A clash of visions over cannabis policy has emerged in Wisconsin, with a GOP-led medical marijuana initiative confronting resistance due to a broader push for full cannabis legalization by Democrats.
GOP Vs. Democrat Cannabis Views
Sen. Mary Felzkowski (R), a proponent of a more constrained medical cannabis system, expressed concerns that broader legalization ambitions are stymying efforts to garner GOP support for her patient-centric reform. “It does make it harder in our caucus,” Felzkowski commented to PBS Wisconsin, pointing out that many Republicans are wary of following in the footsteps of states like Illinois and Minnesota
This sentiment is in direct contrast with the stance of Sen. Melissa Agard (D), who’s pushing for a more comprehensive legalization. In comments to Marijuana Moment, Agard highlighted that nearly 70% of Wisconsin voters favor legalizing cannabis for adult use and asserted, “Republicans are the only people standing in the way of cannabis reform.”
Although Felzkowski acknowledges growing support for her medical marijuana bill among Republicans, she told Marijuana Moment that any approved legislation would come with restrictions, potentially excluding smoking cannabis and limiting eligible medical conditions.
In previous sessions, GOP-led attempts to remove cannabis reform provisions from the budget presented by Democratic Gov. Tony Evers have been recurrent.
Cannabis Spending in Neighboring States
Adding to the debate is a report revealing that half of Wisconsinites aged 21 and over reside within a 75-minute drive to an out-of-state legal cannabis vendor. Furthermore, Wisconsin citizens reportedly spent over $121 million on marijuana in neighboring Illinois last year, translating to approximately $36 million in tax revenue for Illinois.
Influencing Voices at Wisconsin’s Cannabis Crossroads
Assembly Speaker Robin Vos (R) has conveyed a preference for medical cannabis discussions without the shadow of full legalization, being consistent with its previous positions on the subject. However, voices like Gov.Evers advocate drawing parallels between marijuana and alcohol, signaling the need for a more comprehensive strategy.
Amid the heated debate and with cannabis possession still criminalized in the state, reform becomes crucial. As neighboring states move forward with their own cannabis regulation, Wisconsin finds itself grappling with the choice between limited medical legalization or a broader embrace of the cannabis industry.
We, at Inspirational Technologies, are informed of all current and future cannabis endeavors which we try to follow and due our diligence to give you the latest HempNews2023.
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.
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”).
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
Florida’s 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 2020’s 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 “one applicant that is a recognized class member” of the “Pigford Class,” 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 citizen’s 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.
Florida’s 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.
“
There are over 300,000 jobs in the cannabis industry. CTU trained me for one of them!
The judge’s ruling said that Redner is “entitled 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.”
10. Florida A&M University’s Hemp Cultivation Research
Florida A&M University (FAMU) has partnered with three hemp producers to research the best hemp varieties to grow in Florida’s climate. Researchers hope to identify strains that will “thrive safely, efficiently, and cost effectively” 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 Florida’s state regulations can help you use cannabis safely and legally. If you want to get a complete cannabis education, enroll in Cannabis Training University’s 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.
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
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4 Hemp key points being Health Hope and Happiness, thru Hemp“.
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AYR Cannabis Dispensary Strengthens Florida Retail Footprint with Three New Locations
MIAMI, July 17, 2023 (GLOBE NEWSWIRE) — AYR Cannabis Dispensary, a cannabis retail chain owned by AYR Wellness, Inc. (CSE: AYR.A, OTCQX: AYRWF) (“AYR” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator (“MSO”), today celebrated the opening of three retail locations in Orange County, Florida. The opening of AYR Cannabis Dispensary locations Orlando (UCF), Winter Haven and Orlando (N. Orange Blossom Trail) expand the Company’s retail presence to 62 locations throughout Florida and brings AYR’s total footprint to 86 stores nationwide.
“We are proud to see our Florida retail footprint exceed 60 locations as we further broaden our reach across the state,” said Sevi Borrelli, AYR’s General Manager, Florida. “Our patients in Florida are our top priority as we launch new initiatives and drive growth for our Company. With nearly one million registered patients across our home state, I am thrilled to see us continuing to evolve our retail presence while building long-lasting relationships with our communities.” Patients are invited to celebrate the opening of the Orlando (N. Orange Blossom Trail) retail location on Thursday, July 27. The grand opening celebration will begin with a ribbon-cutting ceremony at 8:45 a.m. ET, followed by games, prizes, music and refreshments. Each dispensary will offer AYR’s suite of national brands and products. Additionally, consumers and medical patients at each dispensary can access special discounts, rewards and prizes by enrolling in the AYR Cannabis Dispensary Loyalty Program.
AYR continues to expand its presence in Florida, opening 10 new dispensaries statewide through the first seven months of 2023. The Company previously celebrated the opening of dispensaries in Tarpon Springs, Winter Haven, Palatka, Lake Mary, Land O’ Lakes, Orlando and Palmetto Bay earlier this year. To learn more about the company’s nearby dispensaries, product offerings or future openings, please visit http://www.AYRwellness.com.
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.
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) AllRightsReserved Your 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
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Continue reading GOP-led medical marijuana initiative confronting resistance due to a broader push for full cannabis legalization by Democrats.
– Johanna Rose
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