Tag: Canada

Cheech & Chong Launch New Mobile Video Game

May 8, 2024 · MG Magazine

The iconic comedy duo with a cannabis licensing empire launched a new mobile video game this week, adding to the brand’s expanding lineup of product launches for 2024 with new consumer goods, infused beverages, and dispensaries.  The release of Cheech & Chong’s Kush Kingdom marks the second collaboration between the cannabis industry veterans and East Side Games Group. In 2020, the team launched Cheech & Chong Bud Farm. It’s earned an iOS store rating of 4.8/5 stars in the U.S.… Read more.

Study: Cannabis Consumers Are Not More Lazy or Unmotivated

April 30, 2024 · Ganjapreneur

A new study published in the journal Social Psychological and Personality Science debunks the stereotype that people who consume cannabis are lazy or unmotivated, according to a U of T News report. In the study, researchers from the University of Toronto interviewed 260 cannabis consumers five times per day over a week. The participants — who were considered “chronic” consumers, using cannabis at least three times per week — would log their answers through an app that asked if they were currently… Read more.

MedMen Declares Bankruptcy

April 29, 2024 · MG Magazine

Five years after its market valuation peaked at about $3 billion, MedMen Enterprises Inc. is bankrupt. The company filed insolvency proceedings in Canada and was placed in receivership in the United States on April 24. The company intends to liquidate, signaling extinction for the one-time “cannabis unicorn.” Documents filed with the Canadian and American courts list assets of C$1 and liabilities totaling more than C$561.5 million (US$411 million), of which more than C$359 million is secured debt held by Superhero Acquisition… Read more.

Tax reforms, pharmacy sales among Canada’s cannabis law review recommendations

March 25, 2024 · MJ Biz Daily

A government-appointed panel of experts analyzing Canada’s adult-use legalization law, the Cannabis Act, has recommended the country enable pharmacy access for medical marijuana and reconsider how excise tax is applied to recreational products. The proposals are part of a final report, 18 months in the making, that lays out 54 recommendations and a number of observations for the federal government to consider. Some of the recommendations align with industry expectations, such as allowing pharmacies to sell medical cannabis products, which… Read more.

Charlotte’s Web aims for brighter days with strategic shifts

March 22, 2024 · Green Market Report

The CBD maker also extended its partnership with Major League Baseball. Charlotte’s Web (OTC: CWBHF) has been caught in a protracted sales downturn, but management is optimistic that it can still turn the tides for the once stand out CBD maker. The MLB-partnered company reported a 14.8% slide in net revenue in 2023, down to $63.2 million from 2022. Lower sales in both e-commerce and business-to-business (B2B) sectors drove the decline. While the company has been taking “multiple actions to maintain… Read more.

Study: Vape Pen Liquids from Legal and Illegal Markets Contain Nano-Sized Metals

March 21, 2024 · Ganjapreneur

Cannabis vape pen liquid in both legal and illegal markets contains nano-sized metals, including nickel, chromium, lead, zinc, and copper, according to a study conducted by researchers from Health Canada and the National Research Council of Canada. The study included 41 samples of cannabis vape liquids – 20 legal, regulated samples from the Ontario Cannabis Store and 21 samples from the illicit market provided by the Ontario Provincial Police. The liquids were analyzed by mass spectrometry to look for the… Read more.

Canada Admits Why the Illicit Cannabis Market is Crushing Their Legal Market -Lower Prices, Better Selection, and Convenience!

February 28, 2024 · Cannabis.net

Despite Canada's legalization of marijuana for adult use more than five years ago, according to a recent analysis from Deloitte Canada, sales of cannabis remain mostly concentrated in the illegal market, accounting for anything between 25% and 50% of the entire market. The paper explores the distinctions between the legal and illegal cannabis marketplaces and poses relevant issues about product offers, pricing, and operational tactics. 624 legitimate adult-use marijuana outlets and 57 illegal ones were the subject of an analysis by Deloitte… Read more.

Cannabis wholesalers must garnish payments over unpaid taxes, Canada says

February 27, 2024 · MJ Biz Daily

Canada’s tax collection agency is following through on a threat to garnish cash from licensed cannabis producers that are delinquent on their excise duty payments, MJBizDaily has learned. The move is a major escalation in the Canada Revenue Agency’s efforts to collect money it’s owed by federally regulated cannabis companies with outstanding excise debt – a situation that has ballooned in recent years as the industry’s financial challenges mount. The amount of unpaid federal excise tax owed by Canada’s cash-strapped marijuana companies… Read more.

