Michigan is setting records.
It is reported that Michigan set a new monthly record for cannabis sales this July, nearly reaching $210M in total sales for the month. A week from today, on 8/22 at 12:30 PM, we will be hosting our monthly Cannabis Q&A + Industry Data Update call. Many news outlets indicate record months for state sales, but we will dive deeper into what drives this and how accurate it is. For over 6-months now, we have been showing the pricing destruction in the industry, which is driving growth lower in many states even with elevated traffic volumes.
CA Ain't Getting Mushrooms.
On Friday, the California Senate announced that they would no longer pursue plans to approve a psychedelics reform bill by the end of the year. "I've now confirmed that SB 519—decriminalizing possession and use of small quantities of certain psychedelic drugs—was amended by the Assembly Appropriations Committee to remove the decriminalization aspect of the bill," Wiener said in a press release. "As a result, the soon-to-be-amended version of SB 519 is limited to a study." State Senator Wiener also hinted that this is a piece of legislation they will bring back to the floor in 2023.
AK Cannabis is on the ballot.
The Arkansas Supreme Court ordered the secretary of state to include adult-use cannabis legalization on the November ballot. The secretary of the state has until Aug 25th to certify this order to make sure it shows up on the ballot in November. Earlier in the month, an activist group submitted enough votes. Still, the state made the decision not to approve the signature, which led this movement to the state courts, "The advocacy group had submitted enough signatures to put the amendment on the ballot, but the election board said the measure did not completely describe the proposal's potential impact because it did not clearly state whether edibles would have a THC limit." Many states will have cannabis reform on their November ballot, which is great for the industry if passed, but you also have to remember that even when approved, it takes months, if not years, for sales to commence. mjbizdaily.com
