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Analysts' Ideas of the Week
Last Week’s REDDIT Pick was Up 77% in One Day
March 8, 2021
www.researchfrc.com
Page 2
Reddit Discussed Stocks
Last week’s pick, Rocket Companies Inc. (NYSE: RKT) went from $24.30 on last
Monday’s close to $43 the next day (up 77%).
Based on our review of multiple data points on retail platforms, we have selected
Express Inc. (NYSE: EXPR) as our momentum pick for this week. Key parameters used
include – a) total number of mentions, b) percentage change in the number of mentions,
c) stock sentiment, d) stock price trend, and e) market capitalization.
March 8, 2021
Company Ticker Sector 1-day Return
Express, Inc. EXPR Consumer Retail 63.82%
Source: Yahoo! Finance, FRC
FRC Top Picks
The following table shows last week’s top five performers among our Top Picks,
including three financials, one technology, and one gold junior. The Financial sector
was one of the best performers in the past week due to rising treasury yields.
Among our picks, the top performer, Hello Pal (CSE: HP), was up 94% WoW, and 177%
since we launched coverage on February 16, 2021. Our latest report can be viewed
here.
Top Five Performers Last Week
Source: FRC
Overall, our portfolio (equally weighted) was down 2.9% in the past week versus
the benchmark’s (TSXV) -9.8%.
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Source: FRC
Performance by Sector
Source: FRC
Our complete list of top picks (updated weekly) can be viewed here.
Weekly Mining Commentary
Four of the seven global equity indices we track had positive returns in the past week.
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Source: FRC / Various
Prices of mainstream metals fell last week due to a stronger US$, amid rising
yields.
The Fed indicated last week that they have no intent to take action to control the recent
spike in yields. Rising rates are typically beneficial for financials, but negative for
economic growth and equity markets. However, the Senate passed Biden’s US$1.9T
stimulus package last weekend. The stimulus package, and vaccine rollout, bode
well for an economic recovery in the second half of this year. As shown below,
inflationary expectations have started rising again, following a decline from record levels
last month. Although we expect gold to be under pressure in the near-term (due to rising
yields), we expect a recovery in the second half as actual inflation kicks in from a strong
economic recovery driven by pent-up demand, and savings set aside by consumers.
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Except Brazil, Italy, and Poland, most of the hardest hit nations continued to report a
decline in new cases of COVID-19.
Source: https://www.worldometers.info/coronavirus/
17.6% of the U.S. population has received vaccinations vs 14.9% at the same time last
week. This compares to 32.7% in the U.K. (up from 29.6%). Israel is at 57.3%, up from
54.6%. The U.S. recently approved Johnson & Johnson’s (NYSE: JNJ) vaccine, which
requires only one dose. Biden stated last week that the U.S. will have enough
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vaccines for every adult by the end of May. We now expect 50% of the U.S.
population to be vaccinated by July (previously August 2021), based on the above
developments, and the current run rate of 1.5 – 2.0M doses per day.
Potential Breakthrough for Nickel Supply
A noteworthy event last week was a 13% decline in nickel prices. This was a result of
an announcement by China’s Tsingshan Holding Group (the world’s largest stainless
steel producer) that they have developed a new technology/manufacturing process to
convert nickel pig iron into a product suitable for EV batteries. We consider this to be a
major development as, until recently, only Class 1 (sulphide ore), which accounts for
50% of nickel supply, was considered to be suitable for EV batteries. Due to their higher
iron content and impurities, Class 2 nickel (ferronickel and nickel pig iron) was not
considered to be suitable. Tsingshan’s new process could potentially double the supply
of nickel for EV batteries, and ease concerns of a nickel shortage for batteries. Last
month, Elon Musk had stated that nickel supply was a major concern. We had
expected this news to result in a larger drop in nickel prices. Sources indicate that
market participants are skeptical and uncertain of the incremental cost of this new
process, and whether it is energy-intensive and/or pollutant. Tsingshan’s products are
only expected to be delivered later in the year, so we will not have answers until
then. Another key point is that, if more pig iron is used for EVs, there will be less supply
for stainless steel. Therefore, it is a bit early for us to assess the real impact of
Tsingshan’s announcement. Some sources state that Nickel prices need to be at least
$7/lb for pig iron (for use in batteries) to be economic. We are maintaining our long-
term forecast at US$8.
