Nevada CANNABIS TRENDS
In the month of April, Nevada recorded ~$71M in cannabis sales, which represents a sequential decline of 2.9% and a YoY decline of 1.7%. Unit volumes in the month were down 1.1% sequentially but up 7.7% YoY. The average price per unit was down 1.7% sequentially and down 8.7% YoY.
Cannabis Speaker Call W/ Mike Gorenstein
Cronos Group (CRON) is a Hedgeye Cannabis Best Idea Long.
EVENT DETAILS:
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Topics to be discussed & THE PATH FORWARD:
- Discussing Cronos's 1Q23 results and guidance.
- How Cronos is focused on cost reductions and cash flow positive in 2024.
- New products and market share trends in Canada.
- We believe that the US Cannabis market is broken and that Cronos is perfectly positioned to take advantage of legalization.
- Discussion around the cost of cultivation in different geographies (USA, CAN & ISR)
- How rare cannabinoids drive Cronos’s borderless branded strategy
- Discuss sum of parts
About Mike Gorenstein (CEO):
Minnesota is legalizing adult-use cannabis.
We wrote about the progress in Minnesota last week, and now the Minnesota Senate is sending their adult-use legalization bill to Governor Tim Walz desk. Governor Walz has already pledged that he will sign this bill into law sometime this week. Minnesota will represent the 23rd state in the United States to have legal cannabis sales to its citizens. Governor Walz also signed a bill legalizing the possession of drug paraphernalia, small amounts of drug residue, syringe services, and testing.
