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Sale Trends Cannabis sales in Michigan hit $984.6 million in 2020. Medical cannabis sales accounted for $474 million for the year, while adult-use sales reached $510.7 million. Rhode Island and the Soboba Band of Luiseno Indians received approvals from the U.S. Department of Agriculture (USDA) for its hemp regulatory proposals. The Christmas and New Year’s holidays marked the single biggest cannabis sales period of 2020. The period between Dec. 18 and Dec. 24 generated roughly $427 million, according to Akerna (NASDAQ:KERN). The largest sale day of the period was Wednesday, Dec. 23, with $87.3 million, making it the third largest cannabis sales of the year, just behind Green Wednesday with $87.4 million. Exceeding all expectations, New Year’s Eve was the single biggest sales day of 2020 with $89.4 million. ....
Aphria (NASDAQ:APHA) and Tilray (NASDAQ:TLRY). Benzinga spoke with Aphria CEO and chairman Irwin D. Simon, who will maintain those two positions in the new company, and Tilray CEO Brendan Kennedy, who will serve in the new corporation’s board of directors. The executives shared details on how the deal came to be, and their expectations for the future, which, they say, doesn’t include massive layoffs. Cantor Fitzgerald’s analyst Pablo Zuanic praised the merger. The Canadian cannabis sector is in need of consolidation due to the oversupply problems and “historically low flower retail prices,” he explained. Green Market Report CEO Debra Borchardt told Benzinga the Aphria/Tilray merger “was certainly a good deal for Tilray shareholders, while the Aphria shareholders will probably have to wait a bit before they see the benefits of this deal. The combined company will definitely be a powerhouse of revenue, there is no question about that.” ....
The Week In Cannabis: Tilray-Aphria Merge, Aurora Continues Layoffs, Financings, Earnings, M&A Benzinga 12/18/2020 Aphria (NASDAQ: APHA) and Tilray (NASDAQ: TLRY). Benzinga spoke with Aphria CEO and chairman Irwin D. Simon, who will maintain those two positions in the new company, and Tilray CEO Brendan Kennedy, who will serve in the new corporation’s board of directors. The executives shared details on how the deal came to be, and their expectations for the future, which, they say, doesn’t include massive layoffs. Cantor Fitzgerald’s analyst Pablo Zuanic praised the merger. The Canadian cannabis sector is in need of consolidation due to the oversupply problems and “historically low ï¬ower retail prices,” he explained. ....