SAFE Vote Today
According to Politico, the SAFE Banking Act, H.R. 1996 (117), which passed the House last year with a strong bipartisan majority, 321 to 103, will be voted on today. The bill eventually stalled in the Senate. While the Dems are in control and favor cannabis reform, it still faces some hurdles in the chamber. Senate Majority Leader Chuck Schumer has said he does not want to move banking legislation separately from comprehensive reform. This bill makes it easier for banks and credit unions to offer financial services to the cannabis industry, but no specific provision for listing on major exchanges.
Florida THC Tracker
Sales in Florida were up week-over-week, 6% for THC sales, 18% for CBD sales, and 3% for Flower sales. Fluent dispensaries (Owned by Cansortium) and GrowHealthy (Owned by iAnthus Capital) saw a large increase in overall flower sales. Fluent has stated they will be expanding their FL footprint in the coming year.
Trulieve added two dispensary locations to the state, increasing their footprint to 81 dispensaries. Trulieve had a 3% decrease in WoW Flower sales.
TCNNF Market Share trends
Using a 12 week moving average of MoM rate of change in market share for Trulieve, we estimate that Trulieve market share will have declined to 36% by the end of 2021. Trulieve currently has a 42% market share in the state which has declined from a high of 52% in May of 2020. This estimate does take into account the new dispensaries added to the state. Long-term TCNNF is one of the best-positioned companies in the space, but its run as owning the state of FL has ended with competition getting stronger in that state. We are moving TCNNF down a few notches on the position monitor.
