PA Legalization?
Voters in Philadelphia sent a clear message to lawmakers as they broadly approved a referendum on marijuana legalization. A growing number of state senators are stepping up to push some reform across Pennsylvania. Results from Tuesday's election show the proposal receiving a 73% approval rate. With Philadelphia already decriminalizing cannabis, the city aimed to enact broader reform statewide using this referendum to motivate the legislature further to move ahead with legalization. Although there has already been a broad bill introduced, the state congress is primarily GOP-controlled and has resisted calls from top officials and the public so far. Jushi and Terrascend both have the greatest exposure to Pennsylvania, with 59% and 35% of their assets concentrated in the state respectively. Along with Green Thumb and Verano, these companies are positioned to benefit the most from legalization in the state.
Oregon Tracker
For the third month in a row, sales in Oregon were down to $93.6 Million, which is down 2% sequentially and 5.5% YoY. After an initial spike due to covid, sales have been relatively flat in the state. The annual run rate for Oregon is $1.16 Billion. We continue to expect mature states to have flat to decelerating sales for the foreseeable future.
Maryland Tracker
Sales in the state saw a rebound this past quarter jumping 3.8% sequentially and 7% YoY. Sales came in at about $46 Million for the month. Medical states continue to see better performance in October compared to recreational markets. The annual run rate for the state is $543 Million.
