Florida Cannabis Market Update: Trulieve CBD volume down significantly as Curaleaf and Parallel trend up

Trulieve experienced a huge drop-off in milligrams of CBD sold in Florida over the past eight weeks, and the trend is accelerating this week.

The table below shows the magnitude of the recent drop-off from an average weekly volume around the 600,000 milligram per week level in December to just 182,615 milligrams for the week ended Jan. 30.

CBD milligrams sold 12/12/19 12/19/19 12/26/19 1/1/20 1/9/20 1/16/20 1/23/20 1/30/20
Trulieve 630,909 682,054 669,622 404,843 528,997 437,044 294,232 182,615
Week / Week % Change 8% -2% -40% 31% -17% -33% -38%

We’re highlighting this trend because we had not seen a drop of this magnitude in Trulieve’s Florida data since it began being published May 9, 2019.

(View last week’s data here.)

Before the past few weeks, Trulieve’s CBD data was relatively stable with a few weekly downturns that were rapidly reversed. This recent down trend, however, has persisted for about a month.

The data shows it’s not a statewide issue affecting all or even most competitors. Total milligrams of CBD sold in Florida is relatively flat at around 2.0 million to 2.2 million milligrams of CBD sold per week.

CBD milligrams Sold 12/12/19 12/19/19 12/26/19 1/1/20 1/9/20 1/16/20 1/23/20 1/30/20
Florida Total 2,283,036 2,145,510 2,188,677 2,081,298 1,372,529 2,003,318 2,124,092 2,141,830

The two companies with the largest uptick in milligrams of CBD sold over the same period were Parallel and Curaleaf, both of which have seen a significant CBD volume uptick in recent weeks. Curaleaf has seen the largest uptick by far.

CBD milligrams sold 12/12/19 12/19/19 12/26/19 1/1/20 1/9/20 1/16/20 1/23/20 1/30/20
Parallel 504,224 544,456 429,489 345,393 650,009 754,558 656,378 527,498
Curaleaf 159,607 174,393 141,454 84,987 112,375 115,154 429,479 327,683

The market share chart over the past several weeks illustrates Trulieve’s significant CBD market share loss as Parallel and Curaleaf have gained share.

We contacted Trulieve to ask what factors might be driving the company’s recent CBD volume trend, but we have not yet received a response. We will provide an update if that changes.

As always, we provide our Investor Intelligence subscribers all the data, along with interactive charts, for download here in a sortable spreadsheet.

Note: For the total-milligrams-sold data, we convert the data for ounces in smokable form into milligrams, assuming a 25% THC content. Because of this assumption, a smokable ounce converts to 7, 087 milligrams of THC (28,249.5 milligrams x 25% = 7,087 milligrams).

Craig Behnke can be reached at [email protected].

Mike Regan can be reached at [email protected].