FL Rec Setback
The Florida Supreme Court on Thursday rejected a ballot summary meant to legalize marijuana for recreational use in next year’s election, saying the language failed to let voters know pot is still illegal under federal law. Thursday’s 5-2 high court advisory opinion was another setback for the Make It Legal Florida campaign, which already failed to gather the 891,000 signatures required to make the ballot in last year’s election. The court determined the 75-word ballot summary submitted by the campaign last year was misleading. The Supreme Court has yet to weigh in on another marijuana legalization initiative by the Regulate Florida campaign. Michael Minardi, chair of the campaign, said the opinion was a setback, but the high court review of the Make It Legal ballot language will help him fine-tune his own efforts.
4/20 Retail Traffic
Ayr Wellness celebrates 4/20 with record sales - Over 14,200 transactions processed, generating US$1.2 Million in daily sales. Cannabis retail traffic was up 9.5% YoY on 4/20 and sales were up 8.4% YoY according to Cova Software, the largest cannabis POS system. Planet 13, a Las Vegas-based dispensary had revenues of $543,000 in their Las Vegas dispensary location on 4/20. Although 4/20 fell during the early stages of the pandemic last year, most dispensaries were deemed essential and remained open causing revenues to be fairly comparable to 2019. The average transaction in the US was up 9% YoY to $76.26. In Canada, the average transaction decreased 2% YoY to $52.48 CAD. The decrease in the Canadian market is likely due to strong consumer demand for low-priced cannabis rather than premium cannabis.
Verano PA Acquisitions
Verano Holdings added a completely built out 62,000 Sq. Ft. cultivation and production facility by acquiring Agri-Kind for $147 Million. Verano also acquired Agronomed Biologics for $60 Million. Agronomed is a Phase II Approved Clinical Registrant and therefore is permitted to open a marijuana growing and processing facility as well as six retail dispensaries. These deals give Verano the ability to further develop their PA retail footprint and add more cultivation if needed. Prior to the acquisition, Verano operated two dispensaries in PA. With the acquisition, Verano is able to vertically integrate and grow its dispensary count in the state.
