Florida CANNABIS TRENDS
In the month of April, Florida recorded ~$162M in cannabis sales, which represents a sequential increase of 3.9% and a YoY increase of 3.8%. Unit volumes in the month were up 1.7% sequentially and up 24.9% YoY. The average price per unit was up 2.1% sequentially but down 16.9% YoY.
Tilray plummets on capital raise news
Tilray (TLRY) is on the Hedgeye Cannabis Short Bias List.
After the close on Thursday, Tilray Brands announced they would be offering $150M worth of convertible senior notes. The notes mature in June of 2027, with an annual interest rate of 5.2% (paid semi-annually). The notes are convertible at any time into Tilray common shares, with a price of around $2.66 per share. Tilray retains an option to redeem the notes at any time after June of 2025 for cash. This is not the first time Tilray has done this, and it probably won't be the last time. The company continues to lose money faster than it can grow revenue. Issuing more debt was the only way that Tilray was going to be able to keep the lights on. Tilray is on the short bias list for this exact reason, and there is a strong possibility that this company is not around in 5 years. The stock dropped 21% on Friday to $1.86.
CONSUMABLES MONTHLY Q&A CALL
CALL DETAILS:
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WE WILL EXPLORE THE FOLLOWING TOPICS:
- Cannabis trends.
- Discuss the pushback and feedback from our recent Black Book calls.
- Share feedback on our outlook for 2023.
- Trends we are seeing in 2Q23.
- Discuss earnings.
- Discuss the most common and noteworthy inbounds we have received in the past month.
- Revisit changes to our Position Monitors.
- Provide updates on some of our best ideas.
- Discuss recent trend changes in consumer spending & inflation.
WE WILL ALSO TAKE LIVE QUESTIONS.
Send us your questions ahead of time to .
