More Canadian cannabis companies are tapping government funding sources to finance research and other projects as private-sector capital has become harder to come by. MJBizDaily found that more than 3 million Canadian dollars ($2.2 million) worth of federal funding was provided to almost two dozen companies over the past year, according to the government’s Grants and Contributions portal. Since 2018, the year Canada legalized recreational marijuana, roughly CA$32.8 million worth of funding has been provided to dozens of cannabis businesses by… Read more.
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E-commerce technology company Squarespace Inc. (NYSE: SQSP) announced a partnership with dispensary tech company Jane Technologies to offer its products to cannabis businesses in Canada. “At Square, we’re always looking to solve sellers’ pain points and we know cannabis dispensaries have limited options when it comes to reliable and integrated commerce tools,” said Roshan Jhunja, Head of Retail at Square. “Sellers are looking for an easy-to-use, fully integrated omnichannel solution to help them run their businesses in person and online. We’ve been fortunate to… Read more.
Nearly five years after legalizing recreational marijuana at the federal level, Canada is approaching 4,000 regulated cannabis stores spread unevenly across the enormous country, according to data compiled by MJBizDaily. The latest quarterly store tally comes as Canada’s cannabis retail sector continues to transform. Some private-sector retailers are failing, such as major retail chain Fire & Flower, which entered creditor protection in June after years of operating at a loss. Other retail operators, meanwhile, are acquiring: Fika Cannabis successfully bid 36 million Canadian dollars ($26.7 million) for… Read more.
Some brands just seem to have an innate sense for how to make it to the top. They’re able to attract the old guard with a classic panache while at the same time appealing to hipsters who seek a bougie vibe. Canadian dispensary chain Burb passes the test, blending trendy retail with onsite spaces where artists can create and collaborate and industry members can network and build brands. From consumption lounges and live-music nights to a bud bar and a new location that… Read more.
Canadian cannabis producer Canopy Growth Corp. entered into subscription agreements with institutional investors in a private placement offering for gross proceeds of approximately $25 million (33.8 million Canadian dollars). The offering of roughly 22.9 million units occurred at a price per unit of $1.09, an approximately 22% discount from Friday’s close, according to a Monday news release. Smiths Falls, Ontario-based Canopy said the investors hold an over-allotment option allowing them to acquire up to about 22.9 more units. The gross proceeds from… Read more.
Columbia Care Inc. (NEO: CCHW) (OTCQX: CCHWF) is changing its legal name to The Cannabist Company Holdings Inc. as it aligns more closely with its retail store name. The company is rebranding to The Cannabist Company and is also changing its trading symbols on the CBOE Canada to “CBST” and “CBST.WT”, respectively, for the common shares and warrants. “The rebrand to The Cannabist Company marks an incredibly pivotal moment for us as an organization and speaks to where we are heading. When we launched Cannabist, we wanted… Read more.
Active medical cannabis registrations and overall spending on the medicine in Canada fell to their lowest levels since before recreational marijuana was legalized in late 2018. The number of active patient registrations with a federal license holder was 212,700 as of the end of March, according to the latest data from Health Canada and Statistics Canada, respectively. That’s 38% lower than the 345,520 active registrations in October 2018, when Canada legalized marijuana for adult use. The Health Canada figures are… Read more.
With its right hand, Tilray Brands has consolidated a swath of the Canadian cannabis market, most recently buying Hexo Corp. in its quest to grow market share. With its left hand, Tilray has gone on a beverage alcohol acquisition bender in the United States. After several alcohol acquisitions that turned Tilray into one of the largest U.S. craft brewers, the company recently announced an $85 million deal to acquire eight craft beer brands from brewing behemoth Anheuser-Busch InBev. As the dust settles on Tilray’s latest… Read more.
High Times has been sold to Victoria, BC-based psychedelics firm Lucy Scientific Discovery (for LSD) headed by disgraced Hollywood executive Richard Nanula. The news leaked out yesterday with a press release sent to a handful of media sources: Lucy Scientific Discovery Inc. (“Lucy” or “the Company”) (NASDAQ: LSDI), a leading psychotropic innovator announces the acquisition of the intellectual property (IP) of High Times, the most recognizable and iconic brand in the cannabis industry. This acquisition provides a stream of high-margin licensing and… Read more.
Medical cannabis reimbursements by Veterans Affairs Canada in the 2022-23 fiscal year recorded an all-time high, according to the latest figures.However, annual growth of those reimbursements as measured in dollars reached a multiyear low, indicating that growth in the category is slowing substantially.Veterans Affairs Canada (VAC) is the federal department responsible for benefits and services for retired and serving Canadian Armed Forces members.In the 2022-23 fiscal year ended March 31, VAC reimbursed 21,108 people a total of 167.6 million Canadian… Read more.
Australia and Israel were the top markets for Canada’s medical cannabis exporters last year, as the quantity of flower shipped overseas continued to surge, according to new figures shared by Health Canada with MJBizDaily. In the April 2022-March 2023 fiscal year, Canada’s exports of medical marijuana flower were 59,986 kilograms (roughly 132,200 pounds), a 48% increase over the previous year’s 40,640 kilograms. The vast majority of exports, however, went to only three countries, meaning exporters risk being dependent on a very… Read more.