5 Years After Legalization, Canada Hits CA$5 Billion in Recreational Marijuana Sales (And That is Just the Legal Side)

February 25, 2024 · Cannabis.net

Canadian Cannabis Sales Hit CA$5 Billion in Just 5 Years Post Legalization If you remember, the first piece of legal rercreational cannabis sold in Canada took place at 12:01:01AM on October 17th, 2018 in Newfoundland, Canada and then CEO of Canopy Growth, Bruce Linton, sold the first order at the Tweed store in Newfoundland. Cannabis.net was there to record the historic first recreational sale as it went down live! Fast forward almost 5 years, and Canada is selling a whooping $5 billion CA… Read more.

Mary Jones Cannabis Bringing Its Soda, Edibles to Canada

February 7, 2024 · High Times

Canada’s THC-infused beverage market is about to get more crowded. Jones Soda, the beloved soft drink company known for its quirky flavors, said on Tuesday that the arm of its cannabis business, Mary Jones, “has been approved to operate in Ontario, Canada, with additional provinces to follow.”  “Starting with their THC-infused beverages, the products are currently slated for Ontario availability in Q1 24,” the company said in a press release. Jones is eyeing an additional expansion into other cannabis categories within the Canadian… Read more.

Chef Jordan Wagman’s Still Chasing the Sun

February 5, 2024 · Cannabis Now

There are chefs who cook with cannabis, then there are James Beard-nominated chefs who cook with cannabis. Toronto-based culinary master Jordan Wagman is in the latter category. For the uninitiated, receiving a James Beard nomination is very much akin to an Oscar nomination for acting. It’s a big deal (as all you Top Chef fans know). But this chef was on a mission. “It all comes back to my health,” Wagman says when asked about his journey to becoming one of the… Read more.

The Booming International Cannabis Trade – Germany, Australia, Israel, and the UK are All Importing Canadian Medical Marijuana

January 15, 2024 · Cannabis.net

There is a scent of reinvention that floats across the Atlantic to touch British shores. One of the leading Canadian producers of greenhouse cannabis, Village Farms International, has finally shipped its first official shipment for the UK arriving over years after in anticipation. Village Farms International, based in Vancouver British Columbia has recently taken a significant step into the booming United Kingdom Cannabis market. In a statement released on Wednesday, the firm revealed that two of its renowned cannabis brands, Pure Sunfarms… Read more.

Trichomes Are the Key to Most Potent Cannabis Flowers

January 11, 2024 · Cannabis Now

For the diehard cannabis connoisseur, one whose only mission in life is the quest for the eternal buzz, tracking down that one marijuana strain that really kicks them in the boo-boo can be tough. It means visiting one dispensary after another, where, often, none of the staff ever seems willing to break out the secret stash from the back. And we know they’ve got one! So there is a lot of trial and error in this process. And this search… Read more.

Fourth cannabis store opens in Indigenous community in Alberta

January 2, 2024 · MJ Biz Daily

High Tide has opened the doors for its Canna Cabana cannabis store on the Tsuut’ina Nation in the province of Alberta. It’s only the fourth province-approved adult-use cannabis store on or adjacent to a reserve in the province, according to a spokesperson for the Alberta Gaming, Liquor & Cannabis (AGLC). The other three are: 7 Points Cannabis in Enoch Cree Nation.Green Nation Naturals in the vicinity of Maskwacis territory.4Hoots in Sucker Creek First Nation.Alberta has 750 legal cannabis stores, meaning… Read more.

Despite Widespread Legalization, Fewer Young People Find it ‘Easy’ To Get Pot

December 27, 2023 · High Times

The number of legal cannabis retailers has exploded in North America the last decade, but that hasn’t resulted in easier access for kids.  That is the takeaway from newly published survey data that examined perceptions of cannabis among youth in Canada. “Very little research has examined how perceptions of cannabis access among underage youth in Canada have changed since cannabis was legalized and since the onset of the COVID-19 pandemic. As such, this paper examines the effect of the early and… Read more.

Cannabis pop-up stores coming to Alberta trade shows, festivals

December 21, 2023 · MJ Biz Daily

The Canadian province of Alberta is revamping its regulations to allow cannabis retailers to operate temporary stores at age-gated events such as trade shows and festivals starting next year. Alberta is Canada’s second-largest cannabis retail market, trailing only Ontario. The regulatory overhaul, announced this week, is part of provincial lawmakers’ review of the recreational cannabis market to determine what regulations are working, what needs to be improved and what’s redundant. The new rules will reduce barriers and costs for legal cannabis retailers… Read more.

