Kentucky & PSYCHEDELICS
Yesterday, Kentucky announced that the state will be distributing $42M in funding for research into the potential of psychedelics for the treatment of opioid addiction. “We need to explore a new approach,” Attorney General Daniel Cameron said. “We have to imagine new possibilities. We have to invest in programs, in potential solutions, for tomorrow.” The money will be used to start clinical trial sites with the commission coordinating the research process. “In collaboration with law enforcement, veteran organizations and our elected officials in Missouri, we will ensure that Kentucky is not alone as access to these revolutionary therapies is advanced,” Eapen Thampy, a lobbyist working on psychedelic therapies.
Illinois CANNABIS TRENDS
In the month of April, Illinois recorded ~$158M in cannabis sales, which represents a sequential decline of 3.4% and a YoY decline of 3.3%. Let me remind you that April is supposed to be a very strong month, so to see both a sequential and YoY decline in sales is not a good sign for this state. Unit volumes in the month were up just 0.8% sequentially and up 9.1% YoY. Pricing is starting to be the real issue in the market as the average price per unit was down 4.2% sequentially and down 11.3% YoY.
CMON Canopy
Canopy has been forced to delay its reporting of 4Q23 and full-year results. On May 23rd, Canopy disclosed in its 8K that the company initiated an internal review of the financial reporting matters related to BioSteel Sports Nutrition. This resulted in the company determining that they are required to restate 1) audited consolidated financial statements for the fiscal year ended March 31st, 2022, included in the company's Annual Report on Form 10-K 2) unaudited consolidated financial statements for the quarterly periods ended Jun-22, Sep-22 and Dec-22. As a result of the BioSteel Review and the pending restatements, the company is unable to complete its financial statements and file its Annual Report on Form 10-K for the year ended Mar-23 by the prescribed due date for such filing without unreasonable effort or expense to the company. So all told, Canopy is in the process of releasing FY22, 1Q23, 2Q23, and 3Q23 while they also must edit their FY23 results.
CONSUMABLES MONTHLY Q&A CALL REPLAY
CLICK HERE for the video replay and materials. |
