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Below is a complimentary excerpt from an institutional research note written by our Cannabis analysts Howard Penney and Daniel Biolsi. If you are an institutional investor interested in accessing our research email sales@hedgeye.com |
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.
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!