NDAA TRACKER
Yesterday, the MSOS gas resumed its downward momentum, declining 3.1%, volume picked up 4% day over day. The pressure to pass SAFE in the NDAA continues to grow as a coalition of non-cannabis trade groups, businesses, & the UFCW sent a letter asking Senate leaders to add the SAFE Banking Act to the NDAA. The letter was addressed to Schumer, McConnell & relevant committee chairs. As Politico reporter Natalie Fertig pointed out "It's the gazillionth letter sent about this in recent weeks," but nothing seems to get the stock moving higher. She also made the point out that "the @ABABankers has been pushing for this for a long time but there are some interesting names I don't see as often - @UFCW is a huge name, obviously - but there are some smaller groups here too like Electronic Transaction Association."
USA Sales Dashboard October
Sales in most recreational states remained fairly flat. In mature states such as Colorado and Oregon, sales were down while in Massachusetts, Michigan and Illinois sales were up slightly. Both mature markets saw YoY declines in sales from last year. This is likely due to an increase in on-premise Covid consumption comparison in the US to the same time last year. Cannabis is solely consumed off-premise which causes sales to decline when lockdowns ease. Sales in the recreational market are growing at a slightly faster pace compared to the medical market by YoY growth but these numbers are converging over time.
All medical-only states (FL, MD, and OH) all have excellent sales per dispensary. The median sales per dispensary is $5.7 Million compared to only $4.3 Million for recreational only states. The most profitable states to operate in are currently Illinois, Massachusetts, Arizona, and Ohio. The least profitable states are Oregon and Colorado with average sales of $1.5 Million and $2.3 Million.
