TDR’s Top 7 Cannabis Developments For The Week Of December 11
Welcome to TDR’s review of the Top 7 Cannabis Developments for the week of December 11. Aside from presenting a synopsis of news events, interviews and closing market prices for publicly-listed companies.
7. Canopy Growth Announces Effective Date of Share Consolidation
Canopy Growth Corporation Board of Directors has approved the consolidation of the company’s issued and outstanding common shares on the basis of one (1) post-consolidation common share for every ten (10) pre-Consolidation Common Shares. The consolidation is being implemented to ensure that the company continues to comply with the listing requirements of the Nasdaq Global Select Market.
The consolidation is subject to approval by the Toronto Stock Exchange and is expected to become effective on December 15, 2023, with the post-consolidation common shares commencing trading on the TSX and the Nasdaq at market open on December 20, 2023.
6. Arizona’s Legal Marijuana Sales Passed $1 Billion Mark For 2023 In September, New Data Shows
Cannabis sales in Arizona passed the $1 billion mark for the year in September, as the medical and recreational markets continued a familiar pattern that appears to have solidified over the past several months.
Data from the Arizona Department of Revenue (ADOR) for August and September reports that medical sales remain about one-third that of adult-use recreational, a trend that has persisted throughout the year—and led to the lowest medical use sales figure ever.
5. Virginia Senator Is ‘Confident’ That Bill Legalizing Marijuana Sales Can Reach The Governor’s Desk
A Virginia state senator says he’s “confident” that lawmakers can send a bill to tax and regulate marijuana sales to Gov. Glenn Youngkin (R) in the coming year. The question now is whether supporters can build enough bipartisan support to avoid a potential veto.
In comments to ABC affiliate WSET, Ebbin, who has indicated his intent to file a marijuana sales bill in the new session, said he wasn’t able to discuss details of the forthcoming proposal “because we are just getting the final draft details together still with legislative services.”
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Chart Of The Week—VCA Ranks Credit Quality Among MSOS
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Podcast Of The Week—Curaleaf EC On Rescheduling & TSX Listing
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Widely Held MSOs & LP Weekly Performance
| Company | Symbol | Previous Week Close | End Of Week Close | % Change On Week |
| AdvisorShares Pure Cannabis ETF | MSOS | 7.46 | 6.65 | -10.85 |
| Aurora Cannabis | ACB | 0.5176 | 0.4800 | -7.26 |
| Ayr Wellness | AYRWF | 2.54 | 2.03 | -20.07 |
| Canopy Growth | CGC | 0.80 | 0.5189 | -35.13 |
| Cresco Labs | CRLBF | 1.80 | 1.50 | -16.66 |
| Curaleaf Holdings | CURLF | 4.17 | 3.84 | -7.91 |
| Green Thumb Industries | GTBIF | 11.40 | 10.42 | -8.59 |
| High Tide Inc. | HITI | 1.63 | 1.56 | -4.29 |
| Marimed Inc. | MRMD | 0.3011 | 0.2969 | -1.39 |
| TerrAscend Corp. | TSNDF | 1.56 | 1.43 | -8.33 |
| Tilray Brands | TLRY | 1.92 | 2.05 | 6.77 |
| Trulieve Cannabis | TCNNF | 6.05 | 5.35 | -11.57 |
| Verano Holdings | VRNOF | 4.55 | 4.20 | -7.69 |
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4. DEA Warns Georgia Pharmacies That Selling Medical Marijuana Is Illegal
In a major blow to expanding access to medical cannabis in Georgia, the federal Drug Enforcement Administration has warned pharmacies across the statethat dispensing medical marijuana violates federal law. The warning comes just after the state became the first in the nation to authorize the practice.
Georgia’s medical marijuana panel acknowledged Wednesday there is nothing they can do at this moment that would allow pharmacies to be able to sell medical marijuana products,even though it’s allowed under state law.
