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Cannabis Industry News: February 28, 2023

Cannabis industry news. Want the latest legalized marijuana CBD and hemp industry news? Check out the top headlines for this week.

The U.S. legalized cannabis, CBD, and hemp industries are rapidly evolving. It’s important to stay on top of changing regulations and shifting landscapes in order to protect and grow your business. That’s why we round up the leading headlines every week to help you stay up-to-date.

Keep reading to see what’s going on in the world of legalized cannabis, CBD, and hemp this week. And check back here every week for your regular update on the biggest cannabis news.

Cannabis Duty in Canada Surpasses $1 Billion CAD Since 2018

Over the past five years, the Canadian government has reached a major milestone amidst a time of layoffs and cutbacks in the cannabis industry. The government has assessed over $1 billion in cannabis duty since legalization in 2018. 

While the Canadian Revenue Agency hasn’t yet published the amounts from the 2022 fiscal year, the public accounts showcase numbers that would push the total duty to at least $1.02 billion Canadian dollars. 

CEO of Phoena Resigns

Greg Guyatt, who previously served as CEO of the Canadian cannabis company Phoena, resigned this week, citing a desire to take on new roles. Guyatt has been CEO of Phoena since the beginning of 2020.

Temporarily taking his place will be Corné Melissen, who owns Kenzoll B.V., one of Phoena’s lead investors.

Medical Cannabis in North Carolina Pushed Onward

Medical cannabis advocates are celebrating forward motion in North Carolina this week. Officials have advanced a bill that would legalize medical marijuana in the state. If passed patients suffering from AIDS, cancer, and PTSD would be able to legally access cannabis with a prescription.

Currently, North Carolina is one of the few states in the country where medical cannabis is still illegal. Only 11 states across the country have yet to pass legislation. If the bill passes, North Carolina’s market could open in approximately two years.

Cannabis MSOs Cresco Labs and Columbia Care Agree to Push Acquisition Date to June

In recent weeks, Cresco Labs announced their acquisition of Columbia Care, but the companies have just agreed to extend their planned closing date from the end of March to the end of June.

There are many possible reasons for the extension, the main one being the challenges of completing such a large-scale deal at a time of layoffs and cutbacks across the industry. The extension will hopefully provide both companies the opportunity to remain compliant throughout the merger.

The initial close date, which was scheduled for the end of 2022, was pushed back for similar reasons. Skeptics are questioning whether or not the deal will close.

Adult-use Cannabis in Virginia Hits a Roadblock

Only a few years ago, Virginia was the first southern state to legalize adult-use cannabis. The state’s market was supposed to open at the beginning of 2024, but due to complications with the law that brought legalization, that date has been placed on hold.

There’s no official statement on whether the open date will be scheduled. As of now, the state’s adult-use market is on an indefinite pause. After the election in 2021, Republicans took control of much of the state, which dampened the optimism for the state’s market.

Stay Up-to-Date With Cannabis News in Qredible®

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