Connect with us

Business

New Mexico Pot Sales Hit Record in October

Published

on

Licensed sales of recreational marijuana in New Mexico topped records for the fourth straight month in October, totaling nearly $40 million.

Regulated sales of cannabis hit record levels in New Mexico during October, with licensed sales of marijuana totaling nearly $40 million for the month, according to data released last week by the state’s Cannabis Control Division (CCD). October was the fourth straight month of record-breaking weed sales in New Mexico, where dispensaries launched regulated sales of adult-use cannabis in April.

Monthly sales of cannabis in October totaled $39.8 million, with recreational marijuana sales topping $25 million in New Mexico for the first time, according to CCD data updated on Thursday. Medical marijuana sales, however, saw a decline, dropping to $14.7 million last month, a new low since adult-use cannabis sales began earlier this year. Since April, dispensaries have sold a total of $161 million in recreational marijuana.

New Mexico Regulators Launch New Online Data Portal

The updated cannabis sales figures were provided via the state’s new Cannabis Reporting Online Portal, which began operating on Thursday afternoon. In addition to providing data on cannabis sales, the portal also offers other information on New Mexico’s cannabis industry, such as the number of licensed dispensaries operating in the state.

“A few months ago, CCD saw an opportunity to provide greater information about the New Mexico cannabis industry through a data portal similar to other states,” said Bernice Geiger, a spokeswoman with the New Mexico Regulation and Licensing Department. “We were able to capture data from our seed-to-sale software to further disseminate data in intuitive, customizable graphical form.”

Sales of adult-use cannabis were particularly strong in towns close to New Mexico’s border with Texas, where recreational marijuana is still illegal. In Sunland Park, sales of recreational marijuana topped $1.5 million in October, a new record for the town of only 20,000 residents. Hobbs, which sits along the border with west Texas, also saw a record-breaking month with $1.47 million in adult-use cannabis sales. Dispensaries in Clovis, also on the west Texas border, rang up $731,00 in recreational marijuana sales last month.

Reilly White, an associate professor with the University of New Mexico’s Anderson School of Management, told the Albuquerque Journal that cannabis sales are likely to remain strong in New Mexico’s southern and eastern border towns as long as recreational marijuana remains against the law in neighboring Texas.

“We’re likely going to see continued growth in month-to-month cannabis sales as the market becomes more mature,” White said, noting that border towns in Colorado have seen a dip in sales since recreational marijuana sales began in New Mexico earlier this year.

Adult-use cannabis sales were also helped, White said, by the influx of tourists visiting New Mexico for the 50th Albuquerque International Balloon Fiesta, which brought thousands of visitors to the state during the first nine days of October. Albuquerque sales of recreational marijuana came to $8.1 million in October, a new record for the city.

“The Balloon Fiesta did result in a positive increase in sales for local cannabis firms, as greater tourism traffic boosted recreational use,” he said. “The big test ahead for the industry will likely be macroeconomic conditions in 2023 – if we have a recession, how will consumers cut back on recreational cannabis?”

Medical Marijuana Sales Decline

Despite the strong sales of adult-use cannabis, sales of medical marijuana in New Mexico continued to decline. Duke Rodriguez, president and CEO of medical cannabis provider Ultra Health, said that the drop in medical marijuana sales can likely be attributed to patients who are now obtaining cannabis from recreational marijuana dispensaries.

“Medical sales are reclassified into adult-use sales,” Rodriguez said. “They’re just being transferred from one bucket to the other.”

Ben Lewinger, the executive director of the New Mexico Cannabis Chamber of Commerce, said that other states have also seen a decline in medical marijuana sales following the legalization of adult-use cannabis. According to data from the New Mexico Department of Health, the number of medical marijuana patients in the state has dropped by 473 patients in the span of a year, with the total number of patients declining to 123,990 in September.

“We knew that the number of enrolled medical patients was going to contract, as it has in every other medical state that has shifted to adult use,” Lewinger said. “What’s important is that we continue to invest in the medical program by continuing to add more qualifying conditions so that more people can receive cannabis treatment, without paying taxes on their medicine.”

In August, after the state began its four-month run of record-breaking cannabis sales, New Mexico Governor Michelle Lujan Grisham commented on the economic opportunities presented by regulated adult-use cannabis.

“These numbers show that the impressive sales generated in the first month of legalized recreational cannabis sales were no fluke – and this is only the beginning,” Grisham said in a statement from the governor’s office. “We’ve established a new industry that is already generating millions of dollars in local and state revenue and will continue to generate millions more in economic activity across the state, creating thousands of jobs for New Mexicans in communities both small and large.”

