Predicting New York as the capital of cannabis

new york will be the capital of the cannabis industry


New York predicted to be America’s new cannabis capital

Industry watchers believe that the west coast’s days at the center of the cannabis action are numbered, and New York City will emerge as America’s cannabis capital, reports Politico.

With New York, New Jersey and Connecticut readying adult-use sales, as well as cannabis lounges potentially coming to Atlantic City, the northeast is likely to play an influential role in the post-prohibition future.

The details

  • The three states have a combined population of 33 million, not to mention tourists and visitors from neighboring states
  • The MSOs are moving in, with Verano Holdings acquiring a license via Goodness Growth for $413 million, and Ascend Wellness’s ongoing conflict over the acquisition of MedMen’s New York license  
  • Some advocates believe success in the northeast could help push federal legalization along

“New York is going to be Amsterdam on steroids,” said New York investor Jeanne Sullivan.

And what better place to talk about New York’s cannabis future than at 2 upcoming Business of Cannabis events: 

Enjoy Cannabis Daily each morning at 7 a.m.


Virginia cannabis bill delayed to 2023 

A House of Delegates sub-committee in Virginia voted to delay adult-use cannabis sales until 2023, reports WTKR.

Weeks ago, the state Senate passed a bill that would see sales starting in September. Now, Republicans have requested more time to review the rules around sales.

Currently, possession is legal and sales were planned to begin in 2024. Advocates pushed to have that date moved up, but that is no longer in the cards.


MedMen sells off its Florida assets

Florida-based Green Sentry Holdings LLC is buying Med Men’s license, dispensaries, inventory and cultivation business for USD $83 million, according to New Cannabis Ventures.

MedMen will also license its trademarks for two years. Subject to regulatory approvals, the deal is expected to close this spring.

“As MedMen continues to transform its business model and position itself for future growth, our go-forward strategy is going to include an asset-light model that enables us to leverage the power and strength of the MedMen brand,” said chairman and interim CEO Michael Serruya.


European cannabis stocks sink in wake of Ukraine crisis

Russia’s violent attacks on Ukraine sent investors scrambling to move investments out of riskier cannabis stocks and into more traditional sectors like gold and government debt, writes BusinessCann.

Still, there were a few notable announcements and updates from the industry:

  • Cellular Goods fell by about 35% due to poor sales reported earlier in the week
  • Stenocare jumped 9% and was the only company to perform well
  • Kanabo’s acquisition of telemedicine company the GP Service did not help its stock performance, which fell from £10.75 to around £7

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