2019 Cannabis Business Award's Publication of the Year |
WEDNESDAY, NOVEMBER 6, 2024 |
FMCPG HAS BEEN SERVING AND REPRESENTING THE CANNABIS PHYSICIAN COMMUNITY
SINCE 2020 |
FMCPG MEETING
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 Reports Third Quarter 2024 Results Ahead of Florida Adult-Use Vote
Third quarter revenue of $284 million, up 3% year over year, in line with guidance Gross margin of 61%, compared to 52% during the third quarter of 2023
Year to date cash flow from operations of $241 million and free cash flow of $162 million* Florida adult-use campaign support of $48 million during the third quarter
TALLAHASSEE, Fla., Nov. 5, 2024 /PRNewswire/ — Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company in the U.S., today announced its results for the quarter ended September 30, 2024. Results are reported in U.S. dollars and in accordance with U.S. Generally Accepted Accounting Principles unless otherwise indicated. Numbers may not sum perfectly due to rounding.
Q3 2024 Financial and Operational Highlights*
Revenue of $284 million increased 3% year over year, with 95% of revenue from retail sales. Achieved gross margin of 61%, with GAAP gross profit of $173 million.
Reported net loss attributable to common shareholders of $60 million. Adjusted net loss of $12 million* excludes $48 million in campaign support and other non-recurring charges, asset impairments, disposals and discontinued operations.
Achieved adjusted EBITDA of $96 million*, or 34% of revenue, up 24% year over year. Generated cash flow from operations of $30 million and free cash flow of $(7) million*, both of which were impacted by $48 million in campaign support. Cash and short term investments at quarter end totaled $319 million. Launched adult use sales at three Ohio locations: Beavercreek, Columbus, and Westerville. Rolled out #YesOn3 product line to support Smart and Safe Florida adult-use campaign.
Entered partnership with Professional Pickleball Association and Major League Pickleball to sponsor events in Arizona, Florida, and Georgia. Opened 15 new dispensaries in Florida and Pennsylvania.
Ended the quarter with 30% of retail locations outside of the state of Florida. *See “Non-GAAP Financial Measures” below for additional information and a reconciliation to GAAP for all Non-GAAP metrics. Recent Developments Opened five new retail locations in Bonita Springs, Hallandale, Lake Placid, Orlando, and St. Augustine, Florida. Currently operate 220 retail dispensaries and over four million square feet of cultivation and processing capacity in the United States.
READ MORE |
Green Dragon Closing 39 Florida Dispensaries, 17 in Colorado
The cannabis operator filed WARN notices for 113 Florida workers and 59 Colorado workers after parent company Eaze lost its assets in a public auction.
BY: Tony Lange
October 29, 2024 - Green Dragon is shutting down its cannabis cultivation and dispensary operations in Florida and Colorado amid a legal dispute with parent company Eaze, which had its assets foreclosed on by lenders in August.
Green Dragon, which was acquired by the California-based cannabis delivery company in 2021, filed Worker Adjustment and Retraining Notification (WARN) notices in both states on Oct. 16, indicating its preparations for market exits by the end of the year.
In Florida, Green Dragon filed a WARN notice that lists 113 workers, including 30 cultivation technicians and 19 hand trimmers at the company’s 400,000-square-foot medical cannabis grow facility in Palatka, according to the state’s Department of Commerce. The company also plans to close its 39 medical dispensary locations in the state.
The planned termination date is Dec. 31, 2024, because “The employer lost all of its assets in a public auction and is shutting down,” according to the WARN notice filed by Eaze executive Trey Handley. “All terminations covered under this notice are permanent and all employment at the site/plant will be terminated. No bumping rights exist and there is no union representation.”
In Colorado, Green Dragon filed a WARN notice that lists 59 workers at the company’s 92,000-square-foot cultivation facility in Denver, all of whom are in positions that include harvest or packaging roles and whose terminations will be permanent by Dec. 31, 2024, according to the state’s Department of Labor and Employment. The notice lists the United Food and Commercial Workers Local 7 as the union representative for the employees.
READ COMPLETE ARTICLE AT CANNABIS BUSINESS TIMES: https://www.cannabisbusinesstimes.com/top-stories/news/15707020/green-dragon-closing-39-florida-dispensaries-17-in-colorado#:~:text=Green%20Dragon%20is%20shutting%20down,on%20by%20lenders%20in%20August. |
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.
