gold m&a heating up june 28, 2021 · top performer, hello pal (cse: hp), was up 21% wow. hp’s...
TRANSCRIPT
Analysts' Ideas of the Week Gold M&A Heating Up
June 28, 2021
www.researchfrc.com
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Reddit Discussed Stocks Last week’s pick, ContextLogic (NASDAQ: WISH), went from $12.02 on Monday, to a high of $14.69 on Friday (up 22.21%). Based on our review of multiple data points on retail platforms, we note that the Electric Vehicle sector is the most actively discussed among retail investors, followed by cryptos, cannabis, and betting. This week, we are observing strong retail sentiment around Workhorse Group (NASDAQ: WKHS). Key parameters used may include – a) total number of mentions, b) percentage change in the number of mentions, c) stock sentiment, and d) market capitalization.
June 28, 2021
Company Ticker Sector
Workhorse Group WKHS Auto Manufacturers Source: FRC
FRC Top Picks
The following table shows last week’s top five performers among our Top Picks, including two technology companies, two gold juniors, and one EV metals juniors. The top performer, Hello Pal (CSE: HP), was up 21% WoW. HP’s shares have been highly volatile in the past few weeks due to China’s crackdown on crypto mining, and as one of HP’s initiatives is focused on crypto mining in China. HP’s shares are down 30% in the last month. However, the company’s primary business (which operates a social language exchange app) has been reporting strong revenue growth. We are awaiting additional details on the company’s crypto mining business to properly evaluate the impact of recent developments. Note that our fair value estimate did not account for any upside from the crypto initiative, which was acquired for $3.5M. In the worst-case scenario, the company will have to write-off $3.5M, which will lower our fair value estimate by $0.02. Our reports on HP can be viewed here.
Top Five Performers Last Week
Source: FRC
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Companies in our Top Picks list are up 57% on average since we initiated coverage vs 7% for the benchmark (TSXV).
Performance by Sector
Source: FRC
Our complete list of top picks (updated weekly) can be viewed here.
Weekly Mining Commentary
Five of the seven global equity indices we track moved up last week, recouping most all the losses incurred in the prior week due to the U.S. Fed’s signal to move up its timeline for rate hikes.
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Source: FRC / Various
Nickel prices surged due to stronger demand (driven by batteries), and as inventory levels fell on both the LME and the SHFE.
Source: FRC / Various
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Valuations of gold producers were down 2% WoW; base metal producers were up 4%.
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Source: S&P Capital IQ & FRC
12 out of the top 15 hardest hit nations continued to report flat or WoW declines in new COVID-19 cases. 67.6% of Canadians have received at lease one dose vs 66.5% at the same time last week. 26% of Canadians are fully vaccinated (previously 19%) vs 48% in the U.K. (46%), and 46% in the U.S. (45%). Due to vaccine hesitancy, we are noting a significant decline in vaccination rates once a country reaches the 60% mark.
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We are maintaining our price forecasts. While we remain positive on gold and silver, while a correction in copper and zinc prices are likely as China is releasing inventories from its reserves to tame the rally in base metals prices. A key catalyst for this week will be the U.S.’ June jobs report.
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In the following section, we review companies that announced key developments in the past week.
Mining / Exploration
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Arizona Gold TSX: AZG $0.12 $0.48 June 28, 2021 PR Content Announced a definitive agreement to acquire Golden Predator (TSXV: GPY) in an all-share transaction. Each share of GPY will receive 1.65 shares of AZG, implying a valuation of $30M, net of GPY’s $4M in working capital. The transaction has been approved by both boards. Shareholder meetings are
expected to be held in August 2021.
FRC Opinion Positive – We believe this is an accretive transaction for both parties. GPY’s primary asset is the past-producing Brewery Creek gold project in Yukon, with 0.8M in M&I, and 1.3 Moz in inferred resources. The acquisition price reflects an Enterprise Value to Resource of $21/oz vs the sector average of $59/oz, making the deal very attractive for AZG. GPY shareholders also benefit as they are receiving a 24% premium. The deal, if completed, will create a diversified portfolio of near-term gold producers in North America. We are expecting M&A activities in gold to pick up, so watch out for companies trading well below $59/oz.
