Cannabis Briefs for June 24, 2025
June 24, 2025•Canadian cannabis company High Tide reported revenue up 11% year-over-year to C$137.8 million ($100m) for its fiscal second quarter, ended April 30. Gross profit was stable at C$35.5 million ($26m), while adjusted EBITDA was at C$8.1 million ($6m), The company’s growth was driven by its Canna Cabana chain of retailers, which saw daily same-store sales up 62% year-over-year. The group’s Cabana Club membership continues to grow in Canada, adding 33% more members and nearing two million total. During the quarter, High Tide opened four new Canna Cabana locations in Ontario and one in Alberta, bringing the total retail footprint to 200 locations.
•Burlington, Vermont’s Upstate Elevator Company has released a new Strawberry Tangerine flavored hemp-derived THC seltzer, with retail distribution including alcohol giant Total Wine. The 10mg seltzer also contains 5mg of CBG and comes in at zero calories with zero sugar. Initially the drink will launch in the brand’s key markets, including New Jersey, Tennessee, Minnesota, Ohio, Florida, and Illinois, with further distribution coming later this year. The new release comes in four-packs of 12-ounce cans.
•Lawmakers in California have announced their formal plan to ban hemp-derived THC products in the state. The prohibition, a permanent move that would enshrine the current temporary ban, enacted by Governor Gavin Newsom, would bar hemp products from containing any detectable THC. According to data released by the state, Newsom’s ban is currently working, with nearly all retailers in compliance. The ban would also cost the state more than $600 million in the first year and spur the closure of more than 100 businesses and cost nearly 20,000 jobs, according to reporting in SFGate.
•Canada’s Aurora Cannabis reported net revenue of C$343 million ($250m) for fiscal year 2025, up from C$270 million ($197m) the previous year. Adjusted EBITDA jumped from C$14 million ($10m) for fiscal 2024 to just under C$50 million ($36m) for 2025. The solid fiscal year results come alongside a strong Q4 for Aurora, with quarterly sales up over C$20 million ($15m) to C$90.5 million ($66m). The positive results were attributed to strong growth in the Canadian company’s international cannabis business. Looking ahead, Aurora expects more adjusted EBITDA growth despite some headwinds for its international business and Canadian medical sales.
•The Jones Soda Co. has sold its cannabis business, Mary Jones, to MJ Reg Disrupters LLC, a privately held firm. The business sold for $3 million. The sale included a multi-year licensing deal allowing the new company to use the existing Mary Jones branding. The move comes as Jones Soda Co. plans to “streamline operations and focus on its core soda offerings, modern functional beverages, and emerging adult beverage category,” according to a statement from the company.
Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.Tagged : Aurora, cannabis, High Tide, Jones Soda Co., Mary Jones, Upstate Elevator Company
