CANADA CANNABIS SPOT INDEX — March 15, 2019

CANADA CANNABIS SPOT INDEX (CCSI) 

Published March 15, 2019

The CCSI declined by 1.4% this week to C$7.01 per gram, from last week’s C$7.10 per gram. The average price over the past eight weeks is assessed to be C$6.60 per gram, which includes the excise duties. This week’s price of C$7.10 per gram equates to US$2,378 per pound at current exchange rates.

 

This week we provide an update on recent sales trends. On March 12th, the Government of Canada’s Cannabis Tracking System published an updated supply and demand report. The newly published data made some revisions to sales figures from Q4 2018 and added January 2019 data. Today we look specifically at recreational market sales, defined formally as “CRA-stamped cannabis products sold directly in the Canadian retail market (either online or in-person) for non-medical purposes.”

A closer look into sales from individual provinces provides more perspective on the current purchasing habits of consumers according to their jurisdiction. British Columbia’s (BC’s) December revenues were remarkably low, with total retail sales tallying only C$1.24M. This despite BC being the third largest province by population, although it is possible that it is also home to Canada’s most established illicit market.

 

Ontario’s December sales are similarly disproportionate to its population size. Ontario is home to 38% of the total Canadian population, but sales from November to December dropped by a staggering 14% to C$8.72M, 16% of the nationwide total.

 

The two noteworthy positive highlights were December sales growth in Alberta and Saskatchewan, which saw increases in retail revenues of 12% and 5%, respectively.As seen in the charts above, there was a substantial revision made to the reported sales figures for the Q4 2018 non-medical dry cannabis and oils categories (see yellow line). The Government does state that the reported data is preliminary and that “verification and validation of this data is ongoing.” A close analysis of the most current figures is especially warranted in this case as the overall changes are quite significant.

Total sales of non-medical dry cannabis in Q4 2018 were revised higher by 634 kg, or 4.2%, and total sales of non-medical cannabis oil for the same time period were revised higher by 1,128 litres, or 20.8%. Going forward we need to remember that large revisions are always on the table, especially as the Government builds error correction into their models and cannabis market participants become more accustomed to, and efficient at, reporting inventory and sales data.

 

The addition of the January data provided some further insight into sales trends. Non-medical dry cannabis sales for January dropped by 4.5% from December sales to 5,336 kg across Canada. January non-medical oil sales told another story. Total oil sales sharply increased by 10.7% to 2,873 litres. All this stated, we take this latest month of data with a grain of salt as potential revisions could be made in the future.

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15 March 2019 Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

U.S. Cannabis Spot Index — March 15, 2019

U.S. Cannabis Spot Index — Published March 15, 2019

U.S. Cannabis Spot Index down 0.7% to $1,092 per pound.

 

The simple average (non-volume weighted) price decreased $30 to $1,155 per pound, with 68% of transactions (one standard deviation) in the $415 to $1,894 per pound range. The average reported deal size declined to 2.8 pounds from 3.1 pounds last week. In grams, the Spot price was $2.41, and the simple average price was $2.55.

 

The relative frequency of trades for indoor flower increased week-over-week by 1%. The relative frequency of transactions involving greenhouse product decreased by the same proportion, while that for deals for outdoor flower was unchanged. Outdoor product’s share of the total reported weight moved nationwide contracted by 1% compared to last week. The relative volume of greenhouse flower increased by the same magnitude, while that for indoor product was stable week-over-week.

The U.S. Spot Index ticked downward for the fourth consecutive week, by 0.7%, to settle at $1,092 per pound. At this point, it appears unlikely that a late-March rally in the national composite price will occur, as it has in each of the previous two years. 2017’s annual high price was observed in the final week of March, while the same week last year saw the second-highest weekly Spot rate documented in 2018. Still, it should be noted that sustained upward momentum in wholesale prices has been observed in several mid-sized and small markets so far this year – notably Michigan, Massachusetts, and Illinois. However, low and declining prices in the West Coast markets have overwhelmed those gains. Colorado’s Spot Index also saw its second decline in three weeks, tempering the consistent ascent of prices that was observed earlier this year.

The national volume-weighted price for flower to be sold in adult-use markets this week ticked upward slightly. While Oregon was the only such market to see an increase in its Spot Index, an increase in reported trading volume from that state lent the price rise more influence, causing it to outweigh marginal decreases in the other major recreational markets.         