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Contango Ore OTCQB: CTGO
US$22.00 US$27.80 June 21, 2021
PR Content Received a US$10M investment from the Alaska Future Fund (AFF), and US$1M from the CEO. AFF is managed by Barings, a US$345B financial services company owned by Massachusetts Mutual Life Insurance Company.
FRC Opinion Positive – This strategic investment is a strong vote of confidence on CTGO’s management. The CEO’s personal investment strongly aligns his interest with investors, and signals his conviction of the company’s prospects. Kinross (TSX: K) and CTGO are advancing their Manh Choh project in Alaska to production by 2024.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Tudor Gold Corp.
TSXV: TUD $2.47 $5.29 June 22, 2021
PR Content Announced a $6M financing through flow through and non-flow though shares; closed $1.54M to date.
FRC Opinion Positive – TUD recently commenced a 30,000 m drill program at its Treaty Creek property in B.C., which borders Seabridge Gold’s (TSX: SEA) KSM property, and Pretium’s (TSX: PVG) Brucejack property. Treaty Creek has one of the largest undeveloped gold resource estimates in the Americas. TUD is targeting to complete an updated resource estimate in early 2022.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Rio2 Limited TSXV: RIO $0.76 $1.40 June 22, 2020
PR Content Positive results from Run-of-Mine heap leaching tests on its Fenix Gold project in Chile.
FRC Opinion Positive – These tests indicate potential for simplifying operations, and lowering CAPEX and OPEX estimates, by eliminating the need for a crusher. Preparations are ongoing to commence production in late 2022.
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Monarch Mining Corporation
TSX: GBAR $0.95 $1.68 June 22, 2021
PR Content Final results of its 2020 drilling program (14 holes/6,697m) on McKenzie Break (Québec) returned 70.80 g/t Au over 0.4 m, and 10.2 g/t Au over 1.2 m.
FRC Opinion Positive – We believe this program has expanded the project’s resource estimate. Phase 2 drilling (14,300 m) commenced in April. GBAR announced a $5M bought deal financing earlier this month. The company is aggressively exploring three properties, and planning to re-commence production at the Beaufor mine in 2022.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
UEX Corporation
TSX: UEX $0.38 N/A June 28, 2021
PR Content The final results from its 2021 winter drilling program at West Bear showed 0.125% Co and 0.106% Ni over 3.0 m, from 154.5 to 157.5 m.
FRC Opinion Positive - This hole extended the newly discovered Michael Lake cobalt-nickel zone by 200 m. Previous holes had returned high values such as 2.02% Co and 2.70% Ni over 2.0 m, 2.08% Co and 3.58% Ni over 4.5 m, 1.58% Co and 1.96% Ni over 2.0 m, and 1.76% Co and 1.38% Ni over 1.5 m. UEX and Denison Mines’ (TSX: DML) transaction to acquire JCU (Canada) Exploration is expected to close on or before August 3, 2021.
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Tartisan Nickel Corp.
CSE: TN $0.53 $0.57 June 28, 2021
PR Content Completed a $4.48M flow-through financing. Funds will be used for exploration at the Kenbridge nickel project in Ontario.
FRC Opinion Positive – Commenced a 10,000 m drill program. Kenbridge is 80 km north of New Gold’s (TSX: NGD) Rainy River gold mine. We believe the project has room for resource expansion, especially higher-grade mineralization at depth. In addition, the project has multiple untested exploration targets, as well as untested gold trends.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
E3 Metals TSXV: ETMC $1.93 $4.20 June 28, 2021 PR Content Tests using an improved sorbent showed 97% lithium recovery, while removing over 99% of critical impurities.
