IL Reaches $1.5B In Sales in 2022
Illinois cannabis sales reached a record high of more than ~$1.5B in 2022, according to state officials, with December being the strongest month the state has ever seen. That ~$1.5B sales number is a YoY increase of 12% and a 131% increase compared to 2020. In the month of December, the state saw ~$144M in sales from ~3.5M in products sold. It is no surprise that December set the record, considering the previous record was from December of 12%. “When I signed the Cannabis Regulation and Tax Act into law in 2019, we set out on an ambitious goal: to create the most equitable and economically prosperous cannabis industry in the nation,” Gov. J.B. Pritzker (D) said in a press release. “Our data from 2022 shows that we are well on our way towards making that idea a reality.” You can follow all of our monthly, state by state, cannabis sales, unit sales, and state pricing trends during our monthly Q&A + Industry Trends Call.
Fire & Flower CFO
Fire & Flower Holdings (FFLWF) announced that they have appointed John Chou as the Chief Financial Officer of the Company, effective immediately. The appointment of Mr. Chou as the permanent Chief Financial Officer follows his appointment as interim. "During Mr. Chou's work as interim Chief Financial Officer, he has contributed towards growing the strategic objectives of the business and has built strong relationships with our key team members and our Board of Directors," shared Stéphane Trudel, Chief Executive Officer of Fire & Flower. Prior to joining Fire & Flower management as Chief Financial Officer, Mr. Chou held the position of chief Financial Officer of The Flowr Corporation, Chief Financial Officer of Terrace Global, Vice President of Finance of Gran Colombia Gold Corp., and Vice President of Finance of Frontera EnergyCorp.
CANSORTIUM SHARE DEBT SETTLEMENT
Cansortium (CSE) announced last week that the Company had issued an aggregate of 1,354,167 common shares to certain of its directors in exchange for the cancellation of US$162,500 of director fees owing. The Debt Shares are being issued at a price equal to the closing market price of the common shares of the Company as listed on the Canadian Securities Exchange on December 30, 2022, being US$0.12, in accordance with the policies of the CSE. The Company did not file a material change report more than 21 days before the expected closing of the shares for debt transaction as the details and amounts of debts settled under the transaction were not finalized until closer to the closing, and the Company wished to close the transaction as soon as practicable, which the company deems reasonable as it wishes to reduce its accrued liabilities as soon as possible.
