Cannabis Briefs for September 28, 2021September 28, 2021
•Canada’s cannabis sales reached a new record of C$339 million ($268m) in July, up from C$319 million ($252m) a month earlier. Ontario, Alberta, and Quebec are the biggest provinces in sales terms, accounting for shares of 37%, 18%, and 15%, respectively, in July. Overall, Canada’s monthly cannabis sales have risen 13.6% since March. Flower and prerolls remain the biggest segments of the market, with Hifyre IQ estimating that those two formats comprised 48.9% and 24.6% of the category, respectively, in August. The next largest form factor was the vape segment, with a 13.2% share.
•Los Angeles-based MedMen reported results for the fiscal quarter and year ended June 26, during which period quarterly earnings increased 19% sequentially to $42 million. For the full year, MedMen’s operations in California, Nevada, Illinois, Arizona, and Florida generated $145 million in net revenue. The company made progress toward balancing expenses as annual general and administrative costs fell 38% to $125 million, though it still logged a net loss of $157 million for the year.
•Cresco Labs is adding three new dispensaries in Pennsylvania. The stores do business under the name Cure Penn and are located in Philadelphia, Lancaster, and Phoenixville. Cresco Labs will pay $90 million for Cure Penn in an undisclosed mix of cash and stock, with the transaction expected to close in the last quarter of this year. The acquisition will bolster Cresco’s presence in Pennsylvania’s robust medical market, where the company already operates four dispensaries under its Sunnyside retail brand.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.