Source: https://hightimes.com/news/new-mexico-pot-sales-hit-record-in-october/

Business

Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light

Published

on

By

Reliance Jio has crossed a significant milestone in its space connectivity ambitions after its proposal to deploy a Low Earth Orbit (LEO) satellite constellation of around 1,600 satellites received a positive technical assessment from the Indian National Space Promotion and Authorisation Centre (IN-SPACe).

The evaluation, conducted jointly by IN-SPACe, the Indian Space Research Organisation (ISRO), and the Wireless Planning and Coordination (WPC) wing of the Department of Telecommunications, reportedly concluded that Jio’s proposed system meets the required technical standards and is comparable to leading global satellite broadband networks.

India’s Indigenous LEO Satellite Vision

Under the proposal, Reliance Jio plans to deploy between 1,600 and 1,650 satellites in Low Earth Orbit at an altitude of around 650 kilometres.

The planned constellation is expected to provide high-speed satellite connectivity across India, with approximately 32 satellites visible from any location at a given time. The company aims to roll out the network within the next two to three years, subject to regulatory approvals.

According to industry estimates, the satellite system could deliver 4.5 to 5 terabits per second (Tbps) of total data capacity, making it one of the largest satellite broadband projects proposed in India.

The project is expected to require an investment of $10–15 billion (approximately ₹95,000 crore to ₹1.42 lakh crore), reflecting the scale of infrastructure needed for satellite manufacturing, launches, ground stations, and user terminals.

Regulatory Process Moves Forward

Following the successful technical review, the proposal is expected to move into the next phase of regulatory approvals.

The government may now assist Jio in securing orbital slots, coordinating spectrum usage, and filing applications with the International Telecommunication Union (ITU), the global body responsible for managing satellite orbit and frequency allocations.

Obtaining orbital rights remains a critical step, as Low Earth Orbit has become increasingly competitive due to the growing number of satellite broadband projects being planned worldwide.

Officials also indicated that the proposed satellite architecture has been designed to coexist with future Indian LEO constellations, allowing multiple domestic operators to share orbital resources efficiently.

Broadband, Mobile Connectivity, and Strategic Applications

Jio plans to use the satellite network to provide a range of communication services, including satellite broadband, mobile backhaul, enterprise connectivity, and direct-to-device (D2D) satellite communication, particularly in remote and underserved regions where conventional telecom infrastructure is limited.

The company also intends to establish 20 to 22 ground stations across India to support network operations.

Apart from commercial telecommunications, officials have highlighted the project’s potential strategic importance. A domestically developed satellite constellation could strengthen India’s communication infrastructure, reduce dependence on foreign satellite operators, and support national security requirements.

Reports suggest preliminary discussions are underway regarding the possibility of integrating defence-related payloads into some satellites, enabling both civilian and strategic use.

Major Step for India’s Space and Telecom Sectors

Industry analysts view the technical clearance as an important milestone in India’s expanding private space ecosystem. If Jio secures the remaining regulatory approvals and international orbital clearances, the project could become the country’s first large-scale indigenous LEO satellite broadband network.

The initiative also aligns with India’s broader efforts to expand digital connectivity while strengthening its presence in the global satellite communications market.

Continue Reading

Business

Alleged Crores Pharma Scam Mastermind Arrested from Surat

Published

on

By

After evading law enforcement for nearly 13 years, an accused linked to a large-scale pharmaceutical fraud case has been arrested by Delhi Police from Surat, Gujarat. The suspect is alleged to have orchestrated a series of financial scams involving fake identities, forged documents, and dishonoured cheques used to procure high-value pharmaceutical raw materials.

Authorities say the accused, identified as Himmat Singh Lodha, is believed to have defrauded multiple pharmaceutical companies in Delhi of goods worth approximately ₹98 lakh before disappearing and remaining underground for years.

Fake Business Deals and Dishonoured Cheques Used in Fraud

Investigators claim the accused posed as a legitimate pharmaceutical trader and placed bulk orders for expensive drug ingredients, offering post-dated cheques as payment security.

In one documented case from 2013, he allegedly obtained around 550 kilograms of Gliclazide, a diabetes-related pharmaceutical ingredient, valued at over ₹26 lakh. When suppliers attempted to encash the cheques, they were reportedly returned with the remark “account closed.”

