Canada cannabis Archives - Green Market Report

John SchroyerJanuary 24, 2023
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2min5090

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
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3min6900

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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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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