① Twitter allows ads for marijuana and THC products in the United States.
In a major policy shift, Twitter has approved state-legal marijuana companies and other advertisers to advertise THC and CBD products, accessories and services in the United States, provided a series of conditions are met, the social media platform revealed, saying on its website under the headline "Drugs and Drug paraphernalia." The development was first reported by AdCann, a Toronto-based cannabis marketing and advertising website. AdCann noted that "effective immediately," Twitter will allow "advertisers to promote brand preferences and informational marijuana-related content" for certain products and services, including: CBD and similar cannabinoid products, THC and similar products, marijuana-related products and services, including delivery services, LABS, events and more. AdCann reports: "U.S. marijuana companies, brands, and suppliers will need to go through the Twitter advertiser approval process to ensure they are legitimate and educated on the platform. Once approved, industry marketers will have access to Twitter's entire suite of advertising products, including promoted tweets, promoted product opportunities, location-specific takeovers, interstitied-video sponsorships, and partner publishing capabilities." Marijuana industry executives welcomed the news.
② Colombia's marijuana exports nearly doubled in 2022.
Colombia's cannabis exports nearly doubled last year as the South American country aimed to meet demand from a small but growing international import market. Colombia exported $8.4 million worth of marijuana between January and November 2022, a 96 percent increase compared with the same period last year, according to ProColombia, the government agency responsible for promoting Colombia's non-traditional trade. A total of 13 companies export to 14 countries, ProColombia said, citing data from Colombia's national statistics office. 58% of exports go to Latin America and the Caribbean. The largest destination for Colombian cannabis exports is Argentina, accounting for 40% of the total value. The remaining destinations are: Brazil (14%), Australia (12%), Switzerland (7%), Israel (6.5%), the United States (6%), Germany (5.5%). In 2022, more than 90 percent of Colombia's cannabis exports came from Bogota, Cuntinamarca and Antioquia provinces, and the government says another 12 regions have been identified as sectors with high cannabis export potential.
③Forian exits the marijuana business by selling BioTrack to Alleaves for $30 million.
Tech company Forian said it will sell marijuana software provider BioTrack to Alleaves for $30 million in cash and exit the marijuana industry to focus on its healthcare information business. It's the second high-profile tech company in just over two weeks to decide to exit the marijuana industry amid intense competition, mass layoffs and falling wholesale prices for marijuana products. Pioneer seed to Akerna Corp, parent of sales tracking provider MJ Freeway, on Jan. 27. Announced a $4 million cash deal to sell its marijuana software business to POSaBIT Systems Corp. And get out of the marijuana business. The move comes after Alleaves, A Deerfield Beach, Florida-based marijuana software provider, closed a $40 million Series A funding round last year to accelerate its multi-state commercial rollout. The company has expressed interest in acquiring marijuana-focused technology companies that offer seed-to-sale and point-of-sale (POS) software. In a press release announcing the funding last July, Alleaves laid out plans to acquire cannabis technology platforms to expand its customer base and create a "seamless, real-time seed-to-sales software, trading and compliance platform."
④ Colorado reported a more than 20 percent drop in marijuana sales in 2022 compared to 2021.
Colorado's legal marijuana market took in just over $139 million in retail sales in December 2022, bringing the state's medical and recreational sales for the year to nearly $1.8 billion, down 20.7 percent from the record $2.2 billion in sales in 2021 and down sharply from the all-time high in 2021. The December figures include $122.2 million in recreational marijuana sales and $16.9 million in medical marijuana sales, according to data released by the Colorado Department of Revenue. Colorado, the nation's most mature adult marijuana market, is experiencing the end of a decade-long boom, with wholesale prices falling in 2022 and the legalization of adult marijuana in neighboring Arizona and New Mexico. Colorado has reported cumulative marijuana sales of nearly $14 billion since the launch of its adult marijuana market in January 2014.
⑤ Cannabis producer Canopy is cutting 800 jobs and closing its flagship Canadian plant.
Canadian marijuana producer Canopy Growth said Thursday it will close its flagship plantation site in Smith Falls, Ontario, and cut more than a third of its workforce as part of Canada's shift to an "asset-light model." Canopy revealed the new strategy as it reported a net loss of C $267m ($200m) for its fiscal third quarter, bringing the struggling company's deficit to C $2.6bn in the first three quarters of the year. Canopy said it would cut about 35 percent of its workforce, including 800 positions announced Thursday. Canopy's management expects cost cutting initiatives to save the company C $140 million to C $160 million next year, and reiterated its commitment to achieving adjusted earnings before interest, tax, depreciation and amortization (EBITDA) by March 2024. As part of the company's new "transformational" strategy announced Thursday, Canopy also said it was moving to a third-party procurement model for cannabis drinks, food and e-cigarettes, and "stopping procurement" of cannabis flowers from its Mirabel, Quebec, facility.