- Benzinga Cannabis Daily
- Posts
- 🥀 Piddling Potency
🥀 Piddling Potency
Why has California cannabis lost its strength? Plus, SNDL's record breaking year.
Brooks Dyroff
March 21, 2024
Happy Thursday, Cannabis Investors! Looks like California cannabis could use a pep talk from its growers. The state’s famously dank weed is losing its potency. Find out what's behind the 7% THC drop.
Plus, goodbye to weed posts in Colorado? The state’s lawmakers want to restrict social media promotion of cannabis and psychedelics.
Also, check out the newest episode of Cannabis Insider, also available on Apple and Spotify.*
Puff Pass: Did someone forward you this email? Click here to get automatically subscribed.
TOP STORY
Briefly: The push for legislation that could finally allow banks to provide services to cannabis businesses gained steam this week.
So Basically: Senate Banking Committee Chair Sherrod Brown acknowledged the complications arising from a divided Congress but underscored the Senate’s commitment to advancing the bill.
So Then: When asked whether he thinks the banking measure will pass on the floor this year, Brown said he hoped so, pointing to ongoing discussions between the two chambers.
So What? The renewed nudge suggests a potential breakthrough for the long-stalled measure and other legislative priorities like railroad safety and tax reform.
WHERE DEALS GET DONE
The Benzinga Cannabis Capital Conference is where deals get done.
With 2,000+ decision-makers in one room, attendees have the chance to engage in a year's worth of networking in just two days. More than 100 CEOs and 200 Investors confirmed for Investment and Branding on April 16th - 18th at The Diplomat Beach Resort in Hollywood, FL.
Boris Jordan, executive chairman of Curaleaf, to deliver Keynote Speech.
ZINGERS
Bullish sentiment across the cannabis space - Check full movers
Nationwide cannabis businesses: Navigating a growing industry
NASDAQ-listed Village Farms grabs #2 spot in Canada's cannabis market: What's its winning formula?
Curaleaf strengthens presence in Germany via new cannabis acquisition
ONE FOR THE ROAD
Briefly: SNDL reported its financial and operational results for 2023 on Thursday, revealing a record net revenue of CA$909 million ($670.3 million).
What Happened: SNDL record net revenue for 2023 is an increase of 28% YoY compared to CA$712.2 million in 2022.
Quoted: “2023 was a year of significant financial success for SNDL, including record-breaking revenue and gross profit, and the achievement of free cash flow in the second half of the year,” said Zach George, CEO of SNDL.
Why It Matters: One of the largest players in the Canadian cannabis market, the company has undergone a notable transition since George became CEO in early 2020, including organic change and M&A. Before rebranding, SNDL was known as Sundial Growers.
WHERE DEALS GET DONE
The Benzinga Cannabis Capital Conference is where deals get done.
With 2,000+ decision-makers in one room, attendees have the chance to engage in a year's worth of networking in just two days. More than 100 CEOs and 200 Investors confirmed for Investment and Branding on April 16th - 18th at The Diplomat Beach Resort in Hollywood, FL.
Boris Jordan, executive chairman of Curaleaf, to deliver Keynote Speech.
KEEP READING
Before you go, be sure to subscribe to our other newsletters:
Ring The Bell: If you have to pick just one daily financial newsletter, it’s not a choice. Subscribe here.
The Street Sheet: A Wall Street cheat sheet, delivered every Sunday directly to your inbox. One-click subscribe here.
Future Finance: TradFi is tired. Wake up to the future of finance with this midday fintech and crypto letter. Subscribe here.
The Flag: Top takes from Washington to Wall Street impacting policy and your portfolio. One-click subscribe here.