Cannabis Briefs for May 9, 2023

•Chicago-based Green Thumb Industries reported financial results for the quarter ended March 31, in which revenue fell 4% sequentially to $248.5 million. Put another way, that figure was up 2% from the same period last year. The company logged an adjusted EBITDA of $76 million, or 31% of revenue. “Green Thumb’s momentum continues to build in 2023, and I am incredibly proud of our team for their unwavering commitment to creating high-quality products and delivering positive experiences for our patients and consumers,” said CEO Ben Kovler. “In the first quarter, our revenue increased 2% year-over-year to $249 million, despite continued price compression.”

•Maryland governor Wes Moore signed recreational cannabis into law following its legislative passage last month. At a signing ceremony, Moore said the law will “ensure that the rollout of recreational cannabis in our state drives opportunity in an equitable way.” The new law establishes an independent Maryland Cannabis Administration to regulate the program. Existing medical dispensaries will convert into recreational licensees beginning July 1 when legalization takes effect, with regulators tasked with approving additional licenses by one year later. Recreational sales will be taxed at 9%, with 35% of revenue going to a community reinvestment fund.

•New York-based Acreage Holdings saw quarterly revenue slip 6% sequentially in its latest earnings report, covering the quarter and year ended December 31, 2022. Consolidated revenue for the quarter totaled $57.5 million, while consolidated revenue for the full year was $237.1 million, up 26% from $188.9 million in full year 2021. In Q4, the company found success with its refresh for its brand The Botanist, growing its brand portfolio 22% across markets including Illinois, New Jersey, and Massachusetts, while also commencing retail operations in Connecticut.

•Pennsylvania lawmakers have filed bills to legalize recreational cannabis on a control state model. Representative David Delloso introduced the bill following sponsorship of similar bills in past sessions. The proposed law, which declares that “cannabis should be regulated in a manner similar to alcohol,” would have the responsibilities of state-operated Fine Wine and Good Spirits retailers expanded to include cannabis sales as well. It would set a 19% tax on sales, all of which would go into the state general fund. Governor Josh Shapiro called for a more conventional private retail marketplace in his budget proposal for the year.

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