Adam JacksonOctober 23, 2023
AgriCann operates Craft Nurseries, a Health Canada licensed cannabis nursery.
Canada cannabis Archives - Green Market Report
Adam JacksonOctober 23, 2023
StaffJuly 11, 2023
34% – How many Canadian cannabis consumers that say they typically buy the same brand.
Gaining loyalty in the market is key to survival – especially as new brands continue to enter and existing brands innovate to delight consumers. Those who tend to fall for specific brands are very valuable consumers. In Canada, roughly a third of all cannabis consumers say they’re loyal to specific brands.
Source: Brightfield Group, Canadian Cannabis Consumer Insights, Q2 2023
StaffJune 29, 2023
The Daily Hit is a recap of the top financial news stories for June 29, 2023.
On the Site
Canopy Growth Sells Property, Assets in Bid to Raise Cash
Beleaguered Canada-based Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) announced Thursday that it sold one of its California facilities in the town of Modesto. The sale brings Canopy to C$81 million in income from unloading five total properties since April 1, as the company scrambles to deal with a massive debt load and billions in losses. Read more here.
Tantalus Labs Lays Off ‘Majority’ of Staff, Files for Restructuring
Company founder Dan Sutton announced Wednesday that he had had to lay off a “substantial majority” of staffers from the British Columbia-based greenhouse cultivation business, which was founded in 2018. He said the regulatory and tax system in the nation was to blame for Tantalus’ and many other companies problems. Read more here.
Canadian Cannabis Sales Growth Sputters
Canada’s still-nascent cannabis industry is facing an existential dilemma. On one hand, the market has seen impressive sales growth and an expanding ecosystem of brands since the nation legalized recreational cannabis in October 2018. On the other, the industry is far from immune to macroeconomic woes as it grapples with slowing demand, tightening competition, and pricing pressures. Read more here.
Wisconsin Lawmakers Nix Marijuana Legalization Proposal – Again
Eisconsin GOP lawmakers in control of the state Senate have for the second time in two months voted down a proposal to legalize marijuana in their state. The state Senate on Wednesday killed a last-minute bill from Minority Leader Melissa Agard that would have legalized cannabis on a party-line 22-11 vote. Read more here.
Reunion Neuroscience Posts $48 Million Loss Ahead of Acquisition
Toronto-based Reunion Neuroscience (Nasdaq: REUN) (TSX: REUN) reported a $48 million net loss for its 2023 fiscal year, which ended March 31, but the company expressed optimism on its development of a psychedelic treatment for postpartum depression. Read more here.
In Other News
Curaleaf
All of Curaleaf’s New Jersey retail locations have elected to unionize as members of United Food and Commercial Workers (UFCW) Local 360. The company’s retail locations in Edgewater, Bellmawr, and Bordentown serve both medical and adult-use clients. Read more here.
CanadaBis Capital Inc.
Vertically integrated Canadian cannabis company CanadaBis Capital Inc. reported net revenue of C$6.1 million for the fiscal third quarter ended April 30. Net income totaled C$1.2 million for the period, an increase of 874% over Q3 2022. Read more here.
John SchroyerJune 14, 2023
Company aims to capture 15% market share in Canada.
John SchroyerApril 12, 2023
CEO: Consolidation is needed in the Canadian cannabis market.
John SchroyerApril 10, 2023
Tilray is looking to beverages - cannabis and traditional - and Europe to grow its top line.
Adam JacksonApril 6, 2023
Gen Z is the first cohort to not have flower as the top product category.
John SchroyerMarch 3, 2023
The company can only sell the substances to pharmacies, hospitals, and researchers.
John SchroyerJanuary 24, 2023
Montreal-based Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF) (FRA: 8CB) was slightly profitable for its first financial quarter of 2023, with $2,209 in net income against $7.7 million in revenue, the company reported.
The vertically integrated Canadian marijuana company also spent $2.7 million to expand its footprint, increase headcount, and bring 14 new product lines to market during the quarter, which ended Nov. 30 last year. The quarter was the second in a row in which Cannara turned a profit, according to a news release.
“We continued to execute on Cannara’s growth plan,” said CEO Zohar Krivorot in the release, lauding the “hard work” of company employees.
Revenues were up 57% year-over-year. Cannara also bucked the layoff trend, increasing its staffing levels from 190 workers a year prior to 280 employees in the latest quarter
In addition, Cannara expanded its cultivation footprint by opening a new Valleyfield facility, the seventh of 24 planned grow operations, which will have 25,000 square feet of canopy apiece. That brings Cannara’s cultivation capacity to 175,000 square feet, and two more facilities are already in the works.
The company also entered the British Columbia market, while maintaining its market share in other provinces, and is poised to enter the Alberta market as well.
John SchroyerJanuary 20, 2023
Retail cannabis sales in Canada took a noticeable dip in November last year, but overall the market is still on the upswing from 2021 sales figures, according to national data released Friday by the federal government.
Sales were down in November to C$373 million (US$278 million) from C$390 million in October, Statistics Canada reported, which equates to a monthly dip of 4.4%. But sales were still up almost 10% from the same month in 2021, when the national industry sold roughly C$340 million in cannabis.
The sales dip held true nationally in every province except Newfoundland and Labrador, where sales stayed essentially flat at C$5.6 million. The decrease was most pronounced in Ontario, where sales went down by C$6.5 million, and British Columbia, where sales decreased by C$2.4 million.
Also noticeable was the year-over-year increase in sales across provinces, with the exception of Quebec, which stayed roughly flat at C$48 million in sales.
Ontario sales were up year-over-year by 9%, to C$147 million from C$134 million. And British Columbia sales were up year-over-year by 17%, to C$55 million from C$47 million.
New Cannabis Ventures analyst Alan Brochstein attributed the annual sales increase to "an increase in the number of stores as well as falling flower prices," which has been able to lure increasingly more customers away from the underground marijuana market.
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