We are unveiling a new dashboard to represent the weekly data released from the state of Florida. All change columns are reported as week over week. The state of Florida saw a significant increase in sales, with Curaleaf and One Plant opening new dispensary locations. The number of patients grew by 1% WoW to 510,619.
NY getting closer
Gov. Andrew Cuomo (D) has conceded amid ongoing marijuana legalization negotiations on at least two key provisions of proposed legislation that concern home cultivation and social equity funding. While Senate Finance Committee Chairwoman Liz Krueger (D) didn’t explicitly confirm what kind of language was agreed upon but said, "700 issues have been resolved, and there’s one or two left, mostly relating to the issues of penalties for driving under the influence of marijuana and how to identify them. I'm extremely pleased with the agreement that we have come to” with the governor when it comes to giving adults a home-grow option and how to allocate cannabis tax revenue for social equity purposes. Her bill—the Marijuana Regulation and Taxation Act (MRTA)—would let people grow a limited number of plants for personal use. In contrast, Cuomo’s reform plan, which he included in his annual budget request, would continue to criminalize people for cultivating their own cannabis. Advocates also prefer the legislature’s approach to social equity funding, which they believe will lead to a steady and ongoing stream of support for communities most impacted by the war on drugs. It was also made clear that, despite the governor’s prior longstanding push to pass legalization through the budget, the issue will be handled as a standalone bill outside of that process. The senator said that while, as such, lawmakers will not face an April 1 deadline as is the case with the spending legislation, there’s still an urgency to “get it done” sooner rather than later.
Still kicking
Last week, MedMen Enterprises (MMNFF) announced the sale of C$20M of units at C$0.40/unit; each unit consists of one Class B subordinate voting share and one share purchase warrant. Each warrant holder permits to purchase one share for three years from the issuance date at C$0.50/share. The company considers Florida a core market where it has identified significant potential opportunities; the current Florida base includes 16 prime leased dispensary locations with 4 operational dispensaries. For its Florida strategic growth plan, the company plans to use proceeds for expanding and increasing utilization of the existing production facilities, increase manufacturing capacity and allow for the introduction of Mary's Medicinals' suite of products and Dixie Brands; launch 15 operational stores within the next year. Proceeds will also be used to fund certain costs related to opening locations in Massachusetts, Illinois, California, and general corporate purposes. As you can see from the chart above, MMNFF is not much of a factor in FL and will likely never be one. The best that can do is dress up the business to sell it to a better operator.