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Inventory levels of base metals were generally higher on the LME, and the SHFE
(Shanghai). We expect base metals prices to experience downward pressure as a
result.
Despite the decline in commodity prices, valuations of gold producers were up 6% WoW,
while that of base metals producers were down 1%.
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We are maintaining our forecasts, but expect prices to remain volatile in the coming
months. We believe gold has the highest upside this year.
In the following section, we review companies that announced key developments in the
past week. The table below summarizes the changes we made in ratings/fair value
estimates/EPS projections of companies under coverage in this report:
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Mining / Exploration
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Monarch TSX: GBAR $0.84 $1.68 Mar 4, 2021
Mining Mar 8, 2021
Corporation
PR Content FRC Opinion
Closed a previously announced $5M Positive – We had initiated coverage on
bought deal financing. GBAR also staked GBAR last month. It was spun out from
additional land, and expanded the size of Monarch Gold, which was acquired by
its McKenzie Break property in Quebec. Yamana Gold (TSX: YRI) for $152M in
December 2020. Management is planning
an aggressive $7M resource expansion
program across three properties over the
next 18 months, and re-commence
production at the Beaufor mine in 2022.
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
UEX TSX: UEX $0.28 $0.45 Mar 8, 2021
Corporation
PR Content FRC Opinion
Positive – Such high values over long
Ongoing drilling intersected a new zone
of cobalt-nickel mineralization on the
intercepts are highly encouraging. This is
West Bear property in the Eastern the second location of high-grade cobalt-
Athabasca Basin in Saskatchewan. nickel mineralization identified on the
project. Management intends to continue
➢ 0.52% Co and 1.01% Ni over 23.5 m drilling this new area. UEX maintains its
from 44.0 to 67.5 m, including position as one of the leading uranium
➢ 2.08% Co and 3.58% Ni over 4.5 m juniors in the country. Cameco (TSX: CCO)
➢ 0.93% Co and 0.79% Ni over 3.5 m is a significant shareholder.
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Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Noram TSXV: NRM $0.68 $1.27 Mar 2, 2021
Ventures Inc.
PR Content FRC Opinion
Completed eight of a proposed 12-hole Positive – All these holes were step-out
drill program on its Zeus lithium property holes. We remain confident on our previous
in Nevada. Results from six holes estimate, and continue to base our valuation
averaged 1,116 ppm over 71 m. on a 50% increase in the current resource
estimate. An updated resource is expected
in Q2.
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
GMV Minerals TSXV: GMV $0.25 $0.62 Mar 1, 2021
Inc.
PR Content FRC Opinion
Planning a two-phase drill program on its Neutral – The project has 688 Koz in
Mexican Hat property in Arizona. Phase 1 inferred resources. A 2020 PEA had
will include eight step-out holes totaling returned an After Tax-NPV5% of US$100M,
3,050 m, with a goal to expand strike at US$1,600/oz gold. GMV’s MCAP is just
length by 70%. C$15M.
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Falcon Gold TSXV: FG $0.09 $0.29 Mar 2, 2021
Corp
PR Content FRC Opinion
Released additional encouraging results Positive – The company has drilled over a
from a drill program at its flagship Central 275 m strike length. Mineralization has been
Canada gold mine project in Ontario. Key traced from surface to a depth of over 161
results included 10.8 gpt over 0.3 m, 2.8 m. We believe these results increase our
gpt over 1.7 m, and 7.1 gpt over 0.5 m; conviction on the project’s 230 Koz historic
from three separate holes. resource estimate, on which our fair value
estimate is based on. We expect a maiden
resource estimate this year.
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Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Sonoro Gold TSXV: SGO $0.19 $0.32 Mar 3, 2021
Corp Mar 5, 2021
PR Content FRC Opinion
Metallurgical tests on its Cerro Caliche Positive – These gold recoveries are higher
property in Sonora (Mexico) returned than typical leaching recoveries of 70-75%.
recoveries (leaching) of 80.3% for gold We were also pleased to find that
and 27.2% for silver. recoveries across the entire resource area
returned favorable results. A PEA is
expected to be completed in Q3. SGO is
expected to work on an updated resource
estimate, followed by a PEA. We are
expecting a significant increase in the
updated resource estimate.
