It’s time for your Daily Hit of cannabis financial news for July 2, 2018.
July 1 was an auspicious day in the cannabis industry. It was the first day for recreational sales in Masssachusetts (kindof), the first day for limited recreational sales in Vermont and the day for compliance in California.
Massachusetts may have legalized adult-use cannabis, but the state didn’t license anyone to sell it. The state also hasn’t licensed any labs to test the recreational product. Thus, no sales took place. Best case scenario, it may be fall before real sales begin.
Retail sales of cannabis are still illegal, but consumers over 21 can legally consume and grow two mature plants. Just don’t tell anyone where you got that cannabis.
Dispensaries began dumping product last week as many of the items were not compliant with the new laws. For example, MedMen was running a 70% off promotion. Product shortages and higher prices are expected. Even the child-resistant packages seem to be in short supply. Too bad no one saw this coming.