2019 Cannabis Business Award's Publication of the Year |
WEDNESDAY, NOVEMBER 13, 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 |
The Cannabist Company Announces Closing on Sale of Florida Assets to MINT Cannabis and SHANGO
Joint Venture between MINT Cannabis and SHANGO Acquires All 14 Florida Cannabist Dispensaries and Two Cultivation and Manufacturing Facilities
NEW YORK—-Nov. 7, 2024– The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX: CBSTF) (FSE: 3LP) (“The Cannabist Company” or the “Company”), one of the most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., announced today the closing of the sale of its 14 Florida dispensaries and two cultivation and manufacturing facilities in Alachua and Arcadia (the “MINT/SHANGO Transaction”) to MINT Cannabis and SHANGO, two leading, privately-held multistate operators as joint venture partners (the “MINT/SHANGO JV”). This agreement was previously announced on August 23, 2024.
MINT/SHANGO Transaction Highlights
-Consideration for the MINT/SHANGO Transaction, subject to adjustment, is $5 million. Upon closing, the MINT/SHANGO JV paid closing consideration of approximately $3 million in cash and issued a $2 million promissory note. $750k of this consideration was already held in escrow.
-Additionally, the MINT/SHANGO JV transferred to the Company all outstanding equity interest in its MMTC license entity, which the Company expects to divest to an additional third party.
Transaction includes:
-14 Cannabist dispensaries
-Two (2) cultivation and manufacturing facilities in Alachua and Arcadia
-The Company’s MMTC license
READ MORE |
The Cannabist Company Reports Third Quarter 2024 Results
NEW YORK–Nov. 7, 2024– The Cannabist Company Holdings Inc. (Cboe CA: CBST) (OTCQX: CBSTF) (FSE: 3LP) (“The Cannabist Company” or the “Company”), one of the most experienced cultivators, manufacturers and retailers of cannabis products in the U.S., today reported its financial and operating results for the third quarter ended September 30, 2024. All financial information presented in this release is in U.S. GAAP and in thousands of U.S. dollars, unless otherwise noted.
“The results in the third quarter are indicative of the continued transformation that is underway at The Cannabist Company as we strive to build a better business by strategically reshaping our footprint, streamlining operations, and derisking the balance sheet. In the third quarter, we closed on significant transactions with the sale of Arizona and Eastern Virginia assets for total consideration of approximately $105 million, bringing a significant capital infusion into the business and strengthening our balance sheet. We have exited, or are in the process of exiting, unprofitable and underperforming locations in Florida; Washington, D.C.; and Boston. We achieved continued improvement in wholesale and will continue to lean into markets where we have additional capacity and opportunity to grow. In addition, we were extremely well prepared for the transition to adult use in Ohio, which drove an outstanding performance in the quarter,” said David Hart, CEO of The Cannabist Company.
READ MORE |
Cresco Labs Demonstrates Success of Cash Flow Focused Strategy with Third Quarter 2024 Financial Results
Record quarterly operating cash flow of $49 million and year to date operating cashflow of $103 million, an increase of 66% from the prior year period
CHICAGO–November 8, 2024 — Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) (“ Cresco Labs ” or the “ Company ”), the industry leader in branded cannabis products with a portfolio of America’s most popular brands and the operator of Sunnyside dispensaries, today released its financial and operating results for the third quarter ended September 30, 2024. All financial information presented in this release is reported in accordance with U.S. GAAP and in U.S. dollars, unless otherwise indicated, and is available on the Company’s investor website, here.
Third Quarter 2024 Highlights
Third quarter revenue of $180 million.
Gross profit of $93 million. Adjusted gross profit 1 of $95 million; and an Adjusted gross margin 1 of 53% of revenue, a 250 bps improvement year-over-year.
SG&A of $57 million. Reduced Adjusted SG&A 1 by 6% year-over-year to $53 million, or 30% of revenue.
Net loss of $8 million.
Third quarter Adjusted EBITDA 1 of $51 million, up 5% year-over-year; and Adjusted EBITDA margin 1 of 29%, a 280 bps improvement year-over-year.
