- Benzinga Cannabis Daily
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- 〽️ More Than McDonald's
Happy Wednesday, Cannabin-vestors! Fun fact: As of 2023, the U.S. was home to nearly 15,000 cannabis dispensaries — more than McDonald’s.
Plus, could this big multistate cannabis company take over the Massachusetts cannabis market? Latest acquisition hints at intentions.
Also, check out the newest episode of Cannabis Insider, also available on Apple and Spotify.*
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TOP STORY
Briefly: Cannabis tech platform Dutchie says three product categories experienced revenue growth year-over-year in 2023.
The Winners Were: Pre-roll, cannabis flower and edibles.
On The Other Hand: Topicals and tincture sales dipped by nearly 13% and more than 25%, Dutchie's insights suggest.
Why It Matters: Christine Shriver, a Dutchie VP, cited "price sensitivity” as an impetus for the trends: “Top categories are also some of the least expensive."
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FIVE ZINGERS
Medical Muscle: From monthly seizures and depression to a holistic lifestyle.
Powerhouse Planet 13's $11.3M infusion to fuel Florida expansion and more.
Grown Rogue sets sights on Illinois cannabis market with strategic expansion.
Cannapharmarx partners with ICANto expand cannabis distribution in Latin America.
Oregon Drug Decriminalization in jeopardy: Bill to reverse policy awaits Governor Kotek's approval amid controversy.
ONE FOR THE ROAD
Briefly: First Citizens Bank's cannabis banking business provided a $1 million working capital line of credit to MC Nutraceuticals, a global supplier of hemp-derived cannabinoids.
So Basically: With the move, it became the largest bank known to serve the cannabis industry.
So Then: MC Nutraceuticals, which has been in the business since 2019, plans to use the $1 million line of credit to "execute on our strategic goals during a period of significant growth for our business,” said CEO Bret Worley.
So What? Cannabis industry players often have limited (if any) access to traditional financial tools like banking. This represents another step toward mainstream acceptance and financial backing for the sector.
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KEEP READING
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