April 2019 Forward unchanged at $1,075 per pound.

 

The average reported forward deal size declined nominally to 46 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower was unchanged at 56%, 28%, and 16% of forward arrangements, respectively. The average forward deal size for monthly delivery for outdoor, greenhouse, and indoor-grown flower was 50 pounds, 41 pounds, and 41 pounds, respectively.

 

At $1,075 per pound, the April Forward represents a discount of 1.6% relative to the current U.S. Spot Price of $1,092 per pound. The premium or discount for each Forward price, relative to the U.S. Spot Index, is illustrated in the table below.

Sample Headlines From This Week’s Premium Report:

  • California

    Los Angeles Releases New Info on Next Phase of Local Licensing, But Timeline for More Retailers to Open Remains Uncertain

  • Colorado

    Total Retail Sales in January 2019 Down Month-Over-Month, But Up Almost 6% From January 2018

  • Oregon

  • State Spot Index Sees Second Consecutive Increase, Slowing Downward Momentum of Wholesale Prices Observed So Far in 2019
  •  
  • Washington

  • Composite Price Off by Almost 3% from Recent Peak Observed a Month Ago, After 12.5% Rise to Open 2019
  •  
  • Michigan

  • Recent Report Shows Steady Sales at Licensed Dispensaries from December through February As State Spot Index Rose During That Span

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15 March 2019.  Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

CANADA CANNABIS SPOT INDEX — March 8, 2019

CANADA CANNABIS SPOT INDEX (CCSI) 

Published March 8, 2019

The CCSI once again moved higher this week with a 3.4% gain to C$7.10 per gram, from last week’s C$6.87 per gram. The index is steadily moving higher from a low of C$6.04 hit during the week ending February 15. This week’s price of C$7.10 per gram equates to US$2,412 per pound at current exchange rates.

This week we provide an update on the monthly retail sales by province and territory data released by Statistics Canada. This published dataset now gives us a full glimpse into a complete quarter of post-legalization sales from both the provincial online stores and brick & mortar shops. The initial revenue figures for Q4 2018 are relatively low. December sales across Canada totaled C$55.2M, up 2% over the previous month.

Source: Cannabis Benchmarks, Statistics Canada [Table  20-10-0008-01]

A closer look into sales from individual provinces provides more perspective on the current purchasing habits of consumers according to their jurisdiction. British Columbia’s (BC’s) December revenues were remarkably low, with total retail sales tallying only C$1.24M. This despite BC being the third largest province by population, although it is possible that it is also home to Canada’s most established illicit market.

 

Ontario’s December sales are similarly disproportionate to its population size. Ontario is home to 38% of the total Canadian population, but sales from November to December dropped by a staggering 14% to C$8.72M, 16% of the nationwide total.

 

The two noteworthy positive highlights were December sales growth in Alberta and Saskatchewan, which saw increases in retail revenues of 12% and 5%, respectively.

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8 March 2019 Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

U.S. Cannabis Spot Index — March 8, 2019

U.S. Cannabis Spot Index — Published March 8, 2019

U.S. Cannabis Spot Index down 1.1% to $1,100 per pound.

 

The simple average (non-volume weighted) price increased $16 to $1,185 per pound, with 68% of transactions (one standard deviation) in the $409 to $1,962 per pound range. The average reported deal size increased to 3.1 pounds. In grams, the Spot price was $2.42, and the simple average price was $2.61.

 

The relative frequency of trades for indoor flower decreased week-over-week by 2%. The relative frequency of transactions involving greenhouse product decreased by the same proportion, while that for deals for outdoor flower was unchanged. Warehouse flower’s share of the total reported weight moved nationwide contracted by 1% compared to last week. The relative volume of greenhouse product increased by the same magnitude, while that for outdoor flower was stable week-over-week.   

The U.S. Spot Index ticked downward for the third consecutive week, by 1%, to settle at $1,100 per pound. Last year at this time, the national composite price had been on the rise for four straight weeks, behavior that would continue for another three consecutive weeks afterward.

 

Falling prices in California, Oregon, and Nevada have been primarily responsible for the downturn in the U.S. Spot Index so far this year, outweighing gradual gains in the more mature licensed adult-use markets of Colorado and Washington State. With upward momentum in the latter appearing to level off in recent weeks, further downward pressure on the national average could come from the Evergreen State in the near future.