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Azincourt TSXV: AAZ $0.095 NA Mar 3, 2021
Energy Corp
PR Content FRC Opinion
Closed the final tranche of a $4.24M Positive - Funds will be primarily used for
financing. the East Preston uranium project in the
Athabasca Basin. Management is planning
a 10-12 hole, 2,000 – 2,500 m drill program
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Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Braveheart TSXV: BHT $0.09 $0.42 Mar 3, 2021
Resources Inc.
PR Content FRC Opinion
Entered into an option agreement to Positive – Alpine is within trucking distance
acquire the past-producing Alpine Mine to the company’s flagship Bull River project.
property near Nelson, B.C. for 1M shares, We believe this new project has potential to
$100k in cash, and $700k in property provide additional materials for processing.
expenses before December 2022, and Bull River can be advanced to production
subsequent payments totaling $2.9M in for just $6.5M in CAPEX. The company is
2023/2024. The project has an inferred evaluating financing options, and applying
resource of 142 Koz at a very high grade for permits to potentially commence
of 16.5 gpt, implying a valuation of $53/oz production later this year.
vs the sector average of $60/oz (100%
M&I + 50% inferred).
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
GR Silver TSXV: GRSL $0.63 $0.98 Mar 4, 2021
Mining Ltd.
PR Content FRC Opinion
Drill results from the Plomosas silver Positive - These results are encouraging
project in Sinaloa, Mexico continue to for the upcoming maiden resource
return high-grade values: estimates on the Plomosas Mine and San
Juan areas. Note that our fair value
• 5.7 m @ 611 g/t Ag, 0.5 % Pb, and 1.7 estimate is solely based on GRSL’s San
% Zn, including 1.7 m @ 1,762 g/t Ag, Marcial silver project, which has an
1.3 % Pb, and 4.9 % Zn, and 0.7 m @ indicated resource of 36 Moz (147 gpt
3,755 g/t Ag, 2.5 % Pb and 9.7 % Zn AgEq), and an inferred resource of 11 Moz
(108 gpt AgEq).
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Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Doubleview TSXV:DBG $0.355 $0.47 Mar 8, 2021
Gold Corp.
PR Content FRC Opinion
Announced positive metallurgical tests Positive – Pleased with this announcement
indicating that cobalt can be recovered as prior studies had indicated that 15% -
from the company’s HAT gold-rich copper 20% of Hat’s value comes from cobalt, with
project. Previous tests had only confirmed copper at 45% - 50%, and gold at 30% -
copper and gold recoveries. Potential 40%. A maiden resource estimate is
recovery of palladium and nickel are expected shortly. We have a preliminary
being tested. estimate of 540 Mt at an average grade of
0.2 gpt gold and 0.25% copper (0.57 gpt
AuEq).
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Gold Springs TSX: GRC $0.09 $0.30 Mar 8, 2021
Resource Corp
PR Content FRC Opinion
Commenced resource expansion drilling Neutral – The project has a measured and
(50 holes / 10,000 m) at its flagship Gold indicated resource of 610 Koz gold (0.53
Springs project on the Nevada-Utah gpt) and 10.8 Moz silver/Ag (9.4 gpt), and
border. an inferred resource of 90 Koz Au (0.49 gpt)
and 1.3 Moz Ag (7 gpt) on four of 32
identified targets on the property. A PEA
reported an After Tax-Net Present Value /
AT-NPV @ 10% of US$111M, using $1,450
per oz gold. GRC’s MCAP is $21M.
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Technology, Energy, and Special Situations
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Exro TSXV: EXRO $4.00 N/A Mar 4, 2021
Technologies
Inc.
PR Content FRC Opinion
Shares were down 29% since the Negative – Although we have been
publication of a short report last week. disappointed by the slow pace of
Prices are down 47% from the highs last development of its partnerships, we are not
month. The report gave a price target of overly concerned as we believe that delays
$0.35 per share, and alleged the in commercialization are not uncommon for
company of exaggerating partnerships. such partnerships. With regard to insider
The report highlighted lack of revenue selling, Exro stated that its CEO has sold
and insider sale of shares as red flags. 18% of her shares due to personal reasons.
