Business
Ripped from the headlines: MJBizDaily’s most-read marijuana business stories of 2022
From huge marijuana-plant seizures in Canada to adult use in New Jersey and a fluctuation in wholesale prices in California, the cannabis market has certainly seen its share of peaks and valleys this year.
Here’s a look back at MJBizDaily’s 10 most-read marijuana business stories of 2022:
1. Health Canada seized more than 35M grams of marijuana, 7,800 plants after inspections
Canada’s cannabis regulator seized more than 35 million grams (77,162 pounds) of marijuana products and thousands of plants from federal license holders for regulatory shortfalls in the 2019-20 fiscal year.
Most of the products were destroyed, with the remaining held by Health Canada to be returned to licensees who had regained compliance.
The report shed new light on a tumultuous period in the early years of Canada’s burgeoning adult-use cannabis industry.
2. New Jersey prepares to launch $2 billion recreational cannabis market
All eyes were on New Jersey in 2022, as the recreational marijuana market was poised to become one of the largest on the East Coast with annual sales projected to top $2 billion within a few years.
The state’s adult-use cannabis businesses recorded nearly $79.7 million in total sales between April 21 and June 30 of the state’s second fiscal quarter.
That included nearly $1.9 million in recreational sales on April 21, the day New Jersey recreational sales launched with a dozen stores.
3. California wholesale cannabis prices rebound from slump
Readers were hungry for good news out of California, and signs of a rebounding wholesale market drew their attention.
In February, the price of bulk flower was starting to rebound amid an uptick in sales, according to several operators in the state who told MJBizDaily they closed the books in January on a high note.
Signs indicate those prices didn’t hold, but publishing a story about a positive development in California’s struggling market was nice while it lasted.
4. Aurora Cannabis sets more closures, selling Sun greenhouse at fraction of cost
In a bid to slash costs and become profitable, Aurora Cannabis closed its flagship Aurora Sky facility in Edmonton, Alberta, and also shuttered an outdoor farm in British Columbia as well as the company’s prized Anandia testing and genetics division.
The closure of the flagship Sky facility was a serious setback to Aurora after the company significantly overshot the production capacity needed to meet Canadian and international cannabis demand.
That’s been a common refrain across the industry as production outpaces sales in more mature markets.
5. A few states could still legalize marijuana through legislatures this year
Industry watchers were optimistic that several states would legalize marijuana through state legislatures, including Delaware (recreational), Kansas (medical) and North and South Carolina (medical).
Those didn’t happen, but key legislative victories were won in Maryland, Mississippi and Rhode Island, laying the groundwork for hundreds of millions of dollars in combined sales for recreational and medical cannabis companies in those states.
6. Adult-use marijuana companies struggle to stay afloat amid overproduction, falling prices
The common theme of this year: Industry headwinds caused by macroeconomic conditions as well as factors unique to the marijuana market.
As mainstream businesses coped with surging inflation and the threat of a recession, many adult-use marijuana companies – growers, retailers and ancillary businesses alike – struggled with their own host of problems.
Falling prices and a product glut in more established state marijuana markets forced companies out of business, triggering layoffs and setting off an industrywide scramble to stay afloat.
7. Assault charge could tarnish image of Ascend, entire cannabis industry, consultants warn
A well-known and outspoken CEO and chair of a multistate marijuana operator getting charged with assault sent a ripple through the industry.
Some in the cannabis business ecosystem have been trying to ensure the market doesn’t succumb to the same pitfalls as other male-dominated and discriminatory industries with efforts that include promoting women-owned or -led businesses as well as social equity efforts.
The battery charge against Abner Kurtin was later dropped after the alleged victim and a witness did not cooperate with the police and prosecutor.
But the story still raised the hackles of industry critics and led to Kurtin giving up his CEO role and becoming executive chair of the Ascend board.
8. The cannabinoid CBN might be cannabis industry’s surprise hit
As cannabis entrepreneurs looked for new angles on the market outside of THC and CBD, minor cannabinoids also drew plenty of interest.
For example, over the past year, cannabis companies leveraged CBN’s reputation as a sleep aid with growing success.
Sales of products containing CBN totaled more than $65 million over four quarters for adult-use retailers in California, Colorado, Nevada and Oregon.
Safe to say it was the sleeper cannabinoid of the summer, pun intended.
9. US Senate holds historic first hearing on marijuana legalization bill
Anything about federal lawmakers discussing marijuana legalization is sure to raise some eyebrows.
And the U.S. Senate holding a committee hearing on marijuana legalization for the first time did just that.
Of course, the body took no action in that July hearing, which was more of a symbolic placement of marijuana issues in the political spotlight than it was an actual debate on the bill.
But the move still held significance to the industry and our readers.
10. New Mexico set to launch $400 million adult-use marijuana market likely to attract Texans
As the starting gun readied for New Mexico to begin adult-use marijuana sales on April 1, the focus was on providing opportunities to small local businesses in the first state to establish an adult-use industry adjacent to Texas.
Sales were expected to hit $400 million within five years, with New Mexico marijuana businesses likely benefiting from neighboring Texans driving across the border to buy adult-use products.
Throughout the year, more recreational cannabis cultivation production came online in the state, and new retailers established the connections they needed to secure supply.
Sales in New Mexico hovered around the $40 million mark in several months of the year.
Business
Jio’s 1,600-Satellite LEO Constellation Gets Technical Green Light
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.
Business
Alleged Crores Pharma Scam Mastermind Arrested from Surat
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.
Business
EU Pressure Builds on Google as Regulators Face Calls for Massive Fine Over Search Practices
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.
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