You’re reading a copy of this week’s edition of the New Cannabis Ventures weekly newsletter, which we have been publishing since October 2015. The newsletter includes unique insight to help our readers stay ahead of the curve as well as links to the week’s most important news.
Friends,
This week, New Cannabis Ventures published an exclusive report of BDSA’s monthly cannabis sales data for 11 states.
Looking at a per-day basis, April sales grew sequentially in 10 out of 11 states. Compared to a year ago, sales expanded in Florida, Illinois, Massachusetts and Michigan.
In April, the biggest growth driver was pre-rolls in 4 states: Arizona, gaining 47%, California, growing 8%, Illinois, increasing 17%, and Massachusetts, expanding 34% year-over-year. In Florida, the strongest category was flower, jumping 38%. In Michigan, concentrates surged 48%. In Arizona, California, Colorado, Nevada and Oregon, lower flower sales continued to drag down the overall sales for the month. In Pennsylvania, the vape recall in February continued affecting sales of concentrates, which fell 9%.
Exclusives
RIV Capital has changed course since it began operations. It started as an investor in the cannabis space to become a U.S. cannabis operator. In an exclusive interview, President and CEO Mark Sims talks about why and how the company plans to change gears, including its plans to acquire New York cannabis operator Etain.
New York State has been taking steps toward opening up the adult-use cannabis market. According to FY 2023 Executive Budget, the state projects to generate $1.25 billion in cannabis tax revenue over the next 6 years.
The Illinois Medical Cannabis Patient Program released the medical cannabis sales, five days after the release of the adult-use figures by the Illinois Department of Financial and Professional Regulation. In this exclusive article, we discuss the combined medical and adult-use cannabis sales for May.
Dealmakers
Venture capitalists are providing Canix with $10 million in funding. The company says the capital raise will spur the development of features for cultivation forecasting, material resource planning, warehouse management and procurement. In late 2020 we spoke with co-founder and CEO Stacey Hronowski about the company’s goal of reducing the cost of data entry for cannabis operators.
Earnings
Scotts Miracle-Gro cut its full-year guidance for revenue and adjusted earnings. The company said it expected U.S. consumer sales to dip between 4% and 6% with Hawthorne sales expected to plummet 40% to 45% for the year ending Sept. 30. “The revised guidance we are providing is our best estimate of where things currently stand in a fluid and rapidly evolving market. While we are striving to deliver the best outcome for fiscal 2022, our focus is shifting toward the future,” said Chairman and CEO Jim Hagedorn.
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Sincerely,
Alan & Joel
info@newcannabisventures.com
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