The national volume-weighted price for flower to be sold in adult-use markets this week continued the downward slide that commenced in  late February on decreases in California, Washington State, Nevada, and Alaska. Upticks in the medical markets of Arizona, Michigan, Illinois, and Maine – as well as a few other smaller markets – drove up the national price for product designated for registered patients recorded this week.         

April 2019 Forward unchanged at $1,075 per pound.

 

The average reported forward deal size was nominally unchanged at 47 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower was 56%, 28%, and 16% of forward arrangements, respectively. The average forward deal size for monthly delivery for outdoor, greenhouse, and indoor-grown flower was 51 pounds, 41 pounds, and 41 pounds, respectively.

 

At $1,075 per pound, the April Forward represents a discount of 2.2% relative to the current U.S. Spot Price of $1,100 per pound. The premium or discount for each Forward price, relative to the U.S. Spot Index, is illustrated in the table below.

Sample Headlines From This Week’s Premium Report:

  • California

    State Spot Index Drops Below $1,100 Per Pound For the First Time Since Last Year’s Harvest Season

  • Colorado

    Composite Price Continued Upward Movement This Week, Despite Sales Trends Suggesting Plateau in Demand

  • Oregon

  • 70% of Reported Volume of Indoor Flower Traded Last Week Sold for Under $1,000 Per Pound, 28% Sold for Less Than $500 Per Pound
  •  
  • Washington

  • Bottom of State’s Wholesale Market for All Grow Types Has Shifted Downward Significantly in Past 12 Months
  •  
  • Nevada

  • Official Sales Data Shows Combined Adult-Use and Medical Cannabis Sales Topped $580 Million in 2018
  •  
  • New Mexico

  • New Interim Rule Allows Producers to Increase Plant Count by Over 5X, But How Quickly Additional Supply Can be Brought to Market is Uncertain
  •  
  • Illinois

  • Retail and Wholesale Revenues Both Reached Record Highs for State’s Medical Market in February as Spot Index Continues to Rise on Strong Demand
  •  

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8 March 2019.  Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

CANADA CANNABIS SPOT INDEX — March 1, 2019

CANADA CANNABIS SPOT INDEX (CCSI) 

Published March 1, 2019

The CCSI once again moved higher this week by 5.6% to C$6.87/gram. This comes after edging down to the C$6/gram mark only two weeks ago. C$6.87/gram equates to US$2,363/pound at current exchange rates.

 

This week we continue to analyze the dry cannabis sales data from Health Canada’s Cannabis Tracking System. The Q4 2018 data, displayed in the table below, shows steady sales to registered medical patients, but sales to recreational consumers quickly declined after an initial rush immediately subsequent to legalization.

Dry cannabis sales for medical use across Canada remained quite steady over Q4 with an average of 220 kg being sold each day. Recreational sales showed different behaviour. The first 15 days of legalization in October saw an average of 389 kg sold daily, which then dropped to an average of 240 kg in daily sales over the next two months.

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1 March 2019 Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

U.S. Cannabis Spot Index — March 1, 2019

U.S. Cannabis Spot Index — Published March 1, 2019

U.S. Cannabis Spot Index down 3.5% at $1,112 per pound.

 

The simple average (non-volume weighted) price declined $53 to $1,170 per pound, with 68% of transactions (one standard deviation) in the $395 to $1,944 per pound range. The average reported deal size declined to 3.0 pounds. In grams, the Spot price was $2.45, and the simple average price was $2.58.


The relative frequency of trades for indoor flower decreased week-over-week by 4%. The relative frequency of transactions involving greenhouse and outdoor product increased by 3% and 1%, respectively. Warehouse flower’s share of the total reported weight moved nationwide contracted by almost 4% compared to last week, while the relative volumes of greenhouse and outdoor product grew by about 1% and 2%, respectively.

