High Rise: Cannabis MSOs, Products & Market Analysis

We did it everyone, 2023 is done!! Well, for the High-Rise podcast anyway. 

On this episode, Emily and Cy wrap up the year with a podcast episode discussing the significant growth and trends in the cannabis industry throughout 2023 and a look back at what was discussed throughout the year from 75 episodes worth of content! They wrap up the podcast and the year by thinking through 2024 and what is ahead for California. 

Thanks to everyone who's been with us this year, I hope your 2023 was great and your 2024 will be even better.

Headset

In the latest High-Rise, Cy and Emily discuss the latest updates on cannabis legalization in New York and Ohio. They cover the settlement in New York and the approval of licenses for existing medical operators to transition into the adult-use market. They also discuss the disappointing progress of the cannabis industry in New York over the past year. 

The bulk of the discussion is on the recently legalized Ohio,  where they explore the recent legalization and the proposed changes to the law, including tax increases, home cultivation limits, criminal expungement, and more. They also touch on the potential impact of these changes on the Ohio market and the use of Luster Pods in the state.

Links:

• https://www.headset.io/industry-reports/ohio-cannabis-market-overview
• https://www.marijuanamoment.net/ohio-senate-marijuana-bill-keeps-criminalization-and-undermines-equity-despite-expungements-and-home-grow-advocates-warn/

Headset

New York is (probably) back baby! So, in our latest episode, we dove into New York's cannabis scene – and let me tell you, it's been a wild ride. We kicked things off talking about how New York's retail footprint in cannabis exploded by 2600% - that's going from 1 to 27 stores, which is huge, right? But there's a catch; it's still just 27 stores, and we've got thousands of unlicensed ones around.

We chatted about the CAURD program - that's the Conditional Adult-Use Retail Dispensary program. It's been a bit of a slow burn, honestly. There was this lawsuit from disabled veterans that really put things on ice. Now, there's a proposed settlement that might just shake things up, and we might see these stores finally opening up.

There's a lot of potential brewing in New York's cannabis market. It's about getting those doors open, making sure everyone's included, and maybe, just maybe, we'll see some serious growth. Let's keep our fingers crossed and see what unfolds!

Show notes:

• Adult-Use License Types
• $83M for 3Qs in New York

Headset

Hey all, hope you had a great Thanksgiving!

In this episode of the "High-Rise Podcast," co-hosts Cy and Emily delve into the intricacies of Green Wednesday in the cannabis industry as its happening, focusing on emerging trends, market comparisons, and the nuances of consumer behavior. They examine the distinct dynamics between markets like Missouri and California, highlighting the differences in discounting strategies and sales patterns. The episode further explores the impact of store closures and shortened hours on sales trends, offering a unique perspective on how these factors influence market behavior.

A significant portion of the discussion is dedicated to the evolving landscape of vaping in the cannabis industry. The co-hosts dissect the popularity of vaping among Gen Z consumers, emphasizing how this preference is shaping the market. They discuss the technological advancements in vaping, drawing parallels to the evolution of smartphones, and explore how these innovations are influencing consumer choices and preferences. The episode also touches on regulatory aspects and market compliance, providing a comprehensive overview of the challenges and opportunities within the cannabis industry.

Headset

This episode explores 'whole day units' in Ohio's medical cannabis program and their impact on the market. Hosts Cy and Emily compare Ohio's cannabis regulations with other states, focusing on patient counts, dispensary numbers, and sales. They discuss Ohio's transition to legal adult cannabis use and speculate on its potential effects. 

The conversation also covers Snoop's decision to quit smoking and its implications for the industry. A significant portion of the podcast is dedicated to 'Green Wednesday,' highlighting consumer trends and sales patterns in cannabis before Thanksgiving. 

Show notes:

• Washington's Dream on SNL
• Snoop Dogg says he’s giving up smoking after years of marijuana use

Headset

Join Emily Paxhia and Cy Scott in the latest episode of High-Rise, where they unpack Ohio's surprising jump into legalizing adult-use cannabis. It's a big deal, not just for Ohioans, but also for the political chessboard. 

The conversation then takes a turn into the world of cannabis heavyweights, diving into the Q3 financial drama of Multi-State Operators like Ascend, GTI, Terrasend, Verano, Trulieve, and Curaleaf. Emily lends her sharp expertise to dissect trends, successes, and the not-so-small matter of navigating the infamous 280E tax code. They also touch on the potential seismic shifts in federal policy and what this could mean for cannabis businesses. 

