Daily Cannabis Hit: December 7, 2021

It’s time for your Daily Hit of cannabis financial news for December 7, 2021.

On the Site

Wholesale Prices

Wholesale cannabis prices have fallen this year and the impact was felt by several companies and in particular – those in California. Cannabis Benchmarks data shows that California’s Spot prices have been on a freefall since June. Cannabis Benchmarks said that prices have dropped by as much as 30% this year. Plus, as outdoor harvests have ended that product is hitting dispensary shelves, which could cause prices to go even lower. Leafly’s Cannabis Harvest Report said that in the 11 legal adult-use US states, cannabis supports 13,042 licensed farms that annually harvest 2,278 metric tons of marijuana or more than 5 million pounds of weed. The wholesale cannabis crop brings in $6.2 billion annually, ranking it as the fifth most valuable crop in the United States. Only corn, soybeans, hay, and wheat bring in more money to American farmers. The report also stated that legal cannabis is the single most valuable agricultural crop in Alaska, Colorado, Massachusetts, Nevada, and Oregon, but remains completely uncounted and ignored by state agriculture officials. 

CBD

With December upon us and hemp harvest season coming to a close, the cannabis industry is facing a sobering bust following the great CBD boom. The November 2021 Hemp Benchmarks Report contains results from an analysis of financial findings from publicly traded CBD companies, which reflect a stagnant 2021 market. However, hemp-derived THC (Delta-8) companies are seeing solid revenues despite some decline in wholesale prices. This was the case for LFTD, which saw $29 million in combined sales in the third quarter, while longstanding hemp CBD company Charlotte’s Web (OTC: CWBHF), which has the largest U.S. market share, reported a revenue decline of 6% year-over-year. Other publicly traded CBD companies such as cbdmd and CV Sciences reported similar trends.

 

In Other News

Safe Banking Dead

In Congress, a new version the National Defense Authorization Act (NDAA) did not include cannabis banking reform. Senator Schumer has insisted on focusing full marijuana reform instead of tackling safe banking. Rep. Perlmutter filed an amendment in committee to attach the marijuana language to the legislation— but he ultimately didn’t insist on a vote. Rep. Dave Joyce (R-OH), who is not on the Rules Committee but who is a co-chair of the Congressional Cannabis Caucus, said it is “incredibly disappointing” that the cannabis language was taken out of NDAA. Marijuana Moment also reported that “the new defense bill also excludes an NDAA amendment filed by Sens. Dianne Feinstein (D-CA) and Brian Schatz (D-HI) that would have streamlined the application process for researchers who want to investigate cannabis as well as manufacture the plant to be used in studies. It also doesn’t include a separate Schatz-led amendment to federally legalize medical marijuana for military veterans who comply with a state program where they live.”

 

Ayr Wellness

 Ayr Wellness (CSE: AYR.A, OTCQX: AYRWF) is unveiling “12 Days of Giving,” inspired by Ayr’s commitment to be a Force for Good and designed to give back to Ayr’s customers, communities, and employees, as well as individuals harmed by cannabis prohibition. Beginning Monday, December 13th and concluding Friday, December 24th, the “12 Days of Giving” will support nonprofits with local ties, need, and impact across each of Ayr’s key regional markets (Arizona, Florida, Massachusetts, Nevada, New Jersey, Pennsylvania). Ayr invites its customers to bring in donations of coats, non-perishable food items and other winter necessities, with Ayr matching all donations and delivering them to local community aid organizations. To kick off the program, Ayr is also making a $25,000 cash donation to Freedom Grow, an all-volunteer organization that works to provide emotional and tangible support to cannabis prisoners and their families, in support of their annual Holiday Christmas Drive. At a national level, Ayr will donate $1.12 from every transaction made over the twelve-day period to The Last Prisoner Project, a nonprofit organization dedicated to cannabis criminal justice reform.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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