Cannabis Briefs for November 28, 2023

•Canadian cannabis sales dipped 5% to C$560 million ($411m) in September compared with the prior month, after reaching a high of C$589 million ($433m) in August. Sales for the industry, which have continued to increase on an annual basis despite the tough climate for many operators, have often peaked in the summer before declining slightly during the fall ahead of the holiday period. The wholesale market for cannabis north of the border also dropped in September, down to C$261 million ($192m) from C$288 million ($211m) a month earlier.

•Multi-state operator Ascend Wellness has opened its 10th dispensary in the Illinois market, marking its 32nd location across its seven-state footprint. Based in Northlake, the new outpost is open seven days a week and offers premium flower strains, edibles, topicals, and accessories. Ascend’s footprint spans Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania, with brands including Common Goods, Simply Herb, Ozone, Ozone Reserve, Tunnel Vision, and Royale. Ascend’s revenues totaled $141 million in the third quarter, up 27% year on year, with adjusted EBITDA reaching $30 million.

•Canadian retailer High Tide has opened its eighth store in the British Columbia market, introducing a Canna Cabana location in Vancouver. Eight is the maximum number of stores allowed to operate by any one entity in the province. Located on the main thoroughfare of Davie Street, the new location has 200,000 residents within three kilometers, according to the company. High Tide now has 157 current locations spanning British Columbia, Alberta, Saskatchewan, Manitoba, and Ontario. The company posted revenue of C$124 million ($91m) and adjusted EBITDA of C$10 million ($7.3m) for its fiscal third quarter ended in July.

Tagged : Ascend Wellness, Canna Cabana, cannabis, High Tide

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