In case I didn't make it clear in some of my other posts, I live in Michigan. It's a pretty awesome state with a lot of natural beauty and all kinds of other cool things going for it. If you ever get the chance to visit, I highly recommend it!
For several years Michigan law had allowed marijuana for medical use only. It was kind of silly, because there really weren't any super strict restrictions keeping you from getting your medical card. All it took was knowing which doctor to go to and knowing the right things to say. After a few years of that, Michigan eventually decided to take a vote and eventually recreational use was legal at the state level.
During the medicinal days, it wasn't uncommon to find a mass of dispensaries in a specific geographic area where they were allowed. However, after the recreational market opened up, we suddenly saw a massive influx of grow, production, and dispensing buildings. All of this was pushed down to a local level, so if your township didn't allow it, you were basically free from it. However, if your township residents voted to allow it, you likely saw the landscape of your area drastically changed.
In areas where grow operations were allowed, farm fields were sold off at insane prices per acre and large buildings were quickly erected to house the grow operation. Permit money was flowing into those townships like water and everyone was pretty happy. I forgot to mention, along with the grow operation, residents of the state are able to have up to 12 plants of their own that they can grow themselves.
Anyway, near where @mrsbozz and I live, there was a large company called Pincanna. They had a huge grow and processing facility along with several other dispensaries throughout the state. My brother in law did a tour of their main facility when they were first opening and he said they had huge underground vaults ready to store money since they weren't able to keep it in a regular bank. You see, although marijuana is legal at the state level, it is still a schedule 1 narcotic at the federal level, so any federally backed bank would not be able to do business with them.
Anyway, my wife and I were driving around the other day and we happened to notice that the large Pincanna facility is now completely shut down and up for sale. We reached out to someone from the area that we know and she said that they had went bankrupt.
The state recently introduced a pretty healthy tax hike on legal marijuana sales, but I don't think that has much to do with them going out of business. Personally, I think what happened is they tried to grow too big too quickly. I also think they probably didn't anticipate how much competition there was going to be. Yes, townships are only going to be allowed to hand out a certain number of permits, but within a couple mile vicinity of Pincanna are at least three or four other operations.
Although the market is still relatively new in this area, I think it is oversaturated and that is why we are seeing many of these businesses shut down. It's kind of sad though because now this huge facility is just sitting there empty. After all the money they put into beefing up the power grid and creating this space, it's almost sickening to see.
In Other News
With BTC hovering around $100,000 per token, I thought it might be fun to take a break from my regular Friday Finance post this week. There just isn't too much to get excited about right now. HIVE is struggling, most alts are languishing. I saw something yesterday that some big news was coming that would boost the crypto markets, but that seems to have just been wishful thinking.
While the overall view for crypto is still looking okay (especially if you bought in sub $10,000), I'm pretty happy that I never gave up on my traditional investments right now. They might not be pulling in crazy returns, but they are just chugging along doing what they have been doing for close to 20 years now.
A steady 8 to 12 percent gain each year is nothing to complain about. I'm hopefully building up a pretty healthy nest egg that will carry me through my life after work. Now that we are in November, I am starting to look forward to seeing what my capital gains and dividends end up being for my investments at the end of the year. I will be sure to share the news with you when I get it.
Seeking Silver
I've been hemming and hawing for quite a while, but I think I am finally going to get around and make my silver purchases for my family Christmas. I know, I keep saying that and then I don't do it, but with silver holding right around $48 an ounce, the time sort of feels right now.
The good news is, with the higher price of silver, I am likely going to spend enough that I can get free shipping this year...
I guess it's a good idea to see the silver lining where you can (pun intended).
The Pub
The Pub is bustling over on Discord. I'd like to see a bit more activity in the HIVE community, so if you are interested in finding a place to post your high quality content, feel free to check out The Pub community. You an find the information in my signature at the bottom of this post.
Here's hoping the rest of November goes better than what we have seen so far...
My Sports Account - @bozz.sports
Come hang out in The Pub
As far as I know growing weed is still illegal over here. You often hear stories of people setting up farms in abandoned houses with stolen electricity. It sounds like it's still a bit of a grey area where you are, but people will get into any business that offers potential profits.
I'm sure there are still profits to be made in crypto. For Hive I think we should concentrate on building communities like The Pub where people can enjoy hanging out. When you can't make much it needs to be fun.
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Yeah, I have seen the photos from Slobber where he went exploring and found it was an old grow operation. I really don't have a problem with it besides the smell. Like a lot of people argue, they have a harder time with rowdy drunks than they ever do with stoned folks. I'm just working on growing the community and stacking more HIVE.
I think alcohol causes far more problems, but I don't drink much. I was never a smoker of any sort.
I would tend to agree with that. I actually don't know why anyone smokes it anymore knowing what it does to your lungs. With edibles and gummies so readily available, I could totally do without the smell. Pretty much anytime we go camping now you get these massive wiffs from people at their campsites. Even though you aren't supposed to smoke it in public places.
I smell it in various places here too. I've tried it years ago, but not that bothered.
