Updated Position Monitor
We added three new names at the bottom of our long list: CNTMF, TLLTF, and VLNCF.
Nevada Tracker
Nevada Sales hit an all time high March which were up an astounding 123% YoY. Nevada sales have been trending up for the past year. March sales were $97 Million which includes both adult-use and medicinal. Nevada has an annual run rate of just over $1 Billion. Green Thumb, Ayr, Green Growth, and Curaleaf have the largest footprint in the state.
Arizona Banks Welcoming Cannabis
One of the largest impediments for cannabis companies is access to banking. As the Safe Act passed in the House but is yet to pass in the senate, we are yet to know when banking reform will be established. Even with Safe, large national banks are most likely hesitant to enter cannabis banking. In Arizona, two banks, one accounting firm, and one digital banking platform now offer financial services to cannabis businesses although it has been a long road. Arizona's cannabis sales will exceed $1 Billion by 2023. Slowly but surely, more small credit unions and local banks are starting to offer banking to cannabis businesses. Banks are required to report every cannabis transaction to FinCen as a suspicious activity transaction in addition to several other compliance items they must complete. This creates more work which is why larger banks are reluctant to enter the space.
