Trade To Black Focuses On Florida Cannabis With Kim Rivers

Top 3 Takeaways from Florida Cannabis  on the Trade To Black Podcast for August 23, 2024:

• Kim Rivers, Trulieve CEO, discusses Amendment 3 and DeSantis’ criticism that legislation lacks permission to ‘home-grow’ cannabis.
• The Cannabist Co Holdings divested their Florida assets for $16.4 million.
• Cansortium announced their Q2 2024 earnings.

Happy Friday and welcome to the latest Trade To Black podcast. Host Anthony Varrell is talking about the Sunshine State, the latest headlines for August 23, 2024, and with Kim Rivers, CEO of Trulieve. Florida and cannabis are the focus for this show, with several of those headlines about the state. Kim Rivers is also discussing everything Florida: Amendment 3, the landscape, and adult-use market potential.

Following Senator Joe Gruter’s comments on common sense legislation, Governor DeSantis’ recent to criticism Amendment 3 has moved to the lack of permission to ‘home-grow.’ Critics on social media have suggested that this is to create a monopoly that feeds corporate greed. Kim Rivers and the TDR Team discuss the issue of political commentary and the safe and regulated market.

The Cannabist Co. Holdings entered into an agreement to transition Florida operations to joint venture partners MINT Cannabis and Shango (MINT Shango JV) for $16.4 million dollars. MINT Shango JV will acquire all 14 Cannabist dispensaries in Florida and the company’s cultivation and manufacturing facilities in Alachua and Arcadia. CEO David Hart said, “This strategic move aligns with our ongoing efforts to build a better business—rationalizing our footprint and focusing on our growth markets to enhance profitability.”

This week, Cansortium Inc announced their earnings for their Q2 2024. Among the highlights: An increase of 12% in revenue to $27.3m compared to $24.4m last year this time. Florida revenue increased 15% ($3 million) to $23.1 million. Adjusted gross profit was $12.3 million, or 48.% of revenue.

AYR Wellness has also expanded their cannabis footprint in Florida with two new dispensaries located in Jacksonville and Palm Beach Gardens. This gives AYR 66 locations in the state.