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Welcome to Cannabis Daily - Your daily guide to cannabis news, industry trends, and trade ideas in under 5 mins.
Michigan sends $150 million in marijuana taxes to cities, schools, and transportation funds.
New Mexico cannabis regulators are recalling products from the sacred garden operation station because of mold being found in the products.
My Watchlist For The Day:
GrowGeneration Corp. GRWG
MAPS
UGRO
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Good morning, my friends welcome to a brand new week of making money in cannabis. This is Elliot lane, your host of cannabis daily. Let's dive into some news today, a bit of a slower morning, not. Obviously a ton of news the past couple of weeks with earnings, I think companies are taking a breather. They should be some of them specifically but let's dive into some news foliage.
Not a public company, but is now the largest exporter of cannabis from Columbia to Australia. And I believe makes them one of, if not the largest exporter of cannabis to Australia from south America, new cannabis ventures comes out with a very interesting piece on their global cannabis index. This is new cannabis ventures.com.
If you want to check out the article as a whole. But overall over the last two weeks, the index has raised and lifted 22% leaving the overall yearly results. So far down about 9.2%. So the past two weeks have been pretty darn good comparatively to the last year. Plus for cannabis stocks, challenges for cannabis stocks recently have included a sharp slowdown in sales in January.
According to several major operators in this industry and multi-state operators and their executives. This is going to be common. You're going to see waves and fluctuations in cannabis sales in January. We'll forward. And always be apparently a down month, given most people will slow down their buying after the new year and after the holidays other challenges include inflation, which we are all familiar with the interest rates to counter inflation, which we were all familiar with, supply chain, disruption and tons of other things that are affecting all industries.
But cannabis is a newer industry. So this is something that is probably affecting them just to tap. NCV also believes the markets are not giving enough credit to those companies. With strong balance sheets. Many investors will look at enterprise value for their investments. Enterprise value is the market cap of a company, plus the debt position minus the cash.
So debt-free companies are obviously the most. With their enterprise valuables values being under their market cap. When you look at those companies that are succeeding at this, it's a lot of anciliary companies including grow generation urban grow and Weedmaps respectively, their tickers gr WG UGR O and M a P S I believe all on the NASDAQ
planet 13 is the best operator when considering those with no to minimal debt for MSOE as they are outspoken, apparently in their distance. For depth, the best LPs and licensed producers in the Canadian side of life, our organic gram and Cronos group. So overall a really nice breakdown from new cannabis ventures.
I recommend everybody check it out. We'll probably send. Or cover their coverage on benzinga.com/cannabis today as well. But a really nice report, I think on where this industry could go in and there are some reasons to be optimistic and Alan Braxton who heads up new cannabis ventures will call out the the shakiness of the industry before.
So you got to give him props for that. So this is a nice optimistic piece here. Michigan sends $150 million in marijuana taxes to cities, schools, and transportation funds. Officials also approve the first social consumption sites. I believe set up by true city. In the state. Several good things happening in that state.
I still believe the fourth or fifth largest cannabis market in the U S New Mexico cannabis regulators are recalling products from the sacred garden operation station because of mold being found in the products. I believe there were calling all products by sacred garden. So overall not a great look, but this is a.
In cannabis right now with several we, it happened in Pennsylvania. I believe it happened in Canada. Overall mold is becoming a word that I'm hearing more of and I wish I wasn't. So let's keep an eye on this. Ideally, we are going to be seeing less of this. As we move forward into a regulated space.
Matt Hawkins was on Yahoo finance last week and believes cannabis legislation is being used as a political pond. No surprise there. He believes the legislative moves last week are an attempt to appease those looking for cannabis movement until Schumer releases his C a O a bill in April, which is just out of my sheer knowledge.
And speaking to those in cannabis is not a great bill to move forward with for the current structure of the industry. So we'll see how my. Backing that gets last, but not least New Jersey. Their governor assures us that the launch of cannabis sales is only a few weeks away. This coming after pretty massive amounts of backlash last week after delaying it.
Once again, this is Elliot lane for cannabis. A mix of good and bad news today, as always, it seems, but overall Michigan moving in the right direction, New Mexico, trying to shore up some crappy products and get those to being quality products. New Jersey hopefully will be online soon. And the global cannabis sector seems to be moving in the right direction.
If I'm looking at winners for the day, I check out a few of those ancillary stocks that Alan Broxton called out, grow generation urban. And Weedmaps thanks for always listening you all and review as BZ cannabis.com to check out our April, 2022 cannabis capital conference, we will have Nancy mace.
We will have Mike Tyson we'll have most, every major operator in the industry will be joining us. And we hope you will too. We will see you again tomorrow.
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