BDSA Archives

Adam JacksonJune 9, 2023

At least three new markets are expected to come online in the next 18 months.

StaffMay 9, 2023

The Daily Hit is a recap of the top financial news stories for May 9, 2023.

On the Site

New Jersey Governor Signs 280E Cannabis Tax Law

New Jersey Gov. Phil Murphy signed a law on Monday to end the state’s unfair tax treatment of cannabis businesses. The legislation, written by the New Jersey Society of CPAs Cannabis Interest Group, decouples cannabis businesses from federal Internal Revenue Code Section 280E and creates a level playing field for cannabis businesses in the state. Read more here.

Illinois Cannabis Sales Stall in April

Illinois marijuana sales growth flattened last month for the first time since the state legalized recreational cannabis in 2020, hurt by declining prices and out-of-state competition. April sales totaled $132 million, compared with $131.8 million in same period a year earlier. Read more here.

Report: MSOs Bogart Market Share

A recent report from data provider BDSA found that big multistate operators dominate the dispensary shelves in mature markets – despite competition for local brands that have commanded local customer loyalty. Read more here.

Weedmaps Loses $4 Million in Q1 Despite Increase in Clientele

California-based WM Technology Inc., better known as Weedmaps, (Nasdaq: MAPS) shrank its losses to $3.9 million for the first quarter of 2023, from more than $31 million lost in the first quarter a year ago, while also increasing its client base by 12% compared to the same time period. Read more here.

More Earnings:

• Ascend Wellness Revenues, Losses Improve in Q1
• Chicago Atlantic Real Estate Delivers Solid Quarter
• Cronos Group Revenue Slips, Updates 2023 Outlook

In Other News

GrowGeneration Corp.

GrowGeneration Corp. (Nasdaq: GRWG) reported first-quarter revenue fell 30.5% year-over-year to $24.9 million. The chain of specialty hydroponic and organic garden centers with 61 locations across 17 states maintained its revenue guidance for 2023 at between $250 million and $270 million. Read more here.

New York

A New York magistrate judge gave state cannabis regulators more time to respond to discovery demands after they claimed to be nearing a draft agreement with the Michigander who is suing over residency requirements for cannabis licenses, despite plaintiff accusations that settlement talks are “mere delay tactics.” Read more here.

Debra BorchardtMay 9, 2023

Brands from five companies account for nearly one-fifth of sales in markets tracked by BDSA.

StaffApril 26, 2023

The Daily Hit is a recap of the top financial news stories for April 26, 2023.

On the Site

Georgia Nears Medical Marijuana Milestone as Producers Prepare for Summer Launch

After eight years, Georgia’s journey toward legalizing access to medical cannabis may soon come to fruition. Two in-state producers, Botanical Sciences and Trulieve Georgia, are expected to have low-THC oil available for patients this summer, after the Georgia Access to Medical Cannabis Commission approved dispensing licenses Wednesday. Read more here.

BDSA Market Forecast: ‘Plenty of Bright Spots’

There’s a “lot to be excited about” in the U.S. marijuana industry, said BDSA co-founder and COO Liz Stahura at cannabis business conference MJ Unpacked in New York City this week. This year, BDSA projects a 14% total sales increase nationally. Read more here.

Cannabis Reform Leaders Predict Major Changes on Horizon

A trio of cannabis advocates who have been lobbying Congress for federal reform expressed optimism that the SAFE Banking Act – which could open the broader banking system to cannabis companies – will be passed by federal lawmakers this year or next. Read more here.

Silo Wellness Looks to Crypto for Psilocybin Payment Processing in Oregon

Silo Wellness Inc. (CSE: SILO) (OTCQB: SILFF) plans to acquire BitGift, a platform specializing in “secure and anonymous” cryptocurrency transactions. Silo aims to establish BitGift as a payment processor for psilocybin-based services in Oregon, where the substance has been legalized for therapeutic use, the company said in a statement. Read more here.

In Other News

Allied Corp./Blueberries Medical Corp.

Colombia-based cannabis cultivator Allied Corp. (OTCQB: ALID) signed a joint venture agreement with Blueberries Medical Corp. (OTC: BBRRF), one of the largest extraction companies in Colombia, to produce psychoactive and non-psychoactive derivatives. Read more here.

InterCure Ltd.

Minority shareholder of Cannolam, a subsidiary of Israeli cannabis company InterCure Ltd. (Nasdaq: INCR) (TSX: INCR.U) (TASE: INCR), which does business as Canndoc, files a lawsuit against the company related to disagreements concerning the ongoing management of Cannolam. Read more here.