Florida Tracker
Weekly sales in Florida were up significantly during the week of 4/9-4/16. Flower sales increased 25%, THC sales increased 22%, and CBD sales increased 18% WoW. Companies with the largest increases were Trulieve (TCNNF) and Altmed (VRNOF), with 35% and 58% increases in Flower sales respectively. In the coming weeks, we will see if TCNNF's increase sales are a one-week blip or a rebound from their consistent market share decline from the past few months. Liberty Health Sciences (owned by AYRWF) opened a new dispensary in the state. Altmed added one new dispensary, and Harvest added two new dispensaries.
New York Gold Standard on Social Equity?
The war on drugs, specifically marijuana, had a significantly disproportionate effect on communities of color. Several states have dedicated a portion of tax proceeds to go towards these same communities previously affected by the policies to offset these prior policies. Prior to New York's legalization, Illinois was viewed as the state to have the top social equity component in the legalization of recreational cannabis. New York has dedicated half of its licenses for social equity applicants compared to Illinois who allocated just 25% of dispensary licenses for the same purpose. 40% of the tax revenues in New York will go towards community grants up from Illinois' 25%. A spokesperson from the Minority Cannabis Business Organization said: "Just partnering with social equity applicants is not fixing the problem” when overarching barriers remain." These barriers include access to capital, market oligopolies, and the "giant chasm of resources between MSOs and everyone else." Without solving those issues, she said, “we can keep creating these social equity programs that sound and look good, and we will continue to have the same results.”
North Carolina
North Carolina state lawmakers introduced legislation this week to legalize the possession and sale of marijuana. It would legalize the possession of up to two ounces of most forms of cannabis, several cannabis plants, and other cannabis products for people who are 21 or older. It also includes regulations on lab testing of cannabis, taxation of marijuana products, creating cannabis-related facilities, and more. The bill further proposes expunging certain marijuana convictions for state residents in addition to creating an Office of Social Equity.
