A new bill to federally legalize marijuana has reportedly been filed in the US House by a bipartisan group of Congress members.
The States Reform Act, which is being sponsored by Rep. Nancy Mace of South Carolina, a Republican, was first filed in 2021 as an alternative to legislation introduced by Democrats. The bill would essentially treat marijuana like alcohol and grandfather existing state-licensed cannabis operators, according to cannabis industry news outlet Marijuana Moment.
Although text from the latest version of the bill is not yet available, the previous version removed marijuana from the Controlled Substances Act, levied an excise tax, and called for the expungement of records for people convicted of non-violent marijuana violations.
We are following the latest on this new bill and will follow-up with you, with Inspiration.
 Jimmy Kimmel celebrated the Birthday of Snoop Dogg on the Half Birthday of 4/20. Recognized as the official date for cannabis.
Snoop Dogg appeared on  Live last night and confirmed once and for all that he knows the most drug dealers of anyone on the planet. Host Jimmy Kimmel asked Snoop about the time Mike Epps enlisted the rapper to help him find weed in Iceland and Snoop confirmed that, yes, he know someone who knows someone in almost every country.
“Well, last time I checked I was the plug to your plug,” Snoop said. “I’m the connect. It’s good to have friends that have friends that are international and global and able to get you medicated and dedicated no matter where you at.”
Kimmel then read off a list of countries that Snoop has visited and asked him to acknowledge whether he has a hook-up in each of them. The rapper replied affirmative to all of them, including Mexico and Ireland, except for North Korea. “Oh no,” he said. “I ain’t got nobody there.” It turns out, though, that Snoop was confusing North Korea with South Korea, although he didn’t have “access” to weed in the south either.
Elsewhere on the late-night show, Snoop discussed the 30th anniversary of Doggystyle and his cookbook with E-40. He also celebrates his birthday, Oct. 20, which happens to take place six months after 4/20. Kimmel declared the day a holiday dubbed “Dogg father’s Day” with a full proclamation and then aired several (fake) tribute clips, including from the Pope and President Joe Biden.
TAMPA, Fla. – The Smart & Safe Florida campaign, funded by Trulieve, says it has collected more than one million signatures to legalize the adult use of recreational marijuana in Florida.
That’s more than enough signatures to get on the 2024 ballot, assuming the ballot language is approved by the heavily conservative-leaning state supreme court.
Attorney General Ashley Moody is among those fighting it, saying the court should reject the proposal. Still, this advancement in the process has the pro-legalization side feeling confident.
“I have confidence that it’s going to pass the Supreme Court review. And then really, you know, it’s up to the voters and the people of Florida,” said Michael Minardi, an attorney and Chairman of Regulate Florida.
If the initiative does pass, it would need the approval of at least 60 percent of voters. In 2016, 71 percent of voters approved medical marijuana.
Minardi believes legalization would increase tourism, jobs and create a tax windfall.
Trulieve says it has collected more than 965,000 signatures for the Smart and Safe Campaign to legalize the adult use of recreational marijuana in Florida.
“Absolutely, I would see in excess of, you know, one to two billion dollars the first couple of years of adult use here in the state of Florida,” he said.
On the other hand, opponents say Florida doesn’t need another intoxicant, especially in the hands of kids.
“There’s more problems with abuse and addiction. We need more treatment. So, I think the costs would be much higher than the average voter would know about,” said Ellen Snelling with the Hillsborough County Anti-Drug Alliance. “It’s kind of like marijuana on crack. We do not need this legalized in our state,” she added.
It’s still unclear when the state Supreme Court will make its ruling on the ballot language….
ATLANTA (AP) — Georgia soon will become the first state in the nation to offer medical marijuana products at independent pharmacies, state officials said.
The Georgia Board of Pharmacy began accepting applications this week, and nearly 120 pharmacies have agreed to provide medication from Botanical Sciences, one of the state’s two licensed production companies, The Atlanta Journal-Constitution reported.
It will likely take a few weeks before medical marijuana is available in pharmacies. After they submit applications, inspections will be required before the board grants approval.
Medical marijuana is only available to Georgians with approval from a physician to treat severe illnesses including seizures, terminal cancers, Parkinson’s disease and post-traumatic stress disorder. Low THC oil can contain no more than 5% THC, the compound that gives users a high.
The expansion of medical cannabis sales into drug stores will put low THC oil within reach of many more patients, adding to the state’s seven dispensaries that have opened since April.