In the news…
4Front Ventures announced the launch of cannabis flower brand, The Hunt, expanding the company’s brand portfolio in Massachusetts and adding to its growing offering of high quality, affordable flower.
American Medical Association: Prohibition may “unintentionally promote” usage of the loosely regulated products.
C21 Investments has disclosed its unaudited interim financial statements and management discussion and analysis for the third quarter concluded on October 31, 2023.
California law enforcement officials are revising employment policies for police officers to remove questions about job applicants’ prior marijuana use in accordance with a bill the governor signed in October.
Canadian wholesale cannabis prices appear to be rebounding.
Cannara Biotech will host the company’s annual general meeting of shareholders on January 25th, 2024 at 11:00 am EST. The meeting will be held by way of a live webcast and teleconference.
Charlotte’s Web Holdings announced that DeFloria LLC commenced its First-in-Human Phase 1 clinical trial for AJA001, a full-spectrum botanical drug.
Chemistree Technology is providing notice of the semi-annual payment of interest on its convertible debentures maturing March 29, 2024.
Colombia’s president says lawmakers who voted to shelve a marijuana legalization bill this week are only helping to perpetuate illegal drug trafficking and the violence associated with the unregulated trade.
Connecticut: Cannabis sales are continuing to increase for the 10th month in a row, according to data from the Department of Consumer Protection.
Cronos Group launched Lord Jones Live Resin Vapes in two different hardware options.
Curaleaf Holdings has commenced sales of wholesale adult use products across the state of New York as a result of receiving approval from the New York State Office of Cannabis Management on Friday, December 8.
Curaleaf Holdings has complied with all the conditions listed in the conditional listing approval delivered by the Toronto Stock Exchange in connection with the listing of its subordinate voting shares on the TSX.
DEA-licensed Maridose rolls out CRO focused on cannabis-based drug trials.
Farm Bill 2023 delay and differences among hemp stakeholders are likely to keep the industry off balance after massive contraction over the past two years.
Goodness Growth Holdings announced that the company’s General Counsel and Chief Compliance Officer, Michael Schroeder, will depart the Company effective December 15, 2023 to accept an external opportunity at Venture Medical, LLC.
Green Dragon, a subsidiary of multi-state cannabis operator Eaze Technologies Inc., announced the opening of eight new Florida medical cannabis dispensaries across Florida, continuing its expansion in the with the goal of opening 50 locations by the end of 2024.
Green Thumb Indusries RISE Dispensaries announced that RISE Dispensary Port Orange, the company’s 14th location in Florida and 90th nationwide, will open on December 15.
Horizons ETFs Management (Canada) Inc. (the “Manager“) announced today that it will be terminating three of its exchange traded funds effective at the close of business on or about February 21, 2024. Details of the terminating ETFs are as follows:
Israel: The number of new medical cannabis patients in Israel surged in November, according to the latest available data from the Ministry of Health.
Juva Life Inc. announced its financial results for the third quarter ending September 30, 2023.
Massachusetts regulators voted to permit cannabis transport businesses to send only one employee on deliveries, instead of two, in a move that could cut costs for such operators.
Michigan: Five years ago, on Dec. 6, 2018, after a decisive victory at the polls the month before, the Michigan Regulation and Taxation of Marijuana Act took effect, legalizing recreational cannabis in the state. It was the culmination of years of effort by activists aiming to end the war on drugs.
Michigan resident files another lawsuit over marijuana social equity licensing.
National Cannabis Roundtable released of its inaugural Corporate Social Responsibility (CSR) report for 2022-2023, titled: “Better Tomorrow Than Today.”
Nationwide marijuana legalization in all states would grow annual cannabis tax revenue to $8.5 billion, according to a new report from a nonprofit think tank that includes a “blueprint” for taxing sales.
New Hampshire lawmakers have now pre-filed a dozen marijuana-related bills for the 2024 legislative session.
NewLake Capital Partners increases its Q4 2023 cash dividend to $0.40/share (from $0.39). This equates to an annualized dividend of $1.60 per common share, payable on January 24, 2024 to common stockholders of record at the close of business on December 29, 2023.