Health Canada said two licensed cannabis companies have voiced concerns about the wildfires in British Columbia, but the federal regulator told MJBizDaily it has yet to receive any reports the blazes have destroyed marijuana crops. “Health Canada is aware that the wildfires and their associated evacuation orders may have an impact on cannabis license holders,” a Health Canada spokesperson said via email Thursday. “We acknowledge these are challenging times.” The regulator did not identify the companies. Canada has been battling its worst… Read more.
Two indices tracking the performance of cannabis businesses on North America’s largest stock exchanges have been discontinued amid waning investor interest in marijuana stocks and billions in losses suffered by the companies. The S&P/TSX Canada Cannabis Index was decommissioned with little fanfare earlier this year after being launched on Jan. 20, 2020, a spokesperson for S&P Dow Jones Indices confirmed in an email to MJBizDaily. A second cannabis index, the S&P/MX International Cannabis Index, was decommissioned in November 2021. The S&P/TSX Canada Cannabis… Read more.
Back in the regulated marijuana industry’s more heady days, a U.S. hemp-derived CBD subsidiary seemed like the must-have accessory for any Canadian cannabis company worth its bud. Canopy Growth Corp. owned a hemp farm in Springfield, New York, and planned to build a $150 million industrial park in Kirkwood, New York, to produce hemp products. Aurora Cannabis bought Reliva – a Massachusetts-based producer of hemp-derived CBD products – in a $40 million deal that included potential earnouts. And Cronos Group spent hundreds of millions of… Read more.
Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) is buying the remaining 57.5% of shares in THC-infused drink line Truss Beverage Co. from Molson Coors Canada, the company said Friday. In a statement, Blair MacNeil, President of Tilray Canada, expressed excitement for the move. “In addition to acquiring full and direct ownership of a stable of high-growth brands, this acquisition further strengthens Tilray’s No. 1 cannabis market share position in Canada and positions the company at the forefront of the adult-use beverage sector,” MacNeil… Read more.
Nearly five years after recreational cannabis legalization, legal weed shops are as common as corner stores in most major Canadian cities. In the biggest metropolis, Toronto, more than 400 cannabis retail licenses have been issued across the city’s six boroughs. In contrast, Canada’s second-biggest city – Montreal – is home to only 21 legal cannabis outlets within city limits, plus some stores in outlying suburbs. All are operated by Quebec’s government-owned recreational cannabis retail monopoly Société québécoise du cannabis (SQDC).… Read more.
Top executives at Canopy Growth Corp. (TSX: WEED) (Nasdaq: CGC) did their best this past week to convince stakeholders that the business is now making progress on a “path to profitability,” as Chief Financial Officer Judy Hong put it during the company’s second-quarter earnings call. Hong and CEO David Klein tag-teamed during the call to argue that cost-cutting measures, a strategic pivot to an “asset-light” business model, and further investment in brand partnerships, such as the one the company has with… Read more.
Canadian megacorp Tilray Brands Inc. struck an $85-million cash deal with Budweiser parent company Anheuser-Busch InBev (AB InBev) to purchase eight breweries in the United States. The acquisition will triple Tilray’s beverage production capacity to 12 million cases per year, making it the fifth-largest craft beer company in the country. The purchase added 10 Barrel Brewing Company, Blue Point Brewing Company, Breckenridge Brewery, HiBall Energy, Redhook Brewery, Shock Top, Square Mile Cider Company, and Widmer Brothers Brewing to a portfolio… Read more.
Canada’s federal government accounts for a growing share of the unpaid debts racked up by failed cannabis companies, lending credence to claims the nation’s nascent adult-use industry is suffering from pricey fees and heavy taxation. A review of recent insolvency filings by MJBizDaily found that the Canada Revenue Agency, the federal tax collection body, and Health Canada, the national department in charge of regulating cannabis production, are commonly among the biggest unpaid creditors for insolvent marijuana producers. In the 2021-22 fiscal year,… Read more.
Canada’s federal government could face legal consequences for failing to facilitate research on potential health issues experienced by cannabis smokers, according to the former chair of the task force that laid the groundwork for recreational legalization in the country. Anne McLellan, a former law professor at the University of Alberta, told The Globe and Mail newspaper the Canadian government could “potentially” face a class action lawsuit. The federal health minister from 2002 to 2003, McLellan told the Toronto-based newspaper that any lawsuits… Read more.
For cannabis retailers, it’s no secret: Customers like buying weed close to home, if they can. New research into Canada’s regulated cannabis market supports that intuition: Consumer proximity to government-regulated stores increases the odds that people will source product from the legal market. The paper – due to be published in the Journal of Studies on Alcohol and Drugs – explores the association between how far Canadian cannabis users live from regulated cannabis retail stores and how they choose to obtain… Read more.
