2019 Cannabis Business Award's Publication of the Year |
WEDNESDAY, OCTOBER 30, 2024 |
FMCPG HAS BEEN SERVING AND REPRESENTING THE CANNABIS PHYSICIAN COMMUNITY
SINCE 2020 |
FMCPG MEETING IS TONIGHT - REGISTER BELOW |
THE "FLORIDA MEDICAL CANNABIS PHYSICIAN GROUP" (FMCPG) FOR ALL "MEDICAL MARIJUANA DOCTORS" AND "MMTC DIRECTORS ONLY "
DISCUSSION WILL INCLUDE:
ELECTION RESULTS AND EFFECTS ON THE CANNABIS INDUSTRY IN FLORIDA
REVIEW OF THE OMMU AND CHANGES TO THE DOCTOR'S PATIENT INPUT PORTAL ON THE OMMU WEBSITE.
DOCTORS WITHIN OUR GROUP WILL DISCUSS HOW THEY HAVE BEEN WORKING AROUND SOME OF THE CHANGES
LEGISLATIVE AGENDA FOR 2024 -2025
REF'S ISSUES AND SOLUTIONS
CLICK HERE TO REGISTER FOR THE WEDNESDAY NOV 13, 2024 MEETING
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MEDICAL CANNABIS PHYSICIAN PROMOTION PACKAGE BY CANNABIS NEWS FLORIDA
ARTICLE: Physician will contribute an article of 350 words**. This article will appear in the Cannabis News Florida e-newsletter for one month (4 weeks).
E-MAIL BLAST: Cannabis News Florida will send out one e-mail blast promoting the Physician to the other physicians in three zip code areas or one city to be determined by the Physician. The Physician will supply the information for the email blast. The Article above can be used in the e-mail blast.
The cost of this program is ONLY $500.
**Cannabis News Florida will assign a writer for a telephone interview with the Physician and create the article to be published. Physician shall have the right to review and approve the article before publication for an additional cost of $100.
IF YOU ARE INTERESTED, PLEASE EMAIL ME AT CHARLES@CANNABISNEWSFLORIDA.COM OR CALL MY CELL AT 954-605-4785 |
NEWS FROM THE PAST WEEK RELATING TO THE BUSINESS OF
MMTC'S IN FLORIDA Click on Company Logo to be Transferred to Web Site |
Trulieve to Open Medical Cannabis Dispensary in Lake Placid, Florida
New Highlands County location will host grand opening celebration Friday, November 1st
TALLAHASSEE, Fla., Oct. 25, 2024 — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced the opening of a new medical cannabis dispensary in Lake Placid, Florida.
A grand opening celebration will be held Friday, November 1, beginning at 9 a.m., featuring music, specials, discounts, and opportunities to register for upcoming patient education sessions as well as learn about #YesOn3 and the ballot initiative to legalize adult cannabis use in Florida.
“We are proud to expand access to cannabis in Highlands County by opening this new dispensary,” said Trulieve’s Chief Executive Officer Kim Rivers. “We look forward to building relationships in the Lake Placid community.”
Trulieve Lake Placid, located at 413 U.S. Highway 27, will be open 9 a.m. – 8:30 p.m. Monday through Saturday and 11 a.m. – 8 p.m. on Sundays, offering walk-in and express pickup service.
The new dispensary will carry a wide variety of popular products including Trulieve’s portfolio of in-house brands such as Alchemy, Co2lors, Cultivar Collection, Modern Flower, Momenta, Muse, Roll One, Sweet Talk, and Trekkers. Customers will also have access to beloved partner brands such as Alien Labs, Bellamy Brothers, Binske, Black Tuna, Blue River, Connected Cannabis, DeLisioso, Khalifa Kush, Love’s Oven, Miami Mango, O.pen, Seed Junky, and Sunshine Cannabis, all available exclusively at Trulieve in Florida.
READ MORE |
Curaleaf Report: Online and unregulated cannabis poses serious health risks with mould, lead, and synthetic cannabinoids detected
Illegal cannabis sales through unregulated online retailers have increased 50% in past two years
73% of the illegal online market is driven by those seeking relief from health conditions
Tests show illegal cannabis in the UK contains harmful substances such as mould, lead, and synthetic cannabinoids, posing serious health threats to consumers
Curaleaf International calls for public education, stronger enforcement, and regulatory reform to tackle the illegal market and safeguard consumers
LONDON, Oct. 24, 2024 /PRNewswire/ — Curaleaf International, a global leader in medical cannabis, is urging the UK government to take immediate action against the rapidly growing online illicit cannabis market, which is allowing street cannabis to be sold from unregulated and unpoliced websites and platforms.
