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'Worsening Trends' In Cannabis Retail Are Here: Can The Downtrend Reverse?
'Worsening Trends' In Cannabis Retail Are Here: Can The Downtrend Reverse?
Publicly traded cannabis companies have seen their stock prices plunge over the past year, with investor sentiment mainly dependent on news around federal cannabis legalization, Cantor Fitzgerald analyst Pablo Zuanic said in his recent note.
What Happened
The analyst took a closer look at sales trends across 10 states where some of the multi-state operators, such as Cresco Labs (OTC:CRLBF), Curaleaf Holdings Inc (OTC:CURLF), Green Thumb Industries Inc (OTC:GTBIF) and Trulieve Cannabis Corp (OTC:TCNNF), operate.
The worsening growth trends are evident in Illinois, Pennsylvania, Florida, Arizona, California, Ohio and Maryland, Zuanic said, adding the Massachusets, Michigan and Nevada markets are an exception to that rule.
"Hard data do not look encouraging so far in 3Q22," he said.
More Verticalization
In response to the retail price pressure, the state's producers in Illinois and Pennsylvania opted to increase verticalization, with retailers putting more of their own products on shelves.
Illinois saw a 4.6% sequential drop in August marijuana sales to $129.4 million after breaking a record in July with the largest monthly sales year-to-date.
"Despite the lack of growth, IL remains one of the rec states with the most attractive economics," Zuanic said. In addition, the state recently issued 185 total adult-use cannabis dispensary licenses to social equity applicants. Still, cannabis equity advocates and business owners warned recently that Illinois' social equity program is "on the verge of collapse" due to the state's laborious rules and regulations.
A Drop In Sales
Florida cannabis sales dropped to $146.2 million in August, from $148.2 million in the prior month as the market continues to see price pressure and more discounting.
Marijuana sales in Arizona have been declining in the third quarter of 2022 as well, while a downward trend is also seen in wholesale prices. Zuanic added that the market "reached 'maturity' much earlier than expected," given that it launched in January 2021.
California, Ohio and Maryland also reported a quarter-over-quarter decline in cannabis sales in the third quarter. California has the lowest prices nationwide.
"As state markets become more competitive (as growth begins to ease and more licenses are issued), we would expect increasing verticalization, with retailers going upstream and growers going downstream (all this in the current context of no interstate trade), especially those with access to capital," the analyst said.
Don't Miss! Benzinga's Cannabis Conference in Chicago, Sept. 13-14. Click here for more information!
Photo: Courtesy of Stefan Balaz by Shutterstock and Peter Pike by Pixabay
Publicly traded cannabis companies have seen their stock prices plunge over the past year, with investor sentiment mainly dependent on news around federal cannabis legalization, Cantor Fitzgerald analyst Pablo Zuanic said in his recent note.
在過去的一年中,公開交易的大麻公司已經看到他們的股票價格暴跌, 投資者情緒主要取決於有關聯邦大麻合法化的新聞, 康托·菲茨杰拉德 分析師 巴勃羅·蘇尼克 在他最近的注意事項中說。
What Happened
發生了什麼
The analyst took a closer look at sales trends across 10 states where some of the multi-state operators, such as Cresco Labs (OTC:CRLBF), Curaleaf Holdings Inc (OTC:CURLF), Green Thumb Industries Inc (OTC:GTBIF) and Trulieve Cannabis Corp (OTC:TCNNF), operate.
分析師仔細研究了 10 個州的銷售趨勢,其中一些多狀態運營商,例如 克雷斯科實驗室 (OTC: 裂紋), 库拉拉夫 控股公司 (OTC: 古爾夫), 綠拇指股份有限公司 (OTC: GTBIF) 和 大麻公司 (OTC: TCNNF), 操作.
The worsening growth trends are evident in Illinois, Pennsylvania, Florida, Arizona, California, Ohio and Maryland, Zuanic said, adding the Massachusets, Michigan and Nevada markets are an exception to that rule.