Cannabis entrepreneurs are increasingly turning to smaller micro-cultivation facilities to manage costs and produce higher-quality marijuana at a time when the industry is facing a glut of “standard” product and falling prices. That shift ultimately could help shrink some of the Canadian cannabis industry’s current supply glut, given that micro-class licensees operate smaller cultivation facilities. At the end of 2022, Canada’s total indoor growing area was 28% lower than the all-time high reached in 2020. Canada’s federal government last year… Read more.
Amid a pending lawsuit and serious allegations of funds misappropriation, Canadian producer iAnthus Capital Holdings, Inc. (CSE: IAN) (OTCPK: ITHUF) has appointed Richard Proud as its new chief executive officer and director on the board of directors. The announcement comes in the wake of accusations by a Maryland-based cannabis dispensary, and in a RICO lawsuit filed last month, LMS Wellness Benefit LLC. alleges that iAnthus diverted at least $4.5 million of its funds into iAnthus’s other business interests. According to court documents, a… Read more.
Pressure is growing on the Canadian government to adjust the THC limit governing cannabis edibles, with the country’s largest adult-use wholesaler calling on the nation’s marijuana regulator to consider such a move. In a position paper sent to Health Canada, the Ontario Cannabis Store (OCS) also urged the agency to address the cannabis industry’s “unsustainable” environmental footprint – particularly the impact of packaging and single-use plastics. In recommending a hike in the THC edibles cap, the OCS joins a growing… Read more.
Canopy Growth Corp., a Canadian cannabis company, experienced a significant decline in its stock value on Wednesday. The stock plummeted approximately 22% to reach 46 cents per share. In light of these circumstances, Eight Capital analyst Ty Collin revised his price target for Canopy Growth, setting it at $0 instead of C$1.75 ($1.32) per share. Collin also reiterated a sell rating for the company, stating that it is no longer appropriate to consider Canopy Growth as a viable business. Canopy Growth… Read more.
Unpaid regulatory fees owed by cannabis companies to Canada’s federal government jumped more than 200% from a year earlier, to almost 4 million Canadian dollars ($3.1 million) as of the end of March, MJBizDaily has learned. The overdue fees have grown every year since 2019, as cannabis businesses licensed by the federal government struggle under the weight of taxes, fees, an intensely competitive market and poor business decisions. For the 2022-23 fiscal year, the fees in arrears grew to CA$3.9 million, 225%… Read more.
Cronos Group has received a number of expressions of interest about a possible sale and is reviewing those offers, the Toronto-based cannabis producer said. “Cronos is in the initial stages of reviewing these indications of interest, and there can be no assurance that any agreement or transaction will result therefrom,” the company said in a news release. Reuters reported Thursday that Cronos is exploring a potential sale. Cronos is currently working with a financial adviser to handle the expressions of interest from other companies,… Read more.
Health Canada has advised federally licensed cannabis producers to refrain from using specific terms on labels and in promotions for cannabis-infused beverages. The agency has highlighted words such as "soda," "root beer," "cola," and "ginger ale" as non-compliant with Canada's stringent cannabis labeling and promotions regulations. A communication obtained by MJBizDaily reveals that Health Canada has notified the companies manufacturing these products about the issue. In an email, Health Canada has urged businesses to halt any promotional or labeling practices for cannabis… Read more.
Hundreds of emails, documents and reports obtained by MJBizDaily through a Canadian federal records request paint a more complete picture of the Cannabis Act review currently underway – a reexamination that could have far-reaching implications for operators in the country’s 5.6 billion Canadian dollar ($4.3 billion) legal marijuana industry. The 1,700-page package of documents reveals fresh details about the government-appointed expert panel undertaking the review, in particular the group’s tardiness in launching, the scope of the topics covered – as well as what’s not… Read more.
Canada has become the first and only nation worldwide to mandate individual cigarette warnings, while warning labels and graphic images have been the norm for years. It is now being questioned whether cannabis pre-rolls will face similar regulations. Health Canada has stated that there are no proposed regulatory changes to apply individual health warnings to cannabis pre-rolls. However, this leaves room for potential future changes. It is worth noting that cannabis packages already feature warning labels, as both the Tobacco and… Read more.
A Canadian Senate committee is urging the federal government to revise the county’s adult-use cannabis law to give First Nations the authority to regulate their own production and sales programs. That is one of the recommendations contained in a recently released report by the Senate Committee on Indigenous Peoples, which spent 2022 examining the implementation of the 2018 Cannabis Act and how the end of prohibition affected Indigenous peoples. The group of 14 senators heard testimony from 29 witnesses. (MJBizDaily reported… Read more.
Health Canada is asking federally licensed cannabis producers to stop using certain words on labels and in promotions for infused beverages, warning they could appeal to young people. The words – “soda,” “cola,” “root beer” or “ginger ale” – do not comply with Canada’s strict labeling and promotions requirements for cannabis, according to an email obtained by MJBizDaily that was sent by Health Canada to companies producing the affected products. Health Canada is requesting businesses to “cease all non-compliant promotion and labelling of cannabis,”… Read more.