Record third quarter operating cash flow of $49 million and Free Cash Flow 1 of $43 million.
Retained the No. 1 share position in Illinois, Pennsylvania and Massachusetts and improved to a top 3 position in Ohio 2 .
READ MORE |
Verano Announces Third Quarter 2024 Financial Results
CHICAGO, Nov. 07, 2024 — Verano Holdings Corp. (Cboe CA: VRNO) (OTCQX: VRNOF) (“Verano” or the “Company”), a leading multi-state cannabis company, today announced its financial results for the third quarter ended September 30, 2024, which were prepared in accordance with U.S. Generally Accepted Accounting Principles (“U.S. GAAP”).
Revenues, net of discounts, of $217 million, a decrease of 2.6% versus the prior quarter.
Gross profit of $109 million or 50% of revenue.
SG&A expense of $92 million or 43% of revenue.
Net loss of $(43) million or (20)% of revenue.
Adjusted EBITDA1 of $64 million or 30% of revenue.
Net cash provided by operating activities of $30 million.
Capital expenditures of $57 million.
Management Commentary
“During this election season, for the first time in history, cannabis took center stage as a key bipartisan issue for both U.S. presidential candidates and millions of voters across the nation,” said George Archos, Verano founder, Chairman and Chief Executive Officer. “Despite the Amendment 3 outcome, it was encouraging to see the measure supported by a majority of Floridians with 56% voting in favor, and we remain optimistic on our growth prospects in the state and our ability to succeed in the current environment.”
READ MORE |
Planet 13 Announces Q3 2024 Financial Results
Q3 2024 Revenue of $32.2 million
Q3 2024 Net loss of $7.4 million
Q3 2024 Adjusted EBITDA of $1.3 million
All figures are reported in United States dollars ($) unless otherwise indicated
LAS VEGAS, Nov. 08, 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 financial results for the three-month period ended September 30, 2024. Planet 13’s financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”).
“Despite Florida not moving forward with adult-use, we see a significant growth runway by expanding our store footprint and enhancing cultivation assets in the state. In addition to our Florida operations, we’re focused on driving growth by scaling our neighborhood store network and broadening the distribution of our HaHa edibles,” said Larry Scheffler, co-CEO of Planet 13. “We’re actively making progress on our growth initiatives while continuing to innovate and elevate the cannabis shopping experience.”
“While we experienced headwinds in Q3 from traditional seasonality in Florida and continued pressure on consumer spending, we are taking strategic steps to set ourselves up for long-term success. Our focus remains on delivering a one-of-a-kind shopping experience for the consumer, making thoughtful investments and most importantly, prioritizing cash flow. With our diversified footprint, multiple growth opportunities, and a strong balance sheet, we are well positioned to drive further growth and profitability in 2025,” said Bob Groesbeck, co-CEO of Planet 13.
Financial Highlights – Q3 – 2024
Operating Results
All comparisons below are to the quarter ended September 30, 2023, unless otherwise noted
Revenue was $32.2 million as compared to $24.8 million, an increase of 29.7%. The increase in sales was driven by the addition of Florida as well as strong sales at the Illinois neighborhood store.
Gross profit was $16.7 million or 51.9% as compared to $11.1 million or 44.7%. The improvement in gross margin was driven by a lower cost of cultivation through full utilization of cultivation facilities and better yields, along with the addition of high margin Florida revenue.
Total expenses were $20.0 million as compared to $55.1 million, a decrease of 63.6%. Lower total expenses were driven by lower impairment loss in the quarter.
Net loss of $7.4 million as compared to a net loss of $46.3 million.
Adjusted EBITDA of $1.3 million as compared to Adjusted EBITDA of $0.2 million. Adjusted EBITDA was higher due to the inclusion of Florida, better gross margin performance, and increased operating leverage.