Canadian cannabis insolvencies persist in 2023 amid industry woes

December 18, 2023 · MJ Biz Daily

Financially distressed cannabis companies continued to seek refuge in Canadian insolvency law in 2023, although such insolvency filings under one statute declined from 2022. This year’s cannabis insolvencies included big names such as retailer Fire & Flower and producer Aleafia Health, highlighting the industrywide struggle to keep operating in the face of low marijuana prices, high taxes and trouble accessing new funding. Seven of the 57 filings under the Companies’ Creditors Arrangement Act (CCAA) through Dec. 15, 2023, or about… Read more.

Why was the Ontario Cannabis Store sitting on a CA$500 million cash stockpile?

December 11, 2023 · MJ Biz Daily

Ontario’s government-owned marijuana wholesaler was sitting on more than 500 million Canadian dollars ($367 million) in cash earlier this year, but officials have declined to spell out why the Ontario Cannabis Store held on to that much money rather than remit some of it back to the provincial government earlier. According to recently disclosed Ontario Cannabis Store (OCS) financial statements, the wholesaler had CA$536 million ($394 million) in cash as of March 31, 2023 – the end of its fiscal… Read more.

‘Edible extracts’ still available in Canadian cannabis market amid regulatory chaos

December 6, 2023 · MJ Biz Daily

Some ingestible cannabis products that Health Canada considers noncompliant with federal rules still appear to be widely available in parts of the country, almost a year after the regulator asked companies to stop selling them to consumers because of concerns about overconsumption of THC. The wide availability of these products on store shelves in some provinces has thrown the market for ingestibles into turmoil, making it harder for producers committed to regulatory compliance to know what is kosher and what… Read more.

Cannabinoid-based medicine Epidiolex approved for sale in Canada

November 30, 2023 · mj-biz-daily

Canada’s federal health regulator has approved Jazz Pharmaceuticals Canada’s cannabinoid-based medicine Epidiolex as a supplementary therapy for certain rare and severe forms of epilepsy, allowing the company to bring to market a clinically tested drug with global sales that dwarf those of the nation’s entire medical cannabis industry. Epidiolex is the top-selling clinically proven cannabinoid-based medicine in the world, with global sales through the first nine months of Jazz’s fiscal year totaling approximately $604.8 million (823 million Canadian dollars). By comparison, in… Read more.

US cannabis operators on Canadian exchanges: Q&A with Cboe Canada’s Erik Sloane

November 27, 2023 · MJ Biz Daily

The Toronto Stock Exchange isn’t the only tier one Canadian exchange for U.S. cannabis companies looking to raise capital outside their home turf. A growing number of multistate operators have chosen another tier one exchange, the Toronto-based Cboe Canada exchange, instead of the more junior Canadian Securities Exchange. Cboe (pronounced “see-bow”) Canada was known as the NEO Exchange before its 2022 acquisition by Cboe Global Markets, the parent company of the Chicago Board Options Exchange. These days, Cboe Canada is home… Read more.

Citizen Petition in Canada Seeks to Raise THC Limit for Cannabis Edibles

November 18, 2023 · Ganjapreneur

A citizen petition in Canada’s House of Commons is seeking to raise the maximum amount of THC in edible cannabis products from 10 milligrams to 100 milligrams, which advocates say will “benefit consumers and will contribute to a more sustainable industry as a whole.”  The petition notes that both the Canada Competition Bureau and the Ontario Cannabis Store, which is run by the government, have called upon Health Canada to increase THC limits.  The petition argues that while the current 10 milligram THC limit… Read more.

Petition Calls For Canadian Regulators To Allow More Potent Edibles

November 15, 2023 · High Times

Canadian cannabis advocates are calling on the federal government to relax strict limits on the potency of cannabis edibles with a petition seeking a tenfold increase in maximum permitted THC levels. Canada legalized cannabis through an act of Parliament in 2018, and retail sales of cannabis extracts and edibles were authorized for licensed operators one year later. Regulations on edibles set strict potency limits, however, with a cap of 10 milligrams of THC per product. In contrast, California, the largest regulated… Read more.

