Cannabis Briefs for May 16, 2023
May 16, 2023•Boston, Massachusetts-based TeaPot, which produces cannabis-infused iced tea drinks, is launching new flavor Mango Green Tea. TeaPot is made with real tea and infused with Pedro’s Sweet Sativa, a cannabinoid-rich cultivar distributed exclusively by Entourage Health Corp. under the Color Cannabis adult-use brand. Like TeaPot’s 2022 debut flavor, Lemon Black Tea, Mango Green Tea contains 5mg of THC a 12-ounce can. It’s debuting in Ontario, Manitoba, and Saskatchewan throughout May and is available for purchase at select cannabis retail outlets and online. TeaPot is a brand of the Boston Beer Company.
•Chicago, Illinois-based Verano Holdings reported results for the first quarter of 2023, in which revenue was up 1% sequentially to $227 million. That figure was up 12% from the same period last year, driven by strong sales in new markets including New Jersey and Connecticut and offset slightly by retail declines in Pennsylvania. The company’s net loss for the quarter was $9 million and its adjusted EBITDA was $71 million, or 31% of revenue. Verano is now active in 13 states with 126 retail locations and 14 cultivation and processing facilities.
•Tallahassee, Florida-based Trulieve logged revenue of $289 million in the three months ended March 31, with 95% of that coming from retail sales. The company reported a net loss of $64 million, which included a number of asset impairments and other charges that, when excluded, yield an adjusted net loss of $21 million for the quarter, with an adjusted EBITDA of $78 million, or 27% of revenue. In the first three months of the year Trulieve opened three new dispensaries in Florida and West Virginia and launched adult-use sales in Bristol, Connecticut. The company now operates 186 retail locations in 11 states and holds more than 4 million square feet of cultivation and processing capacity.
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