Patients will be able to buy cannabis oil at pharmacies if they show a state-issued low THC oil registry card and identification.
“Pharmacists have been fielding questions from patients for years without ever having the ability to do anything about it,” said Gary Long, CEO for Botanical Sciences. “Finally, they have the ability not just to give people advice but provide them with the therapies they’ve been seeking.”
About 90% of Georgia’s population will be within a 30-minute drive of a pharmacy selling medical marijuana when they open, according to the company.
“Pharmacists are a trusted provider, and it’s a way for us to destigmatize this new medicine,” said Mindy Leech, a pharmacist and the owner of Lee-King Pharmacy in Newnan. “It will make people more comfortable if they want to come in and ask questions about it.”
The Georgia General Assembly approved distribution of low THC oil as part of a state law passed in 2019, but it has taken years to create regulations for safety, inspections, licensing and distribution. Gov. Brian Kemp approved rules last month that were passed by the Georgia Board of Pharmacy, clearing the way for pharmacy sales to begin.
The Georgia Department of Public Health recently disclosed it had miscounted and inflated the number of registered medical marijuana patients. Just 14,000 active patients and caregivers are currently signed up, far fewer than the 50,000 previously reported.
“We’re going to have patients that need this health care in some remote parts of Georgia that probably would never have a dispensary near them,” said Jonathan Marquess, vice president for the Georgia Pharmacy Association and the owner of several pharmacies in the Atlanta area. “But they do have a caring professional, a knowledgeable professional pharmacist, in their communities who can talk to them.”
There are over 400 independent pharmacies in Georgia, and Marquess said he expects most of them will be interested in selling low THC oil. The product isn’t being sold by national drugstores like CVS and Walgreens.
Andrew Turnage, executive director for the Georgia Access to Medical Cannabis Commission, said the pharmacy rule is “definitely big news.”
“It helps both our licensees and especially our patients,” he said. “It will put access in virtually every county in the state.”
Inspirational Technologies “In the Weeds with Steve” to promote the diverse and disruptive Cannabis Culture.
Inspirational Technologies premieres “In the Weeds with Steve.” The long-awaited series, originally set to begin in September 2020, has finally begun production. Inspirational Technologies Production Company, Background Noise Productions, in the upcoming weeks, is slated to premier the anticipated, “In the Weeds with Steve”. Originally set to start in January 2021, was shelved due to the constraints of those days.
Beginning in November 2023 Inspirational Technologies will promote the long-awaited series, “In the Weeds with Steve “. An Inspirational Technologies production under their own “Background Noise Productions Studios.
Revenue up 18% Y/Y to $116.7 Million, Excluding Discontinued Operations
Company Delivers Record Adjusted EBITDA(1) of $29.4 Million, up 78% Y/Y, 12% Sequentially, with Adjusted EBITDA Margin of 25%
GAAP Loss from Operations Improved 81% Y/Y, 79% Sequentially to $(4.5) Million, Excluding Discontinued Operations
Aug. 17, 2023 AYR Wellness Inc. a leading vertically integrated U.S. multi-state cannabis operator (“MSO”), is reporting financial results for the second quarter ended June 30, 2023. Unless otherwise noted, all results are presented in U.S. dollars.
The following financial measures are reported as results from continuing operations due to the sale of the Company’s business in Arizona in March 2023, which are reported as discontinued operations. All historical comparisons have been restated accordingly.
David Goubert, President & CEO of AYR, said, “The second quarter represented a meaningful step in AYR’s journey towards generating meaningful cash flow, as we simultaneously got leaner and more efficient while continuing to lay the foundation for revenue growth. We generated record Adjusted EBITDA, up 78% year-over-year with an Adjusted EBITDA margin of 25% and improved our GAAP loss from operations by 81% year-over-year to a loss of $4.5 million. Our efforts around cost savings and optimization accelerated margin expansion ahead of our expectations, and we believe these efforts will enable us to maintain Adjusted EBITDA margin in the mid-twenties for the second half as we unlock working capital through aggressive inventory management throughout the remainder of the year.
“We have also made meaningful progress on improving our liquidity profile in the second quarter. Along with the amendments to various earnout considerations completed in May, we also reached contingent agreements to extend the maturity of $69 million in promissory notes by two years and recently refinanced and upsized our Gainesville cultivation facility mortgage. As a result of the collective amendments to the vendor notes, contingent promissory notes and earn-out payments, and refinancing and upsizing of our Gainesville facility mortgage, we have extended the payment terms of more than $120 million of obligations, inclusive of the $69 million of contingent agreements. These important milestones reflect our commitment to strengthening AYR’s balance sheet, as we are intently focused on improving our working capital and liquidity.