Curaleaf’s latest report reveals that illegal online cannabis sales via the open and dark web have risen by 50% in the past two years, and increased by 67% across open web retailers.
This is largely being driven by consumers buying illegal cannabis to seek relief from health conditions like chronic pain, insomnia, and anxiety (73% of online purchasers) – many of whom could be eligible for legally prescribed medical cannabis.
Curaleaf’s report, developed in partnership with Manchester Metropolitan University, also found that illegal cannabis is often contaminated with dangerous substances such as mould, lead, and synthetic cannabinoids, posing severe health risks to the 1.8 million people in the UK who use the product to self-treat medical conditions. This unregulated market not only endangers public health but also undermines the legal, medical cannabis industry, which adheres to strict quality and safety standards.
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Verano Commences Adult Use Cannabis Sales at Zen Leaf™ Waterbury in Connecticut
Zen Leaf Waterbury Completes the Conversion of All Five Connecticut Zen Leaf Dispensaries from Medical to Hybrid Sales
Situated in Connecticut’s fifth largest city with 115,000 residents1, Zen Leaf Waterbury is conveniently located at 237 East Aurora Street near the Downtown
Waterbury Historic District adjacent to the James H. Darcey Memorial Highway, a busy thoroughfare with an average daily traffic count of 25,900 vehicles2
In addition to Zen Leaf Waterbury, Verano’s Connecticut operations also include Zen Leaf locations in Meriden, Naugatuck, Newington and Norwich, and the Company’s 217,000 square foot state-of-the-art CTPharma cultivation and processing facility in Rocky Hill
Nationally, Verano’s operations span 14 states, comprised of 152 dispensaries and 15 cultivation and processing facilities with more than 1.1 million square feet of cultivation capacity
CHICAGO, Oct. 24, 2024 — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced the Company’s Zen Leaf Waterbury dispensary in Connecticut has received all required approvals from municipal and state officials to commence adult use sales. Zen Leaf Waterbury, located at 237 East Aurora Street, is open Monday through Saturday from 8 a.m. to 8 p.m. for medical patients and 10 a.m. to 8 p.m. for adult use guests.
Following a ceremonial ribbon cutting with representatives of the Waterbury Chamber of Commerce at 10:30 a.m. on Friday, October 25th, guests visiting Zen Leaf Waterbury throughout the grand opening celebration weekend will be greeted by complimentary coffee and donuts, a food truck serving Connecticut’s famous Ted’s steamed cheeseburgers, a live glassblowing demonstration, and discounted specials on CTPharma products. Additionally, Zen Leaf Waterbury will offer exciting promotions available every day across all Connecticut Zen Leaf locations, including the state’s leading 22% off discount for Veterans, 20% off “Medical Monday” discounts for medical patients, and up to 20% off the first three orders after downloading the Zen Leaf mobile app.
READ MORE |
Planet 13 Honors Florida Veterans and First Responders by Making Medical Cannabis Cards More Accessible Leading up to Veterans Day
Over the first two weeks in November, The Grateful Veteran and DocMJ will Team up with Planet 13 to Give Everyday Heroes a Helping Hand
LAS VEGAS, Oct. 30, 2024 — – Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company”), a leading vertically-integrated multi-state cannabis company, today announced its new Healing Heroes initiative aimed at honoring Florida’s veterans and first responders. From November 1 to November 14, 2024, Planet 13, through a donation, will partner with The Grateful Veteran, a trusted veteran-run organization that promotes veteran wellness and will help veterans and first responders defray the costs of medical cannabis cards and renewals.
In conjunction with Veterans Day on November 11, this initiative reflects Planet 13’s commitment to supporting those who have served their communities. The effort will leverage a network of cannabis doctors throughout Florida. The Grateful Veteran will facilitate the intake and vetting process of applicants through online signups while connecting them to their closest doctor.
By partnering with The Grateful Veteran, Planet 13 aims to reduce the financial burden for Florida veterans and first responders seeking access to medical cannabis. This initiative aligns with Planet 13’s core value of giving back to those who protect and serve.
