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Cannabis Briefs for February 15, 2022

February 15, 2022

•Annual cannabis sales in Colorado hit a record high in 2021, reaching over $2.23 billion. The figure represents a modest gain over 2020’s total of $2.19 billion but continued the state’s streak of setting a new record every year since sales began in 2014. Having reached a peak of $167.8 million in monthly recreational sales in July, customers in Colorado closed out the year by spending $131.6 million and $139.7 million in November and December, respectively. To date, $12.2 billion has been spent in Colorado on cannabis since January 2014.

•Edmonton, Alberta-based Aurora Cannabis saw its earnings fall 10% in the three months ended December 31. The company’s global cannabis net revenue totaled C$60.6 million ($48m), driven by C$45.7 million ($36m) of medical marijuana, with recreational sales contributing C$14.8 million ($11.6m). Earnings were hit by the continued declines in the price of flower, which fell 10% amid ongoing oversupply in the market. Aurora logged an adjusted EBITDA loss of C$9 million ($7m), a small improvement from the previous quarter.

•Seattle, Washington-based Cycling Frog launched a new lineup of THC seltzers. The flagship release is Wild Cherry THC Seltzer, which contains 5mg of THC and 10mg of CBD per 12-ounce can, priced at $20 a 6-pack and available on the brand’s website. Cycling Frog also produces a range of gummies, softgels, tinctures, and mints.

•Curaleaf Holdings expanded its relationship with Leaf Trade, a wholesale cannabis marketplace operating in 25 markets. The two companies were already aligned in 11 states but now will work together nationally across all 19 markets where Curaleaf is present. Leaf Trade’s platform provides a range of management services like automated, synced inventory counts as well as payment services for customers and advertising opportunities.

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