While there is no doubt that conditions remain challenging for North American cannabis companies, these brands still have a lot to celebrate on 4/20 day this year as the list of US states that have legalized medical use and/or recreational adult use of marijuana continues to grow.
April 20, written as 4/20 in the United States and Canada, is celebrated annually around the world by marijuana enthusiasts with advocates, politicians and brands alike in recent years joining in on the event.
Since last year's 4/20 day, there has been notable progress on the legalization front across the United States, with US President Joe Biden promising to review marijuana’s status as a Schedule I drug.
On a state level, Kentucky became the 38th state to legalize medical marijuana on March 31, 2023, with voters in two states, Maryland and Missouri, approving the legalization of recreational cannabis in November 2022’s midterm elections.
States also continue to refine their cannabis legislation to improve the environment for consumers, regulators, and producers alike, with Virginia recently amending 78 bills.
For multi-state operator Jushi Holdings, the ever-expanding addressable market of cannabis users in the US is allowing the company to expand its retail network and medical cannabis programs.
The company recently reported strong fourth quarter and full-year 2022 revenue growth as it has scaled its expansion projects in Pennsylvania and Virginia, commenced its fifth state operation in Ohio, and added a record number of patients in Virginia’s budding medical market.
Across the border in Canada, Delta 9 Cannabis has also expanded its footprint in recent months, opening its 41st retail store in Winnipeg in February.
As some cannabis and CBD companies have folded under the recent pressure on the sector, CBD and hemp company Endexx noted that its topline has benefitted from reduced competition.
For its first quarter ended in December 2022, the company’s revenue grew 17% driven by continued sales growth for its hemp-derived wellness and skincare products.
1606, an acquisition-led CBD company, is also benefiting from the consolidation trend within the cannabis and CBD markets.
The company this week outlined its growth and distribution strategy for its Brio Nutrition and Truz Singlez brands. On top, it recently announced it has entered into a product distribution agreement with premier CBD distributor Cool Blue Distribution.
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