Florida Tracker
Sales in Florida were up this week compared to last week. Flower sales increased by 2%, and CBD sales were up by 36%. Market share losses were seen by Trulieve, iAnthus, and Surterra Wellness. Curaleaf and Verano continue to grow their market share. Ayr added one dispensary location in the state, bringing their total up to 37, tied with Curaleaf with the second most locations in the state.
Florida Increasing License Count
There are currently 22 companies that hold licenses in Florida. However, only 13 have ever produced and sold any product. In the next 18 months, Florida will issue 15 new company licenses. Once the patient count hits 600,000 (currently at 579,858 according to our tracker above), Florida will issue 19 new companies licenses up from the 15, which is the current plan. Our estimates show this number to surpass 600,000 within the next five weeks. “We need more competition because that will drive down the cost of the product for patients,” said State Rep. Guillermo Smith. This increased competition will be a headwind for Florida operators, such as Verano, Ayr, and Trulieve. Lawmakers believe that ultimately this will be beneficial to the patients of the medical marijuana program.
PharmaCann Debt Offering
CRON is Canada Long.
PharmaCann, which Cronos paid $110 Million for the option to have a 10.5% stake in, announced they would raise $85 Million worth of senior notes. This debt was issued at a 12% interest rate. PharmaCann said the proceeds would be used for "strategic growth opportunities and general corporate purposes." PharmaCann did not identify who purchased the notes but described the buyers as “leading U.S. and Canadian lenders” in a news release.
