Maryland Sales Declining.
Maryland cannabis sales decelerated on an MoM basis to -8% in May and decelerated on a YoY basis to -10%. The number of products sold has continued to increase since August of 2021 but the price per product has declined over that same timeframe. Pricing power, not volume, has shown to be a continued problem in the industry in recent months, which is a bigger headwind with the inflation dynamics currently happening in the U.S.
AURora heading towards profitability at what cost.
ACB is on its last gasp.
Aurora Cannabis is closing down their flagship Sky facility in Edmonton, shutting down their outdoor farm in BC, and selling their Sun facility in Edmonton for 47 million Canadian dollars (Aurora had put 250 million Canadian dollars into this greenhouse facility). “Simply put, our business is bigger than what we need. We must position ourselves to secure our path to profitability better and ultimately be successful in this industry in the long term,” CEO Miguel Martin said in a video message to employees. Aurora reported a loss of $780 million in 3Q. mjbizdaily.com
MARijuana in the NBA Finals.
On Thursday, the first game of the NBA finals, New York aired a commercial addressing the discriminatory harms of cannabis criminalization and highlighting steps that state regulators are taking to try and fix the harm done to these communities. “Latino New Yorkers were eight times more likely to be arrested for cannabis than white New Yorkers over the past 30 years. Black New Yorkers? 15 times more likely,” the narrator says in the ad. New York is one of several states planning on legalizing adult-use cannabis in the state by later this year which was reaffirmed by the Governor last week. marijuanamoment.net