Nevada’s Cannabis Compliance Board has welcomed a new Executive Director as its incumbent leader Tyler Klimas departs to establish a cannabis consulting company.
New York: A dozen new adult-use dispensaries from Brooklyn to Buffalo are set to open this month as the state continues to expand the legal adult-use cannabis market and welcome new operators.
Organigram Holdings will report earnings results for its fourth quarter and fiscal 2023 ended September 30, 2023, on Tuesday, December 19, 2023, before market open.
Pennsylvania Governor has signed a bill to allow all licensed medical marijuana grower-processors in the state to serve as retailers and sell their cannabis products directly to patients.
Pennsylvania state lawmakers approved a bill that would end what they call a “near-monopoly” in the state’s medical cannabis market currently controlled by major multistate operators.
Planet 13 announced a new attraction, the world famous Koolsville Tattoo Shop, inside the Las Vegas SuperStore.
Rafael Holdings reported its financial results for the first quarter of fiscal 2024 – the three months ended October 31, 2023.
Scotts Miracle-Gro CEO Jim Hagedorn told MJBizDaily the hundreds of layoffs and debt saddling the Ohio company’s cannabis subsidiary, Hawthorne Gardening Co., “almost took Scotts down.”
Shiny Health & Wellness signs Asset Purchase Agreement with Karan S. Holla for his Stash & Co. Ontario chain of 10 adult-use cannabis retail stores.
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StateHouse Holdings has issued a total of 734,000 restricted share units to certain directors, officers, and employees of the Company as of December 5, 2023.
Study: Medical cannabis has a broader and more ‘holistic effect’ on pain relief than opioid medications.
TD Cowen: Legal cannabis now a formidable competitor to alcohol…
Teen cannabis use has not increased “even as state legalization has proliferated across the country,” a federal health official said on Wednesday in announcing the latest data from an annual survey that again showed prohibitionist concerns about youth cannabis access have “not played out.”
Utah: study of cannabis use in more than 9,000 pregnant people across the U.S. found that using the drug during pregnancy can increase the likelihood of stillbirths and other adverse outcomes, according to findings released this week.
Vext Science announced final voting results from its annual general meeting of shareholders held on December 15, 2023 in Vancouver, British Columbia, including the election of two new directors of the Company, including one additional independent director.
3. New Florida Medical Marijuana Licenses Could Come By Summer
Florida could move forward with 22 additional licenses for medical marijuana operators, nearly doubling the size of the state’s legal cannabis industry, within the next six months.
The state Office of Medical Marijuana Use Director Christopher Kimball offered the tentative timeline after giving a presentation Wednesday about the medical marijuana program to the House Healthcare Regulation Subcommittee.
2. Alabama Medical Cannabis Commission Award 5 Business Licenses From 36 Applicants
The Alabama Medical Cannabis Commission is scheduled to award licenses for integrated companies that will cultivate, process, transport, and dispense medical cannabis products. There are 36 applicants for integrated licenses, but the AMCC, under the law passed by the Legislature in 2021, can award only five.
Tuesday’s license awards will be the third time the AMCC has awarded licenses to integrated companies. The AMCC rescinded license awards made in June and again in August because of lawsuits and problems with the AMCC’s procedures, which the AMCC revised in October as a result of the litigation.
1. Netherlands Begins Trial To Make Cannabis Fully Legal
Cannabis users in two Dutch cities can smoke legally for the first time as authorities roll out a trial that would expand the country’s tolerance of marijuana to full legality. “Historic moment,” said the health minister, Ernst Kuipers, on Friday as he scanned the first box of legal cannabis in the Baron coffee shop in the southern city of Breda.
Production will be limited to a handful of farms, whose cannabis will be closely monitored before being supplied to coffee shops. Consumers would be guaranteed a high-quality product, whereas before it was impossible to know where the cannabis came from, or whether it had been altered.
