ATLANTA (AP) â 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 stateâs 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, Parkinsonâs 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 stateâs 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.
âPharmacists have been fielding questions from patients for years without ever having the ability to do anything about it,â said Gary Long, CEO for Botanical Sciences. âFinally, they have the ability not just to give people advice but provide them with the therapies theyâve been seeking.â
About 90% of Georgiaâs population will be within a 30-minute drive of a pharmacy selling medical marijuana when they open, according to the company.
âPharmacists are a trusted provider, and itâs a way for us to destigmatize this new medicine,â said Mindy Leech, a pharmacist and the owner of Lee-King Pharmacy in Newnan. âIt will make people more comfortable if they want to come in and ask questions about it.â
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.
âWeâre going to have patients that need this health care in some remote parts of Georgia that probably would never have a dispensary near them,â said Jonathan Marquess, vice president for the Georgia Pharmacy Association and the owner of several pharmacies in the Atlanta area. âBut they do have a caring professional, a knowledgeable professional pharmacist, in their communities who can talk to them.â
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 isnât 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 âdefinitely big news.â
âIt helps both our licensees and especially our patients,â he said. âIt will put access in virtually every county in the state.â
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”).
Tuesday, August 8, 2023, marks the sixth annual observance of National CBD Day
SmartCBDelivery.com Celebrates National CBD Day
Wait, is National CBD Day really a thing? If itâs a thing, how did it become a thing?
For decades now cannabis enthusiasts have marched, rallied, and gotten elevated on April 20, better known as 4/20, an event that started as an after-school weed-smoking break in the 1970s for a group of California high school students, and which evolved into an annual international celebration of all thing’s cannabis. For the past seven years or so, meanwhile, some people have latched on to July 10, or 7/10, as Cannabis Oil Day, a day to give thanks for cannabis oils and extracts. The holidayâs date originated when somebody noticed that the number 710 looks like the word âOILâ when viewed upside down.
Not exactly spontaneousâĤ
âNational CBD Dayâ is August 8, but it has nothing to do with 8/8. Which, if you turn it on its side, is infinity divided by infinity. It turns out that National CBD Day is not the result of impromptu merrymaking. In 2017 a North Carolina-based cannabidiol (CBD) manufacturer known as cbdMD applied to have âNational CBD Dayâ added to the calendar. How do you do that? You state your case to National Day Calendar, a North Dakota-based firm that promotes old and new national holidays via old and new media sources.
âWe have a process where companies or individuals can suggest a new national day,â Marlo Anderson, the founder and CEO said.
Â
Committee Approval Required
Anderson said his group gets about 20,000 applications a year for new holidays. âWe have a four-person committee that goes through those (applications),â he added, âand if they get unanimous approval then it moves forward.â
The committee discussed cbdMDâs application, and voted it in. A 2018 press release heralding the new holiday said the popularity of CBD (cannabidiol) âhas quickly swept the nation, prompting experts to finally acknowledge the significance of the all-natural supplement.â
Happy Marketing Day
These new holidays are often created with brand awareness in mind. According to National Day Calendarâs company website, the benefits of having a new national day, week or month âinclude news stories, increase in product sales, market visibility, social media engagement, fundraising opportunities for non-profits, brand authority and much more can be generated annually.â
About 20,000 media outlets follow National Day Calendar, and Anderson said he expects National CBD Day to catch on. Come Thursday, August 8, he said, âIâm sure there will be many morning talk shows that will talk about (CBD).â
Make a Thing, Get People to Celebrate It
So is National CBD Day just a way to introduce new customers to CBD products, via a new, consumer-driven holiday?
âWhat holiday isnât?â said Anderson, who noted that nearly every holiday has been âmade up.â
âIf you get enough people who want to celebrate it,â he added, âit becomes something.â
Andersonâs mindset has been validated by many of the CBD Companies which are offering product discounts on August 8.
While none of these prefabricated holidays have yet become official, banks-are-closed national holidays, Anderson said his company expects about 100 million people to be aware of this yearâs National CBD Day.
And he observed that some of the celebrations his company has helped create are bigger than some national holidays.
âTry to find a donut-on-Donut Day, for example,â he said.
Inspirational Technologies
We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.
We are often faced with our own personal conflicts which directly influence our interactions with our peers and family.Â
When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.
1st Hemp USA News is a resource of Inspirational Technologies (2021-2023)Inspirational Technologies (2023) AllRightsReservedYour ONE STOP BLOG FOR INFORMATION, EDUCATION, & INSPIRATION OF ESSENTIAL INNOVATION & RENOVATION of You-THANK YOU FOR YOUR INTEREST*This site receives virtually no compensation for sales of some or all mentioned products. We however place humanitarian value over monetary interests. Our monetary income goes back into research, development, discovery and healing.Inspirational Technologies – is Committed to Your Health Wellness Beauty and EnrichmentReporting on Today’s Internal Botanical and Skin Product Benefits
4 Hemp Club was Inspired by Steven Smith’s vision to  “Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.
Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the
4 Hemp key points being Health Hope and Happiness, thru Hemp“.
Cannabis CBD and Me  Inspirational Technologies Inspirational Technologies (2014) @Inspire123tech Background Noise Studios Logos bySteven M Smith
Interested in growing marijuana in Florida? Unfortunately, home cultivation is prohibited under Florida’s medical marijuana program. If you have been thinking about growing marijuana in Florida, here are 10 things you should know.
1. Growing Marijuana in Florida at Home Is a Crime
Floridaâs medical cannabis laws do not specifically cover the cultivation of cannabis. However, Florida law states that possession of 20 grams or less of cannabis is a misdemeanor punishable by up to one year in jail and up to a $1,000 fine. Therefore, growing marijuana in Florida is illegal.