READ MORE |
Planet 13 Increases Focus on Immersive Entertainment and Lifestyle Branding, Adds Jillian Austin as National Head of Marketing Experiences
LAS VEGAS, Nov. 06, 2024 — Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNH) (“Planet 13” or the “Company” ), a leading vertically-integrated multi-state cannabis company, today announced the hiring of Jillian Austin as National Head of Marketing Experiences. Jillian Austin brings a wealth of experience as Planet 13 and its new Lifestyles business accelerate growth by becoming a national brand. As Director of Brand Partnerships at AREA15, an immersive entertainment district in Las Vegas, she led collaborations with global brands like Netflix, Disney, Amazon, and Tesla spearheading immersive experiences and lifestyle branding.
“The hiring of Jillian Austin marks the next stage in the growth of Planet 13 as a one-of-a-kind entertainment venue,” said Bob Groesbeck, Co-CEO of Planet 13. “Jillian will oversee special events and celebrity partnerships in our SuperStore and our 31 neighborhood store network nationally. Along with the unique experiential entertainment destination we’ve created in Las Vegas, our newly created Planet 13 Lifestyles brand allows us to partner with global companies for sponsorships, brand partnerships, and events without the restrictions that sometimes are attached to other cannabis companies. Jillian’s experience and success with AREA15 will be a tremendous asset as we deepen our relationship with that unique Vegas destination to drive even more tourist traffic to the SuperStore.”
READ MORE |
Viridian Valuation Tracker: Was the Massive Correction in Cannabis Stock Prices on 11/6/24 Irrational?
November 8, 2024 – Florida is expected to have total medical sales of approximately $2.1B for 2024. Assuming that a fully rolled out adult use program would double sales, we get a gain of sales from adult use of $2.1B.
If we apply a 30% EBITDA margin to those sales (arguably conservative since it is marginal sales), we would get a $630M loss of EBITDA from the lost sales, and applying a 5x multiple to those sales (also arguably conservative) we would get a $3.15B projected decline in market cap.
So perhaps the selloff was not overdone. The weakness in our argument is the fact that not all of the companies on the list have Florida operations. However, approximately 81% of the market cap is held by Florida participants. Moreover, the impact of Florida is more severe than a “mere” $3B hit to market cap. It challenges the entire growth narrative of the industry.
Over the last few days, Trulieve, TerrAscend, Curaleaf, Jushi, Cannabist, and GTI have reported earnings, which were, in the aggregate, significant misses from already downbeat estimates. After incorporating actual results for the above companies, the total revenue for the fifteen companies we showed in our Chart of the week is projected to be down .4% Y/O/Y and 1.1% sequentially. EBITDA is down worse: 2.2% Y/O/Y and 4.2% sequentially. Strange days indeed! There are so many potential positive catalysts, but they are laid out against a pretty stark current landscape. The need for a long time horizon just got extended out a bit further.
To View the Full Valuation Table and Valuation Metrics by Company Click on Our Viridian Valuation Tracker
READ MORE |
NATIONAL AND INTERNATIONAL NEWS |
Tilray Medical Announces Positive Results from Study on Oral Cannabis Extract for Chemotherapy-Induced Emesis
SYDNEY, Australia, Nov. 07, 2024 — Tilray Medical, a division of Tilray Brands, Inc. (“Tilray Brands”) (NASDAQ: TLRY and TSX: TLRY) and a global leader in medical cannabis empowering the therapeutic alliance between patients and healthcare practitioners to make informed individualized health decisions, is pleased to announce the final results of a new scientific study their team has supported titled, “Oral Cannabis Extract for Secondary Prevention of Chemotherapy-Induced Nausea and Vomiting (CINV).”
This randomized, placebo-controlled trial aimed to test the effectiveness of an oral cannabis extract in adults suffering from CINV despite standard anti-nausea treatments. Participants received capsules containing 2.5 mg of THC and 2.5 mg of CBD or a placebo, taken three times daily for six days.