Wrapping up, our hosts explore the evolving strategies of cannabis companies, showing us how the industry is growing up, getting smarter, and maybe, just maybe, figuring it all out. Whether you're deep in the cannabis game or just casually tuning in, this episode is a delightful blend of insight, analysis, and just the right touch of humor - perfect for anyone who enjoys a smart take on the ever-evolving cannabis industry. 🌱🎧

Show notes:

• Ramaswamy's lame excuse for voting NO
• What the heck is a buckeye

Headset

In this 150th episode of The High Rise podcast, hosts Cy Scott and Emily Paxhia celebrate milestones for the show and Cy's company Headset. 

Headset recently processed its 50 billionth dollar in cannabis point-of-sale data, equating to nearly 1 billion transactions. They also launched a free tool called Brand Explorer that lets anyone search and analyze cannabis brands and their performance. 

The hosts then discuss normalization and mainstreaming of cannabis, including Total Wine putting THC beverages on display in Minnesota and Green Thumb partnering with New York bakery Magnolia for cannabis edibles. They see these major brand crossovers as helping destigmatize cannabis use. 

• Headset Cannabis Brand Explorer
• THC at Total Wine
• GTI & Magnolia Bakery Collaboration

Headset

Join Emily and Cy as they host Darren Weiss, President of Verano as they discuss the genesis of the historic lawsuit filed against the federal government challenging cannabis prohibition under the Commerce Clause. The lawsuit argues that the federal government's current contradictory stance on cannabis - where it is illegal at the federal level but allowed and regulated in many states - violates the Commerce Clause by interfering with intrastate cannabis commerce.

The lawsuit is spearheaded by law firm Boies Schiller Flexner with support from a coalition of cannabis companies. Verano president Darren Weiss explains how the Commerce Clause was originally intended to regulate commerce between states, not commerce within states. He argues the federal regulation of intrastate cannabis markets contradicts the original intent.

Cy, Emily and Darren discuss how the contradictory federal policy impacts businesses of all sizes, from multi-state operators down to small social equity licensees. The lawsuit aims to open up banking, reduce tax burdens, and create fairness across the industry. While the case will likely take years to reach the Supreme Court, it represents a new front in the ongoing fight for cannabis law reform.

Headset

In this episode of the podcast, Cy and Emily dive into the latest pre-roll industry report from Headset. They discuss how pre-rolls are exploding in popularity, especially in Canada where they now make up a third of all cannabis sales. 

Cy compares Canada's love of pre-rolls to Ned Flanders' Canadian counterpart and his fondness for doobies. The hosts talk about the growth of the connoisseur pre-roll segment, which has fueled much of the category's growth. They also touch on the rise of multipacks and some of the production challenges in scaling pre-roll manufacturing. 

Show notes / links:

• Headset Industry Report - Pre-Rolls: Analyzing category performance & sales trends
• "They warned me Satan would be attractive." - Ned Flanders

Headset

In this week's episode, Cy Scott and Emily Paxhia dive deep into the shifting dynamics of the cannabis market. They begin with a closer look at Missouri, where the top 5 local cannabis brands are emerging strong, now accounting for almost 30%. What's fueling this rise, and what does it signify for other regional players?
 
 The discussion then transitions to a recap of the Benzinga Cannabis Capital Conference in Chicago. Cy and Emily recap the High Rise's first-ever live episode on stage at the event—a few key takeaways, and what a blast it was to podcast in front of a live audience. Emily also recapped on Meadowlands another industry event in Norther California organized by Meadow a leading point-of-sale tech platform in the industry.
  
 Last but not least, they delve into the data, breaking down the sales metrics for cannabis in September. With their unique blend of expert analysis, casual banter, and a dash of humor, this episode promises to be both informative and entertaining for all listeners.

https://www.benzinga.com/events/cannabis-conference/

https://meadowplatform.com

https://www.headset.io/markets

Headset

We are live! Or,  were live for that matter.

Cannabis pioneer Kris Krane joins the High Rise at Benzinga in Chicago to reflect on his 25+ year career. He discusses pivotal moments like legalization in 2012 and his shift from advocacy to industry. Krane also provides an insider perspective on dynamics shaping the Illinois market and future growth opportunities. Tune in for a fascinating, in-depth interview with one of the leading voices in the cannabis reform movement.