We have not been able to discuss these
recent developments with management. We
are temporarily retracting our fair value
estimate, while maintaining our HOLD
rating. We will publish a note shortly after a
discussion with the company.
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Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Hello Pal CSE: HP $1.76 $2.67 Mar 8, 2021
International Inc.
PR Content FRC Opinion
Announced it has entered into a letter of Neutral –Dogecoin (market cap: US$7.6B)
intent with partner, Shanghai Yitang Data and Litecoin (mcap: US$12.5B) are 10th and
Technology Co. Ltd. (provider of digital 14th, respectively, in terms of market cap.
wallet services), to acquire a We believe this could be a good strategy as
cryptocurrency mining facility (15% for it allows the company multiple opportunities
$0.98M, with an option to acquire an to generate revenue such as charging a lift
additional 20% for $1.56M), and mining on the initial participation, and taking a
rigs (51% for $3.75M, with $1.5M in cash, management fee from mining proceeds, in
and the rest in shares and warrants), to addition to the intangible benefits like
mine Dogecoin (DOGE) and Litecoin attracting new members. We need more
(LTC). Management expects to become information on how management plans to
the world’s third largest Dogecoin/Litecoin integrate this new initiative with the existing
miner when the acquired assets are model in order to assess whether this is a
operating at full capacity. The company good ROC or COA play (if an ROC play,
also announced plans to initiate a more info on lift and fees; if COA play, how
financing of up to $10M to fund the many new users will this generate?). We
acquisition. maintain our revenue projection of $15.41M
in FY-2021, and $51.84M in FY-2022.
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Kidoz Inc. TSXV: KIDZ $0.95 $1.08 Mar 1, 2021
PR Content FRC Opinion
Partners with TopOn, an ad mediation Positive – Kidoz’s compliant and kid-safe
technology in China, which allows app network attracted TopOn. This deal will
owners to optimize their ad revenue by allow KIDZ to expand its network in China.
using ad networks. Users of TopOn can At the end of 2020, KIDZ’s network had
now use Kidoz ads inside their app. over 300M users. KIDZ’s shares are up
79% in the past month. We will be
publishing an update when 2020 year-end
results are announced. The company has
pre-announced key results, including $7.2M
in revenue in 2020, up 58% YoY, and
$0.14M (EPS: $0.00) in net profit vs a net
loss of $14M (EPS: -$0.12) in 2019.
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Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Diginex Limited NASDAQ: US$11.50 US$24.70 Mar 4, 2021
EQOS
PR Content FRC Opinion
Announced the launch of Ethereum Neutral – We are pleased to see Diginex
(ETH) futures. adding more products to its portfolio of
offerings, which will contribute to transaction
volume growth. For 2021 and 2022, we are
estimating revenues of $10.21M and
$87.15M (unchanged), respectively.
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Banxa Holdings TSXV: BNXA $2.74 N/A Mar 5 & 8, 2021
Inc.
PR Content FRC Opinion
$70.4M in Total Transaction Value (TTV) Positive – TTV in the first two months have
in February, up 980% YoY and 28% already exceeded the previous quarter’s
MoM. TTV of $111M. We will release our initiating
report on Banxa shortly.
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Clean Seed TSXV: CSX $0.63 $1.14 Mar 4, 2021
Capital Group
Ltd.
PR Content FRC Opinion
Announced that it has started recruiting Positive – We are pleased to see Clean
distributors for its SMART Seeder MAX S Seed moving along with its product launch
units. timeline of April 2021. We are estimating
revenues of $600k in 2021, and $7.5M in
2022 (unchanged).
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Cannabis
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
Delta 9 TSX: DN $0.50 $1.24 Mar 4, 2021
Cannabis Inc.
PR Content FRC Opinion
Announced that it has completed a Positive – We are pleased to see DN
service agreement with another client. DN continuing to see demand for its B2B
has now licensed over 100 grow pods in services and grow pods for cultivation. B2B
third party facilities across Canada. revenue accounts for about 23% of our
revenue estimates of $52.37M in 2020, and
$67.44M in 2021 (unchanged).
