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Insider Cannabis: New York finally legalizes adult-use marijuana

Published by Business Insider on Fri, 02 Apr 2021

<p><img src="https://static2.businessinsider.com/image/6022b73567d1e300113c5059-2400/2020-06-25T000000Z1544489065RC29GH9ZLKOGRTRMADP3ISRAEL-CANNABIS.JPG" border="0" alt="marijuana cannabis" data-mce-source="REUTERS/Amir Cohen" data-mce-caption="Employees tend to medical cannabis plants at Pharmocann, an Israeli medical cannabis company in northern Israel."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p><strong><em>Welcome to Insider Cannabis, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom.</em></strong></p><p><strong><em><a href="http://newsletter.businessinsider.com/join/cultivated" data-analytics-module="body_link" data-analytics-post-depth="20" data-uri="87b2b2f73e32f9ba900b74923c1b176e">Sign up here to get it in your inbox every week</a>.</em></strong></p><p>Happy Friday readers,</p><p>What a week.&nbsp;</p><p>The big news was New York's legalization of adult-use cannabis. The day after state lawmakers released an updated version of the MRTA over the weekend, New York's legislature voted to pass the bill in both the State Assembly and Senate. Hours later, on Wednesday morning, Gov. Andrew Cuomo <a href="https://www.businessinsider.com/new-york-legislature-legalizes-recreational-marijuana-for-adults-2021-3">signed the legislation into law.</a></p><p>We've got you covered on all the different angles of this and how it'll affect current operators. While stocks remained relatively unchanged the day the bill passed in New York's legislature, they <a href="https://www.businessinsider.com/cannabis-stocks-to-buy-new-york-legalizes-marijuana-2021-3">saw big gains after Cuomo signed the bill.</a>&nbsp;</p><p>More regulations are expected to trickle in as the Office of Cannabis Management and a Cannabis Control Board begin to create a more detailed framework for recreational cannabis. But we've <a href="https://www.businessinsider.com/new-york-marijuana-legalization-bill-details-for-stock-investors-2021-3">got you covered in the meantime</a> with the key takeaways every investor should know.</p><p>Outside of the vacuum suck that was New York legalization, some companies announced deals to increase their presence in the US. Greenlane and KushCo announced they were merging in an all-stock deal while Verano Holdings <a href="https://www.globenewswire.com/news-release/2021/03/31/2202250/0/en/Verano-Holdings-to-Continue-Expansion-in-Pennsylvania-through-Accretive-Transaction.html">announced an acquisition</a> in Pennsylvania and Ayr Wellness <a href="http://www.globenewswire.com/news-release/2021/03/31/2202909/0/en/Ayr-Wellness-Closes-Acquisition-of-Ohio-Medical-Solutions-Inc.html">closed a deal</a> in Ohio.&nbsp;</p><p>Plus, check out my colleague Andrea Michelson's <a href="https://www.insider.com/i-tried-delta-8-thc-legal-weed-gets-you-high-2021-3">story on delta-8 THC</a>, a cannabis compound with a hazy legal status that's growing in popularity. <a href="https://www.insider.com/i-tried-delta-8-thc-legal-weed-gets-you-high-2021-3">She explains what it is, and tried a latte loaded with the substance</a>.</p><p>My canna buddy Jeremy will be back on Monday after a well-deserved vacation. We'll have more news coming your way very soon. Let's get to it.</p><p><em>- Yeji (<a href="https://twitter.com/jesse_yeji'ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor" data-analytics-module="body_link" data-analytics-post-depth="40" data-uri="64cc9eb76cad479879e1dd76a50607e7">@jesse_yeji</a>)</em></p><p><strong><em>Here's what we wrote about this week:</em></strong></p><h3><a href="https://www.businessinsider.com/people-use-covid-stimulus-checks-to-buy-cannabis-2021-3"><strong>Cannabis companies are giddy as people use their stimulus checks to stock up on marijuana</strong></a></h3><p>Cannabis companies are gearing up for a boost in sales as stimulus checks start hitting people's bank accounts. Ben Kovler, Green Thumb Industries' CEO, says "it'll be as simple as people will buy more weed."</p><h3><a href="https://www.businessinsider.com/cannabis-stocks-to-buy-new-york-legalizes-marijuana-2021-3"><strong>A top Wall Street analyst lays out 5 cannabis stocks to buy now that could pop as New York legalizes marijuana</strong></a></h3><p>Pablo Zuanic, an analyst at the investment bank Cantor Fitzgerald, laid out five cannabis stocks earlier this month that would see a boost if New York lawmakers legalized cannabis for all adults.