Third quarter will get a lift, however the fourth quarter would possibly get pinched.
Florida operators that needed to briefly shutter final week amid Hurricane Ian’s wrath are coming again on-line, although some firms are nonetheless reeling from its violent landfall.
With the Sept. 30 cutoff date for the fiscal third quarter, some firms may see some extra padding to earnings experiences, as sufferers all through the state flocked to shops early final week to top off on medication forward of the storm’s arrival.
Regardless of a slew of shops closing sooner than traditional, a look at the latest weekly replace from the state’s Workplace Of Medical Marijuana Use reveals notable upticks within the quantity of product bought between Sept. 23 – 29.
Final week’s gross sales may stretch third-quarter earnings, whereas the next closures could deflate fourth-quarter numbers a bit.
Trulieve, (OTC: TCNNF) the state’s largest operator, mentioned that almost all of its 121 shops have reopened — although three stay closed in Cape Coral, Englewood, and Fort Myers South as of press time, in response to its up to date weblog posts. CEO Kim Rivers mentioned in a Monday tweet that the storm had “Zero affect to grows or processing.”
A spokesperson for Trulieve declined to offer extra element on damages retail shops could have sustained, as an alternative pointing to the corporate’s web site the place it posts updates on retailer re-openings.
Verano president John Tipton instructed The Inexperienced Market Report that each one of its MÜV workers have been accounted for and that its vertical operations are again on-line, with harm “restricted to 3 dispensaries” in Cape Coral, Fort Myers Seaside and Port Charlotte, that are nonetheless closed “as a result of storm’s lingering impacts.”
“We’re pleased with our group for his or her distinctive efforts within the face of this difficult state of affairs, and the corporate is offering assist to workers who incurred harm to their houses or property because of the storm,” Tipton mentioned. “Moreover, we will even make a donation to a Florida aid fund to assist neighborhood restoration efforts throughout the state within the wake of this devastating storm.”‘
A Curaleaf spokesperson mentioned that three out of its 52 dispensaries within the state will keep closed as of Oct. 5 “resulting from affect from Hurricane Ian.”
“All cultivation, processing and distribution services had been in a position to reopen immediately after the storm,” the Curaleaf spokesperson added. “The security and well-being of our sufferers and all group members is of the utmost significance to Curaleaf and we’re working to assist our Florida neighborhood in its time of want.”
Sevi Borrelli, vp of retail in Florida for Ayr Wellness, instructed the Inexperienced Market Report that 4 of its 51 retail areas are nonetheless closed, however added that its Bonita Springs retailer will reopen on Friday.
“Fortunately, we sustained no harm to our Gainesville cultivation campus,” Borelli mentioned. “In our effort to make sure medical marijuana sufferers have entry to medicinal therapies, we’re actively working to reopen our areas in Cape Coral, Port Charlotte, and Sebring as soon as it’s protected and compliant to take action.”
Borrelli additionally mentioned that 700 of its workers within the state are accounted for, “and their security will proceed to be a prime precedence over the approaching days and weeks.”
“Our hearts exit to our fellow Floridians who’ve been impacted by Hurricane Ian,” he added.
Surterra Wellness, which is owned by Parallel and controls 45 dispensaries in Florida, didn’t reply to a request for remark — although Surterra’s web site says that three of its shops in North Port, Bonita Springs, and Ft. Myers are nonetheless closed.
The Inexperienced Market Report was greeted with an computerized response confirming the three closures when the outlet known as Surterra’s Ft. Meyers retailer.
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