Happy Thursday Cannabis Investors! Is it a plot twist from a detective novel, or just another day in the bizarre world of "You can't make this stuff up"? This week, Chilean police officers had a "ceiling" moment when they discovered a stash of drugs hidden in the false ceiling of their very own station.

Plus, Canopy Growth stock is falling: What's going on?

Also, want to win $5,000? Pitch your cannabis business and win thousands in prizes at the Benzinga and Curaleaf Competition.

On The Go: Check out the newest episode of Cannabis Insider, also available on Apple and Spotify.

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TOP STORY

Legal California Cannabis Market 'On The Verge Of Collapse'

Briefly: Legal cannabis sales in California are declining.

So Basically: First-quarter cannabis sales reveal the lowest quarter since 2020, with $1.2 billion in taxable marijuana sales.

So Then: Los Angeles-based consultant Hirsh Jain commented on the news, pointing out that the California cannabis market is "on the verge of collapse."

Quoted: Jain also compared California sales figures to those of Michigan, explaining that the Great Lake State is now running at $3.5 billion in sales per year, versus California's $4 billion. "It is incredible that California, despite having 40 million people to Michigan's 10 million, is in danger of being overtaken by Michigan's legal market," Jain said.

So What: Illegal sales in the Golden State however are thriving. In addition to driving out the legal market, illegal marijuana farms have destroyed once a blossoming wilderness leaving empty space where "you're lucky to see a lizard."

Click here to read more.

PRESENTED BY CANNABIS CAPITAL CONFERENCE

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ZINGERS

Merger Alert: Financial Firm Jefferies Sees Value In Green Thumb-Boston Beer Merger

Tilray Ramps Up Its Cannabis Portfolio In Canada, Wins International Spirits Competition

Michigan Beats California In Legal Cannabis Sales: Why Is Golden State's Weed Industry Losing Its Shine?

FDA Committee 'Completely Lost Sight Of The Big Picture' Says Retired Lieutenant General Urging Approval On MDMA For PTSD

Canopy Growth Announces $250M At-The-Market Equity Program

ONE MORE FOR THE ROAD

'Most Florida Marijuana Is Illegal' Mom Cautions Against Dangers Of Unregulated Weed In New Cannabis Legalization Ad

Briefly: The campaign advocating for Florida's Amendment 3, which seeks to legalize marijuana, launched a new ad this week highlighting the risks associated with unregulated cannabis on the black market.

So Basically: The 30-second spot, titled “Fact,” features a Florida mom and voter who advocates for the right of adults to consume safe, tested marijuana.

So Then: The ad points out that while most Americans can access regulated and safe marijuana, Floridians are left without such assurances.

Why It Matters: Most Florida marijuana is illegal and can be laced with dangerous drugs like fentanyl. Amendment 3 gives adults access to legal, safe marijuana and the freedom to make their own choices.

Click here to watch the video.

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