“We are positioning AYR for sustainable long-term growth and profitability across all our markets, while prioritizing the financial health of the Company. As we look to the rest of the year, we plan to accelerate our cash generation via our 2023 optimization plan, making strides in inventory optimization, continuing to align our production with demand, and developing further synergies within our supply chain, retail, wholesale and purchasing functions. Additionally, we believe our ongoing initiatives to grow our Florida footprint, improve operations in New Jersey, and build out retail footprints in Ohio, Illinois, and Connecticut will enable us to accelerate growth in the quarters ahead.”
Second Quarter Financial Summary (excludes results from AZ for all periods) ($ in millions, excl. margin items)
(1) Adjusted EBITDA, Adjusted Gross Profit and Adjusted EBITDA Margin are non-GAAP measures, and accordingly are not standardized measures and may not be comparable to similar measures used by other companies. See Definition and Reconciliation of Non-GAAP Measures below. For a reconciliation of Operating Loss to Adjusted EBITDA as well as Gross Profit to Adjusted Gross Profit, see the reconciliation tables appended to this release.
Second Quarter and Recent Highlights
-- Retail Updates
-- Opened the Company's 86th retail location, subsequent to quarter
end.
-- Q2 retail sales increased 1% sequentially from Q1, with total
transactions up 6%.
-- The Company has opened 10 Florida stores thus far in 2023,
bringing its Florida store total to 62 open locations to date. The
Company plans to exit 2023 with a total of Florida 64 stores,
compared to 52 to start the year.
-- Completed re-brand of full fleet of Florida stores to AYR Cannabis
Dispensary.
-- Announced agreement to acquire third Ohio dispensary license.
-- Announced an exclusive licensing and retail agreement in Florida
with Kiva Confections, a global leader in cannabis edibles. As
previously announced, the agreement will bring Kiva's collection
of award-winning cannabis edibles to the Florida market for the
first time via AYR's retail locations across the state.
-- Corporate Updates
-- Closed the acquisition of Tahoe Hydroponics, an award-winning
cultivator and one of Nevada's top producers of high-quality
cannabis flower.
-- As previously announced, reached an agreement to amend the terms
of contingent consideration under the membership interest purchase
agreements of GSD NJ, LLC and Sira Naturals Inc.
-- As previously announced, reached contingent agreements to defer
approximately $69 million of promissory note payments.
-- Subsequent to quarter end, closed a $40 million refinancing and
upsizing of its existing mortgage for its Gainesville cultivation
facility, contributing a net $14 million of cash proceeds. The new
loan carries an interest rate of 5-year FHLB Rate + 4%.
Financing and Capital Structure
-- The Company deployed $6.7 million of capital expenditures in Q2 and ended
the quarter with a cash balance of $60.0 million.
-- The Company has approximately 77.2 million fully diluted shares
outstanding based on a treasury method calculation.i
-- Subsequent to the quarter end, the Company closed on a $40 million
refinancing and upsizing of its existing mortgage for its Gainesville
cultivation facility. Following the July 7, 2023, paydown of its existing
$25.3 million mortgage, the Company had a pro forma cash balance of $74
million.
-- In 2023, the Company filed an application with the U.S. Internal Revenue
Service ("IRS") for the employee retention credit ("ERC"), as originally
enacted through the U.S. Coronavirus Aid, Relief, and Economic Security
Act. The Company anticipates receiving $12.3 million relating to its ERC
application.
Outlook
The Company remains committed to its financial health and is positioning itself to achieve sustainable long-term growth and profitability across all markets of operation. AYR expects to generate revenue and Adjusted EBITDA growth in the second half of 2023 and into 2024 and to generate positive GAAP cash flow from operations for the calendar year 2023.
AYR’s expectations for future results are based on the assumptions and risks detailed in its Management’s Discussion and Analysis (“MD&A”) for the period ended June 30, 2023, as filed on SEDAR+ and with the U.S. Securities and Exchange Commission (“SEC”).
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Continue reading A new bill to federally legalize marijuana has reportedly been filed in the US House by a bipartisan group of Congress members.
The Georgia General Assembly approved distribution of low THC oil as part of a state law passed in 2019, but it has taken years to create regulations for safety, inspections, licensing and distribution. Gov. Brian Kemp approved 
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