The cannabis industry is not immune to cyberthreats. Many Canadian businesses lost millions after a distributor for the government-operated Ontario Cannabis Store was hit by a cyberattack that left the region incapable of processing or delivering orders to retailers. In another cyberattack, hackers stole $3.6 million an Australian medicinal-cannabis firm intended to send to an overseas contractor. These are just two examples of how the industry has become a popular target for cyber-extortion in recent years due to the nature… Read more.
According to ABC News, an American driver who was transporting nearly 400 pounds of marijuana and over half a million dollars in cash was apprehended by the Royal Canadian Mounted Police (RCMP) at the Rainbow Bridge border crossing in Niagara Falls, Canada, on June 5. According to reports, the driver had accidentally entered the U.S.-Canadian port of entry while trying to follow GPS coordinates. The driver was arrested and charged with possession of marijuana for the purpose of distribution, importing marijuana, and… Read more.
Decibel Cannabis is a rare breed among licensed producers in Canada. The company’s ascent to the top of market-share charts in key product categories came not from costly and severely dilutive mergers and acquisitions – a strategy employed by some larger rivals. As of April, the Alberta-based company said its national share was 7.1% – good enough for second place in Canada’s hotly contested market, though market analytics firm HiFyre had Decibel as No. 1 in the key provinces of… Read more.
Both companies plan to use some of the proceeds to further their research. While funding for psychedelics companies may be becoming more scarce, at least two firms have managed to successfully initiate rounds recently. PharmAla Psychedelic drug company PharmAla Biotech Holdings Inc. (CSE: MDMA) (OTC: PMBHF) announced a non-brokered private placement of a minimum 3,333,333 units and a maximum 16,666,666 units of the company at a price of $0.30 per unit for gross proceeds of a minimum of $1 million and a maximum of… Read more.
Regulators in Ottawa, Canada are seeking to put graphic warning labels on cannabis product packaging that are similar to those on cigarettes, the CBC reports. The recommendation from Ottawa Public Health (OPH) comes as the federal government is seeking recommendations to Health Canada to update cannabis rules. Under the OPH proposal, cannabis products packaging would “include graphic health warnings, similar to cigarette packages.” Cigarette packaging in Canada includes images of severe health problems caused by smoking. Cannabis packaging in Canada is required to be plain, with… Read more.
A cannabis oil company is poised to go public next week in a landmark deal, sidestepping Canada’s downtrodden traditional IPO route after merging with a long-standing, listed crude producer. Zyus Life Sciences Inc. completed a reverse takeover of Phoenix Canada Oil Co. Ltd. on June 9, raising C$20.1 million ($15.1 million). The company, which makes cannabinoid drugs to treat pain for osteoarthritis and bone cancer, is set for its trading debut as Zyus Life Sciences Corp. (ticker ZYUS CN) on… Read more.
Fire and Flower Throw in the Towel, Citing Significant Losses An initial order for creditor protection has been granted by a Canadian court to Fire & Flower Holdings and its cannabis-related businesses due to significant net losses of more than $150 million ($200 million) that have accrued since 2018. The Companies Creditors Arrangement Act (CCAA) was used by the Ontario Superior Court of Justice to grant this order, which enables the company to continue operating as it currently is and interact with… Read more.
Professionals have many reasons for attending cannabis events both domestically and internationally. The obvious: expanding business into new markets, meeting clients in person, and discovering innovation. Then, there’s also the benefit of large-scale discussions about how to adapt in a fast-paced, ever-evolving sector. The Lift Cannabis Conference & Expo in Toronto, Canada, checked all those boxes. This year’s agenda presented a list of change agents, including Muskoka Grown Chief Executive Officer John Fowler, Spirit Leaf and Superette President Dave Marino, and Abi… Read more.
According to MJ Biz Daily, despite business failures and consolidation efforts, Canada's unsold cannabis stockpile grew in the final quarter 2022. This alarming trend indicates that companies may face challenges due to declining prices and margins. The latest data from Health Canada reveals that the combined inventory of packaged and unpackaged dried cannabis reached a record-breaking 1.47 billion grams (3.2 million pounds) by December 2022. This figure includes unsold stockpiles from licensed producers, wholesalers, and retailers, highlighting the significant amount of cannabis… Read more.
The company's decision to file for bankruptcy underscores the ongoing challenges in the sector. Fire & Flower Holdings Corp. (OTCQX: FFLWF), a major Canadian cannabis retailer, is seeking creditor protection under the Creditors Arrangement Act (CCAA), the company said Tuesday. The company and a string of its subsidiaries have received an order from the Ontario Superior Court of Justice for creditor protection, marking a notable — yet foreseen — shift in its financial circumstances. Previously, Fire & Flower has been open about its active pursuit for additional… Read more.
Business failures and consolidation failed to stop Canada’s stockpile of unsold cannabis from reaching a new high in the final quarter of 2022, the latest sign that shrinking prices and margins could continue to squeeze companies. Packaged and unpackaged inventory of dried cannabis jumped to an all-time high of 1.47 billion grams (3.2 million pounds) as of December 2022, according to the latest data from Health Canada, which tracks overall unsold stockpiles of licensed producers, wholesalers and retailers. That’s an… Read more.