READ MORE |
Cannabis Reform in Paradise: Unlocking Opportunities in the US Virgin Islands
By Paula Savchenko, Esq.
Nicknamed “America’s Paradise,” the United States Virgin Islands (US VI) is famous for its beautiful oasis, along with its rich culture and celebrated history. In the very near future, the US VI will soon be expanding its economy to a new industry as the Virgin Islands Department of Licensing and Consumer Affairs’ Office of Cannabis Regulation (OCR) will be implementing the commercial regulatory framework under the Virgin Islands Cannabis Use Act (Act 8680).
Prioritization of US VI Residents
To improve economic opportunities for its people, the US VI’s cannabis regulatory framework prioritizes its residents by requiring all license applicants to have at least 50.1% majority ownership tied to Virgin Islands residents. A “resident” is defined as “any natural person who currently resides in the Territory for ten of the last fifteen years prior to applying…” Specifically for micro-cultivation permits, they will only be issued to current residents of the US VI who have resided in the Territory for at least three years and have no less than seven cumulative years of residency at the time of application. The emphasis on local ownership intends to ensure the financial benefits of the cannabis industry remain in the hands of its residents, fostering community growth and sustainability.
Social Equity
As many US VI residents have been impacted by prior prohibitions on the cultivation, possession, and sale of cannabis, the Territory’s new program has carved out a bonus category for those who qualify as a social equity applicant. An additional 150 points will be granted to applicants who meet one of the following criteria: (i) majority ownership held by individuals or groups who have previous arrests or convictions of non-violent cannabis offenses OR whose parents or legal guardians have prior arrests or convictions of non-violent cannabis offenses; (ii) majority ownership held by an individual or group who are members of a certified religious group impacted by law enforcement for sacramental use of cannabis; (iii) female-owned entities; or (iv) service-disabled veteran entities.
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TRANSACTION ACTIVITY FOR THE WEEK
For the week ended 10/25/24, 2 capital raises closed, the same number of capital raises as the similar period in 2023. However the 2 capital raises this year comprised $51.8M in size, nearly 6x the dollars raised in the year-ago period. As such, the average deal size was $25.9M this week compared to $4.4M in the year-ago period. One M&A transaction closed in this week's period vs. 4 during the same period last year.
KEY INSIGHTS FOR THE WEEK
Canopy Growth Pays Of $100M Debt Early - Did They Do The Right Thing?
On October 17, 2024, Canopy Growth announced that it had paid off $100M of its Senior Secured Term Loan for $97.5M.The company stated that the repayment of the debt would result in annualized interest savings of approximately $14M, implying a 14% rate on the debt. The early debt retirement allowed the maturity of the debt to be extended from 3/18/26 to 12/18/26. The maturity of the remaining debt can be further extended to September 18, 2027, if the company makes another $100M payment by March 2025.
Did the company make the right decision to pay off this debt? The answer is not obvious and demands balancing two opposing needs: Liquidity vs Leverage.
On the leverage front, using cash to repay debt does not change net debt, and therefore, Net Debt/EBITDA is unchanged. On the other hand, our favorite leverage indicator, total liabilities/market cap, goes down. Market cap is unaffected, but total liabilities go down, and that has to be considered a positive.
Conversely, using cash to pay off a debt that does not mature for seventeen months represents an unambiguous reduction in liquidity. On the whole, we question the logic of spending so much cash and reducing near-term liquidity in order to achieve a marginal debt extension more than a year from now. If Canopy was cash flow positive, we might have a different view.
Chicago Atlantic's $50M Debt Deal At 9% Is a Study In Contrasts
On the one hand, a peek at the debt positions in the company’s recent registration statement makes clear that we would do this trade all day long! Borrow at 9% and lend at 16-19%; What’s not to love about that?
The contrast comes in when we consider the BBB+ rating from Egan Jones that Chicago Atlantic got for the debt. The ICE BofA BBB Corporate Index of Effective Yield is now at 5.29%. This implies a spread of nearly 500bps over similarly rated non-cannabis-related corporations. Witness also the recent Green Thumb transaction at 500 over SOFR, which swaps to a 9.06% fixed rate. So, is an unsecured bond implicitly backed by a portfolio of cannabis credits priced right on top of the debt of the best cannabis credit?
