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Cannabis Briefs for December 6, 2022

December 6, 2022

•Minneapolis, Minnesota-based Indeed Brewing is launching High Fiver Sparkling THC, a new cannabis drink. It’s citrus flavored and contains 5mg of THC a 12-ounce can. The brewery is holding a release event today featuring a dispensary pop-up from Legacy Glassworks among other festivities. High Fiver will be available for on-site consumption or to-go, with a maximum of 10 cans per order. The release follows Indeed’s first THC drink, Two Good, that it launched over the summer. Indeed plans to release Two Good and High Fiver gummies in the future as well.

•Toronto-based Organigram Holdings reported earnings for the fiscal quarter and year ended August 31, in which quarterly net revenue totaled C$45.5 million ($33m), up 83% from the same period last year. That growth was in line with annual revenue, which grew 84% in fiscal 2022 to C$145.8 million ($107m). The company achieved a positive adjusted EBITDA in the quarter as well. Organigram attributed its gains to its strong market position as the No.-3 producer overall in Canada. It held the No.-1 spot in Ontario, the country’s largest market, and the No.-1 position for flower.

•Legal cannabis sales kicked off in Rhode Island last week. Five established medical dispensaries were given the green light to open to the public on December 1, following the change in the law in May. Rhode Island’s adult-use sales are expected to be in the hundreds of millions of dollars within a few years.

•The total supply of cannabis in the U.S. will exceed 48.8 million pounds this year, according to a report from cannabis consulting firm Whitney Economics. The figure includes both licit and illicit cannabis supply and all form factors including flower, edibles, concentrates, and so forth. Whitney estimates that the supply outstrips total U.S. demand. Illicit cannabis supply is currently greater than legally grown supply but that trend should reverse in 2026. According to Whitney’s numbers, legal cannabis sales in the U.S. will rise to $81.6 billion in 2030, up from $29.3 billion this year.

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