Headset

This week, Cy and Emily dive deep into the transformative shifts in the cannabis industry. The much-anticipated SAFE Banking Act is finally approaching a Senate Committee vote, a monumental step in ensuring the industry's legitimacy. But the progress doesn't stop there!
 
 The Cannabis Users’ Restoration of Eligibility (CURE) Act aims to break barriers in federal employment due to marijuana use. Plus, with a majority of the US population now having access to adult-use legal cannabis, Cy and Emily ponder if we've reached the pivotal tipping point in cannabis acceptance. With parallels to the journey of gay marriage legalization, the momentum in the cannabis space is palpable.
 
 As always thanks for streaming in with us here at the High Rise, if you like what we’re doing, or if you have any feedback about the podcast, please let us know by leaving a review at www.highrise.fm ! 

https://www.marijuanamoment.net/key-senate-committee-officially-schedules-marijuana-banking-vote/

https://www.fincen.gov/sites/default/files/shared/305326_MJ%20Banking%20Update%204th%20QTR%20FY2021_Public_Final.pdf

https://www.marijuanamoment.net/congressional-committee-will-vote-on-removing-marijuana-as-barrier-to-federal-employment-or-security-clearances/

https://www.mpp.org/news/press/states-surpass-$15-billion-in-tax-revenue-from-legal-adult-use-cannabis-sales/

Headset

In this episode, Cy and Emily discuss the shifts in Maryland's cannabis scene. They reference a Brookings Institute study which highlights surprising support for cannabis in the state's November '22 election. Interestingly, even traditionally conservative regions in Maryland backed the move to legalize cannabis, proving that the topic transcends typical political lines.

Maryland's approach to cannabis equity stands out. The state's decision to open its first adult-use marijuana license applications exclusively for social equity businesses is noteworthy. These changes also come with a new outlook on regulations, including the significant step of not allowing police searches based on marijuana odor.

On the sales front, Maryland has seen an impressive uptick in numbers, especially since recreational sales began. Price trends show increased costs in specific product categories, hinting at changing consumer preferences. The episode also sheds light on top-performing cannabis brands in Maryland, including the likes of SunMed, which has ties to the established Van Wingerden greenhouse legacy, and others such as Curio Wellness and gLeaf.

Tune in with Cy and Emily to get an insightful overview of the evolving cannabis market in Maryland.

https://www.brookings.edu/articles/marylands-cannabis-politics-offers-insights-for-the-nation/

https://crabcakescannabis.com

https://www.headset.io/markets/maryland

Headset

On this episode of the High Rise Cy and Emily decide not to talk too much about the recent news of the U.S. government’s potential move to reschedule cannabis to a schedule III controlled substance. At this point there’s no need to pontificate amongst all of the speculation bouncing around the industry until we get a substantial update from the government…so stay tuned everyone!  
 
 Shifting gears, our hosts get into a thorough analysis of August's cannabis industry sales figures, putting a spotlight on some of the top brands making waves this month along with he following insights:

• The overall market performance.
• The competitive landscape in Maryland's burgeoning cannabis market after its second month of sales – Who's coming out on top?
• A detailed breakdown of breakout brands, including the Elfbar clone in WA.
• The varying performances of MSOs in wholesale across different markets, with a case study contrasting &Shine's journey in Nevada vs. Illinois.
• An overview of top brands, basket trends, and a projection on how 2023 might wrap up for the industry.

Stream through to the end of this data-backed episode to get a good 360-degree view of the current state and potential future of the cannabis industry. 

Headset

In this episode of High Rise, Cy and Emily delve into the unfolding narrative of Ohio's imminent cannabis ballot initiative. The hosts unpack the Coalition to Regulate Marijuana Like Alcohol's journey to secure signatures, detailing the suspenseful race against time and the subsequent validation process. They outline the proposed legal framework, including the creation of a Division of Cannabis Control and a 10% sales tax on marijuana, with revenue dedicated to a social equity program.