The U.S. Spot Index declined by 3.5% this week to settle at $1,112 per pound, a year-to-date low at this early point in 2019. Prior upward price movement in California, Colorado, and Washington State has been tempered and reversed in recent weeks. Decreases in the Spot Indices of those aforementioned markets this week joined the downward price pressure applied by generally falling rates in Oregon and Nevada thus far in 2019 to cause the U.S. Spot’s largest decrease documented to this point in the year. However, March is a month typically marked by strong sales in adult-use markets. Last year, the U.S. Spot’s monthly average price increased by 5.2% from February to March 2018, from $1,279 to $1,345 per pound. Notably, though, the monthly composite rates of all four major Western markets, in addition to those of Nevada, Arizona, and Michigan, all experienced declines in the same span.    

The national volume-weighted price for flower to be sold in adult-use markets slipped this week on decreases in all four major Western markets, as well as Nevada’s. Declines in the medical markets of California, Michigan, and New Mexico were primarily responsible for pulling down the national price for product designated for registered patients recorded this week.        

September 2019 Forward initially assessed at $1,015 per pound.

 

The average reported forward deal size was nominally unchanged at 48 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower was 56%, 28%, and 16% of forward arrangements, respectively. The average forward deal size for monthly delivery for outdoor, greenhouse, and indoor-grown flower was 52 pounds, 42 pounds, and 43 pounds, respectively.

 

At $1,075 per pound, the April Forward represents a discount of 3.4% relative to the current U.S. Spot Price of $1,112 per pound. The premium or discount for each Forward price, relative to the U.S. Spot Index, is illustrated in the table below.

Sample Headlines From This Week’s Premium Report:

  • California

    Monthly Composite Price for February Down Almost 3% Compared to January’s, as March Begins with 3% Downturn in Weekly Spot Index

  • Colorado

    Transfer of Ownership and Corporate Structure Changes in Denver Cannabis Businesses Declined in 2018 Compared to 2017, Suggesting Decrease in New Investment, M&A Activity

  • Oregon

  • Spot Index Continues to Fall, Reaches New Historic Low for the State for Second Consecutive Week, February’s Monthly Composite Price Down Almost 7% from Month Prior
  •  
  • Washington

  • February’s Monthly Spot Price Up Almost 8% from January, But Weekly Composite Rate Declined for Second Consecutive Week to Open March
  •  
  • Massachusetts

  • Retail Sales in Adult-Use Sector Growing Steadily: January Saw Almost 30% Month-Over-Month Rise, February on Pace for Nearly 20% Increase
  •  
  • New Mexico

  • 450 Plant Cap on Licensed Producers Expires Today, Setting Stage for Increase in Cultivation Capacity in State’s Medical System

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1 March 2019.  Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

U.S. Cannabis Spot Index — February 22, 2019

U.S. Cannabis Spot Index — Published February 22, 2019

U.S. Cannabis Spot Index down 0.7% at $1,153 per pound.

 

The simple average (non-volume weighted) price was nominally unchanged at $1,223 per pound, with 68% of transactions (one standard deviation) in the $414 to $2,031 per pound range. The average reported deal size declined to 3.1 pounds. In grams, the Spot price was $2.54, and the simple average price was $2.70.

 

The relative frequency of trades for indoor flower increased week-over-week, by 2%, while transactions involving greenhouse product saw a decline in this metric of the same proportion. Warehouse flower’s share of the total reported weight moved nationwide shrank slightly this week, by about 1%, with the relative volumes of greenhouse and outdoor product both expanding modestly, by less than 1% each. The relative stability of national Transaction Stats in recent weeks belies their diversity in the major state markets, illustrated below.

The U.S. Spot Index declined by 0.7% this week to settle at $1,153 per pound. The volume-weighted price for indoor flower, which had risen fairly steadily from mid-January, leveled off this week. On a state level, Colorado was the only one of the major Western markets to see an increase in its Spot rate, while Massachusetts was the only other state with a functioning adult-use market to see an increase in its overall going price, and a relatively small one at that. The national composite rate averaged $1,154 per pound for February, off nominally from January’s monthly mean of $1,157 per pound. In 2018, the U.S. Spot Index slipped by 4.8% from January to February, from $1,343 to $1,279 per pound. Of the major and secondary state markets, only prices in Oregon and Nevada are currently displaying behavior at least somewhat similar to observations from the first two months of 2018.    

The national volume-weighted price for flower to be sold in adult-use markets slipped this week on decreases in California, Oregon, Washington, Nevada, and Alaska. Declines in the medical market of Arizona pulled down the national price for product designated for registered patients recorded this week, even as numerous other smaller medical systems saw upticks.        