Manitoba repeals 6% retail levy on legal marijuana sales A mandate that legal cannabis merchants must pay a 6% "social responsibility tax" based on their total annual sales to the government has been revoked in Manitoba. The action may put around $7.8 million (Canadian) more in the coffers of firms that have been having trouble due to intense competition and low-profit margins. In 2022, the province sold 181.68 million Canadian dollars' worth of cannabis under regulation. The number of open stores in Manitoba… Read more.
The company said it plans to open five more stores in Florida. Red White & Bloom Brands Inc. (OTC: RWBYF) posted its financial results for the first quarter ending March 31, 2023. The company posted revenues that ticked down over the year and opened newly re-branded stores in Florida, as it tries to stave off losses. The Toronto-based firm reported revenues of $27 million, down from last year’s $28 million, with a gross profit of $9.4 million. Operating expenses amounted to $10.9 million, and the… Read more.
New Study Finds That Every Dollar Of Cannabis Sold Is Linked to a Reduction in Alcohol Sales …. A Threat To Big Alcohol? Big players in the alcohol industry have long been watching the development of legal cannabis with a careful eye, most especially with the launch of recreational cannabis markets in North America and beyond. While some players in the alcohol industry see cannabis legalization as a threat, others see it as a special opportunity to develop new products and attract a… Read more.
An excise stamp needs to be affixed to all legal cannabis products sold in Canada. The amount of unpaid federal excise tax owed by Canada’s cash-strapped licensed cannabis producers more than tripled in the latest fiscal year from a year earlier as companies complain they’re getting buried by government fees and levies. Federally licensed cannabis producers owed the Canada Revenue Agency 192.7 million Canadian dollars ($145 million) as of March 31, 2023, a more than threefold increase over the 2021-22… Read more.
Higher production costs is forcing the company to go lean. Rubicon Organics Inc. (TSXV: ROMJ) (OTCQX: ROMJF), a licensed producer of “organic, certified” premium cannabis, reported a notable year-over-year growth of 71% revenue growth in its first quarter 2023. The rise is attributed to robust growth in the premium cannabis segment and expansion of its product offerings. Rubicon reported a record net revenue of C$8.8 million for the first quarter, and positive adjusted EBITDA for the fourth consecutive quarter – even as the… Read more.
The Canadian federal government’s revenue service is ramping up pressure on cannabis producers with outstanding excise debt, MJBizDaily has learned, adding more pressure on companies that already are struggling financially. The Canada Revenue Agency (CRA) is said to be raising the possibility of garnishment, liens on plant property and equipment, and legal action. Excise payment debts have soared in recent years, as cannabis producers suffer from a combination of industry-wide overproduction, which is driving down prices, and high taxes at various levels… Read more.
The fungus that causes the plant disease black root rot has spread to cannabis plants beyond hemp, warns new research that identified the pathogen in a licensed commercial cultivation facility in British Columbia, Canada. Black root rot can be fatal to cannabis plants, said Chris Dumigan, a Ph.D. candidate in biology at the University of British Columbia Okanagan who specializes in cannabis and is lead author of the new research in the academic journal Plant Disease. “It’s growing on and inside your… Read more.
With the increasing number of states legalizing cannabis for medical and recreational purposes, there are growing concerns about the potential rise in incidents of cannabis-impaired driving. Unlike alcohol impairment, which can be easily tested using a breathalyzer, identifying cannabis impairment requires a more intricate approach. Police officers must rely on observational skills, physical tests, and specialized technology to determine if a driver is under the influence of cannabis. This article will explore law enforcement's various techniques to test for cannabis-impaired driving. So… Read more.
The study showed how mushroom extracts could boost immune cells in the brain. Psyched Wellness Ltd. (CSE: PSYC) (OTCQB: PSYCF) stock jumped 11% to lately sell at four cents based on the release of a new study demonstrating how mushroom extract can help modulate brain health. The study, to be published in Frontiers in Pharmacology, shows that Amanita muscaria extract activates human microglia, which play a key role in maintaining brain function. These mushrooms are known to contain muscarine, muscimol, muscazone, and ibotenic acid and… Read more.
A Canada-based manufacturer of natural fiber composites has secured $40 million in funding from a private New York Family Office that will assist the firm in hemp-related projects including the construction of a hemp fiber processing facility in western Canada. In a statement, INCA Renewable Technologies CEO and Chairman David Saltman said the funding “is an important milestone” for the firm. INCA has deployed its fiber processing and bio-composites innovation and manufacturing to produce lighter prepregs for the automotive industry, large… Read more.
A proposed cannabis “strategy table” appears to be stuck in bureaucratic and political gridlock in Canada’s capital, more than a year after it was first announced. In April 2022, the planned strategy table was unveiled in the country’s federal budget to provide a forum for government officials and cannabis industry executives to come together to discuss steps that could bolster the legal industry – this at a time when many companies were struggling financially. The lack of open communication channels between the… Read more.