Company Ticker Current Share FRC Fair Value Date of PR:
Name: Symbol Price: Estimate:
AgraFlora CSE: AGRA $0.05 $0.08 Mar 8, 2021
Organics
International Inc.
PR Content FRC Opinion
Announced the appointment of a new Neutral – We were surprised to see the
CEO. sudden change in top management. We will
reach out to the company to find out if there
is any change in vision/mandate.
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Weekly Cannabis Commentary
Cannabis Industry Performance
Source: TMX Money, FRC
Over the past week, the Horizons Marijuana Life Sciences ETF (TSX: HMMJ / “HMMJ”),
the Standard & Poor’s/MX International Cannabis Index (“MCAN”), and the Standard &
Poor’s/TSX Cannabis Index (“XCAN”) generated returns of -11%, -12%, and -13%,
respectively. There were no significant industry developments in the past week.
Surging Sales in Canada
Canada recorded $2.6B in cannabis sales in 2020, up 120% YoY. Much of the
increased sales is attributed to more retail stores opening up across the country (see
the retail store section for details). However, the pandemic also contributed to increased
consumption in the year. As reported by Marijuana Business Daily, about 34% of
cannabis users increased consumption during the pandemic for the following reasons:
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Source: MBD
Canadian cannabis stocks are trading at a significant premium over its U.S. based
counterparts. With federal legalization in the U.S., we expect this trend to change:
Forward Price/Revenue of Cannabis Stocks: U.S. vs Canada
Source: WSJ
Our research indicates significant short positions on some of the major Canadian stocks
(see table below). From what we have seen on the retail trading pattern on GME,
AMC etc., we think large short positions have the potential to draw retail
investor’s attention.
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Short Positions as Reported on March 1, 2021
Source: Factset
Valuation of Select Canadian LPs
The following chart shows the average Enterprise Value to Revenue (“EV/R”) of the
Canadian cannabis companies we track.
Average EV/R (October 2019 – March 2021)
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February 26, 2021 March 5, 2021
Company Ticker TEV/Revenue TEV/EBITDA TEV/Revenue TEV/EBITDA
Aphria Inc. TSX: APHA 12.7 118.6 11.1 104.3
Aurora Cannabis Inc. TSX: ACB 9.7 NM 8.8 NM
Canopy Growth Corp. TSX: WEED 30.2 NM 28.4 NM
Cronos Group Inc. TSX: CRON 93.2 NM 65.8 NM
Tilray Inc. NASDAQ: TLRY 22.6 NM 20.1 NM
HEXO Corp. NYSE: HEXO 10.7 NM 9.7 NM
Organigram Holdings Inc. TSX: OGI 11.1 NM 9.6 NM
The Supreme Cannabis Co., Inc. TSX: FIRE 4.9 NM 4.5 NM
AVERAGE 24.4 NM 19.7 NM
MEDIAN 11.9 NM 10.4 NM
MINIMUM 4.9 NM 4.5 NM
MAXIMUM 93.2 NM 65.8 NM
Source: S&P Capital IQ, FRC
The average EV/R, as of March 5, 2021, was 19.7x – a WoW decrease from 24.4x. The
average EV/R, from October 7, 2019 to March 5, 2021, was 13.4x.