FRC Opinion Positive – Although the high recovery rate is promising, we were more impressed with the 99%+ removal rate of impurities. This is critical for sales to the battery market. A PEA (completed in 2020) had returned an AT-NPV8% of US$820M. E3’s MCAP is just $95M.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Cornerstone Capital Resources Inc.
TSXV: CGP $4.15 $7.44 June 21, 2021
PR Content Drilling on the Bramaderos gold and copper joint venture in southern Ecuador returned 84 m of 0.8 g/t gold and 0.11% copper, and 216 m of 0.61 g/t gold and 0.11% copper.
FRC Opinion Positive - CGP has a 12.5% carried interest (until commercial production) on the project. As the project is in early stages, our fair value estimate does not account for any upside from this project. The project is prospective for porphyry and epithermal gold-copper deposits.
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Latin Metals Inc. TSXV: LMS $0.14 $0.43 June 22, 2021
PR Content Additional sampling at Lacsha confirmed a second copper-molybdenum anomaly covering an area of 1.5 km x 1.0 km; copper and molybdenum values of up to 0.28% and 0.02%, respectively, were obtained.
FRC Opinion Positive – This is the second anomaly identified on the property; the first one covers an area of 1 km x 1 km. These are promising results for an early-stage project such as Lacsha, located in the Peruvian Coastal Copper Belt. LMS is planning additional sampling and geophysical surveys to define drill targets.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
K9 Gold Corp. TSXV: KNC $0.47 $0.65 June 24, 2021 PR Content Trenching at the Stony Lake Project, NL returned 5.45 gpt over 4 m, and 1.89 gpt over 0.3 m. Applied for a permit to increase its drilling program from 5,000 to 10,000 m.
FRC Opinion Positive – Drilling is expected to commence imminently. Stony Lake, which has not been systematically tested, lies along a 27 km trend between Marathon Gold’s (TSX: MOZ) Valentine Lake project and Sokoman Minerals’ (TSXV: SIC) Moosehead project, and on a parallel structure to New Found Gold’s (TSXV: NFG) Queensway project.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Rover Metal Corp.
TSXV: ROVR $0.095 $0.18 June 24, 2021
PR Content Completed a $2.43M financing.
FRC Opinion Positive – Funds will be used towards ongoing drilling at the Cabin Gold project in the Northwest Territories. ROVR is planning to complete a maiden resource estimate; the project has a historic resource of 85 Koz, at high-grades of 8+ gpt. Phase one drilling had returned 32 meters of 13.6 g/t Au
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Corvus Gold Inc. TSX: KOR $3.38 $3.75 June 24, 2021
PR Content Received additional positive results from the Mother Lode project in Nevada: 118m @ 1.84 g/t gold, including 82 m @ 2.01 g/t, and 10.7 m @ 3.18 g/t.
FRC Opinion Positive - A maiden resource estimate on Lynnda Strip, and an updated resource estimate on Mother Lode are expected later this year. We are expecting a significant increase in Mother Lode’s resource.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Grid Metals Corp.
TSXV: GRDM $0.19 $0.54 June 28, 2021
PR Content Initial results of a drill program (eight holes totaling 2,785 m) at the Bannockburn nickel sulphide property (ON) returned 296.5 m of 0.28% nickel, including 112 m of 0.32% nickel.
FRC Opinion Positive – These are encouraging results; follow-up results will provide us more clarity on the project’s potential. As the project is in very early stages, we are not currently assigning any value on this project.
Financials, Technology, Energy, and Special Situations
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Timbercreek Financial
TSX: TF $9.63 $10.34 June 23, 2021
PR Content Announced a $50M bought deal financing (5.25% p.a. convertible debentures/ conversion price of $11.40) to pay down its revolving credit facility, and redeem convertible debentures (5.45% p.a.) due in March 2022.
FRC Opinion Positive – A lower cost of capital enhances shareholders’ returns. We are expecting a 7.4% yield for investors this year. As interest rates are expected to remain low this year, we believe investors’ appetite for MICs will remain strong.
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
European Residential REIT
TSX: ERE.UN $4.29 $4.98 June 25, 2021
PR Content Entered into agreements to acquire two multi-residential properties (137 units) in the Netherlands for €47M.
