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As the small get weaker, the big get stronger by gobbling them up. Or they just wait for the weak to die off, and then take over their territory.

That’s the simple version of what Nevada-based Planet 13 Holdings’ leadership discussed as a likely strategy for their home state in 2023, since they believe many other retailers are on “life support” and ripe for acquisition, due to price compression and a broader slowdown in sales as the economy continues to tighten.

The possibility fits perfectly with Planet 13’s goal of increasing its market share, from roughly 8.5% to around 12% or higher, the company’s co-CEO’s said during the fourth quarter earnings call on Thursday.

“We’ve got a lot of stores that are struggling. We think that’s going to create some opportunities for us here in the near-term,” said co-CEO Bob Groesbeck.

“There are some that are on life support, a number of them. The problem is, (the state) keeps granting licenses. So, we’ve got a number of dispensaries that continue to prop up, but they’ve got no market share,” Groesbeck said. “The length of operation is very, very short, particularly the stand-alone… They’re basically on fumes right now.”

Groesbeck said Planet 13 might consider buying some distressed assets in northern Nevada, but he indicated it would be more likely to expand around the Las Vegas area.

Regardless, Groesbeck predicted, the situation is already dire enough for a sizable chunk of Nevada cannabis companies that “there will be no shortage of (acquisition) opportunities here as we go into this fall.”

Even if Planet 13 doesn’t go on an acquisition spree in its home state, it will likely benefit just from some existing cannabis shops going under, noted co-CEO Larry Scheffler.

“The other big benefit for us … is getting rid of some of the competition, that we’ll pick up the customers that are left. We divide (the customer base) between the ones that survive this downturn,” Scheffler said.

That position – with Planet 13 holding $52 million in cash and a decent runway forward – puts the company in a solid spot heading into 2023, Scheffler and Groesbeck asserted.

If they’re right – which isn’t a bad bet – the plan could be a road map for other cannabis companies to follow in coming months, depending on how much capital they have to acquire other distressed competitors and their assets.

The post Planet 13 Sees Opportunity in Competitors’ Distress appeared first on Green Market Report.

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An Oregon marijuana business challenging the state’s ban on interstate cannabis commerce asked a federal judge last week to allow the case to be heard in court, arguing that the company has a “right to operate its business—federally legal or not—free of unconstitutional state laws such as the export ban.”

The cannabis wholesaler, Medford-based Jefferson Packing House, sued Oregon officials in November in an effort to overturn the state export ban. Its attorneys claim the law violates the U.S. Constitution’s Dormant Commerce Clause, a provision meant to promote competition among states by preventing them from independently regulating interstate commerce.

The company’s suit says the export ban “harms not only Oregon growers, processors, and wholesalers, but also non-residents, who are denied access to the high-quality marijuana products created in Oregon unless they physically travel to Oregon to purchase those products.”

Lawyers for the state have asked the court to dismiss the case, asserting that Jefferson lacks standing. In a January motion, they wrote that because federal law also prohibits the export of cannabis products, the company’s “alleged injuries are not likely to be addressed by the relief that it is seeking.” Further, they argue the Dormant Commerce Clause does not apply as the lawsuit describes it.

“That doctrine prohibits states from treating interstate and intrastate commerce differently,” the state’s filing says. “Here, however, there is no interstate commerce to treat differently.”

A March 17 reply from Jefferson, however, contends that the federal Controlled Substances Act (CSA) “did not ‘eliminate’ commerce in marijuana any more than a criminal statute ‘eliminates’ the act or conduct it forbids.”

“Plaintiff’s injuries arise out of the fact that it must operate in an environment where Oregon law unconstitutionally regulates the commerce (illegal or not) in which Plaintiff desires to engage,” the latest filing says, “including competing with out of state marijuana businesses, accessing out of state customers, and taking advantage economies of scale.”

The response asks a federal judge to allow the matter to be heard at oral argument. No ruling has been made either on that request or the state’s motion for dismissal.