One thing we speculate: Investors buying the Chicago Atlantic Debt would love to be able to directly lend to the space or purchase cannabis debt in the market, but they cannot, chiefly for reputational, listing, or custody reasons. So they are, in essence, lending to cannabis one step removed, giving up a lot of the direct lending yield while still achieving a highly attractive credit spread. Let’s split the difference, and all go home happy! Cheers! View This Week's Viridian Insights to See More Analysis of Key Cannabis Capital Markets Deals About The Viridian Cannabis Deal Tracker
Launched in January 2015, and having analyzed more than $75B in deals, the Viridian Cannabis Deal Tracker is a proprietary data service that monitors and analyzes capital raise and M&A activity in the legal Cannabis, Hemp, and Psychedelics industries. Our insights help companies, investors, lenders and acquirers make informed capital allocation decisions. Each week the Deal Tracker provides proprietary data and market intelligence on transactions, including:
- Deals by Industry Sector (Track the Flow of Capital and M&A Deals by Industry Sector)
- Deal Structure (Equity/Debt for Capital Raises, Cash/Stock/Earnout for M&A)
- Principals to the Transaction (Issuer/Investor/Lender/Acquirer)
- Key Deal Terms (Deal Size, Valuation, Pricing, Warrants, Cost of Capital)
- Deals by Location of Issuer/Buyer/Seller (Track the Flow of Deals by State and Country)
- Credit Ratings (Leverage and Liquidity Ratios)
Contact
Scott Greiper
CEO
Viridian Capital Advisors, LLC
646.330.0704
sgreiper@viridianca.com
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NATIONAL AND INTERNATIONAL NEWS |
Breckenridge Distillery and Flaviar Partner to Release Dad’s Stash Whiskey in Support of No-Shave November, Raising Funds for Fight Colorectal Cancer (Fight CRC)
BRECKENRIDGE, Colo., Oct. 29, 2024 (GLOBE NEWSWIRE) — Breckenridge Distillery, one of the most-awarded craft distilleries in the U.S. and a subsidiary of Tilray Brands, Inc. (NASDAQ: TLRY and TSX: TLRY), has teamed up with Flaviar to launch its newest creation, Dad’s Stash Whiskey. This limited-edition whiskey is available to purchase now to support No-Shave November and raise funds for the awareness and treatment of colon and rectal cancers amongst men worldwide.
New Dad Stash Packaging by Breckenridge Distillery in Partnership with Flaviar
Photo Courtesy: Jessie Unruh, Breckenridge Distillery
“This partnership is more than a whiskey collaboration,” said Bryan Nolt, founder, and CEO at Breckenridge Distillery. “By teaming up with No-Shave November, we’re raising a glass—and funds—for men’s cancer research and together, we will make a real impact.”
This year’s Dad’s Stash is the second iteration of the Breckenridge x Flaviar blend. In 2023, Breckenridge Distillery hosted 20 Flaviar father-figure members at the brewery, where guests had the opportunity to blend the first-ever Dad’s Stash whiskey.
“We are proud to be teaming with Breckenridge Distillery for this limited release of Dad’s Stash,” said Grisa Soba Co-Founder at Flaviar. “We are also joining them in raising colon and rectal cancer awareness by spreading the word among our members, so that good times can last.”
READ MORE |
Optimi Health Announces First PTSD Patients Treated with MDMA Capsules in Australia
Additional 700 Doses Ordered by Mind Medicine Australia as Demand Surges
Vancouver, British Columbia— October 23, 2024 – Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FSE: 8BN) (“Optimi” or the “Company“), a Health Canada-licensed manufacturer of psychedelic pharmaceuticals specializing in botanical psilocybin and MDMA, is proud to announce that the first group of patients with post-traumatic stress disorder (PTSD) in Australia has successfully received treatment with its GMP-certified MDMA capsules under the Authorised Prescriber Scheme. In response to growing demand, the Company has received an additional order for 700 doses after its initial shipment of 160 doses was fully allocated in under eight weeks.
Key Highlights:
First Patient Dosing: Patients in Australia are being treated with Optimi’s GMP-certified MDMA capsules for PTSD, positioning Optimi as one of the few companies with in-market products actively treating real patients.
Additional Orders: An additional 700 doses of MDMA capsules have been ordered to meet demand after the initial 160 doses were fully allocated in less than eight weeks.
