The Talking Hedge

Two legal stories, equally ridiculous: (1) A former mayor Massachusetts was convicted of corruption after prosecutors alleged he engaged in a bribery scheme in which he solicited payments from cannabis companies in exchange for licenses.

(2) It was ruled in Mississippi that the MMJ initiative was invalid because it didn’t meet the state’s initiative process requiring that 20% of the signatures come from each of five congressional districts.

The problem is that Mississippi went from five to four congressional districts after the 2000 Census, whether with intent, by oversight, or for some other reason, the ballot-initiative process cannot work in a world where Mississippi has fewer than five representatives in Congress.

“It’s a sad day for Mississippi when the Supreme Court communicates to a vast majority of the voters that their vote doesn’t matter.”

Show Notes: Ex-Massachusetts mayor found guilty of cannabis bribery scheme https://mjbizdaily.com/daily-news/#ex-massachusetts-mayor-jasiel-correia-found-guilty-of-cannabis-bribery-scheme Mississippi high court voids voter-ratified medical cannabis legalization measure https://mjbizdaily.com/mississippi-supreme-court-voids-voter-ratified-medical-cannabis-legalization-measure/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 720 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Viridian Capital Advisors Chart of the Week has the top five cannabis market cap U.S. stocks (Curaleaf, Cresco, GTI, TerrAscend & Verano) versus their Canadian counterparts (Aurora, Canopy, Cronos, Sundial & Tilray) where each stock’s price equaled 100% on February 19th, the approximate top of the market. Since February 19th, the prices of the top U.S. stocks have fallen 18.7% while their Canadian counterparts have fallen 38.7%.

We believe the market action reflects several realizations: ~U.S. Federal legalization may not come as quickly or easily as many had hoped. ~The benefits of positive legislation easing banking restrictions and possibly lessening the burden of 280e will accrue primarily to the U.S. competitors. ~The US MSOs are consolidating their positions in a manner that will make it difficult for Canadian competitors to assail, even if legally allowed. ~Recent earnings releases point to the structural lack of profitability of the Canadian LPs, an issue that does not seem to be going away.

The five Canadian companies now trade at an average revenue multiple of 13.6x vs 5.99x for the U.S. companies. Investors should look to rebalance their portfolios to greater weighting of the better valued, more profitable, and faster growing U.S. competitors.

Show Notes: Is the Market Becoming at Least Relatively Rational? https://www.viridianca.com/chart1

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 719 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Legal sales across the U.S. hit a record of $17.5 billion, a 46% increase from 2019. Cannabis sales last month totaled $1.6B across our 13-region report (CA, CO, NV, WA, OR, IL, MA, MI, PA, British Columbia, Alberta, Ontario, & Saskatchewan).

Colorado, which grew sales by 26% to reach $2.2 billion, and Oregon, which saw sales hit $1.1 billion, a 29% increase over 2019. Last months sales for CO & OR were $147MM and $110MM respectively.

Emerging markets like Illinois, which expanded its medical cannabis market to include adult-use sales last year, saw the largest dollar gain in 2020, rising by $784 million. IL on average sold $119 per visit across 1.3 million trips to the pot shop last month.

California, the country’s largest cannabis economy at had $427MM in sales last month, a 25% YOY increase. Customers on average purchased $68 worth of marijuana across 6.2MM transactions in California alone.

Across all U.S. adult-use markets, the number of people who consumed cannabis at the end of 2020 was greater than six months prior. Of people living in states that have legalized recreational sales, 43% use cannabis, up from 38%. In Colorado, where market penetration is greatest in the country, 48% of Coloradans imbibe.

Nielsen says three things contributed to the industry’s growth last year: the Covid-19 pandemic (many states deemed dispensaries “essential businesses” during lockdown); more customers entered mature markets like California, Colorado and Oregon; and states like Illinois and Arizona have created new adult-use markets.

