
Cannabis Generates $3.7 Billion In Tax Revenue In 2021
According to a recent report released by the Marijuana Policy Project, state-legalized adult cannabis sales generated more than $3.7 billion in tax revenue across the United States in 2021.
BioHarvest, an Israel-based health-tech company that has pledged to “marry science & technology with the power of nature,” is nearing the release of its first lab-grown cannabis product. The new cannabis product, which will follow the same path as other successful non-cannabis BioHarvest products that have already hit the market, is expected to be a hemp-based CBD tincture.
Throughout the past decade, BioHarvest has enjoyed success with its mission to improve wellness using secondary metabolites, which are nutrients derived from its plant cell technology platform using a technique called Biofarming.
PLANNED PRODUCTION EXPANSION TO CANADA-> "I am excited about the opportunity to bring such unique #Cannabis solutions to the Canadian market by building a local production facility in #Canada." - CEO Ilan Sobel#technologynews #cannabisnews #Ontario https://t.co/TsEUM2TWl5
— BioHarvest Sciences (@BioHarvestBHSC) January 20, 2022
To get a quick overview of the Biofarming process, this is how BioHarvest explains the process on their website:
“To ensure proper functioning and health of organs, the human body needs to consume secondary metabolites such as polyphenols (resveratrol, quercetins, catechins, tannins and anthocyanins) and other phytochemicals originating from plants and fruits.
Mother nature has been providing us these metabolites as compounds enclaved in over 800 various plants and species. Producing these ingredients and availing them in efficient quantities is expensive and inconsistent when using conventional agriculture and then extraction methods that inadvertently destroys the synergy between the various molecules of the desired metabolite complex. As a result, most of the population does not enjoy the benefits of these metabolites.
The Biofarming technology produces the metabolites by growing the desired cells in liquid bioreactors without the need to grow the plant itself. It does so economically and consistently without harming the environment. It produces the desired compounds in their natural state to ensure the highest bio-availability and efficacy while ridding the end product from any undesired elements such as sugar or fat and make these metabolites easily accessible and usable. This is the reason for Biofarming to become the technology of choice for so many verticals and applications.”
Using their Biofarming technology, BioHarvest has grown their flagship product, VINIA, to such heights that they produce 2 tons per year to meet demand. VINIA is a proprietary red grape cell product that contains “the entire matrix of polyphenols contained in red grapes.” What makes this product interesting is the company’s claim that VINIA’s cardiovascular benefits are published in multiple peer-reviewed scientific journals and thus meets the requirements needed from the FDA to display structure/function claims on their packaging.
Although we have not investigated the legitimacy of those claims, if you take Bioharvest’s for their word, it becomes interesting to speculate about the approach that they will take for their cannabis product.
They have confirmed that the product will be made using the same Biofarming technique, the question is will BioHarvest take it to the market with the same science-first approach? As we move closer to federal legalization, the opportunity for companies to have an easier-to-travel path to selling over-the-counter FDA-approved cannabis products gets closer as well.
Is BioHarvest putting themselves in a position to be one of the firsts to take advantage of the changes, whenever they come? It is impossible to answer that question with any resemblance of accuracy, but it is an important possibility to consider.
In addition to that, although Biofarming is pitched as a very “natural” process, it is worth considering the possibility that the cannabis community rejects lab-grown cannabis products altogether (short-term or long-term).
Regardless of the end result, there is no argument against tech continuing to integrate into the cannabis industry. With federal legalization getting closer every day, will your cannabis business be ready for the impact that tech will have on the industry? If this is something that you want to learn more about, contact the team here at Commerce Puzzle to set up a time to talk.
According to a recent report released by the Marijuana Policy Project, state-legalized adult cannabis sales generated more than $3.7 billion in tax revenue across the United States in 2021.
As a consumer, it is no secret that the cost of purchasing goods and services has been on the rise across America. Considering the current state of the economy, some may be shocked to learn what impact this is, or potentially is not, having on consumers and business owners in the cannabis industry.
BioHarvest, an Israel-based health-tech company that has pledged to “marry science & technology with the power of nature,” is nearing the release of its first lab-grown cannabis product.
The state of New York has made the decision to update its medical marijuana eligibility rules and subsequently developed a new patient registration and cannabis certification system.
The move comes after the NFL and NFLPA announced that their Joint Pain Management Committee put together $1 million dollars in grant money
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