Canada Sales
After a few weak months of sales stretching from April to June, is the tide is turning in Canada? According to estimates from Hifyre Retail, July sales were revised up significantly to $339 Million, a 6.4% increase from the month prior. August sales are estimated at $347 Million, which is up 2.4% from July. With this strengthening of sales, we estimate 2021 annual sales to be $3.93 Billion compared to our prior estimate of $3.8 Billion. Join us next Wednesday, September 8th, at 12:30 PM EST for our in-depth insight into what is driving these stronger sales in Canada. We will also be holding a Q&A immediately after our update.
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Nevada Tracker (June)
Sales for June in Nevada were down slightly to $91.8 Million. This is a 3.18% sequential decrease but a 50% YoY increase. The annual run rate for both recreational and medical sales in Nevada is $1.14 Billion. The companies with the largest footprint in the state are Green Thumb and Ayr.
New York Jumpstart Sales
Kathy Hochul, who recently was appointed governor of New York after Cuomo's resignation, says she wants to "jumpstart" the implementation of marijuana legalization. On Wednesday, Hochul took action on this statement by appointing two key regulatory heads to oversee the state's cannabis market. The NY Senate quickly confirmed both during a special session. Former New York Assemblywoman Tremaine Wright (D) will serve as chair of the Cannabis Control Board, and ex-Drug Policy Alliance (DPA) staffer Christopher Alexander will be the executive director of the state’s Office of Cannabis Management. “We’re definitely excited that the governor has prioritized rolling this out,” Alexander said at the hearing. “We had a six-month delay—we’re behind six months already—and so the [governor’s] priority, she’s been unequivocal that she wants to get this going.” Hochul said in a press release, “One of my top priorities is to get New York’s cannabis industry up and running finally—this has been long overdue, but we’re going to make up for lost time.” Sales were planned on commencing sometime in 2022, but with Hochul's leadership, it will likely be in early 2022.