FRC Opinion Positive – Pleased to see this development as our models are based on the assumption that the company will spend €75M on acquisitions this year. We were getting concerned as the company had not announced an acquisition this year. In H2-2021, we are expecting cap rates to decrease (amid the vaccine rollout), and valuations on ERE’s properties to rise.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
TAAT Global Alternatives Inc.
CSE: TAAT $2.96 $5.17 June 25, 2021
PR Content Announced that a distribution partner in Georgia sold all pre-orders (approximately 7,500 packs).
FRC Opinion Positive – This is the first reported sale in Georgia, and we were pleased to see the company’s expansion. Our 2021 revenue forecast is $2.4M (unchanged).
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Kontrol Technologies Corp.
NEO: KNR $0.90 $6.71 June 23, 2021
PR Content Established a new sales channel allowing the U.S. government to order KNR’s products.
FRC Opinion Positive – This is a major development for KNR, especially considering the U.S. government’s emphasis on energy efficiency. We are expecting revenue from the legacy business to grow significantly in H2-2021, as projects that were pushed aside due to the pandemic are reinstated.
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Diginex Limited. NASDAQ: EQOS
US$6.37 US$24.70 June 24, 2021
PR Content Announced record transaction volume of US$5B+ in the 30 days ended June 24th (up 80% MoM, and 206% since April).
FRC Opinion Positive – We are pleased to see the strong growth in transaction volume. We are awaiting the company to release their 2020 year-end financial statements.
Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
BIGG Digital Assets Inc.
CSE: BIGG $1.60 $3.90 June 28, 2021
PR Content Announced a new partnership agreement with ZignSec (SEK: ZIGN), a fintech company that helps companies comply with their regulatory requirements.
FRC Opinion Positive – We are pleased to see the company expanding their B2B business, especially because these agreements are likely to turn into long-term recurring revenue sources. Our revenue forecast for 2021 is $16.6M (unchanged).
Cannabis Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Delta 9 Cannabis Inc.
TSX: DN $0.46 $1.04 June 22, 2021
PR Content Provided Q2 revenue guidance of $15.5M-$17.5M, up from Q1’s $13.2M.
FRC Opinion Positive – Q2 will be a record quarter for the company. Management’s guidance is in line with our projections, and we are maintaining our revenue forecast of $68M for 2021. We are expecting stronger revenue growth in H2 from new stores.
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Company Name:
Ticker Symbol
Current Share Price:
FRC Fair Value Estimate:
Date of PR:
Pure Extracts Technologies Corp.
CSE: PULL $0.22 $0.90 June 24, 2021
PR Content Announced that they have entered into a partnership agreement with Canada House Wellness Group (CSE: CHV), a licensed producer of medical cannabis in Ontario. Canada House will purchase PULL’s line of concentrate products.
FRC Opinion Positive – Pleased to see strong demand for the company’s in-house products. Our current revenue estimates do not consider sales from in-house brands. We will wait for further details regarding sales figures before revising our projections.
Weekly Cannabis Commentary
Cannabis Industry Performance June 28, 2021
U.S. Companies YTD 1-Week 1-Year
Curaleaf Holdings Inc. 11% 6% 143%
Trulieve Cannabis Corp. 16% 4% 204%
Green Thumb Industries Inc. 32% 13% 228%
Cresco Labs Inc. 8% 9% 168%
Canadian Companies YTD 1-Week 1-Year
Aurora Cannabis Inc. -5% 4% -30%
Canopy Growth Corp. -8% 6% 39%
Cronos Group Inc. 13% 4% 33%
Tilray Inc. 18% 8% 17%
HEXO Corp. 42% 3% 85%
Organigram Holdings Inc. 96% 2% 80%
The Supreme Cannabis Co., Inc. 97% -1% 34%
Canadian Average 36% 4% 37%
U.S. Average 17% 8% 186%
Canadian YTD 1-Week 1-Year
HMMJ 31% 4% 59%
MCAN 30% 5% 60%
XCAN 26% 4% 48%
U.S. YTD 1-Week 1-Year
MSOS 7% 6% 69%
Indices
Source: FRC
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Last week, cannabis stocks across the U.S. and Canada gained strength. U.S. cannabis stocks outperformed their Canadian counterparts on the back of more favourable news. Rhode Island approved a bill to legalize adult-use cannabis, while Curaleaf (CSE: CURA) and Trulieve (CSE: TRUL) expanded their store presence across the nation. In Canada, Organigram Holdings (TSX: OGI) announced plans to raise $500M. Valuation As of June 28, 2021, the Canadian big four LPs were trading at a 128% premium (down from 135% in previous week) over their U.S. peers. The valuation gap diminished due to more favorable developments in the U.S.