:) I miss it occasionally, but not really. Since my wife is licensed through the state as a LMSW, it isn't worth jeopardizing that for her.
I can't imagine growing weed will ever be legal here. The general attitude is one that maybe the west had a generation ago: that it will immediately make you an addict and will also 100% of the time lead to stronger drugs like heroin, making it just about the evilest thing imaginable.
haha so I don't think I'll see any here anytime soon.
Yeah, I remember those arguments. I think if anything it just makes most people lazy bums, but what do I know. It's a vice like anything else. I don't personally partake anymore, but I know a lot of people that do.
That's my stereotype too, the laziness thing. But the anti-drug propaganda here is strong.
That's not necessarily a bad thing,,.
What state? !PIZZA !LADY
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Seems to be trend in every state that jumps from medical to recreational cannabis. I’m sure there’s an exception or two but most have gone this exact way & pattern. It’s not just you. Ur noticing a real thing. !PIZZA !LADY
Very interesting. It's probably not that uncommon that the few with a solid business plan end up thriving while the others fall to the wayside.
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It is illegal here but the police don't give a shit, they are more interested with arresting people that post hurty words on twitter and arresting anyone what supports Israel than actually doing anything about crime.
In saying that weed has evolved and the strains now stink. We have one neighbour who smokes and my god it whiffs when you go past their place! In fact walking outside there are loads of houses you walk past and it stinks. I swear it never smelt that bad back in the day.
Sometimes you grow to fast it all comes crashing down, no matter what business field you are in. I just hope you don't get increased crime rates with all that extra cash floating around.
I thought the Pub was a community from forykw so happy to see The Pub is new and different! Good luck with that, and sloth got muted, I guess not a place to post a ttt post or music tunes?
No, you can post that there. He got muted because I had the community set up wrong to begin with. It should be all sorted now. I can't guarantee you huge upvotes, but you are more than welcome to post any of your stuff there. I was telling someone else with what we know about smoking in general and the accessibility of edibles, it's surprising people still smoke it.
Ah okay, I was wondering hehe I did go through the community rules as I was stumped lol!
Yeah, nope, that was a mistake. You should be good to go. A couple people have posted in there already.
okay sounds good
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Up here in Canada it seems that my government has designed the regulations to create a corporate Weed oligarchies that practically shuts the door on the private ventures. They say it's for our safety. Private producers consistently make better quality products at a lower cost that government run operations and dispensaries that supply 'crap'.
Do you get to have your own plants up there?
I have a few sources for seeds and I am legally allowed to grow no more than four plants on my private property providing I can prove personal use and not sell it to others. That is subject to enforcement's loose interpretation. And finally, as long as they don't get stolen off my garden.
That does happen.
Ah yeah, that makes sense. I know a lot of people don't have the time or skills to grow themselves as well, so doing that isn't always an option. I honestly don't have much of a problem with it, but I can't handle the smell as much as I used to. It seems it is everywhere now and it just smells like someone killed a skunk and left them in the sun for a week. With edibles being so accessible, I am surprised so many people still smoke. Though I do appreciate there is something visceral about smoking, so maybe on that level...
Where I live, weed has always been de-facto legal in that cops left you alone and nobody followed the rules. Then the government announced that they were thinking about letting the private sector handle the medical sales. People in this city took it to mean, go for it! It was a gold rush with a pot store popping up in every corner. So many opened up that the provincial government couldn't prosecute them, so they just left them alone while the federal government clarified the law. It was a wild-west-of-weed type of situation. Now things have settled down, and there's only a pot store in every other corner as the market saturated. It seems there was a similar trajectory there in regards to this controversial industry.
Yes, it sounds like that is the way things are going here, though I don't think it was decriminalized in the past. They made a point of charging the mandatory minimum for a lot of weed cases.
I’ve heard about how states like Michigan are changing because of the marijuana industry, but I didn’t realize how big the impact was until reading this. I guess it’s a good reminder that expanding too quickly can be risky
It's actually a lot more in depth than I even talked about here. It's pretty crazy. So much money moving around!
Those big THC places have a lot of competition and many will go out of business if they grow too fast. It's a dangerous business model with a lot of risk, but if you kill the competition the rewards are huge. You'll be popping antacids non stop if you're in that business! lol
We'll see how long this little pump on Hive lasts, hopefully a while, but my faith isn't all that high. BTC is staying about $100K, so that does provide some stability!
I hope you have a great weekend planned out, and that the weather isn't too bad. At least you don't have to mow the lawn anymore! And great job on PUB!
Well, I do have to hit the lawn one more time to get the leaves up! I think we are going for a ride tomorrow. I don't really consider this a pump I know technically it is, but for me like $.40 or $.50 is a pump.
It doesn’t though. When Bitcoin was 100K in Jan, Hive was over .60 cents. People are just noticing ultra short term comparisons. Longer look shows Hive keeps going lower. Hive was .18 cents when Bitcoin crashed to 73K from 108K, Bitcoin was 15K in 2022 & Hive was .25
Bitcoin holding 100K or any level will not effect Hive or the other many crypto’s that have crashed below 2022 bear lows and beyond. !PIZZA !LADY
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