Detroit-based cannabis company Calyxeum is set to launch its first retail store this Saturday, April 20th, aligning with the cannabis industry's most significant day of the year. The new outlet, Moses Roses Powered By Calyxeum, located at 6237 Federal St. in Southwest Detroit, will mark its opening with a grand celebration.
Founded in 2019 by Detroit natives Rebecca Colett and LaToyia Rucker, Calyxeum has developed a robust presence in the cannabis sector with two cultivation sites in Detroit and Lansing, and a processing facility in Lansing. The addition of this retail dispensary represents a critical step in completing the company's strategy for vertical integration.
The store will feature an extensive selection of premium products, including specialty flowers, a variety of Michigan-made gummies, Calyxeum's exclusive dessert gummy line, and rosin-infused pre-rolls.
Rebecca Colett, CEO of Calyxeum and co-owner of the new dispensary, expressed her enthusiasm about the expansion, highlighting the significance of establishing a Black woman-owned and operated, vertically integrated cannabis business in their hometown. "This achievement is a proud moment for us as we aim to transform the cannabis experience in Detroit," she stated.
Both Colett and Rucker have been strong advocates for cannabis reform locally and nationally, working towards broader acceptance and potential federal legalization. They continue to commit themselves to giving back to their community and supporting other minority women aspiring to enter the cannabis industry.
LaToyia Rucker, COO of Calyxeum and co-owner of the dispensary, shared her excitement about the milestone. "This opening is not only a celebration of our achievements but also a beacon for future minority women entrepreneurs in the cannabis sector," she said.
The grand opening event promises to be a lively celebration with exclusive deals, a live DJ, complimentary food, comedy performances, and more. The dispensary will operate from 10 a.m. to 10 p.m. daily.
Michigan's cannabis market is demonstrating robust growth and versatility, particularly with an annual sales figure that surpassed $3 billion last year, making it one of the largest in the United States. However, a particular segment within this broad market—THC-infused beverages—though gaining traction nationally, remains relatively underexploited in Michigan.
Despite representing a mere 0.34% of the state's $286.8 million in recreational cannabis sales last month, local entrepreneurs see significant potential. Emerald Canning Partners, a Mount Clemens-based venture formed by cannabis producer Pleasantrees and Blake's Hard Cider Co., is strategically focusing on this nascent segment. The company recently invested $6 million to establish a 20,000-square-foot canning operation at the old Gibraltar Trade Center, aiming to tap into the growing demand for liquid cannabis products.
Construction is currently underway for a new cannabis dispensary in Berkley, Michigan, that promises to blend the sale of cannabis with vinyl records and turntables. Seven Point, the company behind the initiative, plans to offer both recreational and medical cannabis products at its facility located at 28557 Woodward Ave., near Wiltshire Road.
Brad Zerman, CEO and co-founder of Seven Point, emphasized the natural synergy between cannabis and music. "Cannabis and music go hand-in-hand," Zerman stated. The dispensary, which will occupy a 3,400-square-foot space, is anticipated to open this summer.
According to Zerman, cannabis products are expected to constitute over 80% of the dispensary's sales. However, the strategic location in Berkley, along with proximity to Woodward and Royal Oak—areas known for their affinity for records—suggests a promising market for their music-related offerings as well.
Seven Point is setting itself apart by creating a retail environment that mimics a record store, with vinyl and album art decoratively positioned alongside cannabis products. Customers will experience an educational journey through advanced technology that explains the origins, effects, and consumption methods of various cannabis strains.
As vinyl records continue to surge in popularity, Seven Point aims to create a unique shopping experience where customers can explore records that enhance their cannabis experience. "We will spare no effort in designing this store to deliver the look and vibes of a record store," Zerman added. The store will feature concert videos and music from the vinyl sold there, played on turntables at the sales counter.
Moreover, the dispensary's employees, referred to as budtenders, will provide recommendations on the best cannabis products to pair with different music genres. Zerman believes that Seven Point will offer an immersive experience unmatched by any other dispensary in the area, potentially becoming "the next greatest hit."
In line with its innovative approach, Seven Point is planning several events in Berkley ahead of its opening. These include giveaways and a hiring event, further integrating the dispensary into the local community. Berkley officials have spent considerable time crafting an ordinance for cannabis businesses, with Seven Point set to be the fourth of five allowed in the city.
Zerman, together with his business partner Gabe Ruben—a Berkley High School alumnus—highlight the supportive business environment in Berkley. Mayor Bridget Dean expressed enthusiasm for the new venture, underscoring the diversity and vibrancy of Berkley's business community.
Nature's Miracle Holding (NASDAQ: NMHI), a California-based controlled environment agriculture technology firm, is set to acquire Agrify Corp. (NASDAQ: AGFY), a prominent player in the cannabis production technology industry. The acquisition deal, which was announced recently, values Agrify's equity at approximately $6.3 million.
As per the terms of the agreement, Nature's Miracle will issue 0.45 of its common shares for each share held by Agrify's shareholders. Raymond Chang, the current CEO and Chairman of the Board at Agrify, will step into a new role as the President of the Agrify division at Nature's Miracle, in addition to joining the company's board.
