Florida Tracker
Overall Sales in Florida have been healthy, with patient growth being consistent. This past week, Trulieve opened one dispensary location in addition to Sunnyside (CRLBF) opening one as well. For the past few weeks, Florida's market share trends have remained the same, with Curaleaf and Ayr increasing and Trulieve and Surterra losing market share. Some smaller names which have seen increases have been Harvest and Sunnyside.
Michigan Tracker
Michigan sales were on fire in July. The state had a 19.5% increase in adult-use sales and a 14.8% increase in total sales sequentially. Even medical sales increased this month which have been declining due to the rise of adult use. The total 2021 run rate is now $2.05 Billion. The largest subcategory increases came from shake/trim and vape cartridges.
Boris Jordan/Kim Rivers on SAFE
The US has seen major wins for cannabis in the past year, but the one win that US cannabis stocks desperately need is a form of SAFE, preferably with a capital markets component. Both CEO's Kim Rivers and Boris Jordan believe the bill will be passed sometime shortly. "I think they are first going to vote in the fourth quarter [of 2021] on a more comprehensive bill. I don't think it will get through," he said Wednesday, pointing to a high hurdle of attracting the 10 Republican votes needed to clear a 60-vote threshold in the Senate. "I do think, though, we've got the votes in the Republican party to get SAFE Banking through," said Curaleaf CEO Boris Jordan. We also are predicting that Schumer's bill will not be able to pass in its current state due to many of the progressive reforms it has included in the bill causing a lack of Republican support. The SAFE Act, on the other hand, has support on both sides of the aisle. Both Rivers and Jordan predict a Q1 22' passing of The Safe Act, which may be wishful thinking, but could be possible, especially since the infrastructure bill will not see much attention in the Senate in the coming months.