By drawing parallels with Michigan's successful revenue model, Cy and Emily project a substantial market potential for Ohio. The hosts discuss the intricate balance between public sentiment and political opposition, providing insight into the potential influence of Governor Mike DeWine's stance on legalization.

https://www.youtube.com/watch?v=tWIhLmIiYzA

https://www.marijuanamoment.net/ohio-marijuana-legalization-measure-falls-679-signatures-short-of-november-ballot-but-activists-now-have-10-days-to-fix-that/
 

Headset

On this episode of the High Rise Cy and Emily paint a vivid picture of how cannabis brands are quenching their thirst for beer ventures specifically, Tilray purchasing eight beverage brands from AB/InBev. The discussion explores the implications of this cross-industry relationship on the evolving landscape of both markets. Our hosts also take a quick look into the recent Ohio cannabis legalization initiative that will make its way to the state’s November ballot. Stream the entire episode so you don’t miss a thing!

https://www.marijuanamoment.net/ohio-marijuana-legalization-initiative-will-appear-on-the-november-ballot-state-officials-announce/#google_vignette

Headset

Join Cy and Emily in an insightful conversation with John Hartmann, the new CEO of Ascend Wellness, as they delve into the dynamic world of leadership, strategy, and growth in the cannabis industry.

The discussion takes a deep dive into Ascend Wellness's strategic operations. John shares unique insights gained from spending extensive time at each of the company's dispensaries and cultivation facilities. The CEO sheds light on the impact of limited licenses in generating high revenue per store and discusses the strategic approach for states that are further from legalizing adult use. The conversation also touches upon Ascend's immediate near-term objectives for improvements across the company, with a focus on data-driven strategies and planning for market transitions from medical to adult use. 

https://www.awholdings.com

https://www.linkedin.com/in/john-hartmann-821210/

Headset

Join Cy and Emily on The High Rise as they explore the dynamic landscape of New Jersey's cannabis program. In this episode, they begin by delving into the recent amendments made by the Cannabis Regulatory Commission, prioritizing cannabis licensing for social equity applicants for three months starting September 27. The hosts discuss the implications of these changes, the focus on wholesale, distributor, and delivery licenses, and how it impacts diversely owned businesses.

The conversation continues as Cy and Emily address the grilling of the Cannabis Regulatory Committee of New Jersey before a Senate Judiciary Committee. Learn about the concerns raised, including cannabis accessibility to minors, the challenges faced by medical-only dispensaries, and the debate surrounding the state's expensive marijuana prices. They also shed light on Curaleaf's decision to reduce production amid claims of an ample marijuana supply in the state.

Discover the latest statistics and market trends in New Jersey, including the decline in the medical market and the impact on patient numbers. The hosts examine the state's current licensing status and the challenges posed by neighboring states' market expansion.

Headset

In this episode of The High Rise, Cy and Emily provide a comprehensive look at the state of Illinois' cannabis program, exploring recent modifications to 55 new adult-use licenses. Tune in as they discuss the key changes in the licensing process, the use of a lottery system for selecting winners, and the removal of residency requirements and bonus points for military veterans. 

Our hosts also shed light on the challenges faced by entrepreneurs awarded licenses in raising necessary funds to open their stores.

Join the conversation on The High Rise as Cy and Emily delve into Illinois' social equity initiatives established by the Department of Commerce and Economic Opportunity (DCEO). Learn about the technical and financial assistance provided to social equity applicants to level the playing field and foster their successful participation in the legal cannabis industry. Gain valuable insights into the criteria for social equity applicants and how these measures aim to support individuals and communities historically impacted by cannabis-related arrests and imprisonment.

As the episode continues, our hosts discuss Headset's Insights product launch for Illinois coverage, providing data on sales growth, category performance, and market trends in the state. Discover how Illinois' cannabis market has evolved over the years, its position as the third-largest market in the US, and the opportunities and challenges it faces amidst fluctuating sales growth.

https://dceo.illinois.gov/cannabisequity.html

Headset

In this episode of The High Rise, Cy and Emily dive into the intriguing phenomenon of THC inflation in the cannabis industry. They begin by addressing Organigram's recent earnings call, where CEO Beena Goldenberg highlighted the issue of falsely labeled cannabis products with exaggerated THC levels. Shockingly, nearly 50% of cannabis flower sales in Q3 were found to be labeled as containing 26% or more THC, a figure that has doubled in the last 10 months. The hosts discuss the impact of THC inflation on consumer trust, market dynamics, and the need for regulatory enforcement.

https://mgmagazine.com/business/retail-merchandise/edibles-trending-toward-high-potency/

Headset