Show Notes: Cannabis Market Overview May 2021 https://www.headset.io/posts/cannabis-market-overview-may-2021 U.S. Cannabis Sales Hit Record $17.5 Billion As Americans Consume More Marijuana Than Ever Before https://www.forbes.com/sites/willyakowicz/2021/03/03/us-cannabis-sales-hit-record-175-billion-as-americans-consume-more-marijuana-than-ever-before/?sh=4dc1cbad2bcf

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 716 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

As one of Las Vegas' top dispensaries, Planet 13 strives to provide the best quality recreational cannabis, extracts, and infused products available at competitive prices and with compassion that can only come from those who are knowledgeable in the field.

Planet 13 reported revenue in Q4 of $20.1 million. Although 22% higher year over year, it came in below analyst's estimate of $23.1MM. In the prior-year period, they recorded a net loss of $2.6 million, or $0.02 per share, with an expectation they'd break even in the fourth quarter.

PLNHF reported Q1/21 revenues of $23.8M, which were below prior estimate of $28M but reflect meaningful sequential growth and demonstrate the early signs of improved demand for Las Vegas.

As tourism returns to Las Vegas, Planet 13 will be busy with regulators planning to permit full capacity in the city and set to open an expanded footprint at the Superstore later this spring. They expect to benefit disproportionately as tourists seek out the type of cannabis entertainment offering that the Superstore plans on providing.

Show Notes: Custom Cannabis Pitch Deck Package Includes: 15 slide pitch deck Complete explanation of each slide Created by legal and financial Subject Matter Experts in the cannabis industry. Complete & customizable pitch deck Hours of content explaining how to customize pitch deck for your team 3 hours of Josh Kincaid’s time 3 hours of Tom Howard’s time Customized pitch deck for your Team in a few weeks. https://www.cannabisindustrylawyer.com/cannabis-pitch-deck/

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 715 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Which entry point provide the best return on investment in the cannabis industry?

Is it retail, with customers stretching around the block in new markets? What about cultivation or edibles manufacturing, with products that become “must-haves” for marijuana connoisseurs? Maybe distribution, or even an ancillary company that provides packaging, security or some other type of service?

We chat about at the cannabis industry's ancillary market, location/ location/ location, cash is KING, & landscapes will inevitably change.

Show Notes: Here’s how to get the best ROI in potential new cannabis markets https://mjbizdaily.com/get-the-best-return-on-investment/

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 715 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Arizona started the recreational cannabis legalization process with the 2020 election. With a total population of approximately 7.3M, it is the largest state in the Southwest.

The AZ cannabis per capita spend estimate is $76.18. One interesting group of potential consumers are tourists. The reverse effect of AZ residents not having to travel to neighboring CA, NV, and CO for recreational cannabis may be a factor, but the same case can be made with any state legalizing recreational cannabis. With the per capita assumptions, and AZ 21+ population, the top line sales forecast for AZ is $406M for the first complete year of recreational sales.

Show Notes: Projections for Arizona adult-use cannabis sales https://www.headset.io/posts/projections-for-arizona-adult-use-cannabis-sales

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 714 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

As the 5th most populated state in the US, we would expect an adult-use market to grow rapidly in Pennsylvania. With potential adult-use legalization on the horizon, we took a look at their medical cannabis market to see what we could learn about this unique state.

In the last 12 months, Pennsylvania medical cannabis sales totaled $910M. Year over year January growth in the Pennsylvania medical cannabis market was 146%, or 2.5 times as high as last year.

Medical cannabis sales have grown steadily in the past 13 months, starting at $40M in January 2020 and ending at close to $98M in January 2021. One interesting thing we can see is that the market has not experienced any slowdown due to the pandemic in March-April.

Show Notes: Pennsylvania medical cannabis: A first look at market data https://www.headset.io/posts/pennsylvania-medical-cannabis-a-first-look-at-market-data

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 713 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

Multinational tobacco company Philip Morris International reportedly is analyzing the marijuana industry for its market possibilities in pharmaceutical and consumer plays with a focus on smoke-free products.