March 2019 Forward assessed up $50 at $1,150 per pound.

 

The average reported forward deal size decreased to 48 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower was 56%, 28%, and 16% of forward arrangements, respectively. The average forward deal size for monthly delivery for outdoor, greenhouse, and indoor-grown flower was 52 pounds, 44 pounds, and 43 pounds, respectively.

 

At $1,150 per pound, the March Forward represents a discount of 0.3% relative to the current U.S. Spot Price of $1,153 per pound. The premium or discount for each Forward price, relative to the U.S. Spot Index, is illustrated in the table below.

Sample Headlines From This Week’s Premium Report:

  • California

    Tax Department Data Shows Volume of Flower Sold by Cultivators Increased by 10% in Q4, while Amount of Leaves and Trim Moved by Growers More Than Doubled

  • Colorado

    Denver’s Local Market Likely to See Total Cannabis Sales Decline in 2018 and Account for Smaller Percentage of Statewide Retail Revenues Compared to 2017

  • Oregon

  • Spot Index Sinks to Historic Low for State’s Market, Settling at Less Than $600 Per Pound; State Lawmakers to Discuss Bill That Would Give Regulators Authority to Cease Issuing Cultivation Licenses
  •  
  • Washington

  • Gradual Declines in the Relative Volume of Outdoor Flower Subsequent to 2018’s Fall Harvest Have Contributed to the Recent Rise in the State Spot Index
  •  
  • Arizona

  • Medical Cannabis Sales Decline in January from December’s Record Highs, but Demand Remains Strong Overall as Patient Based Continues to Expand

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22 February 2019.  Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

CANADA CANNABIS SPOT INDEX — February 22, 2019

CANADA CANNABIS SPOT INDEX (CCSI) 

Published February 22, 2019

The CCSI jumped back up by 7.7% this week to C$6.51/gram, after hitting a low of C$6.04/gram last week. Last week’s price appears to be an anomaly, perhaps due to potentially lower quality and lower priced product changing hands. This week’s price mean reverted back to the 2-month moving average of C$6.45/gram. C$6.51/gram equates to US$2,232/pound at current exchange rates.


This week we dive a bit deeper in the quarterly earnings reports issued by Canopy Growth and Aurora Cannabis.

 

The Health Canada Cannabis Tracking System report gives us complete view of both medical and recreational sales in the last quarter of 2018. From the latest data issued on Jan 29th, a total of 40,753 kg equivalent was sold across Canada with an almost perfect 50/50 split between the medical and recreational markets during this time period.

 

Using this data as a reference point, we calculate the reported Canopy sales volumes of 10,102 kg equivalent for that timeframe for dried cannabis and extracts to be approximately 40% and 9% of the total Canadian recreational and medical markets, respectively. Aurora, the second-largest producer, came in with a smaller market share of 20% of recreational sales, but a substantially larger share of the medical market at 16%.

 

Both producers also gave some insight into their average net selling prices. Canopy’s average net selling price for dried cannabis in the recreational market was slightly higher than our average index price over Q4, while Aurora’s was more comparable to our price assessments. Canopy and Aurora stated their average net selling prices (net of excise duties) to be C$6.96/gram and C$6.23/gram, respectively. The CCSI averaged approximately C$6.32/gram over Q4 2018 (net of the C$1.15 provincial and federal excise duties estimated by Cannabis Benchmarks [$C7.49 less C$1.15]).   

 

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22 February 2019 Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

U.S. Cannabis Spot Index — February 15, 2019

U.S. Cannabis Spot Index — Published February 15, 2019

U.S. Cannabis Spot Index up 1.7% at $1,162 per pound.

 

The simple average (non-volume weighted) price decreased by $25 to $1,223 per pound, with 68% of transactions (one standard deviation) in the $425 to $2,020 per pound range. The average reported deal size was nominally unchanged at 3.2 pounds. In grams, the Spot price was $2.56, and the simple average price was $2.70.


The relative frequency of trades for both indoor and outdoor flower increased week-over-week, by 1% each, while transactions involving greenhouse product saw a 2% decline in this metric. Warehouse flower’s share of the total reported weight moved nationwide grew slightly this week, by 1%, with the relative volume of greenhouse product contracting by the same proportion. Outdoor product is the only grow type to see its relative volume exceed its relative frequency of trades.   

