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Canadian recreational cannabis sales rise in October to CA$448.6 million

Published

5 months ago

December 22, 2023

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Canadian sales of recreational cannabis rose to 448.6 million Canadian dollars in October ($336 million), marking a small increase from the previous month and a 15% increase over the same period last year.

By comparison, sales fell 6.2% in September on a month-over-month basis.

The new data from Statistics Canada shows that CA$4.2 billion worth of cannabis was sold in Canada through the first 10 months of 2023, which was 26% more than in January-October 2022.

Ontario continued to lead the country with CA$177.7 million in sales in October, or 1% more than September.

Alberta was next with CA$76.4 million in sales, about the same as the month before.

In the remaining provinces, monthly marijuana sales in October 2023 and comparisons to sales in September 2023 were:

British Columbia: CA$70.9 million (even).
Quebec: CA$57.5 million (+7.7%).
Manitoba: CA$18.8 million (+9%).
Nova Scotia: CA$10.2 million (+3.2%).
New Brunswick: CA$7.5 million (+2.7%).
Newfoundland: CA$7.3 million (+1.2%).
Prince Edward Island: CA$2.1 million (+3%).
Saskatchewan: CA$17.7 million (+9%).
Yukon: CA$1.1 million (even).

By municipality, Toronto and Montreal recorded the highest October sales.

Toronto’s sales were CA$58.7 million, a 1.2% month-over-month increase.

Montreal’s sales were CA$31 million, up 7.7% versus September.

Cannabis retail sales in select Canadian cities and monthly sales changes were:

Edmonton, Alberta: CA$25.7 million (even).
Vancouver, British Columbia: CA$23.1 million (+1.5%).
Calgary, Alberta: CA$21.3 million (+1%).
Ottawa, Ontario: CA$16 million (even).
Winnipeg, Manitoba: CA$11.5 million (+9%).
Quebec City: CA$5.1 million (+7.7%).
Gatineau, Quebec: CA$1.4 million (+7.7%).

Statistics Canada’s cannabis retail sales data is available here.

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Cannabis MSO MedMen is exiting Arizona and Nevada

Published

5 months ago

December 22, 2023

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Marijuana multistate operator MedMen Enterprises is exiting Arizona and Nevada by selling its assets in those states to privately held MSO Mint Cannabis.

The sales are the result of a strategic review by MedMen, according to a news release, and consist of the Los Angeles-based company’s wholly owned operating subsidiary in Arizona and two operational stores in Clark County, Nevada.

The value of the transaction was not disclosed.

Mint Cannabis has operations in its home state of Arizona as well as Michigan and Missouri.

MedMen warned investors in February that the company was running out of cash and later in the month said it was evaluating divesting properties in Arizona, Illinois and Nevada.

In November, MedMen advised that its annual results for the 2023 fiscal year ended July 1 would be late.

“MedMen is pleased with the outcome of our strategic review and has made good progress in our restructuring efforts,” MedMen CEO Ellen Deutsch Harrison said in a statement.

“These transactions will bolster liquidity in the short term, reduce liabilities, and enable the Company to focus on operating efficiencies and executing our long-term asset-light growth strategy in our core markets.”

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New PA law could increase medical marijuana dispensary permits by 20%

Published

5 months ago

December 22, 2023

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(This story has been updated to clarify the changes in Pennsylvania law.)

Up to 30 new medical marijuana dispensaries could open in Pennsylvania under a bill signed into law by the state’s Democratic governor, a potential expansion of 20%.

Under Senate Bill 773 – which Gov. Josh Shapiro signed into law Dec. 14, as promised – as many as 10 independent MMJ growers now qualify to apply for a dispensary license.

Until now, Pennsylvania law capped the number of dispensary license holders at 50.

That arrangement led to a market controlled by out of state big cannabis company that resembled a near monopoly, according to critics.

The new law:

Could mean an expansion of up to 20% in the number of dispensaries allowed in the state if all 10 that receive approvals apply.
Also allows up to four dispensaries previously barred from cultivating cannabis to begin growing operations.

The changes could help expand product offerings available to MMJ patients in the state, some of whom might be lured to nearby Ohio once adult-use sales begin there as anticipated in 2024.

There’s also new language that would require MMJ license holders to report any change in ownership affecting a stake of 20% or more.

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