“We deeply appreciate and honor our veterans and first responders and thank them for their sacrifice and service to our country,” said fellow veteran and Planet 13 Co-CEO, Larry Scheffler.
“This donation by Planet 13 perfectly aligns with our mission,” said Jeffrey DeMond, veteran, and president of The Grateful Veteran. “Our goal is to empower veterans and give them alternative medical solutions to heal both mentally and physically. We are grateful for this partnership.”
READ MORE |
Viridian Capital Chart of the Week: Analysts Expect Uninspiring 3rd Quarter Earnings
The table shows the expected 3rd quarter earnings release date and analysts’ consensus estimates of 3rd quarter revenue and EBITDA for fifteen of the largest MSOs. The four columns on the right calculate the Y/O/Y and sequential quarter percentage changes in Revenue and EBITDA.
The year-over-year % changes in revenue and EBITDA for the group are expected to be 1.7% and -1.0%, respectively. Nine of the 15 companies are expected to have revenue gains, ranging from 0.3% for Jushi to 49.7% for Planet 13. Seven of the fifteen have projected EBITDA gains ranging from 4.4% for Curaleaf to nearly 2000% for Planet 13. Sequential quarterly expectations are even less inspiring, with a group growth in revenues and EBITDA of 0.9% and -2.9%, respectively. Part of the sequential-quarter change is attributable to regular seasonal changes. For example, we would expect Florida sales to dip in the 3rd quarter, and we indeed see that in Trulieve’s results. Taking Trulieve out of the totals, we would get a 1.9% revenue growth and a 1.0% EBITDA growth.
The chart decomposes the sequential quarterly change in EBITDA into the component attributable to revenue changes (blue bars) and the component attributable to changed EBITDA margin expectations (orange bar).
Lower EBITDA expectations are predominantly driven by lower EBITDA margins. Third-quarter group EBITDA margins are expected to be 25.1%, down a point from the 26.% actual margins for Q2. Analysts are expecting lower sequential EBITDA margins for five of the ten largest MSOs by market cap, including Green Thumb, Trulieve, Cresco, TerrAscend, and Ascend. Curaleaf, Verano, Glass House, AYR, and Planet 13 are expected to have sequentially higher margins.
Why is Y/O/Y and sequential growth in revenue and EBITDA so low? The overall pattern shows the impact of continued cash husbanding, low capex, and restrained M&A activity. Managements have commented about pressured consumer spending and ongoing wholesale price compression. In addition, the Ohio rollout has has failed to produce the magnitude of gains that many expected. Catalysts like S3 and Florida rec will help; however, neither of these will impact results until mid-2025 at best. Meanwhile, we expect gains to mainly be derived from a continued reshuffling of the deck, as MSOs concentrate their M&A and capex dollars on markets where they are vertically integrated with critical scale and solid profitability. Chart of the Week - Viridian Capital Advisors 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 |
NATIONAL AND INTERNATIONAL NEWS |
Village Farms International Selected to Testify at Marijuana Rescheduling Hearing
– Company advocates for commonsense reform in pivotal moment for U.S. cannabis industry –
– One of the largest cannabis growers in the world, Village Farms was the only operator selected to participate –
ORLANDO, Fla. and VANCOUVER, British Columbia, Nov. 04, 2024 — Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced it was one of 25 participants selected to participate in the Drug Enforcement Administration’s (DEA) upcoming Administrative Law Judge (ALJ) hearing regarding the proposed rescheduling of marijuana in the United States from a Schedule I to a Schedule III drug under the Controlled Substances Act (the “Rescheduling Hearing”). Village Farms was the only cannabis industry operator selected to participate in the Rescheduling Hearing, which is currently expected to take place sometime in January or February 2025.
President and Chief Executive Officer Michael DeGiglio commented, “As a U.S.-based company with 35 years of experience in controlled environment agriculture, we are proud to advocate for what we believe is one of the most important movements in health and wellness in our lifetime. The benefits of regulated cannabis are being increasingly embraced by other countries across the globe, many of which are doing so with pragmatic approaches that prioritize the wellbeing of people above politics and the power of special interests. It is long overdue for U.S. policy makers to accept the majority will of the American public and enact commonsense reform that fixes the broken system of criminalization we have today.”
