Recreational cannabis sales jumped in Washington last month, while retail marijuana revenues in Colorado remained steady in October, according to the latest data from each state.
November retail marijuana sales in Washington State rose 24% from the previous month to hit $16 million, boosting excise taxes due to the state to more than $4 million, according to the liquor control board. Revenues and tax collections from recreational cannabis have risen each month since sales began in early July.
In Colorado, recreational marijuana sales totaled about $30.6 million in October, up about 1.5% from the September total. Medical sales totaled $32 million, up 2% from $31.3 million the previous month.
The state brought in $7.6 million during October in taxes, licensing fees and other charges.
Source: Marijuana Business Daily
An Israeli company is seeking government approval of a genetically bred cannabis strain that improves its medicinal value while reducing the psychological effects of marijuana.
KanaboSeed – a joint venture formed by software developer BreedIT and licensed medical marijuana grower Seach Ltd. – submitted applications for approval of two strains with increased CBD content and reduced THC levels, according to the Times of Israel.
Development of “designer” strains of marijuana that treat specific diseases are essential to development of the global medical cannabis industry, BreedIT CEO Oded Sagee said, according to the Times.
FundingEBookNewsletterV2 Israeli Company Developing Designer MMJ Strains“We intend to capitalize on the commercialization of new varieties, as allowed by the laws and regulations, in Israel and other countries where regulation permits the use of medical cannabis,” Sagee said.
The Agriculture Ministry and the Rural Development Plant Breeders’ Rights Council will now review the applications. Public hearings will be held, but so far no date has been set, according to the report. The new strains that will be grown on land belonging to Seach Ltd. will then be evaluated, and if approved, the company will be granted a patent.
In Israel, patients apply to one of 31 authorized doctors for a prescription, which is then dispensed at authorized pharmacies, the Times reported.
Tikun Olam, a licensed medical marijuana growing facility in Israel, in July announced it had been testing Avidekel, a new strain of cannabis which has 15.8% CBD but less than 1% THC.
Source: MJ Business Daily
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