Dead Calm

Canna investors try to see through.

Daily Recap

The entire New York legal cannabis rollout is at risk of being derailed and the latest lawsuit is causing “irreparable harm,” said an attorney for people holding conditional licenses under the state’s social equity program.

This latest blemish comes as a new law will fine landlords $10,000 per day for renting space to illicit cannabis dealers in the latest attempt to curtail the ~1400 illegal shops that most New Yorkers already believe to be the actual legal framework.

Ohio is readying for a potential November vote on adult-use cannabis which if passed, would generate $404 million in annual tax revenues for the Buckeye State, according to an analysis released today. For comparison, Ohio casinos generated total gross tax revenues of ~$300 million in 2021.

4Front Holdings, purveyor of some of the finest herb I’ve ever enjoyed during my rigorous due-diligence in Massachusetts, reported 2Q earnings after the close. The company beat on the top line, with revenues 8% higher year-over-year, and shared that their much-anticipated Matteson Facility is on track to open 2H23 in Illinois.

In other news, Vermont’s cannabis industry looks ahead after a strong first year; the DEA believes Delta-8 THC products are federally illegal when synthesized from CBD; Missouri recalled 62,000 faulty cannabis products due to potential risks; Colorado saw a baby bump in June; Switzerland’s flourishing cannabis pilots may be a viable model for other European nations; Verano workers ratified their union contracts in Illinois; the Bahamas is about to get a lot more colorful; cannabis-infused edibles are expected to see stellar growth; we dig into the fast-approaching Farm Bill and what that might mean for hemp-derived cannabinoids, explore if cannabis qualifies as legit ESG, read some tea leaves on the potential government shutdown, continue to chew through the earnings bc ‘tis the season. All that, and more, just scroll down…

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