Canadian cannabis sales soar to record-breaking heights
Retail cannabis sales rose to $382.4 million in December, according to new data from Statistics Canada, reports New Cannabis Ventures.
By the numbers
- That’s an 8.5% increase from November, and a 28.5% increase from one year ago
- Hifyre IQ forecast $392 million, who also estimated January sales will be 8% lower
- In Ontario, sales were up 5% from November and 68% from a year ago
- In Alberta, sales were up 11% from November and 3% from a year ago
Falling flower prices and an increase of stores in Ontario could be bringing consumers over to the regulated market from the illicit market, according to the report.
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‘If only we knew’
Parallel CEO promises to do better on equity
MSO Parallel’s new CEO James Whitcomb apologized for his company’s lack of support for equity initiatives in the cannabis industry in an open letter.
“If only we knew then what we know now,” he wrote. “When we started Parallel (then Surterra) in 2016, those of us jumping into the legal cannabis market for the first time made a number of mistakes.”
Now, the company is committed to doing better, which includes:
- Listening and learning from legacy cannabis entrepreneurs
- Supporting the recommendations of the Minority Cannabis Business Association’s latest report, which includes not limiting licenses, by advocating that these changes happen within the states they operate
- Working to create economic opportunities for underserved communities and expanding access to cannabis
“Doing this work will allow us to grow the industry and innovate,” wrote Whitcomb, “continue to create thousands of jobs by reaching untapped talent and build shareholder value, all by doing the right thing.”
USDA releases results of its first-ever National Hemp Survey
The value of the US hemp market last year reached $824 million in 2021, according to the USDA’s first survey on the national hemp industry, reports Marijuana Moment.
- There were approximately 54,200 acres of hemp grown across the US
- 20,501 hemp growers participated in the survey
- The comprehensive survey asked about outdoor productive, crop uses, prices, and looked at smokeables, cannabinoid extracts, food, fiber and seeds
The takeaway“The release of this landmark report provides a needed benchmark about hemp production to assist producers, regulatory agencies, state governments, processors, and other key industry entities,” said USDA National Agricultural Statistics Service administrator Hubert Hamer in a press release. See the full report here.
Italian court blocks cannabis reform
Italy’s highest court has blocked plans to hold a referendum on cannabis reform, reports BusinessCann. More than 630,000 signatures had been collected in the effort to turn the issue to a vote, but Constitutional Court president Giuliano Amato said reform would violate “multiple international obligations.”
More European updates
- In Switzerland, eight in 10 CBD products sold to consumers are illegal, according to the Swiss Association of Cantonal Chemists
- In an effort to prevent THC from getting to consumers, the Swedish Ministry of Social Affairs’ new rules on hemp would restrict legal components to the stems and seeds, and flower would be destroyed
- Vancouver’s Agra Ventures says its Frankfurt-based Farmako is ready to take advantage of German cannabis legalization