Legal sales set to take off in US market

Cannabis research firm BDSA is projecting tremendous growth for the legal US cannabis industry in the near future.

Roy Bingham, co-founder and CEO of BDSA, pointed to new adult-use markets in Missouri, New Jersey and New York as leaders for growth. “Over the next five years, the biggest drivers of cannabis industry growth in the U.S. will be the thriving Midwest and East Coast markets,” he said in a press release introducing the report.

As far as 2023 goes, BDSA is projecting US$29.6 billion from sales in the US legal market. On a global scale, the research firm is expecting to see a total tally of US$36.7 billion.

Vote for banking reform bill gets nearer

According to Senate Banking Committee Chairman Sherrod Brown, “in the next two or three weeks” a vote could take place regarding a revamped cannabis banking reform bill.

The bill has been touted as a chance to adjust the financial realities of the current cannabis landscape.

As per a report from Marijuana Moment, the senator did not provide a timeline for a vote.

Cannabis company news

• Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF)filed for creditor protection under the Companies' Creditors Arrangement Act (CCAA). The company indicated to investors that after an extensive review of its operations, the best course of action is to apply for creditor protection under the CCAA.

• It was confirmed this past trading week that Canadian cannabis producer Canopy Growth (NASDAQ:CGC,TSX:WEED) will be removed from the S&P/TSX Composite Index (INDEXTSI:OSPTX) before the markets open on June 19.

• SNDL (NASDAQ:SNDL)appointed Alberto Paredero-Quiros as its new CFO, replacing Jim Keough, who served the company for five years.

• TerrAscend (CSE:TER,OTCQX:TRSSF)announced an agreement to acquire a medical dispensary in the state of Maryland. The transaction is worth US$22.1 million. “With less than 30 days until the launch of adult use in Maryland, we are focused on additional acquisitions and reaching the four-dispensary cap as our northeast business unit will soon be operating in Maryland under the same successful business model we built in NJ,” Jason Wild, executive chairman of TerrAscend, said.