Welcome to the latest edition of “Last week in Weed,” catching you up on the latest breaking news and industry developments in the world of cannabis.
Here’s what you may have missed over the last week:
Village Farms Reports 11% Increase in Q4 Sales
Village Farms International reported an 11% year-over-year increase in fourth-quarter revenue, totaling $82.6 million. This growth was driven by a 10% rise in Canadian cannabis sales, reaching CA$48 million, although U.S. sales declined to $4.6 million. The company remains focused on profitable expansion, with CEO Michael DeGiglio highlighting momentum in their cannabis operations.
Village Farms’ ability to achieve double-digit growth in a competitive market is a positive indicator for the market. However, the decline in U.S. sales indicates challenges that need addressing to maintain overall growth momentum.
Cannabis Stock Movements
The cannabis stock market saw significant fluctuations. CLS Holdings USA Inc. led the gainers, soaring 74.1% to close at $0.0383, followed by Auxly Cannabis Group, which rose 26.4% to $0.0632, and CV Sciences, up 15.3% at $0.0369. Meanwhile, Cure Pharmaceutical Holding dropped 40.8%, closing at $2.05, Cara Therapeutics fell 20.8% to $4.01, and Cannabix Technologies declined 13.3% to $0.2600.
Learn more about stock movements on Benzinga
Missouri’s Cannabis Market Surges
Since legalizing recreational marijuana in 2022, Missouri has rapidly become the seventh-largest state for cannabis sales. The state’s success is attributed to low taxes, collaborative regulations, and its proximity to states without legal recreational marijuana. In 2024, Missouri’s cannabis industry generated $244.9 million in tax revenue, significantly boosting the state’s economy.
Challenges in New York’s Legal Cannabis Industry
New York’s legal cannabis industry is facing difficulties, particularly for small businesses. The collapse of a private investment fund intended for social equity entrepreneurs has left many in debt. Proposed solutions include the Cannabis Revitalization Fund, which aims to provide grants for payroll, equipment, and sustainability investments, alongside legislative reforms to support small operators.
North Carolina Seeks Stricter Hemp Regulations
North Carolina lawmakers are proposing stricter regulations on the state’s hemp industry, which has flourished due to minimal oversight. A new bill aims to control the manufacturing, sale, and distribution of hemp products, potentially altering the industry’s landscape. Advocates view the bill as a positive step toward comprehensive regulation.
California Extends Ban on Hemp THC Products
Governor Gavin Newsom has moved to extend California’s ban on hemp THC products through late June 2025. The extension follows an emergency ban issued last fall, with concerns over safety regulations and accessibility to underage individuals. The hemp industry has contested the legality of the ban, but a lawsuit challenging it was dismissed in October.
Also Read: Bridging Cannabis Education and Entertainment
Pennsylvania Governor Advocates for Marijuana Legalization
Governor Josh Shapiro is urging Pennsylvania lawmakers to legalize recreational marijuana, emphasizing that the state is losing revenue to neighboring states where cannabis is legal. He noted that Pennsylvanians are crossing borders to purchase cannabis, resulting in lost economic opportunities for the state. Shapiro’s proposal includes legalizing adult-use cannabis by July 1, with sales commencing on January 1, 2026.
