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Morning Poll: Marijuana Is Now Legal in Virginia, Does That Change Anything For You?
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Vertically integrated cannabis company
Ascend Wellness Holdings, Inc. (CSE:AAWH) reported Tuesday it had generated $66.1 million in the first quarter of 2021, representing a 21.8% sequential growth.
The New York-based company disclosed that total retail revenue hit $45.5 million in the first three months of the fiscal year, up by 20% quarter-over-quarter. Total transactions increased 27.9% sequentially to roughly 411,000.
AWH operates 14 dispensaries, including shops in Fairview Heights, Illinois and Grand Rapids, Michigan, which It launched during the first quarter. In April the company opened a 16,000-square foot pot supermarket in downtown Boston Massachusetts.
Abner Kurtin, AWH s founder and CEO, said the positive quarterly results reflect the company s strong fundamentals.
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The U.S. House of Representatives voted for the Secure and Fair Enforcement Banking Act on Monday for the fourth time. The bill aimed at enabling banks to provide its services to state-legal cannabis businesses never before passed to the Senate floor.
And Cantor Fitzgerald’s analyst Pablo Zuanic doesn’t see the bill reaching a Senate vote either, as leading Democrats there are pushing for broader reform, and not for “isolated federal level changes” for the industry.
Back in March, Senate Majority Leader Chuck Schumer held a short conference with Senate Finance Committee Chairman Ron Wyden (D-OR) and Sen. Cory Booker (D-NJ) sharing their actions on drafting extensive reform legislation.
Last week the Virginia General Assembly approved a marijuana legalization law that will take effect this summer.
Yes, come July 1, you can legally possess, cultivate and share small amounts of marijuana for personal use. Regulated, commercial sales of cannabis products are not set to take place in Virginia until 2024 under the legislation.
When we asked ARLnow readers what you thought about marijuana legalization in the Commonwealth, about 85% of respondents said they supported it, either this summer or a few years from now, as originally proposed. (Gov. Ralph Northam sent the bill back to the General Assembly to move up the timeline for legalization to July.)
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