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Cannabis News Update October 13, 2020

Today in the world of cannabis: An investment firm rolls up a joint venture with a hemp grower, we ask Carlos Santana: Oye, ¿cómo va con tu marca de cannabis?, and the numbers for Maine’s first day of recreational cannabis sales are in.

The Morning Buzz presented by TRICHOMES brings you late-breaking news that tells you what’s happening within the cannabis industry.

Check in with the cannabis community at TRICHOMES.com

First up: International Land Alliance, a land investment and development firm headquartered in San Diego, California has announced that it has closed a joint venture with a privately held California hemp cultivator. This according to GlobeNewswire.

With the partnership, International Land Alliance will construct a 40 acre hemp growing operation in Southern California. Capital, consultations, equipment, scaling operations, and agricultural infrastructure will be provided by the hemp grower.

International Land Alliance acquired the property in 2019 for $1.1 million. Under the joint venture, ownership will be split 50/50 between the company and the grower.


And next: PR Newswire reports that Left Coast Ventures, a Santa Rosa, California-based cannabis and hemp company, has partnered with ten-time Grammy award winning guitarist and musician Carlos Santana to launch a special brand of products.

Mirayo by Santana, a premium line of cannabis products, focuses on spiritual well-being, ancient remedies, and guiding consumers to discover their “divine light.” The line is inspired by Santana’s Latin heritage.

­­­­­­­­”In my experience, cannabis has special properties that enhance meditative reflection and creative expression. It can dispel negative doubt to reveal the everlasting gift of our uniqueness,” said Carlos Santana. “With Mirayo, I hope to help people use cannabis as a door to a more benevolent behavior like kindness and compassion.”

The name is a combination of “my” and “ray” in Spanish, which honors Santana’s heritage and hopes to empower everyone to “follow your light.”


Last up: The sales numbers are in following Maine’s first day of recreational cannabis retail, according to the Office of Marijuana Policy. The Press Herald reports $94,643 in sales were recorded on the first day. This resulted in $9,464 in state sales tax.

The numbers account for the six recreational cannabis dispensaries that opened in the state last week. Although nine retail locations were issued recreational cannabis licenses, a shortage of legally tested and taxed products led to only six of them opening for the first day of sales.

Due to limited supply, dispensaries had to mark up prices and impose purchasing limits on customers. Currently, an eighth of cannabis flower runs between $55 to $65 in the state. However, prices are expected to drop as more cannabis licenses are issued and more dispensaries begin to open.



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