Florida posts best week-over-week growth in medical marijuana program patients
On Friday (7/10), the Florida Office of Medical Marijuana Use (OMMU) published robust data in qualified patient growth at 1.6% week-over-week, the strongest surge in patient growth so far in 2020. The caveat to the most recent numbers is that they are on an 8-day basis, a deviation from the office’s weekly format reported on Fridays due to the holiday weekend in the preceding week. YTD, qualified patients, is up 23%, and YoY, eligible patients, have grown over 51%. For the week of July 6 – 10, three dispensaries were added: Curaleaf (CURLF) in Pensacola, Liberty Health Sciences (LHSIF) in Jacksonville Beach, and VidaCann in Orlando.
TCNNF | BEST IDEA LONG
Also, on Friday (7/10), Trulieve (TCNNF) popped 14.7%, hitting a 52-week high and trading with the most volume in nearly two months. Several other cannabis stocks likewise had a good day – Liberty Health Sciences (LHSIF) was up 15.5%, Harvest Health (HRVSF) was up 14.4%, Curaleaf (CURLF) was up 11.1%, Green Thumb Industries (GTBIF) was up 9.7%, Canopy Growth (CGC) was up 8.7%, and Tilray (TLRY) was up 8.1%.
The companies with a strong Florida presence, like TCNNF, LHSIF, HRSVF, CURLF, and GTBIF, may have benefited from the better than average results reported by the Florida OMMU. Aside from Curaleaf announcing on Friday their completed acquisition of CO-based BlueKudu, a maker of high-end edible cannabis products, we are not aware of any company-specific news relevant to Friday’s shift in industry sentiment.
Acreage Holdings fined by Massachusetts authorities
Last week, Acreage Holdings (ACRGF) was fined $250,000 by Massachusetts’ Cannabis Control Commission for failing to disclose its business relationships with two license holders. The commission’s investigation determined that two of Acreage’s contracts with medical marijuana treatment centers gave it a controlling relationship over them, and therefore put the company in control over five marijuana retailers, a violation of the legal maximum of three. Acreage announced that it has now terminated its previous management deals in the state.
