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StaffNovember 21, 2022
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The Daily Hit is a recap of cannabis business news for Nov. 21, 2022.

ON THE SITE

New York Awards Adult-Use Retail Licenses, But Heaps of Questions Remain

The New York Cannabis Control Board on Monday awarded its first round of adult-use cannabis permits, along with 282 pages of new industry rules and some significant policy updates. But a small mountain of questions remains for stakeholders, leaving the market’s near future still shrouded in uncertainty for many. Read more here.

Nonprofits Among the First Licensees for New York Adult-Use Cannabis Market

More than 900 applicants submitted the paperwork for the New York CAURD licenses, which was far less than the OCM had hoped for. At least three New York City-based nonprofits Housing WorksThe Doe Fund, and LIFE Camp confirmed they had been chosen. Read more about these organizations here.

Cannabis Retail Expects Solid Boost from Green Wednesday

Summer often gets the credit as the prime season for cannabis sales, but the back end of the year is no slouch. Several dispensary brands told Green Market Report that business typically jumps anywhere from 10% to 30% between the week before Thanksgiving and the start of the new year. Read more here.

Chicago Dispensary Gets Zoning Approval for Former Rainforest Cafe Site

The Rainforest Cafe application has been controversial because the site at 605 N. Clark St. is within 1,500 feet of other pot shops. State law prohibits dispensaries owned by existing companies that received licenses under the original medical-marijuana law from locating within 1,500 feet of each other. New licensees under “social equity” guidelines aimed at diversifying ownership of marijuana businesses have an exemption from the requirement. Read more here.

Video: MJBizCon 2022

Green Market Report attended the recent MJ Biz Conference in Las Vegas last week. Here’s a little bit of the event in case you weren’t able to attend. This year’s conference was the first to be hosted under the new owners Emerald Co. Check out our highlight reel here.

IN OTHER NEWS

“Danksgiving”

Until fairly recently, Danksgiving wasn’t much more than a funny word that cannabis fans used for smoking weed on Thanksgiving. It’s easy to see how the portmanteau came about: “dank,” a slang term for high-quality weed, fits into the name of a holiday that appeals to the appetite – whether one is high or not. Read more here.

Kaya Shack

Kaya Shack, a vertically integrated cannabis operator in Oregon, will sell its Salem dispensary by Feb. 1, 2023, as part of a sale-surrender settlement for two violations stemming from 2019, according to the Oregon Liquor and Cannabis Commission. Read more here.

Trulieve Cannabis Corp.

Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced the grand opening of two new medical cannabis dispensaries in:


StaffAugust 2, 2022
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This story was reprinted from Crain Chicago with permission and written by John Pletz.

Amid worries that inflation elsewhere is taking a bite out of weed, Lollapalooza proves a reliable performer.

Lollapalooza delivered another summer pick-me-up to marijuana shops downtown.

PharmaCann and Cresco Labs (OTC: CURLF) report record sales at their River North stores during the four-day music festival that ended Sunday. David Chiovetti, chief commercial officer of PharmaCann, which operates a store near Clark and Superior streets, said sales were up “double digits over last year. More people came in, and people spent more.”

The cannabis industry is wrestling with slumping weed prices and worries that inflation might cause customers to spend less or trade down to less-expensive products.

Cresco Labs said overall sales at its Sunnyside retail store at 436 N. Clark Street were up from a year ago, and it posted record volume. “The cost per product was down a little from last year’s prices, but we made up for it with more transactions and more products per transaction, making it a winning festival weekend,” a spokesman said.

At Dispensary 33, which operates a store in the West Loop at 1152 W. Randolph and another on the North Side, a spokeswoman said, “we had good increase in new customers. It was a solid weekend at both stores.”

Lolla has proven to be a reliable performer for marijuana shops. The boost is even more welcome this year. Cannabis stocks have been in a slump, with many down 50% or more for the year, compared to a 14% decline for the S&P 500 Index.

Research firm Cowen recently cut its forecast for U.S. growth by about half, expecting sales to climb 6% this year. The steepest declines are in older, less-regulated markets, such as California and Colorado, where prices have been declining amid rising supplies.

Illinois and Michigan, which are newer markets, are still growing. “Though price deflation has been a feature in these markets, the positive growth reflects the benefits of better foot traffic and volume purchases, which has offset the revenue growth headwind from negative price/mix,” Cowen analysts said in a research note.

Illinois, which has relatively few stores and hasn’t yet seen many new growers begin harvesting product, has the highest wholesale pot prices in the nation, according to research firm Cannabis Benchmarks. Marijuana sells for about $3,400 per pound in Illinois. That’s down from about $4,100 in October, but it’s still triple the national average of $1,047 per pound.

Overall, Illinois’ cannabis sales have slipped 2% in each of the past two months and have been hovering near $4.2 million per day. The state is hoping for a pickup as newly licensed stores begin to open, but a noticeable impact might not come until next year.


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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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