Possession of more than 20 grams of cannabis is a felony. Penalties include up to five years in jail and up to a $5,000 fine.
2. Marijuana Growers Must Be Vertically Integrated
In Florida, medical marijuana companies must be vertically integrated. That means that a company is responsible for the cultivation of marijuana, manufacturing, transportation, and sale of cannabis products to medical patients. Vertical integration has been challenged by cannabis companies but affirmed by the State Supreme Court.
3. Marijuana Cultivation Jobs Are Growing
Florida is third in terms of total full-time cannabis jobs with 31,444 based on 2020âs numbers. In 2020, the state added 14,891 full-time cannabis jobs. Cannabis cultivation jobs are some of the most in-demand positions in the nation.
4. Florida Black Marijuana Farmers are Waiting for a License
After 4 years of waiting for rules to be developed regarding a new medical marijuana license, black farmers are on the verge of being able to apply. The ruling does not indicate when the license applications will begin being accepted.
A 2017 law required the state to grant a special license to âone applicant that is a recognized class memberâ of the âPigford Class,â a designated a protected class of black farmers that won a settlement for a speciall license due to the history of racial discrimination by the U.S. Department of Agriculture.
5. 19 More Grow Licenses Must Be Issued
At the moment, Florida has 22 licensed operators in the state. However, the medical program has a schedule requiring new licenses to become available as the patient count rises. With more than 600,000 medical cannabis patients enrolled since the start of the program, the state must issue 19 additional licenses on top of the Black farmer license.
FREE E-BOOK
Learn How To Grow Cannabis!
6. Florida Farmers Can Grow Hemp
The Florida Department of Agriculture and Consumer Services (FDACS) provides farmers with a Hemp Cultivation Portal that allows them to submit applications for permits to grow hemp in Florida.
7. Home Cultivation Proposals Have Failed Several Times
Florida’s road to recreational cannabis legalization has been a failure. A recent citizenâs initiative to legalize recreational cannabis and allow adults to grow weed at home was struck down by the Supreme Court due to misleading language in the ballot initiative.
A new initiative by Regulate Florida is aiming to gain approval and enough signatures after it was rejected by the Supreme Court earlier in the year. It is unclear whether Florida will pass legal cannabis soon.
8. Florida Has an Optimal Grow Climate
Florida’s sunny climate makes it a perfect environment for growing cannabis. However, the state also experiences extreme levels of heat and humidity, which can negatively affect marijuana plants.
Floridaâs fertile and healthy soil is ideal for sativa plants. Its optimal cannabis climate has made the Sunshine State the third largest indoor cannabis producer in the nation.
9. Only One Man Can Grow Cannabis at Home
Only one person in the State of Florida is legally allowed to grow marijuana at home. In April 2018, A Florida Court ruled that Joe Redner can grow cannabis at home for medicinal purposes. However, only he is allowed to grow marijuana in Florida.
â
There are over 300,000 jobs in the cannabis industry. CTU trained me for one of them!
The judgeâs ruling said that Redner is âentitled to possess, grow, and use marijuana for juicing, solely for the purpose of emulsifying the biomass he needs for the juicing protocol recommended by his physician.â
10. Florida A&M Universityâs Hemp Cultivation Research
Florida A&M University (FAMU) has partnered with three hemp producers to research the best hemp varieties to grow in Floridaâs climate. Researchers hope to identify strains that will âthrive safely, efficiently, and cost effectivelyâ in Florida. In addition, the research intends to determine the best soil preferences and best practices for growing hemp in Florida.
Enroll in Cannabis Training University
Knowing Floridaâs state regulations can help you use cannabis safely and legally. If you want to get a complete cannabis education, enroll in Cannabis Training Universityâs online marijuana school. Our complete curriculum covers all state laws, laws in Canada, and cannabis laws in several countries around the world.
We, at Inspirational Technologies are at the forefront of Inspirational and Frontrunners on the frontier of current technology.
We are often faced with our own personal conflicts which directly influence our interactions with our peers and family.Â
When Inspirational Technologies is an endorsement of the “Cannabis” approach to the medical condition, we say, let’s let the look at the data and the people who say that they benefit for cannabis alternatives.
1st Hemp USA News is a resource of Inspirational Technologies (2021-2023)Inspirational Technologies (2023) AllRightsReservedYour ONE STOP BLOG FOR INFORMATION, EDUCATION, & INSPIRATION OF ESSENTIAL INNOVATION & RENOVATION of You-THANK YOU FOR YOUR INTEREST*This site receives virtually no compensation for sales of some or all mentioned products. We however place humanitarian value over monetary interests. Our monetary income goes back into research, development, discovery and healing.Inspirational Technologies – is Committed to Your Health Wellness Beauty and EnrichmentReporting on Today’s Internal Botanical and Skin Product Benefits
4 Hemp Club was Inspired by Steven Smith’s vision to  “Have an older generation 4H Club, where an older community of adults could carry on what the younger 4H Club envisioned.
Our 4H Platform Uses HEMP as an Agricultural Focal Point, deserving of research, development and with the
4 Hemp key points being Health Hope and Happiness, thru Hemp“.
Cannabis CBD and Me  Inspirational Technologies Inspirational Technologies (2014) @Inspire123tech Background Noise Studios Logos bySteven M Smith
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.
InspirationalTech.org for your Health Wellness Beauty and Inspirational Goals
1st Hemp USA News is a resource of Inspirational Technologies (2023)
Continue reading Georgia soon will become the first state in the nation to offer Medical Marijuana products at independent Pharmacies.
Background Noise Studios Logos by
– Johanna Rose
You must be logged in to post a comment.