TRULIEVE | BEST IDEA LONG
Last week, Essence, Inc. received approval for its Adult-Use/Recreational Provisional License from the Massachusetts Cannabis Control Commission (CCC) to operate as a Tier 9 indoor cultivation and to carry out product manufacturing in Holyoke, Massachusetts, as Trulieve. The CCC also awarded Trulieve its Adult-Use/Recreational Provisional License to operate a retail cannabis establishment in Northampton, Massachusetts. Trulieve Chief Executive Officer Kim Rivers: "We are looking forward to being operational in Massachusetts and bringing the Trulieve brand to the state. This is an important step forward in our plans for Massachusetts, and we appreciate the CCC, and the support from its staff, in keeping this process moving forward during COVID." Trulieve intends to co-locate the adult-use cannabis licenses at their facilities in Holyoke and Northampton, where they currently have their vertically integrated provisional medical licenses for cultivation, product manufacturing, and retail operations in place.
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THE MJ CYCLE
The jury is still out to what extent a recession will impact marijuana businesses. The following chart shows recent daily sales results for four states. A significant factor in the individual state's divergent results so far has been the extent of tourism and purchases by out of state residents. Interstate travel has been significantly impacted during the stay at home restrictions foremost, not the recession itself.
OREGON SALES TRENDS
New figures from the Oregon Liquor Control Commission (OLCC) reveal that the state's cannabis sales surpassed $100 million in May, which is 60% higher than May 2019, and this is the first time that sales have topped $100 million in a month. The commission said, "The marijuana tax fund is the only bright spot in the state budget right now. In terms of taxable sales, it was about $15 million that's going to go to the school fund, city, and county governments." Attn @NYGovCuomo every little bit helps!