蘇阿尼克說,伊利諾伊州,賓夕法尼亞州,佛羅里達州,亞利桑那州,加利福尼亞州,俄亥俄州和馬里蘭州蘇阿尼克說,馬薩諸塞州,密歇根州和內華達州市場是該規則的例外情況。
"Hard data do not look encouraging so far in 3Q22," he said.
他說:「在第三季度到目前為止,硬數據看起來並不令人鼓舞。」
More Verticalization
更垂直化
In response to the retail price pressure, the state's producers in Illinois and Pennsylvania opted to increase verticalization, with retailers putting more of their own products on shelves.
在因應零售價格壓力,該州在伊利諾伊州和賓夕法尼亞州的生產商選擇提高垂直化,零售商將更多自己的產品放在貨架上。
Illinois saw a 4.6% sequential drop in August marijuana sales to $129.4 million after breaking a record in July with the largest monthly sales year-to-date.
伊利諾伊州在 8 月份的大麻銷售額連續下降了 4.6%,達到 129.4 億美元,在 7 月創下了創紀錄,迄今為止最大的月度銷售額。
"Despite the lack of growth, IL remains one of the rec states with the most attractive economics," Zuanic said. In addition, the state recently issued 185 total adult-use cannabis dispensary licenses to social equity applicants. Still, cannabis equity advocates and business owners warned recently that Illinois' social equity program is "on the verge of collapse" due to the state's laborious rules and regulations.
「儘管缺乏增長, IL 仍然是經濟學最具吸引力的 REC 國家之一,」蘇阿尼克說。此外,該州最近向社會平等申請人發布了 185 份成人使用大麻藥房許可證。儘管如此,大麻股權倡導者和企業主最近警告說,由於該州費力的法規和法規,伊利諾伊州的社會公平計劃「處於崩潰的邊緣」。
A Drop In Sales
銷售額下降
Florida cannabis sales dropped to $146.2 million in August, from $148.2 million in the prior month as the market continues to see price pressure and more discounting.
佛羅里達州大麻銷售額下降至 146.2 億美元在奧格斯t,由於市場繼續看到價格壓力和更多折扣,上個月的 148.2 百萬美元起。
Marijuana sales in Arizona have been declining in the third quarter of 2022 as well, while a downward trend is also seen in wholesale prices. Zuanic added that the market "reached 'maturity' much earlier than expected," given that it launched in January 2021.
亞利桑那州的大麻銷量在 2022 年第三季度一直在下降 同樣,批發價格也出現了下降趨勢。Zuanic 補充說,鑑於該市場於 2021 年 1 月推出,因此市場「達到「成熟度」比預期的要早得多。
California, Ohio and Maryland also reported a quarter-over-quarter decline in cannabis sales in the third quarter. California has the lowest prices nationwide.
加州、俄亥俄州和馬里蘭 也 據報導,第三季度大麻銷量的季度上季度下降。 加州的價格在全國范圍內最低。
"As state markets become more competitive (as growth begins to ease and more licenses are issued), we would expect increasing verticalization, with retailers going upstream and growers going downstream (all this in the current context of no interstate trade), especially those with access to capital," the analyst said.
分析師說:「隨著州市場變得更具競爭力(隨著增長開始緩和獲得更多許可證),我們預計垂直化會增加垂直化,零售商會上游,種植者下游(所有這些都在沒有州際交易的當前背景下),尤其是那些可以獲得資本的人。」
Don't Miss! Benzinga's Cannabis Conference in Chicago, Sept. 13-14. Click here for more information!
千萬不要錯過!賓辛加的大麻會議,9 月 13-14 日在芝加哥舉行。點擊這裡了解更多信息!
Photo: Courtesy of Stefan Balaz by Shutterstock and Peter Pike by Pixabay
照片:由 Shutterstock 和彼得派克由 Pixabay 提供斯特凡·巴拉茲
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Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
風險及免責聲明
moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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