PharmaCielo Ltd. (TSXV: PCLO) (OTCQX: PCLOF), the Canadian parent of Colombia’s premier cultivator and producer of dried flower and medicinal-grade cannabis extracts, PharmaCielo Colombia Holdings S.A.S., released its financial results for the fourth quarter and year ended December 31, 2022. The company reported $1.5 million in sales for the quarter versus last year’s $339k for the same time period. This was also much higher than the third quarter revenue of $475k. The net loss for the quarter was trimmed to $2.9 million versus last year’s… Read more.
BZAM says it's a going concern. Late after the markets closed on Friday, BZAM Ltd. (formerly The Green Organic Dutchman) (CSE: BZAM) (OTC: BZAMF) released its financial results for the fourth quarter ending and year ending December 31, 2022 in Canadian dollars. In the fourth quarter, BZAM reported gross revenue increased 100% to $24 million over last year’s $12 million for the same time period. BZAM said the increase in revenue was driven by the introduction of new products to the market, as well as increased… Read more.
Canadian marijuana operator Organigram Holdings is asking a federal court to quash a Health Canada decision that the company’s popular ingestible cannabis lozenges should be classified and regulated as edibles instead of extracts. The legal challenge could have broader implications for Canada’s regulated cannabis sector and affect millions of dollars in sales of high-potency lozenges and similar products. Toronto-headquartered Organigram is seeking an application for judicial review. In Canada, such reviews give stakeholders, including companies, the opportunity to challenge decisions by government authorities, explained… Read more.
The firm has made meaningful strides in its early clinical runway as it gears up for government-funded studies. Toronto-based Awakn Life Sciences Corp. (OTC: AWKNF), a biotech company focused on addiction treatments, reported a heft 534% rise in annual revenue for the fiscal year ended Jan. 31, which they attribute to the strong performance of their clinics. The company pulled in $1.5 million in annual revenue, a 534% increase year-on-year, with $471,813 in the fourth quarter, a 131% increase sequentially. Net loss for the… Read more.
Produce and marijuana company Village Farms International has been warned by the Nasdaq stock exchange about its low share price. The company’s Nasdaq-listed shares (VFF) have closed below $1 since March 7. Village Farms has until Oct. 17 to become compliant with Nasdaq’s $1 minimum bid price requirement, the Delta, British Columbia-based company said in a Monday news release. If not, “the company may be eligible for an additional period of 180 calendar days to regain compliance or may be subject to delisting… Read more.
Psilocybin, the primary psychoactive compound in "magic mushrooms," has been associated with recreational drug use and 1960s counterculture. However, recent research over the past two decades has shown that it can potentially treat various mental and behavioral health disorders. Health Canada has approved a comprehensive psilocybin trial on 160 patients, including macro and multi doses, by Apex Labs Ltd. This Canadian biopharmaceutical firm is also advancing at-home psilocybin microdose studies and supporting veteran patients. The trial has been deemed "statistically powered." SUMMIT-90… Read more.
Canadian edible trends could foreshadow US consumer tastes! Contrary to smoking and vaping, consuming edibles do not pose a risk to your lung health. However, the drawback for specific individuals is that edibles may take longer to take effect, as they must first pass through the digestive system before entering the bloodstream. On the positive side, the effects of edibles tend to last longer. Additionally, a wide range of options is available, including gummies, baked goods, and even cannabutter. Nonetheless, there has… Read more.
The high cost of medical cannabis poses major obstacles for Canadian patients, even as recreational marijuana prices remain low, a new survey of thousands of Canadians suggests. The finding comes as a slump in consumer spending on regulated medical cannabis in Canada continues, with Statistics Canada data showing sales worth 101 million Canadian dollars (roughly $75 million) in the fourth quarter of 2022. That CA$101 million figure represents a 3.8% decline from the same quarter in 2021 and a 34% tumble from the fourth quarter… Read more.
After the market closed on Thursday, Mind Cure Health Inc. (CSE: MCUR) (OTCQB: MCURF) announced its financial results for the quarter ending February 28, 2023. All amounts are stated in Canadian dollars unless otherwise indicated. The company had no revenue to report and C$200k in losses. On March 16, 2022, Mind Cure announced that additional capital required to execute the company’s plan was unlikely to be found. Accordingly, the company made the decision to eliminate all expenditures outside those required to preserve the value of… Read more.
TerrAscend Corp. (CSE: TER) (OTC: TRSSF) decided to celebrate 420 by filing its preliminary proxy statement with the U.S. Securities and Exchange Commission in its next step to listing on the Toronto Stock Exchange (the TSX). While the company had hoped to time the release at 4:20pm, it managed to post the notice at 5:30pm. Shareholders will first have to approve the proposed transaction, which is expected, and the listing would come shortly thereafter. The meeting is scheduled for June 22, 2023… Read more.
The Canadian Supreme Court last week ruled that Quebec’s ban on home cannabis cultivation is constitutional despite federal law allowing four plants to be grown by individuals for personal use, Reuters reports. The court’s ruling said the prohibition on home growing is intended to “ensure the effectiveness of the state monopoly on the sale of cannabis in order to protect the health and security of the public.” The home cultivation ban challenge was brought by Janick Murray-Hall in 2019. Murray-Hall won in Quebec’s Supreme Court,… Read more.