The U.S. Spot Index increased by 1.7% this week to settle at $1,162 per pound. Oregon and Arizona were the only sizeable markets to see downturns in their composite prices this week, which were overwhelmed by increases in the Spot Indices of California, Colorado, Washington State, and Nevada. Smaller markets such as Massachusetts, Michigan, Illinois, and Maine have also applied consistent upward pressure on the national volume-weighted average this year. Based on historical sales data from more mature adult-use markets, January and February are typically months that see lulls in sales compared to the higher-demand months of December and March. While the U.S. Spot Index did dip in the latter weeks of January and the early ones of February, this week’s price is virtually identical to the rate of $1,165 per pound, observed at the outset of the year.  

The national volume-weighted price for flower to be sold in adult-use markets jumped this week, primarily due to rises in California, Colorado, Washington, and Nevada. Declines in the medical markets of Arizona and New Mexico pulled down the national price for product designated for registered patients recorded this week, with assistance decreases in the smaller markets of New Hampshire and Vermont.         

March 2019 Forward unchanged at $1,100 per pound.

 

The average reported forward deal size decreased to 49.3 pounds. The proportion of forward deals for outdoor, greenhouse, and indoor-grown flower was 55%, 28%, and 17% of forward arrangements, respectively. The average forward deal size for monthly delivery for outdoor, greenhouse, and indoor-grown flower was 53 pounds, 45 pounds, and 43 pounds, respectively.

 

At $1,100 per pound, the March Forward represents a discount of 5.3% relative to the current U.S. Spot Price of $1,162 per pound. The premium or discount for each Forward price, relative to the U.S. Spot Index, is illustrated in the table below.

Sample Headlines From This Week’s Premium Report:

  • California

    Rising Volume-Weighted Prices for Indoor Flower Persist This Week, Now Up by Almost 7% from Beginning of 2019

  • Colorado

    Monthly Sales Increase in December 2018, Total Retail Revenues Reach $1.54 Billion for Last Year

  • Oregon

  • State Spot Index Drops to Within a Few Dollars of Historic Low Established in October 2018
  •  
  • Washington

  • Notable Homogeneity Observed in Pricing of Individual Wholesale Transactions Across All Grow Types
  •  
  • Michigan

  • State Officials Project About $300 Million in Retail Sales from Medical Cannabis Program in Period from October 2018 through September 2019, But Early Revenue Figures Reported to be Low
  •  
  • Illinois

  • Monthly Cultivator Revenues Reach Record High for State’s Market in January 2019 as State Spot Index Continues to Trend Upward

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15 February 2019.  Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved

CANADA CANNABIS SPOT INDEX — February 15, 2019

CANADA CANNABIS SPOT INDEX (CCSI) 

Published February 15, 2019

The CCSI declined 5.4% this week to C$6.04 per gram, from C$6.39 per gram. The index has moved to the lowest point since legalization. C$6.04 per gram equates to US$2,062 per pound at current exchange rates.

 

This week we saw quarterly earnings from the two largest licensed producer, Aurora Cannabis and Canopy Growth. The earning period for both companies end Dec 31st, 2018 cover the first full quarter of legalized Canadian markets. This week, we drill in to the quantity of total dry cannabis sold, and its average net selling price from the top two LPs.

 

Canopy broke out their recreation and medical sales with the addition of recreation sales this quarter. Total volumes of dry and cannabis extract sold increased to 10,102 kg from 2,330 kg reported the previous quarter.  Recreational sales made up 82% of total sales, with dry flower accounting for 62% of total sales. The average net selling prices for dry and cannabis extracts was reported at C$6.96/gram, while medical averaged C$8.49/gram.



Aurora Cannabis kept their numbers at a higher level by lumping medical and recreational sales together. Aurora Cannabis produced 7,822 kg over the quarter with 6,999 kg sold. Digging into the Management Discussion & Analysis we managed to find total recreational dry cannabis sold was 3,500 kg and total cannabis extracts was 306 kg, suggesting that 54% of their production was sold into the newly legalized market. The average net selling prices for dry and cannabis extracts for both the medical and recreational markets was reported to be C$6.23/gram.

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15 February 2019 Copyright © 2019 New Leaf Data Services, LLC.  All rights reserved