Cannabis Performance
The MSOS was down 6.35%, while the MJ was down 5.98%. Expectations are for cannabis reform under the new administration; the question is when and what form will take. Most companies are optimistic about reform, but few ever talk about a time-line or talk about specific dates, but when one does, the market will sure to take notice. Over the past few weeks, one 3rd tier CEO, talking about a definitive date of the second week in March, will be a SAFE-like movement. Chatter like that, if wrong, can create short-term downdrafts like the one we have been experiencing over the past two weeks. Well, here we are, the second week of March; let hope he is right. More importantly, we will be getting earnings from several companies - Curaleaf and AYR Wellness. Regardless of what happens in Washington this week, we know that the secular growth story of cannabis is not slowing down. When you see CPG companies like CL introducing hemp-based toothpaste, we are reminded that post-legalization will be a significant shift in attitudes and use cases for CBD and THC.
Market share trends in Florida (TCNNF, AYRWF, CURLF, GTBIF, CCHWF)
The Florida Office of Medical Marijuana Use (OMMU) releases updated cannabis data every Friday.
For the week ending March 5th, the number of qualified patients in Florida’s medical marijuana program grew 0.8% WoW to 500,950 qualified patients with active ID cards. After a two-week surge, sales decreased this past week compared to the week prior. Trulieve added one dispensary in the past week. THC in mgs sold decreased 20.2% WoW to 165 million mgs, CBD in mgs sold decreased 25.2% WoW to 4.2 million mgs, and flower in oz. sold decreased 2.8% WoW to 57,964 oz. sold.
Colgate & Cannabis
I'm just seeing this new product from CL, as Colgate-Palmolive is now in the cannabis business. The New York-based multi-national company has quietly released Colgate® with Hemp Seed Oil Toothpaste. Cannabis Sativa (Hemp) Seed Oil is listed as an inactive ingredient in the Herbal Mint Gel. It "helps keep the moisture in our products," the website explains. The product page reads: "Colgate® with Hemp Seed Oil Toothpaste provides soothing comfort with a refreshing feeling. This anticavity fluoride toothpaste, infused with an herbal mint fresh taste, is perfect for strengthening enamel and providing clinically-proven cavity protection." A 4.6-ounce tube sells for $4.99 at Target and Amazon.