From 2016 to 2022, 147 participants were recruited. The study found that the cannabis extract significantly improved the rate of complete response—meaning no vomiting or use of additional medications—from 8% with placebo to 24% with THC: CBD. Other benefits included reduced nausea and fewer daily vomits. However, some side effects were noted, such as sedation (18% vs. 7%), dizziness (10% vs. 0%), and transient anxiety (4% vs. 1%). READ MORE |
MariMed Reports Third Quarter 2024 Earnings
NORWOOD, Mass., Nov. 06, 2024 — MariMed Inc. (“MariMed” or the “Company”) (CSE: MRMD) (OTCQX: MRMD), a leading multi-state cannabis operator focused on improving lives every day, today announced its financial results for the third quarter ended September 30, 2024.
“We reported year-over-year and sequential revenue growth, sequential EBITDA and Net Income improvement, and we continue to generate positive operating cash flow,” said Jon Levine, Chief Executive Officer. “Our wholesale business continues to outpace the industry with another quarter of at least 20% year-over-year growth. Despite continued pressure on U.S. consumers, our retail business transactions grew year-over-year, driven by both same-store sales growth and the new dispensaries opened in the past 12 months. Our heavy investment phase is complete, as are the significant pre-opening expenses we incurred the past several years. We remain highly confident in our ability to grow revenue and profits long-term as our new assets ramp to their potential.”
THIRD QUARTER 2024 OPERATIONAL HIGHLIGHTS
During the third quarter, the Company announced the following developments in the implementation of its strategic growth plan:
July 2: Commenced adult-use sales at its Panacea Wellness dispensary in Quincy, Massachusetts. Additionally the Company announced it received a provisional dual-license for its Tiffin, Ohio dispensary.
July 22: Commenced growing operations in its newly expanded cultivation facility in Hagerstown, Maryland. The new expansion should lead to a 100% increase in its flower yield, making MariMed one of the largest suppliers of flower in the state. The Company has already begun selling flower from this expansion through its retail and wholesale channels.
August 7: Appointed Mario Pinho as the Company’s Chief Financial Officer, effective August 9, 2024. Mr. Pinho is a CPA and finance executive with nearly 25 years of experience leading global organizations through various stages of dynamic growth. Most recently, he was CFO for the U.S. division of Rakuten, the global Internet Services, FinTech, and Mobile company.
August 19: Opened Thrive Wellness dispensary in Upper Marlboro, Maryland, its second adult-use dispensary in the state. The Company also owns and operates a Thrive Wellness dispensary in Annapolis.
September 24: Commenced non-medical cannabis sales at its Thrive Wellness dispensary in Tiffin, Ohio. The Company was also issued a license to open a second non-medical cannabis dispensary, which will be located in the greater Columbus area, the state’s largest metro area.
READ MORE |
TerrAscend Reports Third Quarter 2024 Financial Results
Net Revenue of $74.2 million and Gross Profit Margin of 48.8%
9th consecutive quarter of positive Cash Flow from continuing operations and fifth consecutive quarter of positive Free Cash Flow1
Closed on a senior secured term loan for gross proceeds of $140 million carrying an interest rate of 12.75%, maturing in August 2028, and containing no warrants or prepayment penalties
Announced today the signing of definitive agreement to enter Ohio market through the acquisition of a well situated, profitable dispensary
TORONTO, Nov. 06, 2024 (GLOBE NEWSWIRE) — TerrAscend Corp. (“TerrAscend” or the “Company”) (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, today reported its financial results for the third quarter ended September 30, 2024. All amounts are expressed in U.S. dollars and are prepared under U.S. Generally Accepted Accounting Principles (“GAAP”), unless indicated otherwise. The financial results of the Company include all entities that are consolidated in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024 (the “Consolidated Entities”). Any references in this press release to TerrAscend or the Company include references to the Company and the Consolidated Entities.
The following financial measures are reported as results from continuing operations due to the shutdown of the Company’s licensed producer business in Canada, which is reported as discontinued operations through September 30, 2023. All historical periods have been restated accordingly.
Third Quarter 2024 Financial Highlights
Net Revenue was $74.2 million, compared to $77.5 million in Q2 2024.
