Village Farms International Inc.’s cannabis subsidiary Pure Sunfarms has catapulted to the top of Canada’s marijuana market share rankings, supplanting Tilray Brands Inc. following a recalculation of how province’s sales figures, according to a Bay Street analyst.
CIBC Analyst John Zamparo wrote in a report on Wednesday that Village Farms jumped to the top spot in the country’s cannabis producer ranks from its prior standing in third place after data provider Hifyre changed its methodology of how it accounts for sales in Quebec. Village Farms now has a 7.8 percent share of the country’s cannabis sales, while Tilray saw its ranking slip to second place with a 7.3 percent share, and Calgary -based Decibel Cannabis Company Inc. now sits in third with a 6.5 percent share.
Hexo Corp. and Organigram Holdings Inc. round up the rest of the top five producers, according to Zamparo. Notably, Canopy Growth Corp. fell to eighth place with a 4.3 percent share despite having the largest amount of cash on hand in the industry with $1.1 billion and was once the top-selling producer in Canada when cannabis was legalized more than four years ago.
Quebec represents about 13 percent of all cannabis sales in Canada, a figure that analysts believe is constrained given the lower store count relative to other provinces as well as rules restricting the sale of popular products like edibles and vapes, but Zamparo still sees the new calculation employed by Hyfire in aggregate to be reliable.
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