Cannabis stocks widely outperformed the markets after a slew of financing deals and strong earnings reports since the first of 2021. “The cannabis industry is off to a great start this year with New York State pushing hard for legalization,” Green Market Report editor-in-chief Debra Borchardt said. “In addition to that several companies like GrowGeneration and GW Pharmaceuticals reported stellar earnings. Plus, Subversive Capital closed on the largest SPAC in the industry. Hopefully, the good news in 2021 will continue unlike the curveball thrown at us in 2020.”
Cannabis sales in Michigan hit $984.6 million in 2020. Medical cannabis sales accounted for $474 million for the year, while adult-use sales reached $510.7 million. Rhode Island and the Soboba Band of Luiseno Indians received approvals from the U.S. Department of Agriculture (USDA) for its hemp regulatory proposals. It was interesting that the Christmas and New Year’s holidays marked the single biggest cannabis sales period of 2020. The period between Dec. 18 and Dec. 24 generated roughly $427 million, according to an industry watchdog. Exceeding everyone’s expectations New Year’s Eve was the single biggest sales day of 2020 with $89.4 million. “The last two weeks of 2020 were easily one of the most profitable weeks of the year for cannabis retail,” Akerna CEO Jessica Billingsley told Benzinga. “If we’ve learned anything from 2020, it’s that cannabis is resilient, profitable, and exceedingly popular with U.S. consumers.”
“We’ve seen the significant increase in companies entering the CBD space over the last few years, but we noticed that consumers were left with questions about the integrity of products and brands. Many products are not properly lab tested, and many that are ‘mystery tested’ by third parties are later found to have presented wildly inaccurate information,” said Emily Lee, director of marketing at Arrive Market. “The need for an approachable, trustworthy resource and one-stop-shop for CBD became very apparent, so we launched Arrive Market to help fill that gap.”
Terra Vera launched in the U.S., offering solutions to replace conventional pesticides and increase product safety and consumer confidence within the cannabis industry. Using patented technologies compliant with EPA regulations, Terra Vera provides cannabis companies with a safe, effective, and sustainable approach to rid crops of contaminants while preserving the quality and yield of their products. Media compliance company Fyllo partnered with OpenGov, a leader in modern cloud ERP software for governments and state agencies, to create a comprehensive cannabis licensing, regulatory, and compliance tracking solution. Want To Join Us?
Cannabis Grow Builders has been involved in the emerging legal Cannabis Industry as a builder and developer of grow facilities since 2016. Daniel Stevenson and his team work with Cannabis Entrepreneurs and Solopreneurs to maximize the potential in their business while remaining on the cutting edge of constantly changing governmental regulations. Please reach out to us at 916-933-7333, via e-mail at email@example.com