Market share trends in Florida
The Florida Office of Medical Marijuana Use (OMMU) releases updated cannabis data every Friday.
For the week ending July 17th, the Florida market maintained strong qualified patient growth with a WoW change of 1.5%. The preceding week posted the strongest surge in patient growth at 1.6% WoW, however, that data was slightly inflated due to the holiday weekend of July 4th prompting the OMMU to report that week on an 8-day basis. So technically, the most recent data is the highest WoW change year-to-date.
Trulieve (TCNNF) continues having a disproportionate hold in market share. With only ~20% share of retail units, the company has over 50% share in both flower and mgs THC sold. Last week, the company added another unit in Port St. Lucie, bring its total units in FL to 52 and 54 nationwide.
Curaleaf (CURLF) is on the Hedgeye Cannabis Long Bias List.
Trulieve (TCNNF) is a Hedgeye Cannabis Best Idea Long. For a replay of our Best Idea Long presentation CLICK HERE.
Amidst strong weekly data, Florida operators deal with regulatory headache
In more FL news, cannabis companies appear to be having operational difficulties with new lab regulations. On Twitter yesterday, the CEO published a note clarifying why Trulieve users may be encountering online issues. The note observes a statewide inventory issue due to “new lab regulations and the existing third party labs in the state not being able to keep up with the testing.”
The note in its entirety is below:
In Montana, legalization qualifies for state ballot
At the end of last week, marijuana activists of New Approach Montana confirmed that they had collected enough valid signatures to qualify two legalization measures for the state ballot come November. Pepper Petersen of the campaign told Marijuana Moment, “Every single legislative district submitted signatures for this drive, all 56 counties, every little small town, people contributed signatures to this in Montana. We think that shows a huge level of support out here, and we’re excited going forward. We’re confident that people are going to support this at the ballot as much as they did in the signature gathering process.”
