Valens Joins Cannabis Council of Canada
Valens is a long.
The Cannabis Council of Canada, AKA C3, is the national membership organization representing cannabis producers and processors licensed under the Cannabis Act. C3's mission is to advocate for the growth, development, and integrity of Canada's cannabis industry. With Valen's recent joining of the council, they will look to influence policy development and the regulatory framework of legal cannabis. This includes working on product safety standards and taxation of vape products, which is its core business. "Valens is an established cannabis industry leader whose commitment to product safety and innovation are making an important contribution to the success of Canada's legal cannabis industry," said George Smitherman, President & CEO of C3. "Their experience, expertise, and industry relationships are welcome assets in support of C3's ongoing advocacy and regulatory efforts."
We will be hosting a Canada Sales Update deck on Wednesday, June 16th at 12:30 PM, which will go over Valen's and the rest of Canada's sales trends in detail.
Delivery's Impact on Cannabis
15 states offer some delivery licenses for cannabis for both recreational and medicinal use. The covid-19 pandemic showed the impact delivery could have for consumable products as customers look for instant gratification, which they are willing to pay for. In many states, you must have a delivery license to deliver cannabis that has improved social equity as delivery businesses are much easier to start than retail locations or cultivation. In Massachusetts, out of 400 eligible applicants, 300 were social equity program applicants. The interest in cannabis delivery from outside the industry isn’t surprising when you look at the data. When the U.S. went on coronavirus lockdown, new signups for the Eaze delivery app increased by nearly 60%. At the same time, first-time deliveries jumped by 44%, and order sizes increased by 15%. Six months later, a September 2020 poll found that 52% of customers said they use cannabis delivery for convenience. As we live in a convenience-driven society, cannabis delivery will continue to drive top-line revenues for cannabis businesses. CEO of Uber, Dara Khosrowshahi, has also expressed interest in entering the space, but only when federally legalized.
Arkansas Strong Sales
Medical sales of cannabis sales hit $330 Million since they began mid-2019. In the state, there are currently 31 operating dispensaries, with six more openings within the year. With a population of just 2.9 Million, the state has 77,029 active patients equating to over a 2.6% penetration rate. These strong sales show that even states in the South have a strong base of active customers driving revenues. Oklahoma, which borders Arkansas, has the highest number of dispensary licenses for any US state. Such a high number of dispensaries would not be open if there were no strong demand for the product in the region.
