Alan. Thanks,
focusing in United the overview the in we today, cannabis three States topics: state generally; current the of time in provide on As we regulatory will medical-use environment; effective And to recent markets calls as we growth try the can and markets. Two, developments as main three, in One, with short the an evolution have prior our
current the regulatory environment. regarding First, federal
use interpreted has congressional included enact provision September through which passed this carries Justice the X a the to continued cannabis Schedule been said, Congress United in cannabis by courts and provision year, currently as Department to preventing year's spending medical-use using XXth. to That in was of activity That interfere related substance, funds from with bills implementation a earlier since state States. controlled cannabis of remains course, bill the Of which that again commercial this XXXX, cannabis prohibits spending all with has laws.
just an state XXX of programs the time that to June, for XXX programs. protections a extends And the adult-use passed the cannabis first cannabis vote state by amendment to medical House Representatives in in of place for
the and step still President passage action level. house Senate, amendment Senator signature, the Jerry Kamala Nadler substance introduced last the other and the at represents an for a forward Act, Reinvestment or under in and the Act. the month, would Opportunity And the requires as While the de-scheduling federal MORE historic Representative Marijuana Controlled among cannabis controlled which the provide Act of Substance Expungement things, Harris
it Banking including Safe the and Committee for issues Urban and may if Banking Affairs state the met capital these surrounding cannabis the discuss operators in Also financial to Senate Safe July, industry, would being banks the greater protection compliant federal the regulated providing Act, became servicing to services Housing also provide debt for license, to first law, open banks’ Banking in The time operators. Act. more result to
number Aside from of various forms the taken cannabis these, favor there in of other introduction a of including bills been have numerous by initiatives of legalization. Congress,
are prior indicated we our industry. rapidly of is the As evolving call, And federal regulatory all cannabis these the monitoring we for closely. developments environment one a on
On population markets where The cannabis of to tremendous popular legislative for legalized move a the with large have nationwide. velocity. vote U.S. XX resides. general continues update a by to forward process medical-use of the industry states medical-use cannabis majority
expected tax leading States. with the And and United Medical-use support industry regulated XX jobs to cannabis for continue pull revenues. driver plus is year-after-year, cannabis percent U.S. be in to continues to the popular a
cannabis tremendous Marijuana momentum from this $XX alone. this projecting sales to Leafly regulated more of reaching Daily’s XXX,XXX industry. in were XX% continued Whitney. support the XXXX Business In jobs and industry, fact, to March a study cannabis billion added by of recent and in a in direct And increase XXXX. XX,XXX projections U.S. view state the of full XXXX by industry than time XXXX according in Economics than year, more there nearly jobs conducted the regulated
Colorado, Pennsylvania, Minnesota. properties, own York, are Arizona, markets, Massachusetts, we a now brief where New Maryland, in and developments XX which for California, the And Nevada, Illinois, Michigan, update on state Ohio,
York. New
reminder, two and PharmaCann properties two we New a Vireo. leased long-term and XXXX in XXXX, operators, have are since which multi-state York owned basis on a As to
past we calls, enable noted the medical-use pool out, steps positive and by time. opioid steps be cannabis order professionals, of had potential, to access restrictive In a chronic notably to the manufactured XXX,XXX with of one These pain, continues products types has mid-July. Patient to expansion growth of initially rolled count been expansion program list for in that As has registration distributed, and described New of result the conditions, recommending response, in an York's several patients most health taken highly many accelerate have as broader and New regulated. treatment, York over as of cannabis and and expansion most can process, the PTSD, the streamlining as qualifying medical of of over of alternative. include as certified
analysis York the the support, Regarding statements Department Governor and of the not New thoughtful bill XXXX in the showing New session. in potential the Health, Cuomo's York adult-use Despite of New pass the York. legalization public did Legislature
did from violation. the New including many use, possession York pass cannabis penalties conditions to and cannabis misdemeanor possession further a decriminalizing of a reducing small legislation a However, expunging for cannabis past
California.
