Cannabis Weekly Round-Up: US Sales to Reach US$35 Billion in 2023

Cannabis sales to reach US$71 billion in 2030

New Frontier Data, a leading cannabis research firm, released new projections for the US cannabis market over the next decade.

“As more established markets across the country stabilize, the U.S. cannabis industry will be buoyed by new markets coming online,” Gary Allen, CEO of New Frontier Data, said as the firm released its latest US cannabis market report.

The executive said the growth of the US market is so strong that even if there were a slowdown, current estimates show the sector would still have a 9 percent compound annual growth rate through 2030.

“Inflation, high taxes and competing illicit markets are compounding price pressures in mature legal markets, and the potential for a recession will negatively impact cannabis consumer spending in the medium term,” Allen said.

Legal sales in the US reached US$30 billion in 2022, according to New Frontier Data's research.

Cannabis MSO delays release of financial results

American MSO Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) told investors it will not release its financial results for the full 2022 year and fourth quarter on March 28, as was originally planned.

The firm blamed complexities surrounding the conversion of three years of financials from International Financial Reporting Standards to US Generally Accepted Accounting Principles.

“The Company requires additional time to complete its financial statements,” Curaleaf said in a statement.

The cannabis operator said it now expects to file its results within the month of April.

Cannabis company news

• Ayr Wellness (CSE:AYR.A,OTCQX:AYRWF)opened four new dispensaries in the Florida state market. The new additions push the number of storefronts managed by the company to 57 in the state.

• Acreage Holdings (CSE:ACRG.A.U,OTCQX:ACRHF)told investors it will delay its Q4 and full-year financial results. With little to no explanation, the firm said it will update investors again “in due course.”

• Organigram Holdings (NASDAQ:OGI,TSX:OGI)announced the nomination of Caroline Ferlandas as a board member of the company. Ferlandas is a nominee appointed by Organigram's investment partner, British American Tobacco (LSE:BATS,NYSE:BTI).

• POSaBIT Systems (CSE:PBIT,OTCQX:POSAF)issued financial guidance for its entire 2023 period. The company said it expects to produce total revenue of US$60 million to US$63 million.