One-third of Canada’s cannabis greenhouse capacity taken offline

November 9, 2023 · MJ Biz Daily

One after another, many of Canada’s largest cannabis greenhouses and indoor grow operations have been sold or mothballed as the industry continues to search for a supply-demand equilibrium after years of overproduction. The facilities, each costing anywhere from 100 million Canadian dollars ($73 million) to more than CA$500 million, are being closed for various reasons. Some of the operations crashed into the cannabis industry’s hard macroeconomic realities: Canadian cultivators bankrolled and licensed too much cultivation capacity before and after adult-use legalization in 2018,… Read more.

Village Farms Leans on Brand Diversification to Navigate Cannabis Glut

November 9, 2023 · Green Market Report

Village Farms International (Nasdaq: VFF), an agriculture veteran turned cannabis grower, is weathering a competitive cannabis market by betting on brand variety and operational efficiency, executives said during the company’s third-quarter earnings call. The British Columbia-based company, traditionally known for its produce, has shifted much of its growth narrative toward expanding Canadian cannabis segment. The introduction of the Fraser Valley brand to Ontario has driven positive results, grabbing decent market share by targeting cost-conscious consumers during a period of industry-wide price compressions. CEO Michael DeGiglio cited the… Read more.

Big investors keener on cannabis MSOs as rescheduling looms, survey shows

November 8, 2023 · MJ Biz Daily

Institutional investors are increasingly bullish on U.S. cannabis multistate operators, according to a new survey, which suggests marijuana rescheduling by the federal government could convince those big investors to put new money into MSOs. The group’s sentiment is “more bullish than it was six months ago, mostly because of (the prospect of) rescheduling,” said Frederico Gomes, a cannabis equity analyst with Calgary, Alberta-based ATB Capital Markets and lead author of the report, which surveyed 23 institutional investors between Oct. 23 and… Read more.

Clinical Trial Shows Promise for Next-Gen Psychedelic Treatment

November 6, 2023 · High Times

A biopharmaceutical company this week unveiled the results of a clinical trial it says showcases the potential of psychedelics as a mental health treatment. The findings come via Cybin, a Canadian company “committed to revolutionizing mental healthcare by developing new and innovative next-generation psychedelic treatment options.” According to the company, the results centered around CYB003, Cybin’s “proprietary deuterated psilocybin analog” that showed “a rapid, robust and statistically significant reduction in symptoms of depression three weeks following a single 12mg dose compared to… Read more.

Canadian cannabis industry on track for record number of licensee exits

November 2, 2023 · MJ Biz Daily

The Canadian cannabis industry is on pace to see a record number of federal licenses revoked this fiscal year, largely at the request of the companies themselves, according to new data from Health Canada. The federal agency revoked 42 licenses during the first six months of the current fiscal year – April through September – putting the industry on pace to surpass the 74 that were revoked in the 2022-23 fiscal year. In 2021-22, 50 licenses were revoked, more than… Read more.

Cannabis-Infused Meals and Drinks Start at Canadian Restaurant – Chicken Cordone Blue Dream, Anyone?

October 31, 2023 · Cannabis.net

A downtown Edmonton restaurant is preparing to introduce a unique culinary experience by offering cannabis-infused dishes and mocktails. CBD CBN, also known as Catering By Day, Catering By Night, will exclusively serve reservation-only fine dining, highlighting cannabis as its primary ingredient. Co-founded by mixologist James Mulholland and chef Stacey Mison, the restaurant aims to create a buzz in Edmonton with its innovative concept. Mulholland expressed optimism about the venture, saying that they anticipate a high demand for our offerings, aiming to attract not only… Read more.

Finally Cracking the Cannabis Consumer Code? – 2 Out of 3 Canadians Only Buy Weed from LEGAL Sources!

October 30, 2023 · Cannabis.net

A recent survey conducted by Pollara Strategic Insights, a Toronto-based polling company, reveals that approximately two-thirds of Canadian consumers now exclusively purchase cannabis from legal sources. This new data, released on the fifth anniversary of the end of cannabis prohibition in Canada, suggests that the regulated cannabis industry may have a more significant share of the overall market than previously assumed. This is advantageous for compliant businesses. This finding may surprise some industry executives who have occasionally attributed their challenges and… Read more.

From weed to orchids: Canadian growers turn to new crops amid cannabis glut

October 19, 2023 · MJ Biz Daily

Some of Canada’s largest cannabis cultivators are turning to vegetables, fruits and orchids to bolster their bottom line as macroeconomic fundamentals continue to challenge the struggling industry. The latest licensed producer to enter the food business is Leamington, Ontario-based Tilray Brands, which recently said it was converting part of its sprawling facility in Gatineau, Quebec, to grow fruits and vegetables. Tilray joins Alberta-based Aurora Cannabis and British Columbia-headquartered Village Farms International in diversifying their main business at a time when… Read more.