A new delivery option will be available for consumers of legal cannabis in British Columbia starting this week. E-commerce and delivery technology company Uber Eats is partnering with online marijuana platform Leafly to offer delivery of cannabis products in British Columbia starting April 18. Last fall, the two companies started offering cannabis ordering and delivery in Toronto. In British Columbia, customers 19 and older will be able to place orders on the Uber Eats app and have cannabis products delivered to their door from… Read more.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced that it has entered into an exchange agreement with Greenstar Canada Investment Limited Partnership, a wholly-owned subsidiary of Constellation Brands, Inc., in order to extinguish C$100 million (approximately USD$73.9 million) aggregate principal amount of the company’s outstanding 4.25% unsecured notes due 2023. The goal of the transaction is to preserve cash on hand and cut the company’s annual expenses. Greenstar is buying and then canceling the C$100 million aggregate principal amount of the Existing Notes held by GCILP… Read more.
Canada’s Supreme Court on Friday upheld Quebec’s prohibition on homegrown cannabis, ruling that a provincial ban on possessing and cultivating marijuana plants for personal purposes is constitutional. Quebec is one of the provinces that does not allow the home cultivation of cannabis. Manitoba’s ban is also being challenged in court. When Canada legalized marijuana in 2018, Quebec Cannabis Regulation Act prohibited the possession and cultivation of the plant for personal use. In 2019, Janick Murray-Hall successfully challenged the ban before the province’s… Read more.
The CEO of Canadian producer Organigram Holdings is warning about heavily discounted marijuana in the nation’s recreational market, saying that ultra-low prices are “not sustainable and (hurt) the cannabis industry.” The company’s chief executive, Beena Goldenberg, said on a Wednesday quarterly earnings call that, although “many producers have discussed not wanting to participate in a race to the bottom, we are seeing the opposite in the market.” Goldenberg said large, 28-gram cannabis flower packages retailing for less than 100 Canadian… Read more.
After the extraordinary winter most of North America suffered through this year, the balmy weather of last May and June may feel like a figment of our imaginations. Fortunately, time is flying by, and friends and families soon will gather at the beach or for cookouts. There will be good music, great food, festive libations … and perhaps a new item will find its way onto the menu: infused beverages. At first glance, it is easy to overlook or dismiss the beverage… Read more.
Canadian cannabis producer Phoena Group has been granted creditor protection and is winding down its operations, the company said in court documents. The Vaughan, Ontario-based company – formerly called CannTrust – said it no longer has the financial footing to continue operating. As a result, Phoena plans to immediately halt the cultivation of new plants, destroy cannabis inventory not yet released for sale and lay off 87 employees, although upward of 238 of its workers will be affected. CannTrust was… Read more.
LFLY-4.46%+ Free Alerts, a leading online cannabis marketplace and resource for marijuana users, is shifting its focus from journalism about the industry to offering consumer-oriented content, which will include product information. WeedWeek and newsletter Cultivated were the first to report the news. Consumer Education Is The Way Leafly aims to shift its content strategy towards being more focused on products and marketplaces, with the goal of providing consumers with valuable information to help them make better purchasing decisions, a company spokesperson told MJBizDaily. Former Leafly… Read more.
A new study shows that four years after Canada legalized marijuana for adult use, nearly six out of every ten neighborhoods in the country is located within a five-minute drive of a cannabis dispensary, demonstrating the level of access afforded to consumers. The study, which was a collaborative effort by investigators from various universities and research institutes in Ottawa and Toronto, also showed that over the course of a four-year span only 7 percent of retail cannabis locations permanently closed.… Read more.
Marijuana multistate operator TerrAscend Corp. could become the first U.S. plant-touching company to list on the Toronto Stock Exchange by this summer if the restructuring plan it shared with shareholders and analysts wins TSX approval. And if the company is successful, that potential could trickle down to other U.S. plant-touching cannabis operators, which have been barred from major exchanges because marijuana remains federally illegal in the United States. Massachusetts-based Curaleaf Holdings, for example, has also had discussions with the TSX about the possibility… Read more.
Potency testing on store-bought cannabis flower by a Canadian laboratory has found THC levels significantly lower than the labeled value, sparking an industrywide conversation about how to address inaccurate THC claims. Rob O’Brien, CEO and chief science officer of Kelowna, British Columbia-based licensed cannabis testing laboratory Supra Research and Development, shared the findings from his Canadian potency tests online. O’Brien tested 46 different cannabis flower products, grown by 21 producers, in a variety of package sizes purchased from several different stores in… Read more.
Cannabis retailer High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA) released first-quarter results Friday, posting a 64% year-over-year revenue increase. "Our Q1 earnings numbers represent the best quarter ever in High Tide’s history in terms of revenue, adjusted EBITDA, and market share growth. Q1 is now our second consecutive quarter of record revenue and adjusted EBITDA and saw a meaningful improvement in our free cash flow position," said CEO Raj Grover. HITI Financial Highlights Revenue increased to $118.1 million in the first… Read more.
