From Trulieve expanding to Amazon’s marijuana announcement, there’s a lot of positive momentum to cover this week…
Welcome back to another NICI Snippets.
As the summer heats up, so has the cannabis industry with a number of positive developments.
Trulieve Cannabis Corp. (OTC: TCNFF) started out with just one medical marijuana license in Florida in 2015 and turned that into an empire.
It now accounts for roughly 50% of all the legal cannabis sold in Florida and already has the most dispensaries in the state (82). Knowing how to win one state over, Trulieve has been strategically expanding to dominate the entire United States market.
It recently received approval to open its first dispensary in Massachusetts, a state that generated $1 billion in sales from November 2018 to November 2020.
Entering this key market is putting Trulieve on the path to becoming the biggest cannabis company in the United States by revenue.
But that’s not all that has happened.
NICI Snippets Week of May 31
- DEA Ends Monopoly on Growing Cannabis for Research: The Drug Enforcement Administration (DEA) is finally preparing to award additional licenses to cultivate cannabis for scientific research, eliminating a monopoly held by the University of Mississippi that was held for decades. The university’s cannabis was notoriously regarded as subpar for research due to its poor quality, and these additional licenses remove roadblocks that have prevented gaining more valuable insight on the cannabis plant and all of the healing benefits it can potentially offer.
- The MORE Act Is Reintroduced: Last week, the chairman of the U.S. House of Representatives Judiciary Committee, Jerry Nadler (NY-D), reintroduced The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) that would decriminalize cannabis federally and expunge certain cannabis-related criminal charges. The MORE Act passed in the House in 2020, and its reintroduction signals increasing pressure on the U.S. Senate to act on cannabis reform. Majority Leader Chuck Schumer pledged to introduce his own legalization bill this year, but whether it be federal legalization, decriminalization, or the passing of the MORE Act or the SAFE Banking Act, national reform is too powerful of a movement to stop.
- Amazon Won’t Test Employees For Cannabis Use: This week, Amazon announced they would stop drug testing employees for cannabis. As one of the largest employers in the U.S., Amazon understands that full recreational legalization will happen in the future and are planning ahead. It also announced its support of the MORE Act.
- Top MSOs Keep Making Money: Recent earnings reports from the country’s top multistate operators (MSOs) all demonstrate one thing: the U.S. cannabis industry is booming. Highlighting two companies that nearly tied in revenue percentage increases, Curaleaf Holdings Inc. (OTC: CURLF) reported $260 million for Q1 2021, a year-over-year (YoY) increase of 170%. Cresco Labs Inc. (OTC: CRLBF) reported $178.4 million, a YoY increase of 168.8%.
Executive Director, National Institute for Cannabis Investors
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10 responses to “NICI Snippets: Trulieve Sells 50% of the Cannabis in Florida, Now It Is Ready to Dominate the East Coast”
June 04 2021