Canadian cannabis farms eligible for federal funding via CA$3.5B program

October 11, 2023 · MJ Biz Daily

Canadian cannabis growers and processors are eligible to apply for funding under the new 3.5 billion Canadian dollar ($2.6 billion) Sustainable Canadian Agricultural Partnership program if certain conditions are met, the administrator of the initiative, Agriculture and Agri-Food Canada, told MJBizDaily. Any prospective sources of new funding would be welcome news for Canada’s smaller cannabis growers and processors, many of which are struggling under persistent deflationary and ultracompetitive pressures, plus tight funding from private-sector lenders. Financing from the Sustainable Canadian Agricultural Partnership (Sustainable… Read more.

Canada’s cannabis ‘strategy table’ quietly met over summer

October 5, 2023 · MJ Biz Daily

A group that was supposed to have been created by the Canadian government almost two years ago to shine a light on major issues confronting the nation’s struggling cannabis industry is, for the first time, showing signs of life. A long-awaited cannabis “strategy table” designed to bridge communication between Canada’s federal government and the flailing industry quietly had its preliminary meeting over the summer and selected a chair, industry sources say. George Smitherman, CEO of the Cannabis Council of Canada, said the… Read more.

Canadian cannabis companies tap government funding programs

September 28, 2023 · MJ Biz Daily

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.

Square Enters Cannabis Space in Canada

September 20, 2023 · Green Market Report

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.

Canadian cannabis retail evolving, consolidating 5 years after legalization

September 19, 2023 ·

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.

Burb’s Minimalist Designs Speak a Universal Language

September 19, 2023 ·

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 raising $25 million

September 19, 2023 · MJ Biz Daily

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 Changes Name to The Cannabist Company

September 19, 2023 · Green Market Report

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.

Canadian medical cannabis registrations at lowest level since legalization

September 14, 2023 · MJ Biz Daily

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.

Can Tilray successfully synergize its cannabis, alcohol businesses?

September 11, 2023 ·

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.

Canadian Takeover of High Times Puts Company in the Hands of Discredited CEO

September 10, 2023 · CelebStoner

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 for Canadian veterans rise to CA$167 million

September 6, 2023 · MJ Biz Daily

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, Israel top destinations of Canadian medical cannabis exports

September 5, 2023 · MJ Biz Daily

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.

Canadian wildfires appear to have little impact on cannabis supplies

August 29, 2023 · MJ Biz Daily

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.

S&P discontinues Canadian, international cannabis stock indices

August 28, 2023 · MJ Biz Daily

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.

Canadian cannabis companies back off from US hemp CBD market

August 24, 2023 · MJ Biz Daily

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 Buys Out Truss Beverage Co. from Molson Coors Canada

August 18, 2023 · Green Market Report

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.

Quebec has limited plans for new cannabis stores under retail monopoly

August 14, 2023 · MJ Biz Daily

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.

Canopy Growth Leadership Seeks to Reassure Stakeholders

August 14, 2023 ·

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.

Tilray Triples Beverage Portfolio with $85M Anheuser-Busch Deal

August 10, 2023 · MG Magazine

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.

Canadian government among top unpaid creditors of failed cannabis businesses

August 7, 2023 · MJ Biz Daily

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 faces ‘potential’ class action suit, ex-cannabis legalization chair says

August 2, 2023 ·

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.

How to get cannabis users to legal stores? Proximity is key, study says

July 19, 2023 · MJ Biz Daily

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.

Canadian marijuana entrepreneurs shift focus to ‘micro’ licenses

July 17, 2023 · MJ Biz Daily

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.

Former Curaleaf Exec to Head iAnthus Amid RICO Suit, Alleged Mismanagement

July 17, 2023 · Green Market Report

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.

Ontario Cannabis Store joins calls to raise Canada’s THC edibles cap

July 15, 2023 · MJ Biz Daily

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.

The End of Cannabis 1.0? – Stock Analyst Gives Once High-Flying Canopy Growth a Price Target of $0.00

July 12, 2023 · Cannabis.net

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 cannabis regulatory fees continue to climb in Canada

July 8, 2023 · MJ Biz Daily

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.

Canadian cannabis producer Cronos Group reviewing sale options

July 8, 2023 · MJ Biz Daily

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.

