MSOS Performance
Biden and the Democrat's lack of focus on any element of Cannabis Legalization is the most significant overhang for the industry.
MSOS is in a bearish formation and hitting new lows. It's not a coincidence that President Biden finds himself at the lowest polling point of his administration. This fall for Democrats looks like a blood bath trying to hold onto their House and Senate majorities. According to new poll numbers from Gallup, that has approval at just 40% with 56% disapproving. It's the lowest measure so far by Gallup and well below his 48.9% polling average over the past year. As of Wednesday, Biden's approval in the latest poll of polls was 41%, with 54% disapproving. That erosion has come primarily from political independents, generally regarded as the swing votes in any election, and 71% approve Cannabis legalization. Biden enjoyed 98% approval among Democrats in the early days of his term, but that number is 82% currently.
When will DC wake up to the importance of incremental Cannabis legalization?
Fire & Flower
Fire & Flower announced the filing of its Form 40-F Registration Statement with the SEC in preparation for the Company to list its shares on The Nasdaq. Listing of the Company's shares on Nasdaq remains subject to the approval of Nasdaq and the satisfaction of all applicable listing and regulatory requirements, including the effectiveness of the Form 40-F. Following all required approvals, the Company will issue a press release announcing its first trading date on Nasdaq.
Curaleaf Holdings
Under the terms of the agreement, Curaleaf paid an aggregate purchase price of approximately US$211 million. Bloom will be immediately accretive to adjusted EBITDA margins.
Curaleaf Holdings announced the completion of its previously announced acquisition of Bloom Dispensaries, a vertically integrated, single state cannabis operator in Arizona. With the close of the Transaction, Curaleaf's retail footprint has reached 13 dispensaries in Arizona and 121 nationwide. Boris Jordan, Executive Chairman of Curaleaf, stated, "Bloom is an excellent strategic fit for Curaleaf as it further expands our capacity and retail footprint in Arizona with an attractive set of assets, enabling us to serve better the state's US$1.4 billion-plus annual market opportunity.
Bloom Dispensaries Highlights:
- 2021 revenue of approximately US$66 million and EBITDA margins of more than 40%.
- Four retail dispensaries are located in Phoenix, Tucson, Peoria, and the only dispensary currently in Sedona.
- Two adjacent cultivation and processing facilities in north Phoenix total approximately 63,500 sq. ft. of space.
