Weed companies had stockpiled 109,236 kilograms of poison shwag cannabis as of the end of December
A day after Canada’s health agency released recreational cannabis sales data collected via the country’s tracking system, Canada’s minister for the Cannabis Act said Wednesday there is enough pot in the country to meet demand.
Pot stocks were mixed, but higher on balance with the ETFMG Alternative Harvest ETF MJ, +1.83% up 2.4%, and the Horizons Marijuana Life Sciences Index ETF HMMJ, +1.88% up 1.8%.
Recreational cannabis sales began Oct. 17 in Canada and there were widespread reports of shortages across the country in the early weeks. Provinces blamed the country’s licensed cannabis producers and as the first batch of earnings rolled in — which contained information for roughly the last two weeks of September ahead of legalization — executives blamed provincial buyers for ordering too little pot.
Under the Cannabis Act, provinces are largely responsible for managing the nuts and bolts of operating the market, such as regulating retail sales and distribution.
Consumers bought 20,650 kilograms of cannabis flower during the first two and a half months of recreational sales and 5,408 liters of oil, according to the Health Canada data. Sales slowly increased over the course of the nearly three months.
Blair is referring to the total amount of inventory catalogued by the public health agency. In December licensed producers had stockpiled 109,236 kilograms of cannabis that is not ready for sale and 19,085 kilograms of inventory ready for sales, Health Canada reported.
Bill Blair
@BillBlair
· Jan 30, 2019
Building on our considerable experience with medical cannabis, and with 147 Health Canada licensed producers, the data is clear: there remains sufficient supply to meet and exceed existing demand.https://www.canada.ca/en/health-canada/services/drugs-medication/cannabis/licensed-producers/market-data/supply-demand.html …
Bill Blair @BillBlair
In fact, supply increased for the third consecutive month. In December there was nearly 18 times more supply than reported monthly sales.
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11:09 AM - Jan 30, 2019
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Organigram OGI, -0.41% , OGRMF, -0.23% which reported fiscal first-quarter earnings Monday, said that as of Nov. 30 it had 12,276 kilograms of dry cannabis inventory and 6,449 liters of cannabis oil in stock.
Canopy Growth Corp., CGC, +1.12% WEED, +1.03% the largest cannabis company by market capitalization, said it had 31,214 kilograms of dry cannabis and 21,499 liters of oil when it reported fiscal second quarter results last year — a quarter that did not include recreational sales in Oct. Canopy is set to report earnings Feb 14. after the closing bell.
Aurora Canabis Inc. ACB, +0.72% ACB, +0.66% said it produced 4,996 kilograms of cannabis in the quarter, and is expected to report earnings Feb. 11 before the market opens. MarketWatch was not immediately able to determine Aurora’s last reported inventory levels.
Tilray Inc. TLRY, +3.95% said in its latest quarterly filing that it had harvested 5,032 kilograms of pot during the September quarter and 8,186 kilograms during the first nine months of the year. Tilray does not report current cannabis inventory beyond a dollar value.
Cronos Group Inc. CRON, +3.36% CRON, +3.47% said in regulatory filings it expects to be able to grow 40,150 kilograms of pot a year with its existing infrastructure and add 77,000 kilograms a year with its current funded expansion.
As of the end of November, Aphria Inc. APHA, +9.09% APHA, +7.66% said it had 4,230 kilograms of harvested pot, 1,058 kilograms of harvested trim and 19,080 liters of cannabis oil, and 278 liters of oils for softgel capsules.
A day after Canada’s health agency released recreational cannabis sales data collected via the country’s tracking system, Canada’s minister for the Cannabis Act said Wednesday there is enough pot in the country to meet demand.
Pot stocks were mixed, but higher on balance with the ETFMG Alternative Harvest ETF MJ, +1.83% up 2.4%, and the Horizons Marijuana Life Sciences Index ETF HMMJ, +1.88% up 1.8%.
Recreational cannabis sales began Oct. 17 in Canada and there were widespread reports of shortages across the country in the early weeks. Provinces blamed the country’s licensed cannabis producers and as the first batch of earnings rolled in — which contained information for roughly the last two weeks of September ahead of legalization — executives blamed provincial buyers for ordering too little pot.
Under the Cannabis Act, provinces are largely responsible for managing the nuts and bolts of operating the market, such as regulating retail sales and distribution.
Consumers bought 20,650 kilograms of cannabis flower during the first two and a half months of recreational sales and 5,408 liters of oil, according to the Health Canada data. Sales slowly increased over the course of the nearly three months.
Blair is referring to the total amount of inventory catalogued by the public health agency. In December licensed producers had stockpiled 109,236 kilograms of cannabis that is not ready for sale and 19,085 kilograms of inventory ready for sales, Health Canada reported.
Bill Blair
@BillBlair · Jan 30, 2019
Building on our considerable experience with medical cannabis, and with 147 Health Canada licensed producers, the data is clear: there remains sufficient supply to meet and exceed existing demand.https://www.canada.ca/en/health-canada/services/drugs-medication/cannabis/licensed-producers/market-data/supply-demand.html …
Bill Blair
@BillBlair In fact, supply increased for the third consecutive month. In December there was nearly 18 times more supply than reported monthly sales.
4
11:09 AM - Jan 30, 2019
Twitter Ads info and privacy
See Bill Blair's other Tweets
Organigram OGI, -0.41% , OGRMF, -0.23% which reported fiscal first-quarter earnings Monday, said that as of Nov. 30 it had 12,276 kilograms of dry cannabis inventory and 6,449 liters of cannabis oil in stock.
Canopy Growth Corp., CGC, +1.12% WEED, +1.03% the largest cannabis company by market capitalization, said it had 31,214 kilograms of dry cannabis and 21,499 liters of oil when it reported fiscal second quarter results last year — a quarter that did not include recreational sales in Oct. Canopy is set to report earnings Feb 14. after the closing bell.
Aurora Canabis Inc. ACB, +0.72% ACB, +0.66% said it produced 4,996 kilograms of cannabis in the quarter, and is expected to report earnings Feb. 11 before the market opens. MarketWatch was not immediately able to determine Aurora’s last reported inventory levels.
Tilray Inc. TLRY, +3.95% said in its latest quarterly filing that it had harvested 5,032 kilograms of pot during the September quarter and 8,186 kilograms during the first nine months of the year. Tilray does not report current cannabis inventory beyond a dollar value.
Cronos Group Inc. CRON, +3.36% CRON, +3.47% said in regulatory filings it expects to be able to grow 40,150 kilograms of pot a year with its existing infrastructure and add 77,000 kilograms a year with its current funded expansion.
As of the end of November, Aphria Inc. APHA, +9.09% APHA, +7.66% said it had 4,230 kilograms of harvested pot, 1,058 kilograms of harvested trim and 19,080 liters of cannabis oil, and 278 liters of oils for softgel capsules.
