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.