U.S CANNABIS SALES
U.S. cannabis sales in the country were flat sequentially in the month of August and grew 6.5% YoY. Cannabis unit volumes were down 0.4% sequentially but up 16.1% YoY. Pricing power around the country remains to be a problem. Our 3Q23 estimate for cannabis sales in the United States is that the industry will be up 4% compared to 2Q23 and up 5% YoY.
Tilray is up to their old tricks
Tilray Brands (TLRY) is a Hedgeye Cannabis Best Idea Short.
Tilray Brands announced today that two of its best-selling craft beer brands, Montauk Brewing Company and SweetWater Brewing Company, are now available at Atlantis Resort, on Paradise Island in the Bahamas and will be available soon at additional locations across the Caribbean. I'm going to be honest, who cares. It's a teeny tiny market where vacationers will have the choice between a Kalk, a Goombay Smash, a thousand other cocktails/beers, and now a Montauk IPO. What we should be talking about is how in Tilray's Notice of Annual Meeting of Stockholders, they will be looking to approve an increase in the number of shares the company is authorized to issue from 990M to 1.208B. A classic move by Tilray. They keep burning cash and buying sinking businesses, all funded by diluting their shareholders. Why would anyone own this company?
New name, not a new start
Columbia Care (CCHWF) announced today its change in legal name to The Cannabist Company Holdings Inc. and will rebrand to The Cannabist Company. Cannabist was launched in 2021 as the Company’s national retail brand, which now accounts for 36 locations across the country. In addition to the rebrand, the Company's common shares and warrants will trade under the symbols “CBST” and "CBST.WT", respectively, on Cboe Canada, effective Thursday, September 21, 2023. “The rebrand to The Cannabist Company marks an incredibly pivotal moment for us as an organization and speaks to where we are heading. When we launched Cannabist, we wanted to create a brand that could evolve with the rapidly growing industry and serve as the hub for all customers, regardless of what brought them in our doors. As we’ve opened Cannabists across the country, it became clear to us that the ethos behind that retail brand represented our company as a whole — a passion for cannabis that we all share and fuels our work every day. The introduction of our Cannabist retail experience has paved the way for a new level of innovation and customer engagement, and we felt it was the right time for us to step into a new future together as Cannabists. We are excited to continue sharing our love for the plant and defining what that means for our customers, partners, and communities,” said Jesse Channon, Chief Commercial Officer, The Cannabist Company.
