Cannabis Briefs for February 7, 2023
February 7, 2023•Canadian retailer High Tide saw revenues almost double to C$357 million ($265m) for the year ended October 31, with adjusted EBITDA up 17% to $14.6 million ($11m). The company says revenues are now at an annual run rate of C$450 million ($334m). “Our same-store sales increased by 50% year-over-year, something that is an anomaly amongst North American cannabis companies,” said president and CEO Raj Grover. “Our bricks-and-mortar margins have slowly but steadily ticked higher over the last two quarters, and we expect this to continue, which will help amplify the impact of our anticipated same-store sales increases. High Tide now has 150 locations across Canada. SNDC recently caught up with Grover to hear more about the growing business.
•Florida-based Trulieve has announced the February launch of two of its proprietary brands in Massachusetts and West Virginia, Roll One and Modern Flower. Value flower brand Roll One includes strains available in a variety of increments including 7g ground flower, 3.5g whole flower, and 1g pre-rolls. Roll One is also introducing a new product to the Massachusetts market with a pre-roll 4-pack. Modern Flower will debut with whole flower and 1g pre-rolls, focused on “modern potencies and affordability, with a diverse set of offerings,” according to the company.
•Ascend Wellness is opening its third dispensary in the Massachusetts market. Located in New Bedford, the shop has 5,200 square feet of floor space and will exclusively sell adult-use cannabis, offering Ascend’s full menu of flower, edibles, vapes, and concentrates, including a variety of brands such as Simply Herb, Ozone, and Airo. Ascend’s U.S. footprint spans Illinois, Michigan, Ohio, Massachusetts, New Jersey, and Pennsylvania.
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