Under federal law, virtually all cannabis commerce in the United States remains illegal, regardless of the drug’s status at the state level. Currently, no formal federal protection exists to guard businesses, consumers or even medical patients from prosecution. States, however, are generally not legally required to enforce federal law.

The company doesn’t expect the lawsuit to overturn federal cannabis prohibition, as it acknowledged in a letter sent separately to defendants at the time the lawsuit was filed. But it says Oregon’s own law shouldn’t stand in the way as an additional obstacle to cross-border trade.

“We recognize that marijuana is still illegal under federal law, and that this lawsuit will not change that fact,” the letter said. “However, we believe that the State of Oregon should be fully aligned with supporting its local marijuana industry, and therefore that Oregon law should no longer prohibit the export of marijuana to other states.”

Named defendants include Oregon Gov. Tina Kotek (D), Attorney General Ellen Rosenblum (D) and the head of the Oregon Liquor and Cannabis Commission.

The state’s former governor, Kate Brown (D), in fact signed a bill into law in 2019 positioning the state to import and export cannabis. At the time, the state had a vast oversupply of marijuana, and the policy change was seen as a way to give Oregon businesses the ability to export some of that excess to states where prices were higher.

But that law allows Oregon to enter cross-border agreements with other states only if the federal government makes it legal or if the Justice Department implements an administrative policy allowing for such commerce. And as it stands, no such federal policy exists.

At least some of the company’s confidence in the suit stems from a federal appellate court’s August opinion in a case out of Maine.

In that case, the U.S. Court of Appeals for the First Circuit ruled that Maine’s state law prohibiting non-residents from owning medical marijuana businesses was unconstitutional because it violates the Dormant Commerce Clause. Although the Oregon case is not within the First Circuit, and thus not bound by that precedent, legal experts have speculated the decision could have more far-reaching implications for interstate cannabis commerce.

Oregon isn’t the only state to have readied itself for an interstate marijuana market. California’s governor signed a similar measure last year, and lawmakers in Washington State are currently considering a law that would also allow interstate cannabis trade pending federal action.

On the other side of the country, New Jersey’s Senate president filed a similar proposal last year, but it has not yet been enacted.

Despite legislatures laying groundwork for the future, however, bans on exporting and importing cannabis are in place in legal states across the U.S., in large part as a protective measure meant to insulate the states from federal enforcement action given the Justice Department has previously identified interstate marijuana trafficking as a prosecutorial priority.

To remedy the situation, plaintiffs in the Oregon case are asking the court to declare the state’s export ban is unconstitutional and enjoin the state from “implementing, enforcing, or giving any effect to the residency requirement for dispensaries.”

The case is Jefferson v. Kotek (21-CV-1776). Read the latest filings below: 

Justice Department Says Ending Gun Ban For Medical Marijuana Patients Would Have ‘Wide-Ranging Consequences’ In New Federal Court Brief

Photo courtesy of Chris Wallis // Side Pocket Images

The post Oregon Company Defends Federal Lawsuit Challenging The State’s Ban On Cannabis Exports appeared first on Marijuana Moment.

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Less than two months since recreational marijuana sales launched in Missouri, a shortage has emerged, causing prices to skyrocket.

Cultivators have struggled to meet the overwhelming demand, resulting in higher production costs for manufacturers and steeper prices for consumers at dispensaries, KCTV 5 reported.

A significant factor contributing to the demand surge is the influx of customers from Missouri’s eight bordering states, only one of which has legalized recreational use. In the Kansas City area alone, around 40% of all cannabis dollars spent come from neighboring Kansas counties.

As a result, prices for marijuana products are expected to increase by 50%-60%.

It may take until July for the market to see any relief from the price hikes, as cannabis plants typically require four months to flower and bud, meaning additional supply won’t be available until current plantings mature.

Despite the expected price hikes, Missouri still sports some advantages over its nearest competitor, Illinois. Illinois’ products tend to be more expensive, and its tax structure can reach up to 35%, whereas Missouri taxes retail marijuana sales at a flat 6%.

