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Report on Business Cannabis Professional Thursday, July 25: Nunavet cuts wholesale margin; new stores forHigh Tide, NAC

Cannabis Professional’s daily roundup of industry news. View archive here.

Just a couple of briefs this morning, with a report saying the government of Nunavut is drastically reducing its markup on wholesale cannabis, and updates on new Alberta retail stores by National Access Cannabis and High Tide Inc.

– Rob Gilroy

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Nunavut cuts cannabis markup to $1 a gram

The government of Nunavut is making recreational cannabis less expensive in the northern Canadian territory.

Iqaluit is cutting its retail markup on wholesale cannabis prices from $4 per gram previously to $1, according to a report in Nunavut News Online published earlier this week. Legal cannabis prices in Nunavut are among the highest in Canada, according to Statistics Canada data, averaging between $14 and $16 per gram compared with a national average slightly above $10 per gram.

Home to roughly 38,000 people spread across an area three times the size of Texas, Nunavut is currently the only jurisdiction in Canada without any brick-and-mortar cannabis retail stores. It is also the only place in Canada where recreational consumers can purchase cannabis directly from licenced producers online, though so far only two suppliers have agreements with the territory: Canopy Growth’s Tweed brand and Agmedica Bioscience’s Vertical brand.

Territorial cannabis law does allow for Nunavut to licence private cannabis retail stores, though as of mid-March local policymakers were still drafting regulations required before any store permits can be issued.

In the meantime, Nunavut cannabis sales have been on the decline. In the first three months of 2019, residents of the territory purchased 3.5 kilograms of dried cannabis through legal recreational channels, according to government data. In the second quarter, however, that total fell to below 2.2 kilograms.

– Jameson Berkow

Retailers announce new Alberta stores

National Access Cannabis Corp. and High Tide Inc. both announced today they have opened or are in the process of opening new stores in Alberta following the province’s recent easing of its retail moratorium. National Access said it has received two additional licences from the Alberta Gaming, Liquor and Cannabis Commission (AGLC) to open cannabis retail stores in Leduc and Calgary.

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The company will soon have 32 stores in operation in total, with 22 in Alberta. High Tide Inc., meanwhile, said it has opened three previously announced stores in Beaumont, Lacombe and Calgary. High Tide said the new Alberta stores bring the total number of Canna Cabana retail locations currently selling recreational cannabis across Canada to 14.

– Staff

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