TCNNF
Trulieve Cannabis TCNNF) announced the opening of its 100th dispensary in the state of Florida in Tallahassee, where it had opened its first store and was formerly branded as Harvest House of Cannabis. "Tallahassee is where we opened our first dispensary and where we're proud to open our 100th in Florida. Trulieve was the first licensee in the state of Florida approved to cultivate medical marijuana, first in the state-approved to dispense, and first to open a dispensary, right here in Tallahassee," CEO Kim Rivers commented.
HEXO IS IN TROUBLE
HEXO announced the departure of Sebastien St-Louis, Co-Founder and CEO, effective immediately, as the company completed a strategic reorganization. The board's special committee for succession is in advanced discussions with a preferred CEO candidate and expects to announce in the coming days. HEXO also announced the resignation of the Company's COO, Donald Courtney. Mr. Don will remain as COO until a suitable replacement is identified. On our last Cannabis Q&A call, we called out the Hexo CEO as one of the mouse squirrelly Canadian CEO's The departure of St-Louis, who had been HEXO CEO since 2013, is not a good sign for three reasons. (1) not staying as interim leader, (2) the combination of the COO departure is even more troubling for profitability, and (3) the company is trying to integrate three acquisitions, which must not be going well.
Americans and Cannabis
A recent survey conducted by Redfin shows that Americans would rather live in states where marijuana is legal rather than those that continue to criminalize cannabis consumers. Out of all participants in the survey, the largest share (34%) stated that they would prefer to live in a place that has marijuana legalized. The survey participants were 1,023 individuals who had recently moved to a new metro area since 2020. Individuals moving to a metro area will skew to a younger demographic, which may be the reason for the very high concentration in pro-cannabis laws. Preliminary analyses, including one conducted by Zillow, show that legalization is associated with higher home property values. Home values increased $6,338 more in states where marijuana is legal in some form Vs. states which haven't. "People take the politics of a place into consideration when deciding where to move, but the truth of the matter is that other factors including housing affordability and access to jobs and schools take priority," Taylor Marr, the deputy chief economist for Redfin, said in a press release. "Frequently, this means someone will move from a blue state to a red state (or vice versa), but choose a home in a neighborhood where most people hold the same political views as they do. Austin—a liberal Texas enclave that's attracting scores of left-leaning folks from pricier coastal cities—is just one example."
