessibility, and first-class service are perpetual elements of our shoppers’ experience,” Verano founder and CEO George Archos said. “Offering our Zen Leaf and MÜV mobile applications is a natural extension of our customer-first mindset, and we’re thrilled to deliver this additional channel for our valued guests to access our suite of premium products and exclusive rewards from their preferred devices.”

Adults 21 and older can download the Zen Leaf and MÜV applications in the Google Play or Apple App stores. For more information on Zen Leaf and MÜV products, including individual store hours and online ordering, visit zenleafdispensaries.com and muvfl.com.

Cresco Labs Announces Expiration of HSR Act Waiting Period For Proposed Acquisition of Columbia Care

The end of the 30-day waiting period brings the company one step closer to completing a roughly $2-billion deal by the end of the year.

May 16, 2022

Posted by Tony Lange

Finance Mergers and Acquisitions News State by State: Illinois

CHICAGO, May, 16, 2022 – PRESS RELEASE – Cresco Labs Inc. and Columbia Care Inc. announced the expiration of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) in connection with Cresco Labs’ previously announced proposed acquisition of Columbia Care.

“Completion of the HSR milestone is a major step towards closing the acquisition of Columbia Care. We’ve been concurrently working on our divestiture process and working with our state regulators to align with our previously disclosed estimated closing timeline of year-end,” Cresco Labs CEO Charles Bachtell said. “With this acquisition, we will be able to leverage our bestselling cannabis portfolio¹ across the most exciting footprint in cannabis and further develop our leading positions with exposure to all 10 of the largest projected revenue states in 2025, according to BDSA.”

On March 23, 2022, Cresco Labs announced the execution of a definitive arrangement agreement to acquire all of the issued and outstanding shares of Columbia Care. Details of the Agreement can be found [here]. The closing of the transaction remains subject to the satisfaction of all remaining closing conditions in the agreement, including the Columbia Care shareholder vote. Both companies continue to work toward obtaining all required regulatory approvals.

¹ Cresco, as a standalone entity holds the No. 1 position in flower, vape and concentrates according to BDSA

UPDATE: California Governor’s New Budget Proposal Calls For Fewer Taxes, More Retail, New Method of Excise Tax Collection and Remittance

The revised proposal includes setting the cultivation tax at zero, moving the excise tax collection and remittance from distribution to retail, and funding jurisdiction to increase consumer access to legal cannabis.

May 13, 2022

Patrick Williams

State by State: California

Editor’s note: This story was updated to reflect Newsom’s thanks of Sen. Steven Bradford, who introduced Senate Bill 1281 in February. Last updated at 3:48 p.m. ET, May 13.

In the latest revision of his proposed 2022-2023 state budget announced May 13, California Gov. Gavin Newsom aims to address major concerns from cannabis industry stakeholders.

For one, Newsom’s proposed budget for the fiscal year beginning July 1, 2022, proposes setting the cultivation tax rate at zero beginning that day.

The revised budget proposes “[s]hifting the point of collection and remittance for excise tax from distribution to retail on January 1, 2023, maintaining a 15 percent excise tax rate.”

Additionally, “Allocation 3 funding for youth education/intervention/treatment, environmental restoration, and state and local law enforcement programs” would be set at a baseline of $670 million annually for three years. The enacted budget for Allocation 3 funding in the 2021-2022 fiscal year was $129.1 million.

Per the revised budget proposal, “Up to $150 million one-time General Fund is available as needed through 2025-26 to backfill Allocation 3 funding, along with the authority to increase the excise tax rate through 2024-25 if tax revenues fall below the baseline for Allocation 3.”

The revised proposal also includes $20.5 million that would “establish a cannabis local jurisdiction retail access grant program.” That funding would go toward establishing more retail and consumer access “to regulated and tested products through an expansion of California’s legal marketplace.” Eligible jurisdictions are based on their population sizes, the number of permits issued in them, and whether they issue permits to equity applicants.

The California State Legislature has until June 15 to pass the budget, according to its Senate.

During Newsom’s budget revision announcement May 13, the governor thanked Sen. Steven Bradford, who introduced tax reform Senate Bill 1281 in February, according to California NORML. “Bradford’s bill SB 1281 was the only legislative proposal this year to end the cultivation tax without raising excise taxes,” per CA NORML.

Legislative Map