SPEAKER CALL INVITE.
Call Details:
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We are excited to host our quarterly Cannabis Legalization call with Zander Abrams, the Founder of the Cannabis Policy Forum, and Hedgeye's John Taylor. The topics we want to cover can undoubtedly take more than 60 minutes, but we will try to cover as many topics as we can from the thoughts below:
- A look at the mid-terms, including a recap on the primaries,
- Swing seats to look at in the general election
- Cannabis champions races (e.g., Nancy Mace, Schumer, etc.).
- Important state initiatives in this election cycle, including the North Dakota ballot and California taxes.
- What going on in Minnesota and its implications for other states?
- Legislative update - the CAOA dynamic and the challenges of SAFE+
- Judicial update - residency requirement was successfully challenged in Maine federal court, and arguments were recently heard in the 9th Cir in Washington.
colorado cannabis sales update.
Colorado cannabis sales in the month of July were ~$156M compared to ~$146M in the prior month. This represents a 7% MoM gain and the 4th month in a row of sequential improvement. On a YoY basis, the month of July was down 23% compared to down 22% the month prior. This is the peak of tough comps on a YoY basis and should see much improvement in that number in the coming months. The Colorado cannabis trend is very similar to that of California, which is to be expected as they are both maturing markets on the west coast.
Pennsylvania cannabis sales update.
It is very tough to say that Pennsylvania is a growth market. July cannabis sales for the month of July were ~$95M compared to ~$95M in the month prior. They saw small sequential growth of 1% compared to -2% the month prior. This is the 5th month in a row of a declining trend of YoY growth as Pennsylvania was down 13% in the month of July compared to down 8% in the month prior.
