Washington Passes Interstate Commerce Bill
Last month, Washington states Senate cleared an interstate commerce bill that is nearly identical to that of Orgeon through its own committee hurdle. Ealrier this week the states house of represitive passed it through there committee hurdles as well. If this bill gets passed, which we expect to happen at some point this year, cannabis interstate commerce wouldn't occur until one of two items occur 1) a federal law allowing interstate commerce for cannabis is passed OR 2) the DOJ indicates that they are "allowing or tolerating" interstate commerce in cannabis. “This bill attempts to mirror the efforts that are taking place in other recreational legal cannabis states by preparing for interlocal agreements and interstate commerce should the federal government change the rules,” the bill’s lead sponsor in the House, Rep. Sharon Wylie (D), said before Tuesday’s vote in the House Regulated Substances and Gaming Committee. We spoke with Adam Smith last week about the timeline and effects that interstate commerce would have on the industry.
CANNABIS SPEAKER CALL (replay) W/ ADAM SMITH ON INTERSTATE COMMERCE
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Cannabis Twiiter Ads
On Wednesday, Twiiter announced that they would be the first social media platform to allow cannabis companies to advertise their brands and products within the United States. Social media giants like Facebook, Instagram, and TikTok have no cannabis advertising policies. Twitter had already allowed hemp derived CBD products to advertsie on their platform. "This is a pretty massive win for legal cannabis marketers," multistate cannabis and medical marijuana company Cresco Labs said. Trulieve, a Hedgeye Best Idea Long, was the first cannabis company to start advertising on Twitter.
New Mexico Cannabis Trends
In the month of January, New Mexico recorded ~$40M in cannabis sales, which represents a sequential decline of 6.9%. Adult-use sales represented 2/3 of sales compared to medical sales. Decemeber, like every other state, was particularly strong for New Mexico as they grew sales 11.8% compared to November. The state has 585 dispensaries and had a total of ~897k transactions, with the average sale per transaction decreasing to $42.62 per cart compared to $45.31 in December.
