Illinois CANNABIS TRENDS.
In the month of February, Illinois recorded ~$149M in cannabis sales, which represents a sequential decline of 4.9% and a YoY increase of 5.1%. Unit volumes in the month were down 2.7% sequentially but up 19.7% YoY. The average price per unit was down 2.3% sequentially and down 12.2% YoY.
Missouri off to a hot start
Missouri opened up for adult-use cannabis sales on February 3rd, and during the first weekend, the state reported that they did $8.5M in sales. “We expected an increase, but I’m not sure we expected this much,” Flora Farms President Mark Hendren said. “Depending on where the location is has a little bit to do with how much volume we’ve seen increase,” Hendren said. “It’s a minimum of three times over medical and in the stores that are closer to the borderline states. Our recreational customer now represents over half of our total business.” Now that the floodgates are open, operators are forced it increase their cultivation footprint to keep up with demand. We have seen this in almost every state and will eventually lead to a price decline, which is the headwind many states are facing right now.
CALL INVITE | CANNABIS SPEAKER CALL W/ Mike Gorenstein, CEO of Cronos
CALL DETAILS:
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Topics to be discussed & THE PATH FORWARD:
- Update on the business reorganization and the decision to maintain some operations at the PEACE NATURALS campus
- "Borderless" brand building in Canada & Israel, including the new flower genetic launch in those countries.
- Understanding the strategy that drove Spinach brand to become Canada's #1 gummy brand. How this strategy may apply to the eventual move into the USA
- The outlook for Gross margins in 2023
- Detailed sum of the parts
If there are questions you would like asked, please send them to
