We also updated our profile on Activation Labs.
In other Canadian cannabis news, in no particular order:
Leafly and Greenline announced an expanded partnership that will drive operational efficiencies for cannabis operators across Canada. Greenline operates exclusively in Canada, providing cannabis POS Software for retailers. The Leafly-Greenline integration will be rolled out to hundreds of retailers across Canada over the coming months, with support and training offered to ensure a seamless transition for all retailers.
The Elevate Cannabis Industry Expo is taking place in Toronto, Ontario, from September 12-15, 2023. It promises to be a transformative experience for all participants. Jazz Samra, Owner and Founder of VIP Media Group, which is organizing the event and Sativa Bliss Cannabis Boutique, says, “We understand the needs of retailers but also the aspirations of licensed producers. Our collective needs are at the heart of this endeavour.”
In cannabis-related news, Tilray Brands announced it had entered into a definitive agreement to acquire eight beer and beverage brands from Anheuser-Busch. Upon satisfaction of customary closing conditions, Tilray will acquire Shock Top, Breckenridge Brewery, Blue Point Brewing Company, 10 Barrel Brewing Company, Redhook Brewery, Widmer Brothers Brewing, Square Mile Cider Company, and HiBall Energy.
The owner of Planetary Pride, Sault Ste. Marie’s first-ever cannabis accessory shop is selling the business after 25 years. The owner, Rob Waddell, told SooToday that he’s hopeful his cannabis accessory shop will be purchased by a like-minded business owner who can keep his vision alive.
Delta 9 announced they will now be supplying cannabis to Northwest Territories. “This marks Delta 9’s eighth Canadian provincial and territorial supply approval after Manitoba, Saskatchewan, Alberta, British Columbia, Ontario, Newfoundland and Labrador, and Yukon Territory,” said Alexa Goertzen, Vice President of Cannabis Sales. There are six locations to purchase cannabis in NWT, as well as one licensed online store.
Indiva is launching its “No Future” cannabis Gummies and Vapes, with competitive pricing it says will “reset the floor price” of legal market gummies and 1.2g vapes across Canada. BC and Alberta have already begun to receive their first shipments of the gummies and Ontario is expected to receive its first shipments in September and have them in stock at retailers by October 2023. The No Future Vapes have been delivered in Alberta and are expected to land in Ontario on the same timeline as the gummies.
Nova Cannabis Inc, which operates Value Buds and Firesale Cannabis, released its unaudited condensed interim consolidated financial statements and management’s discussion and analysis for the three and six months ended June 30, 2023. Nova recorded revenue of $64.0 million, net earnings of $1 million, and has 92 stores operating as of August 9, 2023.
Nova took proactive steps to optimize its proprietary data licensing program in the first half of 2023, which has no direct associated costs. Data licensing revenue is expected to increase the company’s gross margin by approximately two percentage points in each quarter.
Pending completion of Nova’s Reorganization—announced by the Company on December 20, 2022, and pushed back recently due to “continued review by one provincial regulator”—it will acquire 29 additional stores located in BC, Alberta, Ontario, Saskatchewan and Manitoba from SNDL’s retail network.
Canopy released its financial results for the first quarter ended June 30, 2023. They posted net revenue of $109 million and a net loss of $42 million. Storz & Bickel is also preparing to launch a new vaporizer line in the fall of 2023.
New Brunswick now has six private retail cannabis stores and six cannabis farmgate stores, in addition to the Cannabis NB stores in the province.
Village Farms announced its financial results for the second quarter ended June 30, 2023. Its two cannabis ancillaries, Pure Sunfarms and Rose LifeScience, combined net sales were relatively even with the previous quarter, at C$38.0 million and $37.7 million, respectively. Export sales increased 217 percent. Net income, $1.7 million, was down from the previous quarter’s $2.3 million.
Village Farms maintained its top-three producer market share ranking nationally for the second quarter of 2023, and became the number one producer for Quebec by market share for the second quarter of 2023 (based on data from HiFyre). It was the number two ranked cannabis producer in the dried flower category nationally (but held the number one position prior to the acquisition of market share by a competitor).
Village Farms also saw net sales of $5.3 million through its US cannabis brand, Balanced Health Botanicals.