December 2, 2022

CANADA CANNABIS SPOT INDEX — December 2, 2022

CANADA CANNABIS SPOT INDEX (CCSI) 

Week Ending December 2, 2022
CCSI image 1 2022-12-02

*The provincial excise taxes vary. Cannabis Benchmarks estimates the population weighted average excise tax for Canada.

**CCSI is inclusive of the estimated Federal & Provincial cannabis excise taxes..

The CCSI was assessed at C$5.36 per gram this week, up 0.8% from last week’s C$5.31 per gram. This week’s price equates to US$1,803 per pound at the current exchange rate.

Include your weekly wholesale transactions in our price assessment by joining our Price Contributor Network

If you have not already done so, we invite you to join our Price Contributor Network, where market participants anonymously submit wholesale transactions to be included in our weekly price assessments. It takes two minutes to join and two minutes to submit each week, and comes with loads of extra data and market intelligence.

Cannabis Benchmarks®, a division of New Leaf Data Services, LLC

2 December 2022 Copyright © 2022 New Leaf Data Services, LLC.  All rights reserved

November 23, 2022

CANADA CANNABIS SPOT INDEX — November 25, 2022

CANADA CANNABIS SPOT INDEX (CCSI) 

Week Ending November 25, 2022
CCSI image 1 2022-11-25

*The provincial excise taxes vary. Cannabis Benchmarks estimates the population weighted average excise tax for Canada.

**CCSI is inclusive of the estimated Federal & Provincial cannabis excise taxes..

The CCSI was assessed at C$5.31 per gram this week, up 1.3% from last week’s C$5.24 per gram. This week’s price equates to US$1,798 per pound at the current exchange rate.

Include your weekly wholesale transactions in our price assessment by joining our Price Contributor Network

If you have not already done so, we invite you to join our Price Contributor Network, where market participants anonymously submit wholesale transactions to be included in our weekly price assessments. It takes two minutes to join and two minutes to submit each week, and comes with loads of extra data and market intelligence.

SOURE: Cannabis Benchmarks, Health Canada
  • In this week’s report, we focus on the battle between legal and illicit supply. In the first few years of cannabis legalization, the regulated Canadian market has faced strong competition from illicit supply chains, but that situation started to change quickly. Falling retail prices, increased product variety, and better accessibility through new storefronts, pick-up / delivery options, and online marketplaces all helped bring legal cannabis to consumers.
  • Today, we look specifically at the situation in Ontario, where the most recent quarterly report published by the Ontario Cannabis Store (ocs.ca) estimates the legal market made up 57% of all cannabis sales as of Q1 2022. Up until the most recently reported quarter, legal cannabis’ share of total sales had been trending higher. Yet, despite both sales and store counts in Ontario growing quarter-on-quarter in Q1 2022, the legal market’s share of total sales slipped a bit from the prior period.
  • The chart below shows the average number of stores in Ontario over the past thirteen quarters, as tracked by Cannabis Benchmarks and the OCS, versus the legal cannabis market’s share of total sales. The growth of the legal cannabis sector had a very strong correlation to the number of storefronts opening up until the most recently reported quarter. With 1,460 stores open at the end of March 2022, or 127 more stores than the end of December 2021, we would have expected the legal market’s share of total sales to expand. Instead, we saw the legal cannabis sector’s progress in capturing market share lose momentum.
  • Sales for Ontario continue to grow. The latest recreational sales data from Statistics Canada pegs Ontario sales in August 2022 at C$154M. If we assume that this number only represents 57% of total cannabis sales, then the total Ontario cannabis market from all channels, legal and illegal, is roughly C$3.2B annualized.

Cannabis Benchmarks®, a division of New Leaf Data Services, LLC

25 November 2022 Copyright © 2022 New Leaf Data Services, LLC.  All rights reserved

November 18, 2022

CANADA CANNABIS SPOT INDEX — November 18, 2022

CANADA CANNABIS SPOT INDEX (CCSI) 

Week Ending November 18, 2022
CCSI image 1 2022-11-18

*The provincial excise taxes vary. Cannabis Benchmarks estimates the population weighted average excise tax for Canada.