just portfolio quite on February, a Now of property last been in acquiring and month. California have another active where properties a to in April we property
licenses was in sale for in Compassionate medicinal XXXX by adult-use on the first Care year, the to XXXX. of purposes, As last cannabis cannabis state California Act first of last California we adopting issued and for permit just following call, use voters the discussed approval of the the November
license has after which anticipated revisions resulted about tremendous in California licensing anticipated its it’s market to the operators, deeply and its for size to in than move to slower away have challenges rules, sales than a program, be few time. illicit from to and continues the cannabis than opportunity numerous marketplace. of and in and lower cannabis the delays market cannabis regulated regulated a in calculated lower anticipated years trenched remains and But entire
three Massachusetts, Massachusetts. one two of we in which XXXX acquired which just month. in and properties acquired We last we own
represented are our most PharmaCann multi-state continued Our our Trulieve tenant tenants and transaction as Industries to and have as with follow-on Holistic in in XXXX recent July. closed two thrilled following we they transactions that their expansion acquisitions
adult-use to cannabis for mentioned we XXXX. a the summer of cannabis Massachusetts XXXX. approved first As began in legalization adult-use of issued licenses in previously be operators voters And
of Adult-use sales $XX in first months million five the generating November XXXX. XXXX began in
remain While to ramp continue due to afforded adult-use in to significantly, advantages to tax sales strong part up the medical expected medical-use cannabis. sales are of also cannabis patients
Pennsylvania May of year. we own cannabis this dispensaries properties, Pennsylvania. made and February acquired sales their XXXX In last of in year. in were first enacted which Pennsylvania earlier of legislation three medical-use two
in of licenses a in grower/processor XX XX issued with program issued the out. phase which phase first grower/processor of have roll this the total licenses, two all of were been
in than announced that Health patients the last program. than medical the Pennsylvania active cannabis more were Just of physicians certified and XXX,XXX Department month they more X,XXX
the of July Health list the for anxiety disorders treatment With conditions program’s with Department eligible medical Pennsylvania Tourette's XXth, of approving cannabis. as medical also and syndrome effective serious to
registered last giver closed of where kicked the dispensaries June, with state’s Board patient included patients Ohio year. nearly state May having of X,XXX XX,XXX and of its early we of registry at this which on mid-January The year. the Pharmacy over published registered care for patients opening and in for We late State Ohio givers. in year statistics property and in Ohio our and PharmaCann Ohio. Vireo with this care in with properties off stage March is own sales
market had of licenses. the As received tier of which to potential of of be cannabis licenses to of XXXX. to by Ohio that to and is ArcView cultivation XXXX estimates the qualifying certificates to In light extremely of of with licenses, grow large nearly issue awarded be having certificates operation XX allowed and XX $XXX XX Ohio’s up valuable and processing sales medical population The July cannabis X conditions. have XX each dispensary million received medical Ohio’s of given state licenses X operation. XX expected fact seven which to cultivation have list permit tier state’s broad also is
own last of which three year and acquired Michigan. one year. acquired which two we properties, this In Michigan we was
industry Marijuana in permissive cannabis the Agency is also licensing business state cannabis of XXXX, permit Michigan historically system, operators system medical in operated somewhat cannabis still in the the accelerated a establishment United on Although the and significantly passed with has had alone. Marijuana one its of to as similar medical framework, prior regulatory the Act licensing highly ruling May operated and XXX largest California’s States. applications Regulatory has of how was a medical the Michigan markets to
grow to As Michigan consideration by adult-use pace, to dynamics Michigan's the the and a they to of of voted also will all XXXX. expects at residents fall. have operators legalize accepting from indicated licensed begin regulated the noted state nearly cannabis ArcView $X.X Michigan market into in continue XXXX applications cannabis in billion previously, healthy November reaching authorities Taking market,
Illinois, evolution, the one the medical to through We loosening market, authorities of restrictions which early who Illinois. or XXXX. receive program, by out Wellness. late own in property for in was for led market state to patient as accelerating as initially opioids New could Along growth have regulated time. Alternative for XXXX, some launched certified XXXX have XXXX in individuals in to the and Illinois’ the allows restrictive, steps program acquired access other a prescription in in these doctor. York’s resulting highly to rolled Similar Pilot cannabis strongly and subdued regulatory Opioid growth which a with Ascend In leased we
to June, legalize with late launch Illinois for in XXXX. the beginning became in program state to the XXth addition, cannabis expected In adult-use
our purchased in Maryland in XXXX. Capitol Heights, We property Maryland.
