Hedgeye Cannabis Monthly Q&A + Industry Trends Call.
CALL DETAILS:
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We are hosting our monthly Q&A and Cannabis Industry Trends Update call for subscribers next Tuesday. We will answer questions regarding our position monitor, our process, and legalization and give an update on our state-by-state cannabis sales tracker.
Please submit your questions in advance to - You can also submit them live during the event, but chances are you will get a better answer from us by sending them in advance!
Illinois Cannabis Trends
Cannabis sales in the month of November came in at ~$157M, which represents a 2% sequential decline while being up 3% YoY. Unit volumes were down 1.3% sequentially but this has been a healthy growth market in 2022 with 13.1% unit growth in the year. Pricing power has been some what of a headwind for this market, but not nearly as bad as other states. Pricing power was down 0.7% sequentially and down 8.9% YoY.
New York Cannabis.
With the lack of New York dispensaries opening up, legal growers have roughly 300k pounds of $750M worth of flowers that can't be sold due to the state's lack of movement for handing out dispensary licenses. Some dispensaries are starting to open up in the state; the first one in Manhattan is scheduled to open up this week. One or two dispensaries opening up won't solve the problem of the 300k of flowers that will eventually go bad, not to mention the black market, which has gone crazy due to the fact that it has taken well over two years to even get one dispensary open in the state. New York is an absolute mess right now, and there is so visibility into the state fixing any of their problems.
