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Bank App Utilization Up, Bank Branch Utilization Down. Will We Ever Go Back?

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Do we need bank branches? No, not really, because old habits can be difficult to break. But the ongoing pandemic is accelerating a digital transformation that was already in play. Fintechs, or Fintech in general, is a big winner in this transformation as populations shift from queuing up in front of a teller to managing all of their finances on their trusty iPhone.

Recent research by Fintech Nucoro, a firm seeking to help old finance avoid the tech trap of inevitable change, indicates that people who used to visit a bank branch pre-COVID-19, 24% intend to use them less, if at all, once the Coronavirus moves on.

Nucoro said they commissioned the market research company Consumer Intelligence to interview 1,000 across the UK. Interviews were conducted online between 9th and 14th April 2020

But even while a quarter of respondents see a move away from brick and mortar banking, a bit over half (53%) indicate their use of physical banks will not change at all. Oddly, 9% expect to use bank branches even more. Perhaps these respondents are traditional bank employees?

Of those who use bank branches, how will their use of them change after the Coronavirus lockdown is lifted  Percentage of people who use bank branches
Use of bank branches will not change 53%
I will use them a little bit less 13%
I will use them a lot less 11%
I will use them more 9%
Don’t know 14%

Nucor states that its survey indicates that 31% expect to make one less visit to their branch per month, with 44% anticipating they will make between two and four fewer visits. Some 17% are unsure to what extent their use of branches will fall.

Nikolai Hack, COO Nucoro, explained that during the Coronavirus they estimate that about 6 million people have downloaded their bank app for the first time:

“As people are staying indoors, more are turning to digital channels to communicate with their banks and many will continue to use these once the lockdown is lifted.  If this results in fewer visits to branches over the long-term, more could end up closing. Over the past five years, more than a third of the UK’s bank branches have closed, while a number of those that have survived have reduced their opening hours.  Many more could now be at risk of closure because more customers have started to use digital banking more.”

What Nucor did not provide is the age range of individuals more inclined to visit a bank branch those decidedly determined not to waste their time.

Source: https://www.crowdfundinsider.com/2020/05/161944-bank-app-utilization-up-bank-branch-utilization-down-will-we-ever-go-back/

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Cannabis NB reports higher sales and profits in first quarter figures

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FREDERICTON – New Brunswick’s government-owned cannabis retailer is reporting a profit of 1.4 million dollars during its first quarter this fiscal year.

Cannabis NB says total sales for the three-month period ending June 28 were 16.3 million dollars — up almost 79 per cent from the same period last year.

CEO Patrick Parent says the turnaround is the result of aggressive cost-cutting measures, renegotiating prices with suppliers and the addition of weekly promotions.

Premier Blaine Higgs says the finances will be considered as part of a review underway to decide whether to privatize the corporation.

Eight companies submitted proposals, but the review has been delayed by the COVID-19…

Original Author Link click here to read complete story..

Source: https://mmpconnect.com/cannabis-nb-reports-higher-sales-and-profits-in-first-quarter-figures/

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Head of cannabis retailer says Canada needs thousands more stores to compete with black market weed

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The chief executive officer of independent cannabis retailer Fire and Flower Holdings said this week Canada needs 4,000 pot shops in order to compete with the country’s still-thriving black market

In an interview with BNN Bloomberg, Trevor Fencott said the Canadian illicit market for weed is still more efficient than the legal one, which has suffered numerous setbacks since legalization took effect nearly two years ago. The slow rollout of pot shops has been the most commonly-cited culprit behind the less-than-stellar performance of legal marijuana companies. 

“The most efficient market out there is the illicit market. It’s not regulated, but it is efficient. Prohibition or enforcement alone don’t work. You need to compete with the illicit market head-on economically,” Fencott explained. 

In order to achieve this, Fencott suggests Canada should follow Colorado’s model – where one dispensary is opened for every 10,000 residents. This means Canada would need to open as many as 4,000 dispensaries, while less than 1,000 have been opened to date. 

“The way we see this going is that cannabis is ultimately going to be a convenience commodity. You have to give people multiple access points to the product that they want to buy, especially if you want to compete with the illicit market,” he said. 

Aside from the lack of cannabis dispensaries, another important factor driving continued growth in the black market are prices, according to Fencott. Marijuana retailers and companies could bring down prices if they took control of delivery and wholesale buying costs, which are currently managed by provinces. 

“We need to have our own ability to buy wholesale and deliver because that’s what the illicit market does. Until that happens, it’ll just be harder for us to compete with them,” he said. 

In an effort to compete with black market prices, particularly as the gap between legal and illegal pot continues to grow, major players in Canada’s legal industry have all announced budget-friendly products in recent months.

However, the absence of a stronger physical presence of dispensaries has led some observers to slash their growth forecasts for the Canadian cannabis market by nearly $1 billion this year. 

Source: https://greencamp.com/head-of-cannabis-retailer-says-canada-needs-thousands-more-stores-to-compete-with-black-market-weed/

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Dutch cannabis supply to Germany partially restored after short delay

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Dutch medical cannabis shipments to Germany have partially been restored after a short delay, and some German wholesalers started receiving flower deliveries in recent days, Marijuana Business Daily has learned.

MJBizDaily confirmed that at least three German wholesalers – clients of the Dutch Office of Medicinal Cannabis (OMC) – received their June order at the end of last week or so far this week.



On June 11, the OMC said the order could be delayed up to six weeks “due to additional testing.”

Because of the large dependency on Dutch flower, there was a looming possibility of supply interruption, but so far, MJBizDaily hasn’t seen any meaningful shortages among the pharmacies we regularly survey.

In an email to MJBizDaily, the OMC noted that the June orders are now being shipped in phases.

All of Germany’s flower supply for pharmacy dispensing is grown for now in Canada, the Netherlands and Portugal.

Despite the lack of supply diversification, the supply chain and stock levels are more robust than in previous years.

“Although we were aware of market concern about the delay, we never feared there would be a significant impact,” Nick Pateras, managing director of Europe for London-based Materia Ventures – which owns a German wholesaler – told MJBizDaily.

“In fact, we have already received our shipment and have experienced no disruption in our sales to pharmacies.”

Clifford Starke, CEO of Franchise Cannabis, a Toronto-based, European-focused marijuana company that owns two German wholesalers, confirmed to MJBizDaily that Phatebo, one of the Franchise Cannabis German subsidiaries, received its June order last week. The order consisted exclusively of the Bedrocan cultivar flower.

Franchise’s other German wholesaler, ACA Müller GmbH, is still waiting for its June shipment, which is expected next week, Starke said.

Many other German clients of the Dutch government are still awaiting their June shipment.

June shipments might overlap with July orders for some wholesalers – or come close to it.

For July, the OMC emailed its German clients, offering each up to 3 kilograms (6.6 pounds) of flower, Marijuana Business Daily has learned.

That’s less than the June or May orders, which were up to 5 kilograms, and a challenge for German wholesalers that depend exclusively on Dutch supply.

The reduction indicates either that the OMC is taking new clients – which would mean the number of German wholesalers distributing Dutch product surpassed 65 – or that the agency does not have enough stock for the roughly 40 existing clients and is reducing the amount available.

“Germany today is struggling with EU-Good Manufacturing Practice flower supply issues, but that should be sorted in coming quarters as facilities in countries like Portugal come online,” Starke told MJBizDaily.

“It will be increasingly hard for Canadian facilities to be competitive supplying the European market,” he said.

Alfredo Pascual can be reached at [email protected]

Source: https://mjbizdaily.com/dutch-cannabis-supply-to-germany-partially-restored-after-short-delay/

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