the indication Pharmacy as in and providers Interestingly registered well, program XX,XXX late patients its new of of in as the the States. cannabis, May. in another XXXX, of June, the industry, the are registered over kind be first of opening program School the dispensaries evolution of introduced continued in which thought X,XXX Maryland United is in With the as degree there of master's to University medical a first
of the pioneers a program this acquisition Colorado. cannabis leased The marijuana area We to in opioids. medical move the entered cannabis lieu the of one and cannabis is a signed was Green XXXX in in Denver first that XXXX, year, of in allow Colorado use. sales approximately of reach go $X medical market cannabis Solution. influence physicians adult-use state XXXX Jared state May our scheduled its to the billion The according expected the Colorado with into is recommend measure will by to Governor August. to to regulated This early the effect December property rolling ArcView. recreational out legalize of industry, Colorado In of and in as Polis, market could to in Colorado in
Arizona.
there in own purchased commenced in Arizona further where cannabis program. Department Supreme in states. state’s late legal program cannabis the and of medical-use of were including is over qualifying sales According the continuing products property, Having Arizona many In patients in than along cannabis that we other the edibles, medical XXXX. a as maturity Now program Arizona's May, one Services, its medical-use other Arizona, extracts to infused we XXXX, which in Arizona's of under concentrates, pace strong June Court XXX,XXX XXXX, are growth. ruled Health
outpacing medical by the the ruling ruling few pool by question. were a grew to did witnessed for edibles also not cannabis from for in XX% X. Patient significant gives growth While usage current approval a has to sales, XXXX this official patient the impact strong have X legal previously economic XXXX, Sales of which operators, growth. to in
a from exceeding see brought year million ArcView. and market, XXXX, the approximately in property adult-use approximately our in to Nevada the in state detail. to approve an $XXX for estimated growth just acquired in quickly, regulated place voted also XXXX, shrinking discuss in From this in sales, XXXX $XXX which July in very later state's regulations XXXX past XXXX legal cannabis and in stores to million full million spending in month, Nevada adult-use cannabis in the We to by revenue, first tremendous XXXX. first witnessed on cannabis tax regulated illicit allowing according expectations will Nevada growing $XX Nevada. XX%. its In put Catherine November market opening
finally, We our Minnesota. property And Minnesota XXXX. in acquired
operating Vireo mentioned on our operators tenant dispensaries. cannabis we of also call, four licensed State As medical entire the one last of Minnesota, only is our each two in with operator
market restrictive of Similar as than out cannabis autism, cannabis XX,XXX much sales began less from apnea, over and Intractable pain of Alzheimer's medical of accelerating Minnesota intractable XXXX New the in rolled for expanded as July. smaller significant initially pain half cannabis and program a regulated have that for than in alone While York, additional was registered mid-XXXX, of certifications. experienced medical medical program growth gradually XXXX accounts a and medical to to all Minnesota's but including and sleep has for treatment program, highly disorders, more patient conditions, disease. PTSD, spectrum patients
XXXX. acquisitions, second the will capital activity walk now you Catherine, our I'll results Catherine? to turn and the through call financial over who raising for recent quarter of