No Soda for You! – If Cannabis Drinks Can’t Be Called Soda or Cola, What Do You Call Them?

July 1, 2023 · Cannabis.net

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.

Internal documents raise questions about Canada’s Cannabis Act review

June 29, 2023 · MJ Biz Daily

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.

Will Cannabis Pre-Rolls Soon Have to Have the Same Health Warnings as Cigarettes? Canada Says No for Now

June 27, 2023 · Cannabis.net

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.

Canadian panel urges bigger role for First Nations in cannabis industry

June 26, 2023 · MJ Biz Daily

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.

Canada cracking down on words ‘soda’ and ‘cola’ on cannabis labels

June 24, 2023 · MJ Biz Daily

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.

8 Tips to Minimize Cybersecurity Risk

June 23, 2023 · MG Magazine

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.

Niagara Falls, American or Canadian Side? – Wrong Turn with GPS Causes Driver with 400 lbs of Cannabis to Enter Border Crossing

June 15, 2023 · Cannabis.net

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.

How Decibel disrupted Canadian cannabis: Q&A with exec Adam Coates

June 14, 2023 · MJ Biz Daily

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.

PharmAla, Psyched Wellness Raise Funds

June 14, 2023 · Green Market Report

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.

Ottawa Public Health Wants Cannabis Packaging to Feature Graphic Warnings Similar to Cigarettes

June 14, 2023 · Ganjapreneur

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.

Cannabis Maker to Go Public in Reverse Merger With Oil Producer

June 13, 2023 · Yahoo!Finance

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.

Smartest Guys in the Room Go Belly Up in Canada – Fire and Flower Files for Creditor Protection

June 10, 2023 · Cannabis.net

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.

Lift Toronto Programming Tackles Difficult Issues

June 8, 2023 · MG Magazine

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.

Canada Is Drowning in Cannabis – The Saturated Canadian Market Has Over 3.3 Million Pounds of Excess Weed (Just the Legal Side!)

June 8, 2023 · Cannabis.net

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.

Major Cannabis Retailer Fire & Flower Files for Bankruptcy Protection

June 6, 2023 ·

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.

Canada’s unsold cannabis inventory balloons to 1.5 billion grams

June 6, 2023 · MJ Biz Daily

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.

No More Sales Tax on Cannabis – A Smart Way to Fight the Illicit Market Says Manitoba

June 5, 2023 · Cannabis.net

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.

Red White & Bloom Makes Headway in U.S. Cannabis Market

May 31, 2023 ·

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.

The Cannabis Correlation – Every $1 Spent on Cannabis Leads to a Drop in Alcohol Sales of $0.75 to $0.85 Says New Canadian Study

May 26, 2023 · Cannabis.net

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.

Unpaid cannabis tax in Canada balloons to almost CA$200 million

May 26, 2023 · MJ Biz Daily

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.

Premium Drives Record Net Growth for Rubicon, Keeps Rosy Outlook for Segment

May 23, 2023 · Green Market Report

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.

Canada’s taxman getting more aggressive with cannabis excise debts

May 18, 2023 · MJ Biz Daily

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.

New research confirms plant-killing black root rot in marijuana facility

May 4, 2023 · MJ Biz Daily

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.

What Kind of Tests Do the Police Give You to See If You are Driving High or Under the Influence of Cannabis?

May 4, 2023 · Cannabis.net

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.

Psyched Wellness Releases Positive Amanita Mushroom Study

May 3, 2023 · Green Market Report

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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.

Canadian Fiber Composite Manufacturer Secures $40M to Fund Hemp Projects

May 1, 2023 · Ganjapreneur

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.

Failure to launch: What happened to Canada’s ‘cannabis strategy table?’

May 1, 2023 · MJ Biz Daily

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 Sees Sales Jump In The Fourth Quarter

May 1, 2023 · Green Market Report

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 Reports Rising Revenue, But Also A Short Runway On Cash

May 1, 2023 · Green Market Report

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.

Organigram takes Canadian government to court over cannabis lozenge dispute

April 30, 2023 · MJ Biz Daily

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.

Awakn Life Sciences’ Revenue up 534% in 2022, AUD Treatment Advances

April 30, 2023 · Green Market Report

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 operator Village Farms gets Nasdaq share price warning

April 24, 2023 · MJ Biz Daily

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.

Canada Goes All in on Magic Mushrooms for Severe Depression and PTSD – Largest Psilocybin Medical Study Set to Start!

April 24, 2023 ·

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.