Our top 5 trends in the cannabis industry this month:
📈Canadian cannabis stocks are soaring post-election. Daily trading volumes have increased up to 12x.
💰CA Q3 numbers released by the (CDTFA) revealed an approximate 80% increase in tax revenue YOY. ($306 million in 2020 compared to $170 million in 2019)
😷New data is once again supporting the fact that the cannabis industry was built to withstand a pandemic.
🇺🇸After a clean sweep of legalization on the ballot, Trulieve CEO Kim Rivers and Green Thumb Industries CEO Ben Kovler, believe that cannabis legalization has “firmly crossed party lines.”
📉Wholesale prices of marijuana and hemp oil have fallen from a year ago.
Subversive Capital Acquisition Corp (SCAC) announced it has entered into an agreement with:
MONOGRAM founder, Shawn “JAY-Z” Carter, entertainment powerhouse Roc Nation.
Caliva, California’s most trusted cannabis brand and leading direct-to-consumer platform
Left Coast Ventures, Inc., a predominant cannabis and hemp company with low-cost manufacturing and a diversified portfolio of brands, to form TPCO Holding Corp.
TPCO Holdings Corp. will be the largest vertically-integrated cannabis company in California. SCAC will be the largest SPAC in cannabis history.
Timeline for Newly Legalized States
Arizona: Recreational sales could begin as soon as March. Arizona currently has 130 medically licensed businesses and has a cultivation capacity to serve 280,000 registered patients.
Mississippi: Mississippi voters approved Initiative 65, which was the more commercially viable medical legalization choice on the ballot. The measure requires that medical cannabis cards be issued to patients by August 15, 2021. Whether sales will begin by that time remains to be seen.
Montana: Recreational cannabis has been legalized. The state has a small medical market already. Regulators are to begin accepting applications for licenses no later than October 1, 2021.
New Jersey: Recreational cannabis has been legalized. There are currently only 12 medical dispensaries in operation, and they have had trouble meeting the demands of the 80,000 registered patients. Rec sales are projected to start in late 2021.
South Dakota: Both recreational and medical cannabis have been legalized on the most recent ballot. Medical is supposed to be implemented by end of October 2021 and recreational is supposed to be implemented by April 2022.
Sales in Colorado during the summer months climbed heavily despite a 50% loss of tourism. A total of $8 billion in tourism spending was lost since March. Despite all this, YOY cannabis sales have grown over 20% per month, and September set an all-time high of $167 million.
Rhode Island Budget Deficit
More than a year ago Rhode Island state senators were dead set on NOT legalizing cannabis. Now, that coronavirus has taken a hit on revenues and a massive budget deficit has been created, the people in charge are changing their minds. Senate Majority Leader Michael J. McCaffrey recently said “The time has come to legalize adult cannabis use, we can create jobs, capture lost tax revenue, and fund important social programs.”