Following the transaction, the accused allegedly vacated his office and rented residence and disappeared without settling payments. He was later declared a proclaimed offender in 2016 after repeatedly failing to appear before court proceedings. Authorities had also issued a reward for information leading to his arrest.

Multiple Identities and Repeated Fraud Pattern

Police investigations further link the accused to another cheating case dating back to 2012, where he allegedly used a fake identity, “Kailash Jain,” to obtain a large consignment of Ambroxol HCL, a pharmaceutical compound used in cough medications. The value of that consignment was estimated at around ₹72 lakh.

Officials believe the accused followed a consistent modus operandi—posing as a credible businessman, securing high-value goods on deferred payment terms, and then disappearing after delivery while shutting down business operations.

Investigators suspect that forged business records, fake company credentials, and fabricated financial histories were used to build trust with suppliers and gain access to expensive raw materials.

Multi-State Surveillance Leads to Arrest in Surat

A special Crime Branch team tracked the accused through coordinated surveillance efforts across multiple cities, including Mumbai, Ahmedabad, and Surat. After nearly a month of technical monitoring and intelligence gathering, officials located and arrested him from a residential area in Surat.

Authorities also revealed that the accused had been involved in property-related activities while staying under the radar to avoid detection.

Growing Threat of Corporate Identity Fraud

The case highlights a rising trend of organised financial fraud targeting industries that rely heavily on trust-based transactions and deferred payments. Experts note that criminals increasingly exploit gaps in corporate verification systems by using fake GST registrations, temporary offices, and forged documentation to appear legitimate.

Cybercrime and financial fraud specialists warn that such schemes are becoming more complex with the widespread availability of digital business tools, making it easier to create convincing but fraudulent corporate identities.

Experts Urge Stronger Due Diligence in High-Value Transactions

Experts, including former IPS officer and cybercrime specialist Prof. Triveni Singh, emphasize the need for stricter verification procedures in commercial dealings. He noted that relying solely on paperwork or digital business profiles can expose companies to significant financial risk.

Authorities and industry experts recommend physical verification of business operations, bank account validation, and detailed background checks before engaging in high-value or deferred-payment transactions—particularly in sectors like pharmaceuticals, where single consignments can involve transactions worth crores.

Continue Reading

Business

EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices

Published

on

By

A growing coalition of European industry groups is intensifying pressure on regulators to take decisive action against Google over allegations of unfair search practices that could reshape competition rules across the region’s digital economy.

Investigation Under Digital Markets Act Gains Momentum

The case is being examined by the European Commission under the European Union’s landmark Digital Markets Act (DMA), introduced to curb the dominance of major technology platforms and ensure fair competition.

Launched in March 2024, the investigation focuses on whether Google has been prioritising its own services in search results, potentially disadvantaging rival businesses that rely on online visibility to reach customers.

Industry Groups Demand Swift Action

Several prominent European organizations have jointly urged regulators to conclude the probe without further delay. They argue that prolonged investigations allow alleged anti-competitive practices to continue, putting European companies—especially startups—at a disadvantage.

Signatories include the European Publishers Council, the European Magazine Media Association, the European Tech Alliance, and EU Travel Tech.

In a joint statement, these groups warned that delays in enforcement are affecting innovation, profitability, and growth prospects for regional businesses competing in digital markets.

Google Denies Allegations

Google has rejected claims of bias, stating that its search algorithms are designed to deliver the most relevant and useful results to users. The company has also proposed adjustments to address regulatory concerns.

However, critics argue that these changes are insufficient and fail to address the core issue of market dominance.

Potential Billion-Euro Penalties

If found in violation of the DMA, Google could face significant financial penalties. Under EU rules, fines can reach a substantial percentage of a company’s global turnover, potentially amounting to billions of euros.

Regulators may also impose corrective measures requiring changes to business practices, which could have long-term implications for how digital platforms operate in Europe.

Wider Implications for Big Tech

The case highlights ongoing tensions between European regulators and major U.S. technology firms. In recent years, the EU has taken a more aggressive stance in enforcing competition laws, aiming to create a level playing field for local businesses.

A final ruling against Google could set a major precedent, influencing future enforcement actions and shaping the regulatory landscape for global tech companies operating within Europe.

As scrutiny intensifies, the outcome of the investigation is expected to play a critical role in defining the future of digital competition across the European Union.

Continue Reading

Trending

Copyright © 2022 420 Reports Marijuana News & Information Website | Reefer News | Cannabis News