Michigan cannabis sales expanded 2% sequentially in September to a record $212 million, up 31.4% from a year ago. Illinois added medical data for September to the previously released adult-use data, and that state saw sales rise 0.2% sequentially in total to $158.7 million, up 3.1% from a year ago.
I distributed this written material to 420 Investor subscribers during the week:
Here are some of this week's highlights for Focus List names:
AYRWF hired an exec from Neiman Marcus Group as its new President.
CURLF relocated a dispensary in Deerfield, Illinois to better handle adult-use customers.
CWBHF and Major League Baseball inked a CBD Brand partnership where the company will pay MLB $30.5 million over three years, including 4% of its stock up-front, and will also pay a 10% royalty on sales above $18 million.
FFLWF CFO Judy Adam is leaving in November for another CFO position. The company announced that it is launching Hifyre in Colorado and that it is working on adding 5 new cannabis store licenses in New Mexico.
GDNSF received a termination notice from its former merger partner, Verano Holdings, who is seeking a payment of $17.875 million.
GNLN will distribute AUXO products. AUXO products target the consumer and use CCELL technology.
TCNNF is opening a new dispensary in Florida.
TRSSF borrowed $45.5 million for 5 years from Pelorus Equity Group with an initial interest-rate at 12.77%.
UGRO announced that it signed over $50 million in contracts related to design-build in Q3 and reiterated Q3 guidance. The company also announced a $7.5 million acquisition of a Texas-based engineering firm. The company, DVO, generated $5.5 million in revenue over the past year with EBITDA in excess of 20%.
VRNOF terminated the previously announced acquisition of Goodness Growth.
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The Global Cannabis Stock Index spent most of the week reversing last week's big move but remained above its all-time closing low of 11.26 from 9/30. It fell to 11.73 this Friday, sinking 7.1%. This far exceeded the 1.5% loss in the S&P 500, which is down just a tiny amount in October. The index has climbed 4.2% this month-to-date.