Gross Profit Margin was 48.8%, compared to 48.6% in Q2 2024.
GAAP Net loss from continuing operations was $21.4 million, compared to a net loss of $6.2 million in Q2 2024.
EBITDA from continuing operations1 was $6.6 million, compared to $18.6 million in Q2 2024.
Adjusted EBITDA from continuing operations1 was $13.7 million, compared to $15.6 million in Q2 2024.
Adjusted EBITDA Margin from continuing operations1 was 18.5%, compared to 20.2% in Q2 2024.
Net Cash provided by continuing operations was $1.8 million.
Free Cash Flow1 was $1.5 million.
READ MORE |
TerrAscend Enters Ohio with the Signing of Definitive Agreement to Acquire a Well Situated and Profitable Dispensary
Acquisition represents the Company’s initial entry into its sixth state; Intends to be a leader in Ohio through additional acquisitions
Expected to be immediately accretive on an EBITDA and cashflow basis
TORONTO, Nov. 06, 2024 — TerrAscend Corp. (“TerrAscend” or the “Company”) (TSX: TSND, OTCQX: TSNDF), a leading North American cannabis company, today announced the signing of a definitive agreement to acquire the assets of Ratio Cannabis LLC (“Ratio Cannabis”), a well situated dispensary in Goshen Township, Ohio. Upon closing, this acquisition will be TerrAscend’s initial entry into Ohio, the Company’s sixth state. Upon closing, total consideration to the sellers of $10.3 million will be comprised of $5.0 million in cash, $1.32 million in Company common shares and a seller’s note for $3.98 million bearing 6% interest with a two-year maturity. The transaction, which is expected to be immediately accretive on an EBITDA and cashflow basis, and is subject to customary closing conditions, including regulatory approval from the Ohio Division of Cannabis Control (the “Division”).
“Entering Ohio and expansion in the Midwest has long been a priority for us. With the acquisition of this well situated and profitable dispensary, we will enter our sixth U.S. state through an accretive transaction at an attractive price,” stated Jason Wild, Executive Chairman of TerrAscend. “This acquisition is a great first step to becoming a leader in this emerging adult-use market.”
READ MORE |
Experience the Ultimate 420 Festival Celebration with SweetWater’s 20th Anniversary Lineup Featuring The Revivalists, Marcus King Band, Greensky Bluegrass, Drive-By Truckers and Cypress Hill at Atlanta’s Iconic Pullman Yards from April 18-20, 2025
ATLANTA, Nov. 12, 2024 — SweetWater Brewing Company, (“SweetWater Brewing” or “SweetWater”), the hottest craft brewer in Atlanta and the largest in the Southeast, a subsidiary of Tilray Brands, Inc., (NASDAQ: TLRY and TSX: TLRY), has unveiled the headliners for the 2025 420 Fest, marking the festival’s 20th anniversary with an epic celebration of music, culture, and great beers. The highly anticipated three-day event, April 18-20 at Atlanta’s Historic Pullman Yards, promises unforgettable performances and immersive experiences. Tickets are available now for this milestone festival.
Celebrating 20 years of music and culture, SweetWater 420 Fest stays true to its roots with a fan-first experience that blends music, tasty beers, art, environmental stewardship, and good vibes. Headlining the milestone celebration are The Revivalists, Marcus King, and Greensky Bluegrass, alongside a stellar lineup of artists including Georgia’s own Drive-By Truckers and the legendary Cypress Hill.
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 8, 2024 Report BY THE NUMBERS
Qualified Patients: (Active ID Card) NOV 08,2024- 882,430
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: - 94
Qualified Ordering Physicians: 2,415
New Doctors Last Week: 10 Reporting Period: NOV 1 TO NOV 7 2024
Amount of Medical Marijuana Dispensed - (mgs THC) 423,063,320
Amount of Low-THC Cannabis Dispensed - (mgs CBD) 1,515,641
Amount of Marijuana in a From for Smoking (oz) 134,240.699
Approved Dispensing Locations: 692
Added Last Week: 0 |
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.
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