Weed is as festive to Michigan consumers as stuffing, eggnog and champagne.
While the weed-focused 420 holiday on April 20 remains the biggest sales day for most retailers across the state, the winter break has been a ticket-turner for the industry.
According to Michigan retailers, at least three of the five biggest sales days in the legal marijuana industry of the year fall during the holiday season.
“As cannabis becomes more popular, people are exchanging it as gifts and like to bring it to holiday parties,” said Mike DiLaura, director of corporate operations and general counsel for Madison Heights-based House of Dank. “It’s the biggest season for retail and we’re right in the middle of it.”
Michigan’s competitive marijuana industry doesn’t need a reason to make deals — Michigan cannabis is the cheapest in the country and often comes with eye-popping deals like buy-one-get-one or 15-ounce deals — but the industry wants in on the holiday shopping spree.
The industry recently coined the day before Thanksgiving — a popular night for bar sales thanks to the homecoming of college students — as “Green Wednesday” to capitalize on the “cousin is walking” during Thanksgiving or for those who want to sit on the couch with turkey.
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friends,
Fifteen weeks ago we pointed it out few investors care about Vireo Growthand it remains so. Vireo Growth (VREOF) has declined significantly in 2026 and is near its lows. Here is what it and MSOS have done since the 2024 election.
Vireo did a reverse split on June 5, issuing 1 new share for every 30 shares previously outstanding. Dividing the current price by 30 allows investors to judge the performance of equity sales at the end of 2024. It was a big capital raise when the company sold shares at $0.625 for $81 million in proceeds. The current price of $9.44 is well below this level.
The company, as we discussed before, has done so much. Since that last article, it announced the acquisition of Planet 13 (PLNH) and announced that it is acquiring certain assets of The Cannabist Company. It also shut down a Pennsylvania dispensary, PhytoNatural, its entry into the state. In June, it completed the purchase of Bridgewell Agribusiness, expanding its ancillary operations and announced dispensary acquisitions in Maryland and Nevada. It also agreed to buy C21 Investments (CXXIF).
In addition to the capital it recently raised in 2024, Vireo has relied on Chicago Atlantic (REFI), which will soon merge with Chicago Atlantic BDC (LIEN). Vireo’s CEO joined from Chicago Atlantic in late 2024.
So Vireo continues to do a lot of M&A, both in private and public companies. Investors continue to be impressed, in my opinion. The average trading value in VREOF for the last month was only 13 thousand shares per day. Stocks are down, and so are acquired companies.
Recent investors aren’t happy, but Vireo Growth’s pool of disgruntled owners runs very deep, as the company issued a lot of stock as part of its M&A. Perhaps more importantly, Chicago Atlantic’s stock is collapsing.
This further decline in Vireo Growth is a big red flag for hemp stocks.
Sincerely,
Alan:
This week’s newsletter is sponsored by the Paul E. Saperstein Co.
Michigan cannabis service provider
On August 17, Common C Holdings, LP’s commercial specialty hemp processing facility will be auctioned at 607 Wildwood Avenue in Jackson, Michigan and online at 11:00 a.m. ET. Learn more Of the secured party’s sale of all assets of this cultivation equipment.
Interested parties may contact Paul Cotto at 617-227-6553 or email pcotto@pesco.com:.
New Cannabis Ventures has not published any curated articles or exclusive news.
Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded hemp industry stocks. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El
A Michigan cannabis company has been ordered to shut down permanently after an investigation by regulators found that the company shipped its products to Massachusetts, discrepancies in their inventory, unlabeled products at their facility and other violations.
Ground Control Michigan, LLC, which operates as GCM Waypoint, must surrender its license by next week as part of a consent order with the state Cannabis Regulatory Agency (CRA), to which the company waived its right to a hearing and did not contest the claims.
In the complaint, the CRA found that a GCM employee personally transported 249 cannabis products from Michigan to Massachusetts for a cannabis conference, in violation of state law. In a statement, CRA executive director Brian Hanna said the agency was assisted by Michigan State Police and Massachusetts Cannabis Control.
“The conduct uncovered through this investigation was egregious and cannot be tolerated in Michigan’s regulated cannabis market. Those who engage in conduct of this nature should expect the CRA to respond decisively and pursue the strongest actions available under the law.” – Hanna in one press release
During an investigation at the GCM facility, investigators found several inventory discrepancies, including 32,250 heat cartridges that had previously been seized by state police but labeled as received in the business’s inventory; 360 boxes of vape cartridges that were found to be empty boxes; and two unlabeled 1-liter distillate bottles, according to complaint. Investigators also noted “hours and even days” of lack of surveillance at the facility.
The GCM investigation began in March.
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The 24% wholesale tax on cannabis, passed last year by Michigan lawmakers, generated far less revenue in its first quarter than anticipated. The Detroit News reports.
Lawmakers drafted legislation to fund road construction and repairs in the state, and the nonpartisan House Fiscal Agency estimated the 24% wholesale tax would generate about $420 million a year. The state received less than $34 million in the first few months of the new tax, less than a third of quarterly expectations.
Michigan Cannabis Industry Association (MICIA) argued last year that the wholesale tax was unconstitutionally messing with the cannabis framework approved by voters, but the courts refused to block the tax from taking effect on January 1.
“Our elected leaders made the cannabis industry a sacrificial lamb to have the illusion of a road funding fix,” MICIA executive director Robin Schneider said in the report.
“In reality, the only thing they’ve accomplished is the destruction of a strong industry that served as an economic driver for this state. The result is closing businesses, losing jobs, and stripping local governments of tax revenue.” – Schneider, via The Detroit News
The trade group presented a the second lawsuit challenging the wholesale tax on cannabis in March.
Based in Portland, Oregon, Graham is the editor-in-chief of Ganjapreneur. He has been writing about the legalization landscape since 2012 and has contributed to Ganjapreneur since our official launch in…
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