canna BUZZ
Dems Moving to Merge Cannabis Bills
Senate Majority Leader Chuck Schumer ( D-NY ) says lawmakers are in the process of merging various cannabis bills , including his own legalization legislation , as the chamber works to enact reform this session . In a discussion with Al Harrington , owner of Viola Brands , Schumer discussed his support for ending federal cannabis prohibition , what he hopes reform to accomplish , and the political state of play for cannabis in the early days of the 117th Congress . Notably , he says “ our bill — the bill that I put in — now we ’ re putting it together with some other bills .” While it ’ s not clear which bills are being merged , the Democrats have brought forth two big bills : The Marijuana Freedom and Opportunity Act ( which would federally deschedule cannabis , among other things ) and the MORE Act , which would allow cannabis companies to use banks like any other company . With a majority in the Senate , it ’ s possible the Democrats can finally bring about cannabis reform and some form of federal legalization before the Midterm Election in 2022 .
Edible Cannabis Sales Surged in 2020
Sales of edibles skyrocketed across the U . S . last year as consumers shied away from inhalable forms of cannabis during the pandemic in favor of more discreet consumption methods . The surge is prompting edibles manufacturers to invest in research and development and new product lines this year . End-of-year data from Seattle-based cannabis analytics firm Headset shows that for 2020 , sales of adult-use and medical edibles grew by 60 percent across seven state markets — to $ 1.23 billion in 2020 from $ 767 million in 2019 . That performance meant edibles outperformed the total cannabis market , which grew a hefty 54 percent last year . The seven states were California , Colorado , Massachusetts , Michigan , Nevada , Oregon , and Washington . According to Headset data analyst Cooper Ashley , edibles increased their market share from 10.65 percent in 2019 to 11.07 percent in 2020 . The jump is leading cannabis companies to pour efforts into developing new product types , including faster-acting and strain-specific edibles .
Aphria and Tilray Form Largest Cannabis Company
The merger between Aphria and Tilray , two of Canada ’ s most prominent cannabis companies , will create the world ’ s largest weed company based on revenue . The two titans will merge under the Tilray name and position the new company to dominate the Canadian and U . S . markets . Aphria chairman and chief executive Irwin Simon will lead the combined company as the deal is expected to close sometime before the end of June . The merger is also a way to become a player in the soon-to-be dominant U . S . market . Aphria recently purchased SweetWater Brewing , a cannabis-friendly Atlanta-based craft brewer with distribution in 27 states , for $ 300 million . “ When U . S . regulations allow , the combined company expects to be well positioned to compete in the U . S . cannabis market given its existing strong brands and distribution system in addition to its track record of growth in consumer-packaged goods and cannabis ,” says a statement from the company .
Croptober leads to Record Canadian Cannabis Inventory
Canadian licensed producers added a record 220,461 kilograms of cannabis to their inventories in October 2020 , according to new data offering a statistical glimpse of the country ’ s first large-scale “ croptober ” — when most of the fall outdoor harvest comes in . The 220,461 kg of new cannabis is about 50 percent more than the previous monthly record from October 2019 . The ballooning inventory is expected to put more pressure on mass producers to cut production capacity until supplies of specific products sought by consumers more closely meet demand . The inventory overhang also could put added downward pressure on cannabis prices , which have been falling steadily since legalization in late 2018 . The additional fall cannabis production brings total dried cannabis inventory for federal licensed holders , wholesalers , and retailers to a staggering 1.06 million kg . Among specific products , Health Canada data shows a sharply rising surplus of cannabis edibles and a smaller imbalance for extracts .
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