The pricing difference attracts customers from Illinois to hop the border for marijuana products. Increasing competition in St. Louis and along the two states’ borders has been expected among retailers and analysts.

Missouri dispensaries sold almost $71.7 million worth of recreational marijuana in their first month, a milestone that took Illinois nearly a year to achieve.

Illinois recreational cannabis product sales by legal retailers fell to $120.5 million in February, according to the state’s Department of Financial and Professional Regulation, the lowest since the same month in 2022.

The data shows a sales plateau occurring in the state, though future figures will paint a clearer picture.

That represents a 15% decrease in sales to customers from out-of-state during that period, according to Cantor Fitzgerald. In Illinois cannabis stores located near the Missouri border, the decline was even more significant, with a drop of up to 30%.

Missouri expects to generate substantial tax revenue from marijuana sales to help fund various programs. The overwhelming success of the launch has led many local governments to consider implementing their own taxes on recreational marijuana sales.

Missouri also benefits from a well-established retail footprint born from its medical cannabis market, as well as a smooth compliance process. And although cities and counties have the option to opt out, the public must vote for the decision rather than leaving it solely to the city or county officials.

Around 3% of Missourians are currently registered in the medical program. The number of consumers has been projected to rise to around 10% of the state population, or 600,000 individuals, with the adult use market – though consumption is notoriously underreported.

To sweeten the pot, revised regulations introduced in Missouri in December permit increased quantities per visit. Medical cannabis patients are now authorized to purchase a maximum of six ounces within a 30-day span, a rise from the prior four-ounce cap.

All other individuals aged 21 and above can buy up to three ounces of recreational-use flower, or the THC equivalent.

The post Missouri Marijuana Shortage Drives Up Prices appeared first on Green Market Report.

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The Daily Hit is a recap of the top financial news stories for March 23, 2023.

On the Site

Exclusive Interview: Untangling New York’s True Party of Ownership Rule

New York cannabis policy czar Axel Bernabe spoke to Green Market Report to outline exactly what is and isn’t allowed for cannabis businesses under the state’s two-tiered market structure, including controversial “True Party of Interest” regulations. Read more here.

California State Officials Launching Crackdown on Local Cannabis Corruption

California’s state government has had enough of corruption in its marijuana industry at the city and county level, and is launching a new crackdown in at least six yet-to-be-named jurisdictions, to look for evidence of pay to play schemes, bribery, and other instances of wrongdoing. Read more here.

Curaleaf to Close New Jersey Grow, Lay Off Up to 40 Staff

Massachusetts-based cannabis titan Curaleaf (CSE: CURA/OTCQX: CURLF) confirmed this week that it plans to close its marijuana cultivation facility in Bellmawr, New Jersey, which could reportedly result in up to 40 layoffs. Read more here.

Charlotte’s Web Sales Fell in 2022 as CBD Demand Fades

Despite inking major deals, Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) saw falling revenue in 2022 due in part to waning demand in an increasingly saturated cannabidiol (CBD) industry. Read more here.

Emerging East Coast State Markets to Buoy Cannabis Industry as Legalization Stalls

While the most-seasoned legal recreational state markets saw declines in revenues for the first time in 2022, recently legalized states on the East Coast are expected to fuel growth for the time being, according to a report by New Frontier Data. Read more here.

In Other News

Cannabis rescheduling

U.S. Health and Human Services Secretary Xavier Becerra, whose agency was tasked last fall with kicking off a federal review of marijuana’s status as a Schedule 1 controlled substance, said during a TV interview this week that his office is working as quickly as it can, but didn’t provide any details or timeline. The review could ultimately lead to federal marijuana legalization, and Becerra shared a clip on Twitter. Listen to highlights here.

Georgia

Nine companies that applied for medical cannabis business licenses have filed suit against a state commission that was in charge of awarding permits, and the situation has led to a proposed compromise from a state lawmaker. Read more here.

The post Daily Hit: March 23, 2023 appeared first on Green Market Report.

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