Canadian Retail Cannabis Pricing
Province (As of 2021/3/8) Average Price per Gram Average Price per Gram THC Average Price per Gram CBD # of Products Min. Price Max. Price
B.C. $ 9.79 $ 9.89 $ 8.42 192 $ 3.53 $ 15.71
Ontario $ 9.55 $ 9.73 $ 8.08 330 $ 4.00 $ 23.98
Quebec $ 9.28 $ 9.27 $ 9.40 226 $ 4.85 $ 21.68
Alberta $ 11.32 $ 11.32 $ 11.00 339 $ 3.93 $ 22.00
N.B. $ 9.76 $ 9.98 $ 7.58 189 $ 3.57 $ 16.28
P.E.I. $ 9.67 $ 9.69 $ 9.34 167 $ 2.20 $ 23.30
Newfoundland $ 10.08 $ 10.04 $ 10.36 158 $ 4.46 $ 15.40
Yukon $ 15.39 $ 15.53 $ 13.95 11 $ 12.69 $ 22.28
N.S. $ 10.31 $ 10.36 $ 9.73 184 $ 5.36 $ 42.85
Nunavut $ 13.15 $ 13.35 $ 12.41 32 $ 9.43 $ 17.91
Northwest Territories $ 14.68 $ 14.68 2 $ 12.08 $ 17.28
Manitoba $ 11.47 $ 11.41 $ 11.62 346 $ 4.90 $ 20.43
Saskatchewan $ 12.38 $ 12.40 $ 12.07 211 4.95 38.50
CANADA $ 11.29 $ 11.36 $ 10.33
Province (As of 2021/03/01) Average Price per Gram Average Price per Gram THC Average Price per Gram CBD # of Products Min. Price Max. Price
B.C. $ 9.78 $ 9.88 $ 8.42 188 $ 3.53 $ 15.71
Ontario $ 9.61 $ 9.79 $ 8.08 329 $ 4.00 $ 23.98
Quebec $ 9.31 $ 9.28 $ 9.55 227 $ 4.85 $ 21.68
Alberta $ 11.33 $ 11.34 $ 11.00 337 $ 3.93 $ 22.00
N.B. $ 9.91 $ 10.14 $ 7.58 188 $ 3.57 $ 16.28
P.E.I. $ 9.67 $ 9.69 $ 9.34 167 $ 2.20 $ 23.30
Newfoundland $ 10.08 $ 10.04 $ 10.36 158 $ 4.46 $ 15.40
Yukon $ 15.39 $ 15.53 $ 13.95 11 $ 12.69 $ 22.28
N.S. $ 10.33 $ 10.37 $ 9.82 183 $ 5.36 $ 42.85
Nunavut $ 12.91 $ 13.04 $ 12.41 33 $ 5.19 $ 17.91
Northwest Territories $ 14.68 $ 14.68 2 $ 12.08 $ 17.28
Manitoba $ 11.45 $ 11.38 $ 11.62 343 $ 4.90 $ 20.43
Saskatchewan $ 12.34 $ 12.36 $ 12.07 208 4.95 38.50
CANADA $ 11.29 $ 11.35 $ 10.35
Source: Online Provincial Cannabis Stores, FRC
The average retail price per gram remained the same WoW at $11.29. The chart
below shows Canadian retail dried cannabis flower pricing since we initiated price
coverage.
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Canadian Retail Dried Cannabis Flower Pricing
Source: Online Provincial Cannabis Stores, FRC
Canadian Retail Cannabis Stores
As of March 8, 2021, there are 1,654 retail cannabis stores, a WoW increase of 11
stores across Canada, of which Alberta had 7, and Ontario had 4.
Nationwide Store Count
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Feb-16-2021 Feb-22-2021 Mar-1-2021 Mar-8-2021
Geographic Region Store Count Store Count Store Count Store Count Population Population / Store
Alberta 572 575 579 586 4,428,247 7,557
B.C. 310 311 310 308 5,120,184 16,624
Manitoba 56 64 64 64 1,379,121 21,549
N.B. 20 21 21 21 780,890 37,185
N.S. 21 24 24 24 978,274 40,761
Newfoundland 30 30 30 30 520,437 17,348
Northwest Territories 5 6 6 6 44,982 7,497
Nunavut na na na na 39,486 N/A
Ontario 429 451 490 494 14,745,040 29,848
P.E.I. 4 4 4 4 158,717 39,679
Quebec 60 61 61 63 8,552,362 135,752
Saskatchewan 45 49 49 49 1,181,987 24,122
Yukon 5 5 5 5 41,293 8,259
CANADA 1,557 1,601 1,643 1,654 37,971,020 22,957
Source: Provincial Websites, FRC
Weekly Psychedelic Commentary
Psychedelic Industry Performance
Source: TMX Money, FRC
Over the past week, PSYK generated a return of -15%. MindMed (NEO: MMED)
announced a $19.5M bought deal at $3.25 per unit.
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