Philip Morris hasn’t ventured specifically into the cannabis space, unlike British American Tobacco and Altria Group which have both taken stakes in marijuana companies. Philip Morris invested $20 million five years ago into Israeli company Syqe Medical to develope an inhaler that allows medical marijuana and other therapeutic products to be delivered in precise doses.

Philip Morris indicated that it is looking at potential market opportunities of cannabis wellness products that help people sleep, calm anxieties and boost energy.

Show Notes: Tobacco giant Philip Morris eyes marijuana market opportunities https://mjbizdaily.com/tobacco-giant-philip-morris-eyes-marijuana-market-opportunities/

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 712 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

New Jersey is likely to be the largest recreational cannabis market on the East Coast. With a total population of approximately 8.8M, it is the most densely populated of all US states. It is also closely bordered by the NYC metro area to the northeast and the Philadelphia metro area to the west. Until New York and Pennsylvania legalize recreational cannabis, some cross-border shopping is assumed in the below projection.

The NJ 21+ population was summed with 10% of both Pennsylvania and New York's 21+ population (to account for cross-border shopping) for an adjusted eligible population of 9.0M. Applying the MA per capita spend as well as applying a 4% increase based on the difference in Alcoholic Beverage CPI (sourced from Bureau of Labor Statistics) between MA and NJ results in a top line sales forecast of $740M for the first complete year of sales.

It is important to note that if both PA and NY were to have operational recreational markets by the time of NJ's first year of sales, implying negligible cross-border shopping, the forecast would decrease to $540M.

Show Notes: Projections for New Jersey's adult-use cannabis market https://www.headset.io/posts/projections-for-new-jerseys-adult-use-cannabis-market

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 710 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.

New York's cannabis cultivation projections consider the use of varying cultivation environments including indoor under lights, greenhouse, and outdoor in soil and applied average yield figures to projected overall demand.

Viridian utilized $300 per sq ft in their analysis which does not include the cost of real estate. This is higher than the levels we found in other markets and reflects their belief that New York will be a costly construction environment.

Their conclusions suggest cumulative spending of $250 million over the next two years ramping up to approximately $475 million annually through 2027.

Approximately $2 billion of capital will be required to build out New York's adult-use market.

Show Notes: How Much Capital Is Required to Build Out the NY State Adult-Use Market? https://www.viridianca.com/chart3

Guest: Katrina Glogowski, Seattle Attorney & Angel Investor https://www.linkedin.com/in/katrina-glogowski-711a985/

Host: Josh Kincaid, Capital Markets Analyst & host of your cannabis business podcast. https://www.linkedin.com/in/joshkincaid/

Episode 711 of The Talking Hedge: Your Cannabis Business Podcast. ​Covering cannabis products, reviews, business news, interviews, investments, events, and more. https://www.theTalkingHedgepodcast.com

Music Info: Song: Beat | Keep On | 2020 Artist: Milochromatic Beats & Song: Dark Trap Beats Hard Rap Instrumental | Gang | 2018 Artist: LuxrayBeats

Keywords: Hemp News, Weed News, Cannabis News, Marijuana News, Cannabis Business, Marijuana Business, Cannabis Industry News, Marijuana Industry News, Weed News 420, Talking Hedge Podcast, Cannabis Podcast, Marijuana Podcast, Business Podcast, CBD podcast, THC podcast, Cannabis Pitch Deck, Marijuana Pitch Deck, Marijuana Investment Deck, Cannabis Investment Deck, Cannabis Compliance, Cannabis Data, Cannabis Banking, Cannabis Investment, Pot Stocks, Cannabis Stocks, Weed Stocks, Marijuana Stocks, Cannabis Data, Marijuana Data, Cannabis Analytics, Marijuana Analytics, Cannabis Sales Data, Marijuana Sales Data

Josh is not an investment adviser. The Talking Hedge is long gold and silver. Listeners should always speak to their personal financial advisers.