Washington Cannabis Trends.
In the month of January, Washington recorded ~$99M in cannabis sales, which represents a sequential decline of 4.6% and a YoY decline of 11.1%. Unit volumes in the month were down 5% sequentially and also down YoY by 1.2%. The good news is that January represents the third sequential month of improving pricing pressure. Average price per unit was up 0.4% sequentially but down 10.1% YoY.
Flordia Adult-Use Movement.
Florida cannabis activists have submitted over ~295K signatures which is more then enough to trigger the states supreme court review of the adult-use cannabis measure and could be on the state's election ballot come 2024. The Supreme Court will review the wording of the proposal to make sure that it includes only a single subject and would not mislead voters. Trulieve, Florida's largest medical-marijuana operator, has contributed $20 million to the effort --- all but $124.58 of the money raised thus far.
AYR Starts Layoffs
Ayr Wellness announced last week that they are eliminating 180 across the U.S. The Company currently has 2,700 employees. “This decision was not made lightly but was a necessary part of the Company’s overall plan to improve efficiency and realign key priorities,” Ayr said in a statement. “Ayr is grateful for the collective contributions of these team members and is working to support their transitions from Ayr.” This comes on the back of AYR canceling its acquisition agreement with Chicago's Dispensary 33, which was a deal valued at $55M.
