As stores continue to climb across the country, May sales figures jumped to $85M, up $11M from April.
- The strongest growth was in BC, Ontario, and Quebec, where the number of REC retailers is increasing. Provinces like Nova Scotia and New Brunswick, which haven’t opened new stores, have seen stable sales.
- Strategist Nick Pateras noted Quebec sales “grew the most in May on an absolute basis (+$3.5M) while Ontario retained its leading ~26% market share. National monthly sales of $85.6M means we now have a billion dollar industry at an annualized run rate.”
- Bloomberg‘s David George-Cosh noted seasonally adjusted cannabis sales since October, per Stats Can numbers, have now more than doubled since legalization.
- After announcing it would not carry clones, BC’s Liquor Distribution Branch said it didn’t yet open a call for producers to for infused cannabis products.
MJ Biz Daily
- Some MED users feel “elbowed out” of access since legalization.
- Canopy’s venture capital firm Canopy Rivers, which has invested in 18 companies, posted a $1.8M Qloss.
- Cronos moved to acquire an 84,000 GMP-compliant fermentation and manufacturing facility in Winnipeg previously owned by generic pharmaceutical giant Apotex. This facility will be able to produce large volumes of cultured cannabinoids.