Green Lights & Voter Sways: Cannabis Takes Root

New licenses spark fresh opportunities, while evolving voter polls and policy changes set the stage for cannabis markets to bloom across borders.

You're receiving this email because you're subscribed to Cannabis Daily from Benzinga. To manage your subscription, click the link at the bottom of this email.

Good morning folks! Nicolás Rodríguez and Patricio Liddle here, with a fresh lineup of insights to take you through midweek in the cannabis world. From a Colorado giant’s fading flame to Canada’s market chill, today’s lineup digs into the stories shaping cannabis markets at home and abroad. We’ve also got insights on new U.S. licensing markets making their debut, plus a fresh look at voter trends as November ballots approach. Let’s dive in!

AI-Generated Image.

In a new NuggMD poll, 53% of cannabis users say they plan to vote for Kamala Harris, with 40% favoring Donald Trump, showing once again the crucial role of cannabis reform in the 2024 election. Both candidates show support for federal reform, though stoner voter support for each candidate varies state by state.

Moreover, as we’ve been covering recently, Florida, North Dakota, South Dakota, and Nebraska will feature cannabis legalization ballots this November. In Massachusetts, actress Eliza Dushku is rallying for psychedelic legalization, sharing her personal experience with therapy and backing Ballot Question 4. If passed, this measure would create a commission to oversee psychedelics and license therapy centers for adults 21 and over statewide.

At MJBizCon (Dec 3-6) you can unlock industry insights, explore the latest innovations, and forge new partnerships to shape your 2025 strategy. This is the leading canna-business event of the year - you can't afford to miss out! Join us in Las Vegas to Fuel Your Fire and ignite your growth! 🔥

Canada’s Cannabis Freeze, Tilray’s Costly Push

AI-Generated Image.

Canada’s cannabis chill is biting hard, with average flower prices barely rising to CAD 5 per gram ($3.70) from CAD 4.80 last year, and sales stagnating after years of double-digit growth.

Village Farms (NASDAQ: VFF) holds the largest share at 15%, with Tilray (NASDAQ: TLRY) trailing at 12.8%, but both saw recent declines. Meanwhile, pre-rolls now rival flower sales, each at 35% of the market, with Decibel (OTC: DBCCF) leading infused joints at 38% market share.

Tilray’s global expansion continues, adding German sales growth of 50%—but rising operating expenses and a jump in share count, now 903.3 million, temper investor confidence.

Green Dragon Burns Out, Safe Harbor Banks In

AI-Generated Image.

Green Dragon’s blaze fizzled—17 Colorado stores and a sprawling 400,000-square-foot Florida site are going dark, with 59 Denver staff out by year-end. Entangled in layoffs, lawsuits, and lender woes, the company marks a hard fall for a one-time Colorado staple.

Meanwhile, Safe Harbor (NASDAQ: SHFS) steps in with a $1.07 million credit to a Missouri operator, part of a $5 million loan series aimed at refinancing debt and driving operational efficiency in the state’s budding market.

Kentucky and Delaware are advancing their cannabis industries, recently hosting lotteries to award initial licenses for cultivation and processing. Kentucky’s medical cannabis lottery drew high interest, with only 26 licenses awarded from nearly a thousand applicants.

Meanwhile, Delaware’s lottery, streamed live, attracted 727 applications across categories including cultivation, manufacturing, and social equity licenses. Both states reflect the strong demand to enter regulated markets, highlighting the importance of carefully planned cannabis regulations.

As California continues to grapple with unlicensed operations—like a recent 6,000-plant bust in San Francisco—Kentucky and Delaware have the opportunity to learn from these challenges and build strong regulatory foundations from the outset.

Stories In The Spotlight:

Our Writers Today

Nicolás holds a B.A. in International Relations, an M.A. in International Affairs, and an M.Phil in Public Policy. He is a doctoral student in Public and Urban Policy at The New School in New York City. After working for the United Nations in 2014, Nico pivoted his research to studying the relationship between the cannabis industry and economic development.

Patricio is a development economist with extensive experience in IT, finance, and banking. He writes about the economic and social opportunities obscured by over half a century of failed drug prohibition. Beyond his professional expertise, Pato is a committed advocate for social change, passionately working to promote harm reduction and reform drug policies.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Ring The Bell: Created for market enthusiasts by market enthusiasts, this twice-daily newsletter delivers top stories, fast movers, and hot trade ideas straight to your inbox. Subscribe here.

Future Finance: Where fintech, crypto, and the future of finance collide. Future Finance is a perfect lunch read packed with quick bites for industry enthusiasts. Subscribe here.

Real Estate Weekly: Ready to elevate your real estate game? This weekly newsletter provides actionable insights whether you are investing in REITs, owning property, or delving into the fast-growing world of fractional real estate. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis, and news. Subscribe here.