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Celebrating Cannabis In NYC With a Historic 420 Countdown, Curaleaf Restates Sales Forecasts, & Mississauga Allows Cannabis Retail Stores

Celebrating Cannabis In NYC With a Historic 420 Countdown

Royal Queen Seeds and Cannabis Now are hosting what has been described as a ‘trailblazing’ event, replicating the iconic New Years Eve Times Square countdown for 420.

The official ‘Cannabis is Legal’ countdown celebration will commence at 3.30pm in New York, with a countdown leading up to 4.20pm.

“For more than a decade, Cannabis Now has promoted the industry via our national magazine, our website and at numerous live events,” Eugenio Garcia, CEO of Cannabis Now, said.

“Joining with Royal Queen Seeds in New York’s Times Square, is a historic moment to demonstrate that cannabis has expanded globally and it’s perfect to celebrate this at the heartbeat of the world, Times Square.”

Curaleaf to Restate Certain Previously Issued 2022 and 2021 Financial Statements

Yesterday Curaleaf announced in a press release that it would now have to alter its sales and forecasts for 2021 and 2022.

This followed an internal review by the company’s audit committee of  ‘certain purchases and sales of products through the company’s wholesale channel to determine whether they had commercial substance’, and whether they were reported in a timely and appropriate manner.

While Curalead said it was still finalising the ‘exact adjustment for these reported prior period’, it expects the adjustments will result in a reduction of aggregate revenue for the full 2021 fiscal year of approximately 1.25%, and a reduction of expected aggregate revenue for the full 2022 fiscal year of approximately 0.75%

“As a result, subject to finalising the adjustments described herein, the Company expects its revenue for the fourth quarter of 2022 to be approximately US $352 million, and its aggregate revenue for the full 2022 fiscal year to be approximately US $1.337 billion.”

Canada’s sixth-largest city overturns cannabis store ban

Mississauga, one of Canada’s largest cities, has voted to allow retail cannabis stores to open there for the first time.

According to MJBiz Daily, the city of some 720,000 people was one of the 70 municipalities in Ontario not to permit cannabis stores after adult-use legalisation was passed in 2018.

The move is expected to create significant opportunities for cannabis businesses in the area, including leading cannabis retauler High Tide.

“Being Ontario’s third largest city, the Mississauga market presents us with a lucrative revenue and growth opportunity for both High Tide and our Canna Cabana brand, given its size and scale,” High Tide CEO Raj Grover said in a statement.

Omar Khan, chief communications and public affairs officer at High Tide, said he hopes Mississauga’s decision will inspire other municipal holdouts in Ontario to rethink their prohibitions.

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