READ MORE |
MariMed Commences Manufacturing Operations in Missouri
NORWOOD, Mass., Oct. 30, 2024 — MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator, announced the start of cannabis product manufacturing in Missouri. MariMed’s award-winning products are expected to be available across the state in time for the holidays.
“Expanding our branded products into Missouri has been a key goal for us,” said Ryan Crandall, Chief Revenue Officer. “Missouri’s fast-growing market is eager for high-quality products, and we expect to start sales and distribution by the end of November.”
MariMed plans a statewide wholesale push, distributing its popular edibles and vapes, including Betty’s Eddies™ fruit chews, Bubby’s Baked™ fresh baked confections, Vibations™ hydrating drink mixes, and InHouse™ flower, vapes, and gummies.
This expansion brings MariMed’s operations to six states, with facilities also in Delaware, Illinois, Maryland, Massachusetts, and Ohio. MariMed will manage the Missouri facility under a Managed Services Agreement (MSA) until license transfer approval.
READ MORE |
Can B Corp. Announces Holding Company Reorganization With Nascent Pharma Holdings, Inc. to Become the Publicly-Traded Parent Company
Primary Focus on Protecting and Commercializing Cannabis Patents
HICKSVILLE, N.Y., Oct. 30, 2024 — Can B Corp. (OTCQB: CANB) (“Can B” or the “Company”) today announced that it has implemented a reorganization in which a new holding company, Nascent Pharma Holdings, Inc., has become the publicly-traded parent of Can B and its subsidiaries. As a result of the reorganization, existing shares of Can B stock have been automatically converted, on a one-for-one basis, into shares of common stock of Nascent Pharma Holdings, Inc. The Board and executive officers of Can B will continue in the same roles at Nascent Pharma Holdings, Inc.
In March 2024, Can B announced that it had shifted its primary focus to protecting and commercializing the cannabis patents acquired by its 67% owned subsidiary, Nascent Pharma, LLC, in February 2024. Can B believes that the reorganization will enhance its ability to raise capital to fund future business opportunities, including partnerships. licensing agreements, and potential litigation funding to support Nascent’s patent protection efforts.
READ MORE | Breckenridge Brewery and University of Colorado Athletics Collaborate on New Limited-Edition Craft Beer
The Co-branded ‘Juice Drop’ Hazy IPA is Now Available in 19.2oz Cans at Retailers Across Colorado
BRECKENRIDGE, Colo., Oct. 31, 2024 — Breckenridge Brewery, a subsidiary of Tilray Brands, Inc. (NASDAQ: TLRY and TSX: TLRY), today announced an exciting collaboration with the University of Colorado Athletics to bring fans a special edition of its beloved Juice Drop Hazy IPA in a new 19.2 oz. limited-edition can. This exciting partnership celebrates Colorado’s rich traditions in both craft beer and collegiate athletics, offering Buffs fans the perfect way to enjoy game day in style. This exciting partnership celebrates Colorado’s rich traditions in both craft beer and collegiate athletics, offering Buffs fans the perfect way to enjoy game day in style.
The new limited-edition can designs feature the iconic CU Buffaloes logo alongside Breckenridge Brewery’s Juice Drop Hazy IPA branding, making it a must-have collectible for both beer enthusiasts and Buffs supporters alike. With a bold, vibrant taste that perfectly embodies the Buffs’ spirit, Juice Drop’s tropical, citrus-forward flavor profile is sure to be a hit at tailgates, watch parties, and more.
READ MORE |
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
NOVEMBER 1, 2024 Report BY THE NUMBERS
Qualified Patients: (Active ID Card)
NOV 01,2024- 882,524
OCT 25,2024- 882,553
OCT 18,2024- 882,438
OCT 11 2024- 883,626
OCT 04 2024- 886,063
Pattients Last Week: -29
Qualified Ordering Physicians: 2,405
New Doctors Last Week: 7 Reporting Period: OCT 25 TO OCT 31 2024
Amount of Medical Marijuana Dispensed - (mgs THC) 364,051,289
Amount of Low-THC Cannabis Dispensed - (mgs CBD) 1,019,867
Amount of Marijuana in a From for Smoking (oz) 123,206.081
Approved Dispensing Locations: 692
Added Last Week: 1 GTI FLORIDA - ORLANDO |
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:
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