If everything goes off without a hitch, it could be a boon for marijuana businesses and the state's tax coffers. The proposed bill includes a $42-per-ounce tax on marijuana, and it allows towns to collect a 3% tax from cannabis retailers, a 2% tax from cultivators, and a 1% tax from wholesalers. GreenWave's Karnes estimates New Jersey's medical marijuana sales were just $66 million in 2018, but legalization of recreational use could grow regulated marijuana sales to $750 million next year and to over $930 million in 2022.
In neighboring New Jersey, top lawmakers announced early Tuesday that they have reached a deal on legalization after months of talks and negotiations. The details are expected to be released in the coming days, according to media reports. Gov. Phil Murphy said a vote will be held on March 25 for both houses to approve the bill, paving the way for him to sign it into law.
“Legalizing adult-use marijuana is a monumental step to reducing disparities in our criminal justice system,” Murphy said in a statement.
Choom™ (CSE:CHOO) (CHOOF) ("Choom"), an emerging adult and medical use cannabis company that has secured one of the largest national retail networks in Canada, is pleased to announce it is entering the United States, starting with the state of New Jersey. Choom through its wholly owned US subsidiary, Choom Holdings USA Inc., has signed a letter of intent (“LOI”) to purchase an equity interest in a New Jersey based (the “NJ Company”) medical retail dispensary applicant in New Jersey’s upcoming Request of Applications (“RFA”) that also inten
- New Jersey legislators joined Democratic Governor Phil Murphy in announcing Tuesday a bill that would allow adult-use marijuana in the Garden State.
- The announcement included an outline of proposed taxes and an "expedited expungement process" for individuals convicted of low-level marijuana offenses.
- Many of the largest cannabis companies in the world rallied Tuesday following the announcement from the Democratic governor.
Arizona-based Harvest Health & Recreation reached a binding agreement to acquire Verano Holdings of Chicago for $850 million, a deal that’s considered to be the largest acquisition inked in the U.S. cannabis industry to date.
The deal surpasses the previously largest U.S. acquisition in the cannabis industry – MedMen’s $682 million all-stock purchase of PharmaCann in October.
Upon closing, the all-stock deal with Verano will give Harvest one of the largest footprints among multistate cannabis operators with 123 dispensaries in 16 states.
Two cannabis-focused biotechs, Insys Pharmaceuticals (NASDAQ:INSY) and GW Pharmaceuticals (NASDAQ:GWPH), ranked among the five best-performing marijuana stocks last month. CannTrust Holdings (NYSE:CTST) and Village Farms International(
Acreage Holdings has licenses in 17 states, of which 12 are operational, while the company has licenses to process in 12 states, seven of which are now in operation. The company has licenses to operate 68 retail dispensaries in 12 states, of which 21 are currently operational in 10 states. The Botanist is its retail concept designed to appeal to both adult use and medicinal consumers.
Stavola is staying on at iAnthus. She and her co-workers are now part of an organization that’s among about a half-dozen contestants racing to establish multistate marijuana chains, hoping for a chunk of what some claim could be more than $50 billion in annual sales of legal cannabis products. How long that takes and what it ultimately will look like are among the questions the young, fragmented marketplace must answer.
According to Paul Elias of the Associated Press, Montana was part of a $75 million investment in Caliva, a cannabis brand based in San Jose, Calif.
“As an investor and supporter, it is my opinion that Caliva’s strong management team will successfully develop and bring to market quality health and wellness products that can provide relief to many people and can make a serious impact on opioid use or addiction,” Montana said in a statement announcing the funding
Cronos Group (NASDAQ:CRON) and MariMed (NASDAQOTH:MRMD) accomplished something in 2018 that most marijuana stocks didn't: They delivered positive returns. Both stocks crushed the performances of the top marijuana exchange-traded funds (ETFs).
MariMed was, by far, the bigger winner, with its stock skyrocketing 371% compared to Cronos Group's 34% gain. But which of these two high-flying marijuana stocks is the better pick for investors now?