Real World Data: The Patient Reported Outcomes (PROs) being gathered through the patient registry at Australian National University will provide data on the effectiveness of MDMA treatments across a diverse range of Australian patients. The data collected from thousands of patients using Optimi’s MDMA will be one of the most
comprehensive and valuable data sets in the history of psychedelic-assisted therapies.
“This is a major advancement for Optimi and our investors,” said Dane Stevens, CMO and CEO of Optimi. “We’re not just talking about potential – we’re actively treating patients today. The fact that our first shipment is fully allocated with an additional order placed proves the need for MDMA-assisted therapy is real, and Optimi is meeting that demand.”
Stevens added, “Despite the recent setback in the U.S. with the FDA delaying the approval of MDMA-assisted therapy, we believe the progress being made in Australia will accelerate the push to treat Americans suffering from PTSD. Right now, Americans can actually travel to Australia to receive these life-changing treatments through the Authorised Prescriber Scheme. While the situation in the U.S. continues to unfold, we’ll continue to prioritize doses to patients in Australia today.”
READ MORE
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BELOW ARE THE LINKS TO THE DIRECTORY OF FLORIDA CANNABIS DOCTORS AND
DISPENSARIES IN THE STATE OF FLORIDA |
QUALIFIED PATIENTS
OVER 882,000
AND 691 DISPENSING LOCATIONS |
LATEST OMMU REPORTS FROM OFFICE OF MEDICAL MARIJUANA USE IN THE STATE OF FLORIDA Highlights from
OCTOBER 18, 2024 Report BY THE NUMBERS
Qualified Patients: (Active ID Card) OCT 25,2024- 882,553
OCT 18,2024- 882,438
OCT 11 2024- 883,626
OCT 04 2024- 886,063
SEPT 27 2024- 883,503
Pattients Last Week: 115
Qualified Ordering Physicians: 2,398
New Doctors Last Week: 52 Reporting Period: OCT 18 TO OCT 24 2024
Amount of Medical Marijuana Dispensed - (mgs THC) 337,869,689
Amount of Low-THC Cannabis Dispensed - (mgs CBD) 1,215,049
Amount of Marijuana in a From for Smoking (oz) 118,493.864
Approved Dispensing Locations: 691
Added Last Week: 1 TRUILEVE - LAKE PLACID |
UPCOMING MEETING AND CONFERENCES |
NEW DATE AND LOCATION ANNOUNCED! November 18, 2024
Donald L. Tucker Civic Center Tallahassee FL
Due to Hurricane Helene The Florida Marijuana Policy Conference, originally scheduled for September 25th, has been rescheduled for November 18th at the Tallahassee Donald L. Tucker Civic Center. We hope you can join us!
2024 will prove to be a monumental year of growth for Florida’s Marijuana program driven by the award of 22 new MMTC licenses, Federal Rescheduling to Class III, SAFE Banking Act, mergers and acquisitions, and most significantly, the potential passage of Amendment 3 - Adult Use Marijuana ballot initiative, which the Florida Legislature will implement when and if it passes. These dramatic events will create the biggest marijuana market in the country.
The conference will host leaders in Florida’s industry, state and federal representatives, experts on the ballot initiative and opportunities to interact with current and newly awarded MMTC licensees. The forum will discuss in depth how these changes will affect the current program, new business opportunities, medical marijuana patients, customers, regulators, and many others. Join us on November 18th in Tallahassee and get the Latest Updates on Key Issues that will change the Industry!
CLICK HERE TO REGISTER |
2024 Florida Cannabis Festival
November 2nd and 3rd |
ADVERTISEMENT OPPORTUNITIES
If your goal is to get your business in front of the right people in the cannabis industry or you want to be an integral part of this new and exciting business opportunity, then you need to join with Cannabis News Florida as we help to establish cannabis as a major part of the economy in Florida. Cannabis News Florida is an online publication focusing on both local and national news from leading authorities about the medical and business developments in the medical cannabis industry covering the entire state of Florida.
Join the Cannabis News Florida force online and in print. We offer several marketing options to fit all budgets:
· MMTC PROMOS LISTED IN EACH E-NEWSLETTER
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For further information or to make your ad reservation, please call:561-368-6950 / 954-605-4785 cell charles@cannabisnewsflorida.com
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