</p><h3><a href="https://www.businessinsider.com/new-york-cannabis-companies-like-gti-curaleaf-react-to-state-legalization-2021-3"><strong>3 New York cannabis companies told us they're planning to ramp up cultivation and prepare for wholesale now that the state has legalized recreational marijuana</strong></a></h3><p>GTI, Columbia Care, Curaleaf told us they're looking to ramp up cultivation to meet demand. They also say they're generally happy with the law but are waiting as more regulations come to light in the coming months.</p><h3><a href="https://www.businessinsider.com/new-york-marijuana-legalization-bill-details-for-stock-investors-2021-3"><strong>The key details every cannabis investor needs to know about New York marijuana legalization, including the stocks to buy now</strong></a></h3><p>New York's new legal market is nuanced and complex. We've got you covered with the key takeaways investors should know, including which stocks to buy, deals to expect, and how taxation will look as sales begin.</p><h3><a href="https://www.businessinsider.com/the-four-ways-cannabis-companies-like-curaleaf-and-gti-will-benefit-from-new-york-legalization-2021-3"><strong>New York cannabis legalization will give the state's 10 existing operators a big leg upand that could be good news for investors</strong></a></h3><p>New York's adult-use law gives huge advantages to cannabis companies that already have a foothold in the state. The 10 operators in New York's medical market will be able to transition into adult-use and be some of the few players to be vertically integrated.</p><h3><a href="https://www.businessinsider.com/new-york-legalize-cannabis-marijuana-stocks-deals-m-a-2021-2"><strong>Here are the prime acquisition targets and the types of deals you can expect as New York legalizes cannabis.</strong></a></h3><p>The vast majority of the 10 operators currently in New York are multistate operators with deep pockets. A select few, however, are either private or financially struggling. As newcomers look to enter New York, here are the kind of deals you can expect to see.&nbsp;</p><h3><a href="https://www.businessinsider.com/when-can-i-smoke-marijuana-legally-new-york-cannabis-timeline-2021-3"><strong>A timeline of when New Yorkers can smoke marijuana, grow it, and sell it legally</strong></a></h3><p>Some aspects of NY's cannabis legalization bill take effect immediately, while others are delayed. Here's what we know about what's allowed now and when you can expect to be able to home grow and buy products in dispensaries.</p><h2>Executive Moves</h2><ul><li aria-level="1">Cannabis data and analytics company New Frontier Data <a href="https://newfrontierdata.com/cannabis-insights/new-frontier-data-accelerates-international-growth-expands-leadership-team/">announced changes to its C-suite on Tuesday.</a> Founder and former CEO Giadha A. DeCarcer will now be executive chair. Gary Allen, former COO, is now CEO.</li><li aria-level="1">Psychedelics company Cybin announced <a href="https://www.businesswire.com/news/home/20210330005369/en/Cybin-Announces-Senior-Management-Changes-to-Lead-Buildout-of-Development-and-Clinical-Capabilities-in-the-United-States-and-Europe">executive changes</a> on Tuesday. Co-founder and former COO Paul Glavine will become chief growth officer, and co-founder and former SVP, Business Development John Kanakis will become chief business officer.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li aria-level="1">Psychedelics company Wesana Health <a href="http://www.globenewswire.com/news-release/2021/03/31/2202306/0/en/Wesana-Health-Announces-Closing-of-C-16-1-Million-Oversubscribed-Private-Placement.html">announced </a>that it closed a C$16.1 million private placement to fund trials of psychedelic-assisted therapy to treat traumatic brain injury (TBI).</li><li aria-level="1">Greenlane and KushCo <a href="http://www.globenewswire.com/news-release/2021/03/31/2202155/0/en/Greenlane-and-KushCo-Announce-Transformative-Merger-Creating-the-Leading-Ancillary-Cannabis-Company-and-House-of-Brands.html">announced on Wednesday</a> that they were merging in an all-stock deal in which KushCo will become a wholly owned subsidiary of Greenlane.