Nova Scotia pot business sees Q1 sales jump as more people stocked up on booze, cannabis
Nova Scotia's provincially-owned liquor and cannabis business saw its first-quarter sales jump 5.3 per cent to $184 million as a result of pandemic-related spending. Cannabis accounted for about $17.3 million of that total, an improvement of 7.3 per cent from last year, the Nova Scotia Liquor Corporation (NSLC) said. The NSLC attributed the sales increase to the COVID-19 pandemic, which drove customers to purchase larger package sizes in order to make fewer trips to stores. In the quarter, the average dollar value of each cannabis-related transaction grew by 39.7 per cent to $49.91, the NSLC said.
YSS sees Q2 revenue increase 12% to $4.7M, expects further growth next quarter
Canadian cannabis retailer YSS reported second-quarter results Wednesday, posting a 12-per-cent quarterly increase in revenue to $4.7 million. YSS, which operates 17 locations across Alberta and in Saskatchewan, also reported a net loss of $1.8 million in the quarter, slightly better than the $1.9 million it lost in the prior three-month period. YSS provided its full-year forecast on Wednesday, expecting revenue to exceed $5.6 million in its third quarter while predicting its gross margin should exceed $1.6 million.
Vireo Health reports US$7.7M loss due to higher expenses
U.S. cannabis operator Vireo Health said Wednesday that its second-quarter revenue improved by 70 per cent over the past year to US$12.2 million, despite posting a US$7.7 million net loss. The company attributed the loss to rising operating expenses, notably share-based compensation related to a former executive who was terminated by the company. Vireo fired former Canopy Growth CEO Bruce Linton in June on a "without-cause" basis. Eight Capital analyst Graeme Kreindler raised his rating on Vireo to "buy" on Wednesday, noting that a key divestiture boosted the company’s cash position to US$21 million.
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