Canadian Companies Ticker TEV/Revenue TEV/EBITDA TEV/Revenue TEV/EBITDA
Aurora Cannabis Inc. TSX: ACB 8.0 NM 8.4 NM
Canopy Growth Corp. TSX: WEED 19.3 NM 20.9 NM
Cronos Group Inc. TSX: CRON 36.6 NM 40.6 NM
Tilray Inc. NASDAQ: TLRY 16.6 NM 17.6 NM
HEXO Corp. NYSE: HEXO 9.3 NM 9.4 NM
Organigram Holdings Inc. TSX: OGI 14.7 NM 14.8 NM
The Supreme Cannabis Co., Inc. TSX: FIRE 5.1 NM 5.0 NM
AVERAGE 15.7 NM 16.7 NM
MEDIAN 14.7 NM 14.8 NM
MINIMUM 5.1 NM 5.0 NM
MAXIMUM 36.6 NM 40.6 NM
U.S. Companies Ticker TEV/Revenue TEV/EBITDA TEV/Revenue TEV/EBITDA
Curaleaf Holdings Inc. OTC: CURLF 12.2 41.6 13.3 45.6
Trulieve Cannabis Corp. OTC TCNNF 6.7 14.4 7.3 15.6
Green Thumb Industries Inc. OTC: GTBIF 9.7 26.6 11.0 30.1
Cresco Labs Inc. OTC: CRLBF 6.4 21.4 7.0 23.2
AVERAGE 8.8 26.0 9.7 28.6
MEDIAN 8.2 24.0 9.2 26.7
MINIMUM 6.4 14.4 7.0 15.6
MAXIMUM 12.2 41.6 13.3 45.6
Canadian Big Four Average 24.2 26.4
WEED, ACB, TLRY, CRON Median 19.3 20.9
Implied Premium Over U.S. Big Four (Median) 135% 128%
June 28, 2021June 21, 2021
Source: S&P Capital IQ, FRC
The following chart shows the average EV/R of the companies we track in both countries:
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Average EV/R
Source: S&P Capital IQ, FRC
Canadian Retail Cannabis Pricing Province (As of 2021/06/28) Average Price per Gram Average Price per Gram THC Average Price per Gram CBD # of Products Min. Price Max. Price
B.C. 9.74$ 9.83$ 8.45$ 238 3.53$ 15.71$
Ontario 9.41$ 9.58$ 7.95$ 360 3.57$ 22.66$
Quebec 9.33$ 9.34$ 9.23$ 263 4.85$ 21.68$
Alberta 10.87$ 10.86$ 10.81$ 396 3.52$ 22.00$
N.B. 9.37$ 9.51$ 7.56$ 230 3.57$ 16.28$
P.E.I. 9.61$ 9.62$ 9.34$ 185 4.40$ 23.30$
Newfoundland 10.00$ 9.95$ 10.32$ 164 4.46$ 15.40$
Yukon 16.33$ 15.13$ 13.95$ 4 13.68$ 13.95$
N.S. 10.05$ 10.10$ 9.50$ 192 5.14$ 42.85$
Nunavut 13.15$ 13.35$ 12.41$ 32 9.43$ 17.91$
Northwest Territories 14.68$ 12.65$ 2 12.08$ 17.28$
Manitoba 11.46$ 11.40$ 11.55$ 363 4.87$ 23.57$
Saskatchewan 12.05$ 12.05$ 12.07$ 258 4.40$ 38.50$
CANADA 11.23$ 11.03$ 10.26$ Province (As of 2021/06/21) Average Price per Gram Average Price per Gram THC Average Price per Gram CBD # of Products Min. Price Max. Price Max. Price
B.C. 9.71$ 9.79$ 8.45$ 234 3.53$ 15.71$ 15.71$
Ontario 9.43$ 9.60$ 7.95$ 358 3.57$ 22.66$ 22.66$