</li><li aria-level="1">MSO Verano Holdings <a href="https://www.globenewswire.com/news-release/2021/03/31/2202250/0/en/Verano-Holdings-to-Continue-Expansion-in-Pennsylvania-through-Accretive-Transaction.html">announced on Wednesday</a> that it agreed to acquire The Healing Center in Pennsylvania, adding three Pittsburgh-based dispensaries.&nbsp;</li><li aria-level="1">Ayr Wellness <a href="http://www.globenewswire.com/news-release/2021/03/31/2202909/0/en/Ayr-Wellness-Closes-Acquisition-of-Ohio-Medical-Solutions-Inc.html">announced</a> that it closed on its acquisition of Ohio Medical Solutions, Inc. On Tuesday, the company closed the acquisition of medical marijuana company Parma Wellness Center.</li><li aria-level="1">Canopy Growth <a href="https://www.prnewswire.com/news-releases/canopy-growth-completes-acquisition-of-leading-ontario-based-cannabis-brand-ace-valley-301260516.html">said on Thursday</a> that it closed its acquisition of Ontario-based cannabis brand Ace Valley.</li></ul><h2>Policy moves&nbsp;</h2><ul><li aria-level="1">New York Gov. Andrew Cuomo <a href="https://www.businessinsider.com/new-york-marijuana-legalization-bill-details-for-stock-investors-2021-3">signed the MRTA into law</a> on Wednesday morning.</li><li aria-level="1">New Mexico is following closely behind the Empire state. Lawmakers <a href="https://www.nytimes.com/2021/04/01/us/new-mexico-marijuana.html">passed cannabis bills in a special session</a> on Wednesday. Gov. Michelle Lujan Grisham has said she'll sign the legislation.</li><li aria-level="1">Virginia Gov. Ralph Northam said this week that he wants <a href="https://www.washingtonpost.com/local/virginia-politics/northam-proposes-legalizing-marijuana-in-virginia-on-july-1/2021/03/30/0673a4e0-9196-11eb-bb49-5cb2a95f4cec_story.html">cannabis to be legal in the state as early as July 1</a> of this year. In February, state lawmakers passed legislation to legalize cannabis in Virginia in 2024; lawmakers are scheduled to consider Northam's amendments on April 7 when they reconvene.</li><li aria-level="1">In Nebraska, the state's judiciary committee <a href="https://www.marijuanamoment.net/nebraska-lawmakers-approve-medical-marijuana-legalization-bill/">approved a medical cannabis bill</a> on Tuesday. The bill now goes to the state legislature for consideration.</li></ul><h2>Earnings roundup</h2><ul><li aria-level="1">Harvest Health &amp; Recreation <a href="https://www.prnewswire.com/news-releases/harvest-health--recreation-inc-reports-fourth-quarter-and-full-year-2020-financial-results-301258927.html">released Q4 results</a>, reporting $69.9 million in revenue and a $7.4 million net loss. The company guided to $380 million in revenue for 2021.</li><li aria-level="1">Clever Leaves Holdings <a href="https://ir.cleverleaves.com/news-events/press-releases/detail/33/clever-leaves-reports-fourth-quarter-and-full-year-2020">released Q4 results</a>, reporting $3.3 million in revenue and a net loss of $11.6 million. The company said it expects 2021 revenue of $17 million to $20 million.</li><li aria-level="1">Greenlane Holdings released its <a href="https://investor.gnln.com/news-releases/news-release-details/greenlane-reports-record-core-business-revenue-1252-million-2020">Q4 results</a>, reporting $36.3 million in sales and a $10.9 million net loss.</li><li aria-level="1">Agrify released its <a href="https://ir.agrify.com/news-releases/news-release-details/agrify-announces-record-fy-2020-annual-results">Q4 results</a>, reporting $4.4 million in revenue and a $13.1 million net loss.</li></ul><h2>What we're reading</h2><p><a href="https://www.hcn.org/articles/south-marijuana-investigation-illegal-cannabis-operation-looks-for-roots-in-indigenous-communities">Investigation: Illegal cannabis operation looks for roots in Indigenous communities</a> (High Country News)</p><p><a href="https://www.chicagotribune.com/news/criminal-justice/ct-green-thumb-industries-chicago-marijuana-federal-investigation-20210329-kaccpshrgjakhdkovp7mmwklgi-story.html">Chicago-based marijuana giant part of federal pay-to-play investigation</a> (Chicago Tribune)&nbsp;</p><p><a href="https://www.businessinsider.com/insider-cannabis-newsletter-april-2-2021-3#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/pikes-peak-hill-climb-colorado-most-dangerous-racetrack-2020-2">Why Pikes Peak is the most dangerous racetrack in America</a></p>
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