The GreenWave Buzz

our proprietary analysis and commentary on what’s relevant in the cannabis space 

Distribution Mayhem In California: Who’s Left Holding the “Bag”?

Distribution Mayhem In California: Who’s Left Holding the “Bag”?

Key Points Herbl, one of California’s largest licensed cannabis distributors is in receivership. Last year it served ~1K retailers and accounted for ~18% (~$700M) of the state’s $3.8B retail sales amount. Other licensees could be at or near a similar breaking point....

ONE STEP FORWARD ON THE ROAD TO FEDERAL REFORM

ONE STEP FORWARD ON THE ROAD TO FEDERAL REFORM

Summary The announcement last week by the department of Health and Human Services (HHS) that it is now recommending the rescheduling of cannabis from schedule I to III, marks a significant inflection point for federal cannabis reform. The timing of the Drug...

The GreenWave Buzz – May 3, 2023

The GreenWave Buzz – May 3, 2023

Key Points The long-term prospects for industry growth remain compelling as more states legalize cannabis. Near-term fundamentals are hampered by a thriving illicit market, lack of law enforcement, price compression and added costs associated with prohibition most...

Terrascend Sets In Motion Up-listing to the Toronto Stock Exchange

Terrascend Sets In Motion Up-listing to the Toronto Stock Exchange

ArticleTERRASCEND SETS IN MOTION UP-LISTING TO THE TORONTO STOCK EXCHANGE Last week, Terrascend announced that it filed an application to list its shares on the Toronto Stock Exchange (TSX).  The company indicates that in order to qualify for listing, it will need to...

Recent Headlines, Commentary and Upcoming Catalysts – 9/9/2022

Recent Headlines, Commentary and Upcoming Catalysts – 9/9/2022

Q2 Earnings Season Recap Generally speaking, the larger MSOs continue to execute, while it’s becoming increasingly more challenging for the smaller players to scale and generate cash flows needed to support current operations. Q2 revenues were in line with our...

Q2 Earnings Season Commentary – 9/1/2022

Q2 Earnings Season Commentary – 9/1/2022

Summary Generally speaking, the larger MSOs continue to execute, while its becoming more of a struggle for the smaller players to scale and generate cash flows needed to support current operations. Q2 revenues came in as expected – minimal sequential growth, but...

Recent Headlines, Commentary and Upcoming Catalysts

Recent Headlines, Commentary and Upcoming Catalysts

 REGULATORY A Federal de-criminalization bill introduced in the Senate; not likely to pass but sets in motion further discussions. The Cannabis Administration and Opportunity Act (CAOA), was introduced into the Senate last month ( drafted March 2021).  We share the...

Colorado’s Medical Marijuana Market Takes A Big Hit

  KEY POINTS For the third consecutive quarter, The Colorado Department of Revenue posted neg comps for cannabis both YoY and QoQ.  Q1:22 results -41% med / -13% rec YoY and  -23% med / -11% rec QoQ. The deceleration in revenue growth is consistent with what we...

Weeding Out the Illicit Market

Weeding Out the Illicit Market

  TAKEAWAY  We reviewed and analyzed cannabis confiscations and related activities that were published by various state and federal agencies that enables us to determine a floor value for the illicit market. Its growth seemingly outpaced that of the legal market post...

Will a Federal Excise Tax Replace Lost 280E Revenues!

Will a Federal Excise Tax Replace Lost 280E Revenues!

KEY POINTS: While the nature, extent and timing of U.S. cannabis policy reform remains in limbo, a federal excise tax is inevitable and with that (if not before) the elimination of the 280E tax burden. The Democrats suggest a 25% excise tax (Cannabis Administration...

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