Quebec 9.33$ 9.34$ 9.23$ 263 4.85$ 21.68$ 21.68$
Alberta 10.88$ 10.88$ 10.81$ 394 3.52$ 22.00$ 22.00$
N.B. 9.37$ 9.52$ 7.56$ 229 3.57$ 16.28$ 16.28$
P.E.I. 9.61$ 9.62$ 9.34$ 185 4.40$ 23.30$ 23.30$
Newfoundland 10.00$ 9.95$ 10.32$ 164 4.46$ 15.40$ 15.40$
Yukon 16.33$ 15.13$ 13.95$ 4 13.68$ 13.95$ 22.28$
N.S. 10.05$ 10.10$ 9.53$ 192 5.14$ 42.85$ 42.85$
Nunavut 13.15$ 13.35$ 12.41$ 32 9.43$ 17.91$ 17.91$
Northwest Territories 14.68$ 12.65$ 2 12.08$ 17.28$ 17.28$
Manitoba 11.46$ 11.40$ 11.55$ 359 4.87$ 23.57$ 23.57$
Saskatchewan 12.04$ 12.04$ 12.07$ 257 4.40$ 38.50$ 38.50$
CANADA 11.23$ 11.03$ 10.26$ Source: Online Provincial Cannabis Stores, FRC
The average retail price per gram remained unchanged week-over-week. The chart below shows the Canadian retail dried cannabis flower pricing trend:
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Canadian Retail Dried Cannabis Flower Pricing
Source: Online Provincial Cannabis Stores, FRC
Canadian Retail Cannabis Stores As of June 28, 2021, there are 2,196 retail cannabis stores, a week-over-week increase of 36 stores across Canada, including 29 in ON.
Nationwide Store Count
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June-7-2021 June-14-2021 June-21-2021 June-28-2021
Geographic Region Store Count Store Count Store Count Store Count Population Population / Store
Alberta 640 643 648 651 4,428,247 6,802
B.C. 355 356 359 362 5,120,184 14,144
Manitoba 93 93 93 93 1,379,121 14,829
N.B. 20 20 20 20 780,890 39,045
N.S. 25 25 25 25 978,274 39,131
Newfoundland 30 30 30 30 520,437 17,348
Northwest Territories 6 6 6 6 44,982 7,497
Nunavut 39,486
Ontario 804 804 820 849 14,745,040 17,368
P.E.I. 4 4 4 4 158,717 39,679
Quebec 68 68 68 69 8,552,362 123,947
Saskatchewan 82 82 82 82 1,181,987 14,414
Yukon 5 5 5 5 41,293 8,259
CANADA 2,132 2,136 2,160 2,196 37,971,020 17,291 Source: Provincial Websites, FR
Weekly Psychedelic Commentary
Psychedelic Industry Performance June 28, 2021
Company YTD 1-Week 1-Year
COMPASS Pathways plc -17% 0% 24%
Numinus Wellness Inc. -16% -7% 127%
Mind Medicine Inc. 27% 5% 827%
Seelos Therapeutics Inc. 95% -2% 179%
AVERAGE 22% -1% 289%
MIN -17% -7% 24%
MAX 95% 5% 827%
Index YTD 1-Week 1-Year
PSYK -9% 4% -9% Source: TMX Money, FRC
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