California cannabis retailer Velvet has recently opened a new location in Napa, adding to its portfolio of upscale stores in the East Bay and Los Angeles. Known for its white-glove customer service, Velvet offers a unique and elevated experience for cannabis enthusiasts.
At Velvet, customers can expect top-notch service from knowledgeable budtenders who are passionate about guiding customers through their wide selection of products. The store offers a variety of options including flower, edibles, CBD, topicals, vapes, and beverages.
Matt Morea, co-founder and COO of Velvet, expressed excitement about bringing their award-winning retail experience to the Napa community. Morea mentioned that Velvet is committed to providing the best brands available, establishing connections with local growers, and developing their staff to deliver exceptional customer service.
With their expansion to Napa, Velvet aims to cater to cannabis enthusiasts in the area and offer them a one-of-a-kind retail experience.
Nevada Loosens Cannabis Restrictions and Reduces Industry Fees
Nevada Governor Joe Lombardo has recently signed Senate Bill 277, making significant changes to cannabis laws in the state. The new bill aims to loosen several restrictions and lower industry fees to support the growth and accessibility of cannabis businesses in Nevada.
One of the key changes brought by Senate Bill 277 is the introduction of a dual license for medical and recreational retailers. This allows retailers to serve customers of any type, expanding their customer base and providing greater convenience for cannabis consumers.
The bill also increases the limit on flower purchases from 1 ounce to 2.5 ounces, and the limit on concentrate purchases from an eighth of an ounce to a quarter. These changes give consumers more flexibility in their purchases while supporting the overall growth of the cannabis industry in Nevada.
In addition to the changes in restrictions, Senate Bill 277 also includes significant reductions in industry fees. For example, the initial fee for a recreational cultivation license has been lowered from $30,000 to $3,000, and the renewal fee from $10,000 to $1,000. These fee reductions aim to make it easier for businesses to enter and thrive in the cannabis industry.
Illinois Allows Cannabis Businesses to Claim Tax Deductions
Illinois Governor J.B. Pritzker recently signed a budget bill that provides relief to cannabis businesses by allowing them to claim standard business deductions on their state taxes. This move addresses a major challenge faced by cannabis businesses across the industry.
Currently, IRS code 280E prevents cannabis businesses from claiming tax deductions on their federal taxes. However, the Illinois bill decouples the state tax policy from federal policy, enabling cannabis businesses to claim deductions on their state taxes. The bill specifies that businesses can claim “an amount equal to the deductions that were disallowed under Section 280E of the Internal Revenue Code for the taxable year.”
This change in tax policy is a significant win for cannabis businesses in Illinois, as it allows them to reduce their overall tax liabilities and operate on a level playing field with other industries.
Uncle Arnie’s Receives Strategic Investment from Samuel Adams Founders
Uncle Arnie’s, a California-based cannabis drink brand, has received a strategic investment from Harry Rubin and Lorenzo Lamadrid, two of the founding partners of Samuel Adams. The size of the investment has not been disclosed.
Launched in 2020, Uncle Arnie’s has quickly established itself as a top-selling cannabis drink brand in California. According to Headset, it holds seven of the top 10 best-selling cannabis beverage SKUs in the state. The brand expanded to Oregon in late 2022 and recently entered the Nevada market.
With a strong presence in over 600 California dispensaries, Uncle Arnie’s plans to continue expanding. The brand has its sights set on entering the Michigan market in the coming months.
High Tide Reports Strong Financial Performance
Canadian cannabis retailer High Tide has released its quarterly results for the period ended April 30. The company reported a 46% increase in revenue compared to the same period last year, reaching C$118.1 million ($89m).
High Tide’s same-store sales also saw significant growth, increasing by 30% year-over-year and 1% sequentially. This growth contributed to the company’s positive adjusted EBITDA for the 13th consecutive quarter, with a 20% sequential increase. High Tide attributes these positive results to cost reductions in general and administrative expenses.
The company now holds 9.5% of the Canadian cannabis retail market, excluding Quebec. High Tide’s strong financial performance reflects its ability to capture market share and effectively manage its operations.
Overall, the cannabis industry continues to experience growth and evolution as more states and countries embrace legalization. From new retail locations to changes in legislation and investments in beverage brands, the industry remains dynamic and full of potential.