Health Canada has asked five companies to stop distribution and sale of noncompliant cannabis edibles products by the end of May and provincial wholesalers have been notified of the ongoing crackdown after months of confusion, MJBizDaily has learned. Canada’s cannabis industry and the federal government have been on a collision course over the products since January, when Health Canada started asking some licensed companies to stop selling certain ingestible marijuana products. The industry says the products are appropriately classified as cannabis “extracts”… Read more.
Adastra Labs, a Langley-based company known for its cutting-edge cannabis and ethnobotanical products, has recently received approval from Health Canada for an amended license. This license permits the lawful possession, production, distribution, and sale of a highly regulated substance. Following decriminalizing personal amounts of controlled substances in British Columbia, Adastra can now interact with up to 250 grams of cocaine and import coca leaves to create and synthesize the substance. As a leading manufacturer and supplier of innovative scientific products, Adastra Labs… Read more.
An increasing amount of cannabis grown by licensed Canadian producers has been lost or stolen over the past five years, new data shared with MJBizDaily shows. Separate data provided by Health Canada, the department responsible for federal health policy, also revealed that thousands of instances of theft have been reported to various levels of police. However, the sum of the missing products – including 2,219 kilograms (4,870 pounds) of dried cannabis – is a small fraction relative to the amount… Read more.
The Benzinga Cannabis Capital Conference, the world's largest gathering of cannabis decision-makers, founders and investors is returning to Miami Beach, Florida on April 11-12, 2023 and Raj Grover, president and CEO of High Tide, will be there. High Tide Inc. HITI+1.48%+ Free Alerts is Canada’s largest non-franchised retailer of recreational cannabis so you won't want to miss out on what he's got to say about the industry. Need A Business Strategy? Ask A Transparent Negotiator Since starting his first company at the age of 22, Grover established himself as one of Canada’s foremost… Read more.
Since recreational use of cannabis became legal in Canada in 2018, the federal government of that country has imposed a total duty on cannabis products of over 1 billion Canadian dollars ($740 million). Executives expect that the government would ease the tax and excise regime it imposes on the sector as employment and financial losses rise as the milestone is reached. Around CA$862.3 million in total duty on cannabis products was levied by the federal government between the 2018–19 and 2020–21… Read more.
Over 100 kg of cannabis shipped from Canada intercepted by Italian police In a recent cargo from Canada to Italy, 108 kg of cannabis were concealed among the absorbent mats for animals. Police confiscated the shipment from an organization that apparently deals with shipping and logistics in the Milan area earlier this week, according to local sources that were initially made public by StratCann. Police were contacted after workers noticed a cannabis odor coming from a pallet of packages that had… Read more.
Adastra Labs, a cannabis company based in Langley, British Columbia, announced that it had received approval from Health Canada to include cocaine as a substance that it can legally process, sell, and distribute. B.C. Premier David Eby said he was “astonished” when he became aware of the news, according to CTV News. “The short answer is I was astonished by this announcement. I understand that this company says Health Canada has given them some sort of authorization. It is not part of our… Read more.
Two young entrepreneurs turned their zeal for fizzy drinks and cannabis into a craft beverage brand, using tasteless full-spectrum cannabis as well as organic and simple ingredients. Canada-based Zèle (pronounced zéll) is helping to transform the cannabis beverage game, led by CEO and Formulator Callum Hanton, and National Brand Manager Jonathan Martin. Both were under the age of 20 when Hanton first developed the company’s proprietary technology, and when they launched the brand. “We have overcome many hurdles to get to where we… Read more.
SMITH FALLS, ONTARIO – Canopy Growth Corporation, one of the world’s largest cannabis cultivators and manufacturers, announced plans to lay off 35 percent of its workforce—roughly 800 jobs—in an effort to rebound from its recent CAD $266.7 million (about U.S. $196 million) net loss last quarter, following a CAD $115.5 million loss in the same quarter in 2021. Canopy also will consolidate its once-vast cultivation division, closing its signature 1 Hershey headquarters in Smiths Falls, Ontario. The company said the facility will be… Read more.
Entrepreneurs in Indigenous communities are significantly underrepresented within Canada’s cultivation and retail marijuana industry, new data compiled by MJBizDaily suggests. MJBizDaily research also found that the country’s largest provinces by population – Ontario and Quebec – have not reached any government-to-government deals regarding cannabis regulation with First Nations since 2018, a potential factor for their general absence from the federally legal industry. Among the 755 unique cannabis corporations licensed by Canada’s federal government as of last year – mostly cultivators and processors –… Read more.
Canada’s cannabis consumers spent 4.52 billion Canadian dollars ($3.35 billion) on regulated adult-use products in 2022, growing 17.9% over 2021’s sales total, according to new retail sales data released Tuesday by Statistics Canada. The year-over-year sales increase came as the number of licensed cannabis stores in Canada increased. In 2021, Canadians bought CA$3.83 billion worth of recreational cannabis from licensed stores. Despite the notable year-over-year increase, the pace of cannabis sales growth in Canada appears to be slowing, said Michael… Read more.