SAFE LANGUAGE
According to M. Moment, the text of NDAA released by the Senate Armed Services Committee on Wednesday does not contain the SAFE language in the house version. That means the matter will need to be settled in a bicameral conference committee after the full Senate formally passes its bill. At that point, negotiators from both chambers will work to resolve differences between their separate proposals.
Cresco Acquisitions
CRLBF in the USA long.
Cresco labs acquired three top-performing Pennsylvania dispensaries on a deal worth $90 Million. The deal is expected to close in Q4 of 2021. The three operational dispensaries operate under the name Cure Penn. They are located in Lancaster, Phoenixville, and Philadelphia. “As we implement localization strategies tailored to state-level dynamics, this Transaction with Cure Penn is expected to expand our retail footprint in Pennsylvania, increase profitability, and strengthen our wholesale leadership position in the state. We’re thrilled to continue executing our playbook of achieving depth in strategic markets via rigorous capital allocation,” said Charlie Bachtell, CEO, and Co-Founder of Cresco Labs. “The Cure Penn team has developed a high-performing retail platform across three dispensaries that sets up another immediately accretive acquisition for Cresco Labs. In addition, we’ve proven our ability to drive incremental top and bottom-line growth from the implementation of Sunnyside’s best-in-class operating model, and we look forward to growing our house of brands that are already among the most sought after by patients in Pennsylvania.” With this acquisition, Cresco will have seven locations in the state, making PA its 3rd most concentrated state.
OHIO PRICES
30% of Ohio medical marijuana patients and prospective patients surveyed by Ohio University don’t regularly get their marijuana from medical dispensaries, primarily because of the cost of marijuana and difficulties in obtaining a patient card. Ten percent of those surveyed said they are not currently using medical marijuana for the same reasons; 82% of survey respondents were registered Ohio medical marijuana cardholders. The average price in Ohio is $328.38 per ounce of high-quality cannabis flower, according to priceofweed.com. However, the same survey found that dissatisfaction in Ohio’s medical program is decreasing: While 55% of patients said they were not satisfied with the medical system, that percentage has declined significantly, from 67% in 2019 to 62% in 2020. Ohio University proposed lessening the financial impact of purchasing medical marijuana by letting medical patients grow cannabis at home, but not in Ohio. The report also suggests increasing the number of cannabis cultivation licenses, which would increase supply in the state, and lowering Ohio’s licensing fees, which are some of the highest in the nation. The report also proposed making it easier for patients who qualify for medical marijuana to get a card by expanding the number of doctors allowed to prescribe marijuana and instituting some employment protections for people who worry they could lose their job if they were to test positive for cannabis use.
