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Cannabis Briefs for July 12, 2022

July 12, 2022

•Statewide cannabis sales in Illinois totaled $126.8 million in June, according to the latest data from the Illinois Department of Financial and Professional Regulation. That made for a slight decline from $129.8 million in May. In-state residents spent $86.7 million on cannabis and visitors contributed $40.1 million. More than 3 million discrete items were sold, marking four months in a row that figure has held. With the exception of a few peaks and valleys, sales in Illinois have been on a plateau for the last year, sitting somewhere in the $125 million range each month.

•Pennsylvania governor Tom Wolf has signed into law a bill protecting banks, credit unions, and insurers from state prosecution for doing business with cannabis companies. The law functions as a state-level version of the SAFE Banking Act, though it does not shield financial institutions from federal scrutiny. Wolf has been a vocal advocate of legalizing recreational cannabis given the state’s strong medical market and the concentrated effect of the opioid epidemic on Pennsylvania.

•New Mexico’s young cannabis market logged $21.2 million in recreational cannabis sales in June, its third month in operation. The state’s three major population centers–Albuquerque, Santa Fe, and Las Cruces–led the way, generating $7 million, $1.7 million, and $1.6 million in sales, respectively. Sunland Park and Carlsbad also logged sales of $1.2 million apiece. The sales numbers are notable because they have been remarkably steady across the first three months; although the market is not yet seeing strong growth, it also has not suffered a dropoff after the excitement and novelty of legalized sales in April.

•Calgary-based cannabis retail chain High Tide has agreed to acquire nine stores from Choom Holdings for a total of $3.9 million. The locations include six operational stores in Alberta, two in British Columbia, and one in Ontario. The locations collectively generated C$10 million over the three months that ended April 30. The transaction will be paid in High Tide shares. After closing High Tide will operate 43 stores in Ontario, the two in B.C., and 72 in Alberta for a total of 136 retail locations overall.

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