Call Today | Cannabis Industry Trends + Q&A
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August U.S. cannabis sales came in at $1.66B which is a MoM decline of 2.3% from July and a YoY decline of 3%. This compared to July which saw the U.S cannabis market bring in $1.7B in sales growing 5.2% MoM and growing $4.4% YoY. We continue to see flat sales in an industry that many experts and CEOs say is growing. We will showcase how units are growing across the U.S. but the pricing determination is causing this market to plateau. Today at 10am ET we will be hosting our monthly cannabis Q&A and industry trends call where we will update all of you on industry sales, unit growth, and much more as we showcase our new data sources. We will also go through the key aspects of interstate commerce and how to play it in the equity markets. Send us your questions ahead of time to .
New York Applications.
The New York State Office of Cannabis Management (OCM) received 903 applications to operate adult-use marijuana dispensaries around the state. For this initial round of applications, the state allowed only those who were previously harmed by the drug war to apply. New York began accepting the applications back in August. Up to 150 licenses will be granted by the OCM out of the 903 applications submitted. They will be the first dispensaries to open for adult sales, sometime in 2023. New York will eventually expand the application pool to those without any ties to the drug war. "Together, we look forward to building the nation's most equitable and diverse cannabis market," OCM said on Twitter.
SHF makes market debut following SPAC merger
Shares of cannabis financial services provider Safe Harbor Financial (SHFS) made their market debut on Thursday following a merger with SPAC Northern Lights Acquisition Corp. (NLIT). Safe Harbor will now be known as SHF Holdings. Shares of the combined company began trading on Nasdaq under the symbol SHFS on Thursday. Shares of SHF opened at $11.47, later sliding to close at $8.74, down 15% from the stock's pre-merger closing price of $10.31 on Wednesday. Northern Lights announced in February that it intended to acquire Safe Harbor from parent company Partner Colorado Credit Union for $185M, which included $70M in cash and $115M in Northern Lights stock. The post-money equity value of the company was valued at around $327M, assuming no redemptions.
