Cannabis firm Cronos reports third-quarter earnings soared 238%
Toronto-based marijuana giant Cronos Group on Tuesday reported third-quarter revenue of 12.7 million Canadian dollars ($9.6 million), a 238% increase from the same period a year earlier. During the third quarter, which ended Sept. 30, Cronos also reported CA$788.4 million in net income. The Canadian company trades as CRON on the Nasdaq and Toronto Stock Exchange.
A chart displaying the quarterly earnings for major cannabis companies is available here.
Massachusetts quarantines marijuana vape products
A cannabis regulatory agency in Massachusetts on Tuesday issued a quarantine order for marijuana products and devices that rely on vaporization. The order from the Cannabis Control Commission includes vape pens, vape cartridges, aerosol products and inhalers, but it doesn’t apply to medical marijuana vaping devices designed for cannabis flower.
For more of Marijuana Business Daily’s ongoing coverage of the vaping crisis, click here.
– Associated Press
Michigan close to issuing first adult-use marijuana license
Michigan is expected to award its first recreational marijuana license by the end of November in a process that appears more expedient than the state’s medical cannabis launch. After the Marijuana Regulatory Agency (MRA) began accepting adult-use applications on Nov. 1, it received 58 applications for prequalification and 43 for operating licensing applications for adult-use facility licenses, according to the Detroit News. The newspaper quoted a regulator who said bureaucracy and regulations under the MRA’s predecessor caused the medical marijuana program to get off to a slow start.
Nevada illegal cannabis field busts drop after adult use legalized
Only 20 illegal marijuana cultivation fields, which compete with licensed cannabis businesses, were destroyed in Nevada in 2018, down from more than 150 in 2012, according to the Drug Enforcement Administration. The agency’s most recent data shows there were 0.37 illegal cultivation arrests for every 100,000 people in the state, where recreational marijuana sales began in 2017, the Lincoln County Record reported.
Missouri firms concerned by out-of-state marijuana competitors
Some Missouri business owners seeking to enter the state’s medical marijuana industry are concerned they will lose out to better financed multistate operators. Nearly 700 groups, many from outside Missouri, filed a total of 2,163 marijuana businesses applications for only 338 available licenses: 60 to grow marijuana, 86 to make cannabis-infused products and 192 to operate MMJ dispensaries.
– Associated Press