If you added cannabis-focused real estate investment trust – Innovative Industrial Properties (NYSE:IIPR) about a year ago, you’d be enjoying solid returns.
The Cannabist Company Holdings Inc. is expanding its partnership with Revelry Herb Co., an artisan-quality flower and pre-roll brand launched by the creators of Revelry Supply. The expansion into the Maryland, Ohio, Pennsylvania and New York markets follows a recent collaboration in New Jersey and Massachusetts, Jesse Channon, president of The Cannabist Company, said. "We've experienced remarkable success with Revelry in just a short amount of time since launching in New Jersey and Massachusetts and the feedback we are getting from our patients and customers has been off the charts," Channon said. "We are especially honored to be their trusted cultivation, production and manufacturing partner delivering top-quality flower strains from our facilities across all our markets for this expansion."
In cannabis sector news Flora Growth Corp. CEO Clifford Starke was elected as chairman of US Hemp Roundtable and Illinois Gov. J.B. Pritzker announces new appointments, including Teresa Ramirez, among other items.
Florida is often considered one of the most critical states in terms of growing legal cannabis sales. The State is estimated to have approximately $2.6B in 2023 legal sales, representing a per capita consumption of about $118 based on the total population or $145 based on adult population.
In a recent report from Water Tower Research, authored by analyst Jesse Redmond, the cannabis industry's current landscape paints an interesting, if optimistic, picture.
Cannabis stocks and ETFs opened higher on Tuesday following the release of documents related to the Department of Health and Human Service's (HHS) review of cannabis. Investors are optimistic about potential regulatory changes that could benefit the cannabis industry after the US government released 252 pages of documents confirming the HHS's recommendation that the DEA reschedule cannabis as Schedule III under the Controlled Substances Act. The documents state that cannabis has a currently accepted medical use in treatment and potential for abuse less than drugs in Schedules I and II. In August, the Assistant Secretary for Health wrote a letter to the DEA calling for marijuana to be reclassified. The Secretary of HHS has confirmed that his department shared a comprehensive scientific review with the DEA in response to President Joe Biden's scheduling directive.