This acquisition extends beyond share exchange; Nature's Miracle has committed to purchasing $750,000 worth of LED lighting from Agrify. Additionally, Nature's Miracle will acquire debt from Agrify that is held by entities controlled by Chang, with the payment to be made in a mix of cash and stock. The specifics of this payment have not been disclosed.
The closure of the deal is anticipated within the next six months, according to statements from both companies. Nature's Miracle has expressed confidence that this acquisition will significantly enhance its revenue streams by integrating Agrify's advanced software-as-a-service (SaaS) and AI technologies into its vertical farming operations. Moreover, Agrify's dominant position in the cannabis extraction market is expected to further bolster revenue growth.
Nature's Miracle has highlighted the need for consolidation within the indoor growing industry and views the acquisition as a strategic move to align with one of the most skilled and innovative teams in the sector.
Despite these developments, Agrify's financial health has been a subject of concern. The company, based in Troy, Michigan, recently disclosed its earnings for the fourth quarter and the full year, reporting a modest quarterly net income of $572,000 against an annual net loss of $18.7 million. In its latest 10-K annual report, Agrify has acknowledged substantial doubts about its ability to continue as a going concern, casting a shadow over its future operations despite ongoing improvements and turnaround efforts.
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Last week, JARS Cannabis celebrated the grand opening of its latest outlet in Chesterfield Township, marking the establishment of Macomb County's third JARS location. The event featured a ceremonial ribbon-cutting attended by members of the township's Board of Trustees and representatives from the Anchor Bay and Southeast Michigan chambers of commerce.
The new 3,100-square-foot retail space is Chesterfield's inaugural recreational cannabis dispensary. Launched in February, this venue is part of the Troy-based company's expansion, being its 21st store in Michigan. The opening ceremony offered an array of activities including a food truck, exclusive giveaways, and significant discounts of 30% storewide, underlining JARS Cannabis's commitment to nurturing an informed and inclusive cannabis community in the area.
The dispensary boasts a comprehensive product range, including a wide variety of flowers, pre-rolls, edibles, vapes, concentrates, topicals, and tinctures, catering to different customer preferences and price points. Additionally, it provides convenient shopping options such as curbside pickup and delivery services.
Historically, Chesterfield Township was among the numerous Michigan localities that opted out of issuing cannabis licenses following the statewide legalization of recreational cannabis in 2018. However, a successful petition initiated four years later swayed local opinion. The resulting referendum saw 57% of voters, from a total of 20,700 participants, supporting the legal sale and distribution of cannabis.
JARS Cannabis asserts that its operations contribute significantly to the local economy by generating employment opportunities and increasing tax revenues, thereby enhancing Chesterfield Township's economic landscape.
Traverse City has reached the one-year milestone since the introduction of recreational cannabis sales, an event that was highly anticipated and, according to local stakeholders, well worth the wait. While many Michigan cities quickly launched recreational cannabis operations following the state's legalization in 2018, Traverse City took a more cautious approach, deliberating extensively on the best practices for implementation. The city's dispensaries only began selling recreational cannabis in March 2023.
The city manager of Traverse City, Liz Vogel, reported a significant financial boost from the state in the form of approximately $709,000, allocated from a 10 percent excise tax on statewide recreational cannabis sales. This payment, which equates to about $59,000 for each of the twelve active dispensaries in the city, will be an annual benefit. Currently, with no designated use for these funds, the city enjoys considerable flexibility in future spending.
The city initially granted 16 dispensary licenses, though several are still in the development stages. The decision on how to use the additional revenue will ultimately lie with the city commission. Discussions have ranged from enhancing local police resources to potentially earmarking funds for specific community projects, though no formal decisions have been made by the newly elected commission.
For local dispensaries, the introduction of recreational sales has been transformative. Justin Elias, president and co-founder of PUFF Cannabis, noted that while the delay in approving recreational sales impacted their finances, the new revenue stream has been robust, multiplying their income compared to medical-only sales. Elias emphasized the economic relief the new market has provided, helping to recoup losses from previous years.
Recreational sales have not only benefited established businesses but have also attracted tourists, further boosting the local economy. Traverse City, known for its picturesque setting and vibrant tourist industry, now offers another attraction for visitors who can easily purchase cannabis recreationally.
Local businesses have seen a positive response from both tourists and residents. Michael Thue, managing partner at Verts Neighborhood Dispensary, highlighted the enthusiasm from customers, particularly those visiting the city. His business focuses on locally sourced products, enhancing its appeal by supporting the regional cannabis industry.
Despite the success, some challenges remain. The market might face a potential contraction as competition intensifies. Both Elias and Thue predict a reduction in the number of operating dispensaries over time, suggesting that those with superior customer service and high-quality products are more likely to endure.
As Traverse City navigates the evolving landscape of recreational cannabis, stakeholders remain optimistic yet realistic about the challenges and opportunities ahead. The city and its cannabis businesses continue to adapt, aiming to sustain growth and support from the community.
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