We will be highlighting all of our state-wide cannabis trackers today at 2pm EST as we host our Cannabis Q&A call. CLICK HERE for access to the call.
MICHIGAN IS ON THE RISE.
Our monthly cannabis sales tracker, which we will feature today at 2pm (event page at top of note), showed a nice bump up for the state of Michigan. Medical sales came in at ~$23M, down 27% MoM, but adult-use sales were ~$163M for the month of April, which is a 35% MoM increase. Overall, total cannabis sales in April were up 22% MoM and up 21% YoY compared to being down 1% and up 5% respectively in the previous month. Although, the current trend in wholesale prices is a concern.
NAtional CANNABIS REFPORM
The Biden Administration is monitoring states that have legalized cannabis to learn and adopt best practices as it recognizes the failure of prohibition. The director of the office of National Drug Control Policy said “We’re monitoring the data and trying to see where things go. But one thing is very clear, and the president has been clear about that—the policies that we’ve had around marijuana have not been working.” Between the SAFE Act in the Senate, the recent Biden administration’s comments on cannabis, and the DOJ looking into the legality of safe consumption sites, cannabis-related items seem to be heating up as we approach the midterms.
BRIGHT GREEN CORP COMES BACK TO EARTH.
Bright Green Corp. (BGXX) started trading on the U.S stock exchange last month making it the first-ever US cannabis touching business to do so. Their market cap soared to over $9 billion at one point. Their business model is much different than traditional MSO and as they warned in their filings, they are not as safe as a bet as the valuation once indicated, “We can provide no assurance that we will generate sufficient revenues from our intended business operations to sustain a viable business operation,” Bright Green warned in its filings. In order to generate revenues, we must first receive a receipt of final registration from the DEA.” mjbizdaily.com
BGXX is a joke.
