doomed
16 시간 전
Bad News
Canopy Growth suffers hit, partly from edibles interruption
Published on November 22, 2024 by Pat Bulmer
Consumption of Canopy Growth products in Canada was down 44% in the latest quarter, the company revealed in a recent financial statement.
The decline was “in part due to an interruption in the supply of Wana edibles,” the cannabis company said in a news release.
Net revenue for the quarter for Canadian cannabis sales was $37 million, down 8% from the same quarter a year ago, the company said.
Internationally, the Smiths Falls, Ont. company reported a loss from continuing operations of $46 million, compared to $7 million a year ago, “with last year’s results benefitting from the sale of a facility in Smiths Falls.”
“Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) loss was $6 million, representing a 54% improvement year-over-year, “driven primarily by the realized benefit of the company’s cost savings program.”
The company reported growth in its medical cannabis businesses, with net revenue increasing year-over-year by 16% in Canada and 12% in international markets.
“We delivered a solid second quarter led by strong growth across our Storz & Bickel (vapes), Canadian medical and European cannabis businesses and we are well positioned to accelerate momentum in the second half of our fiscal year,” said Chief Executive Officer David Klein in the release. “In addition, we remain highly optimistic about the momentum building within Canopy USA as this strategy was uniquely designed to succeed independent of the need for federal legalization.”
The results of the recent US election dashed prospects for legalization. Democratic presidential hopeful Kamala Harris promised to legalize cannabis, but, of course, she lost. Florida and the two Dakotas rejected legalization in state votes.
Canopy Growth says it has several initiatives planned to boost sales:
— “The re-introduction of Wana edibles … is expected to drive growth in the edibles category.”
— “Continued efforts to elevate the quality and variety of our Tweed and 7ACRES flower and pre-roll joint product offerings.”
— “Reinvigorated performance of Tweed Kush Mintz as well as promising in-market performance of new strains Tweed Cherry Acai Mints … and 7ACRES Ultra Jack.
— “A robust new product pipeline with a particular focus on the growth categories of Vape, Pre-Roll Joints and Concentrates.”
Canopy Growth to sell Claybourne brand in Canada
Meanwhile, Canopy Growth has reached a licensing agreement to sell the California-grown Claybourne brand in Canada.
This initial launch will bring Claybourne’s Frosted Flyers Infused Pre-Rolls to Canadian consumers in five offerings — Blue Dream, Strawberry Cough, Pineapple Express, Grape Gasolina and Banana OG.
Since 2022, the pre-roll joint market in Canada has grown 94% – with infused pre-rolls now totalling 9.6% of the total recreational market, Smiths Falls, Ont-based Canopy said in a news release.
“Claybourne Frosted Flyers are one of the most successful infused pre-rolls available in the U.S. and bringing them to adult consumers across Canada is a major step forward in Canopy Growth’s innovation and commercialization strategy as we push even further into the rapidly expanding pre-roll joint category,” said Dave Paterson, Canopy’s Canadian president.
Claybourne’s pre-rolls offer higher potency and consistent flavour through the use of THC coating on the outside of the joint, additional infusion of natural terpenes and other enhancements, the release said.
At this point in the game and still selling bunk, future looks grim for Canopy.
doomed
2 주 전
Get your moldy weed!
Home / Cultivation
Maine issues third adult-use cannabis recall in 3 months
By Me
November 11, 2024
Maine regulators has issued a third recall in three months.
This recall, announced Thursday by the state’s Office of Cannabis Policy (OCP), involved The Soap flower strain, according to Westbrook TV station WMTW.
The contaminated product was sold and smoked between Oct. 11 and Oct. 24 in stores in Bethel, Biddeford and Sanford.
The recalled product was grown by Leb City Greeneries, according to the OCP.
The OCP also issued recalls on Sept. 11 and Oct. 11. The second recall was expanded on Oct. 24.
The agency said Thursday’s recall stemmed from “audit testing results that showed unsafe levels of Yeast and Mold.”
The recall is “part of an ongoing investigation into data irregularities between mandatory test results reported to OCP and audit testing conducted by the Office,” the agency noted.
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