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Cannabis Briefs for August 23, 2022

August 23, 2022

•Adult-use sales in Canada reached C$378 million ($291 million) in June, up 1% compared to a month earlier and setting a new record, according to Statistics Canada. Ontario, the largest market in the country, was up 3.3% to C$152 million in June, while second-ranked Alberta was flat at C$67 million. Among other key provinces, British Columbia and Quebec both slipped slightly from a month earlier, at C$54 million and C$50 million, respectively.

•Multi-state cannabis retailer Planet 13 saw revenue rise on a sequential basis to $28 million in the three months through June, although sales fell 14% year-on-year. Adjusted EBITDA was cut in half to $3 million for the quarter. “Since we reported Q1 we’ve seen a material weakening of the consumer, which has impacted tourist spending in Nevada,” said Larry Scheffler, co-CEO. “Despite this, we have been able to maintain above 9% retail market share. We are taking steps as a company to improve resiliency in the face of this new macro dynamic.” This summer, Planet 13 launched its Trendi brand in the California market and also announced two more upcoming dispensary locations in Florida.

•Nevada-based retailer Thrive has appointed Brandon Wiegand as chief operating officer. Wiegand joins Thrive from fellow Nevada operator The Source, where he served as CCO and drove all revenue-generating activities to support the scale and profitability of the company. In his new role, he’ll oversee the day-to-day management of Thrive, which has six retail locations: North Las Vegas, Southern Highlands, West Sahara, Reno, Jackpot, and Las Vegas Strip.

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