**CCSI is inclusive of the estimated Federal & Provincial cannabis excise taxes..

The CCSI was assessed at C$5.24 per gram this week, up 0.5% from last week’s C$5.22 per gram. This week’s price equates to US$1,786 per pound at the current exchange rate.

Include your weekly wholesale transactions in our price assessment by joining our Price Contributor Network

If you have not already done so, we invite you to join our Price Contributor Network, where market participants anonymously submit wholesale transactions to be included in our weekly price assessments. It takes two minutes to join and two minutes to submit each week, and comes with loads of extra data and market intelligence.

Cannabis Benchmarks®, a division of New Leaf Data Services, LLC

18 November 2022 Copyright © 2022 New Leaf Data Services, LLC.  All rights reserved

November 11, 2022

CANADA CANNABIS SPOT INDEX — November 11, 2022

CANADA CANNABIS SPOT INDEX (CCSI) 

Week Ending November 11, 2022
CCSI image 1 2022-11-11

*The provincial excise taxes vary. Cannabis Benchmarks estimates the population weighted average excise tax for Canada.

**CCSI is inclusive of the estimated Federal & Provincial cannabis excise taxes..

The CCSI was assessed at C$5.22 per gram this week, up 0.8% from last week’s C$5.17 per gram. This week’s price equates to US$1,763 per pound at the current exchange rate.

Include your weekly wholesale transactions in our price assessment by joining our Price Contributor Network

If you have not already done so, we invite you to join our Price Contributor Network, where market participants anonymously submit wholesale transactions to be included in our weekly price assessments. It takes two minutes to join and two minutes to submit each week, and comes with loads of extra data and market intelligence.

SOURE: Cannabis Benchmarks, Health Canada
  • This week we look at the state of the legal medical cannabis market in Canada. The latest data from Statistics Canada gives us a view of the medical cannabis sector through the end of 2021 and shows that it is contracting sharply. As seen in the chart above, medical cannabis patient registrations have been on a steady decline, reaching levels of less than 250,000 at the end of 2021. Based on the trend, we expect that active medical registrants will fall to 200,000 by the end of this calendar year. Since the opening of the recreational cannabis market, individuals that were medical cannabis patients have turned to purchasing from recreational retailers as product variety and accessibility grow, and prices become increasingly competitive.
  • Since recreational cannabis was legalized, the total number of medical cannabis shipments has also dropped by a large magnitude due to fewer potential customers. Total monthly shipments in October 2018 were 143,752, which fell by 36% to 91,560 in December 2021. We project total shipments to end this year at ~78,000 based on our projected active medical registrants.
  • Provinces with well-developed recreational retail store footprints have seen the biggest loss in medical clients. Alberta, with the highest number of stores per capita, has seen active registrants drop by 57% since legalization. On the other hand, Quebec, with only 89 provincially-run retail cannabis stores, has seen patient registrations increase by 64%.
  • The continued decline in the medical cannabis sector is putting pressure on cultivators that focus primarily on producing medical cannabis.

Cannabis Benchmarks®, a division of New Leaf Data Services, LLC

11 November 2022 Copyright © 2022 New Leaf Data Services, LLC.  All rights reserved

November 4, 2022

CANADA CANNABIS SPOT INDEX — November 4, 2022

CANADA CANNABIS SPOT INDEX (CCSI) 

Week Ending November 4, 2022
CCSI image 1 2022-11-04

*The provincial excise taxes vary. Cannabis Benchmarks estimates the population weighted average excise tax for Canada.

**CCSI is inclusive of the estimated Federal & Provincial cannabis excise taxes..

The CCSI was assessed at C$5.17 per gram this week, down 0.9% from last week’s C$5.22 per gram. This week’s price equates to US$1,721 per pound at the current exchange rate.

Include your weekly wholesale transactions in our price assessment by joining our Price Contributor Network

If you have not already done so, we invite you to join our Price Contributor Network, where market participants anonymously submit wholesale transactions to be included in our weekly price assessments. It takes two minutes to join and two minutes to submit each week, and comes with loads of extra data and market intelligence.

Cannabis Benchmarks®, a division of New Leaf Data Services, LLC

4 November 2022 Copyright © 2022 New Leaf Data Services, LLC.  All rights reserved

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