Pot sector players welcome edibles tax change, but unhappy medical tax remains

Pot sector players welcome edibles tax change, but unhappy medical tax remains
TORONTO — Cannabis industry players welcomed the change in the Federal Budget to tax edibles, extracts, oils and concentrates based on the amount of tetrahydrocannabinol rather than weight, as it could ease pricing for some products and potentially boost product availability. However, licensed producers and a patient advocate group say they are disappointed that medical cannabis will continue to be taxed, despite... Read More

Tilray to focus investments on U.S., Europe as Canadian assets “overpriced”

Tilray to focus investments on U.S., Europe as Canadian assets “overpriced”
Cannabis producer Tilray Inc. plans to focus the majority of its future investments on the U.S. and Europe, where the growth potential is highest, and will not purchase “overpriced supply assets” in Canada. Tilray’s chief executive Brendan Kennedy said while Canada will continue to be an important market for the Nanaimo, B.C.-based company, the opportunities south of the border and across the pond are “orders... Read More

Namaste hires new outside audit firm but will miss deadline for 2018 report

Namaste hires new outside audit firm but will miss deadline for 2018 report
TORONTO — Namaste Technologies Inc. has named a new auditor to replace PricewaterhouseCoopers LLP, which resigned earlier this month before the cannabis e-commerce company had finalized its 2018 financial report. The Toronto-based company says its new auditor, Baker Tilly, won’t be able to complete its audit of annual results for the year ended Nov. 30 by the April 1 deadline. As... Read More

Pot sales drop, supply lags as LPs ‘underestimated’ logistics needed

Pot sales drop, supply lags as LPs ‘underestimated’ logistics needed
The chief executive of Hexo Corp. says cannabis products have been slow to reach retailers because licensed producers “underestimated” the infrastructure needed to fulfill orders. Sebastien St-Louis’s comments came one day after Health Canada released legal cannabis sales and inventory figures for January that indicated sales of dried flower fell while licensed producers’ finished inventory stockpiles continued to build up. “All the LPs, including... Read More

Hexo reports Q2 loss, revenue soars in first full quarter since legalization

Hexo reports Q2 loss, revenue soars in first full quarter since legalization
GATINEAU, Que. — Marijuana company Hexo Corp. reported a loss of $4.3 million in its latest quarter as revenue grew to $16.2 million in its first full quarter following the legalization of recreational cannabis in Canada. The company says the loss amounted to two cents per share for the quarter ended Jan. 31. The result compared with a loss of nearly $9... Read More

Canbiola is Registered and Active in the GSA’s System for Award Management (SAM) and Department of Defense (DOD)

Canbiola is Registered and Active in the GSA’s System for Award Management (SAM) and Department of Defense (DOD)
Widens the Availability of its CBD Products HICKSVILLE, NY, Canbiola, Inc. (“Canbiola” or the “Company”), a developer, manufacturer and seller of a variety of Cannabidiol (Hemp) based products such as oils, creams, moisturizers, chews, isolate, gel caps, and concentrate, announced that it is now registered and active in the U.S. government GSA’s System for Award Management (SAM) and... Read More

Aurora Cannabis appoints U.S. billionaire Nelson Peltz as strategic adviser

Aurora Cannabis appoints U.S. billionaire Nelson Peltz as strategic adviser
EDMONTON — Aurora Cannabis shares are up following news that it has appointed U.S. billionaire Nelson Peltz as a strategic adviser and given him the option to buy a stake in the company. The Edmonton-based cannabis company says it has granted Peltz options to purchase nearly 20 million common shares at $10.34 per share, slightly below Tuesday’s closing price. The shares were up more than 12 per... Read More

HEXO reaches friendly deal to buy Newstrike in all-stock deal valued at $263 million

HEXO reaches friendly deal to buy Newstrike in all-stock deal valued at $263 million
TORONTO — The cannabis company backed by members of the Tragically Hip band has agreed to a friendly takeover by Quebec-based HEXO Corp. in an all-share transaction valued at $263 million. The transaction is unanimously supported by the directors of both companies but requires approval by Newstrike shareholders. Newstrike also has the right to accept a superior proposal in certain circumstances,... Read More

Health Canada looking into pot firms’ sponsorship of charity event

Health Canada looking into pot firms’ sponsorship of charity event
TORONTO — Health Canada is looking into whether two cannabis companies’ sponsorship of a children’s charity event last October is in violation of promotion restrictions within the Cannabis Act. Cannabis sector companies Canopy Growth Corp. and Halo Labs were among the sponsors of an Oct. 23 event in support of Kids, Cops & Computers for the Merry Go Round Children’s Foundation, whose honorary... Read More

Pot producer Ascent granted creditor protection after losing licenses

Pot producer Ascent granted creditor protection after losing licenses
VANCOUVER — Cannabis producer Ascent Industries Corp. says an order granting the company creditor protection has been issued by the Supreme Court of British Columbia. The B.C.-based company says it filed for CCAA to address near-term liquidity issues which were in “large part” caused by Health Canada’s suspension of its licences under its subsidiary Agrima Botanicals Corp. Ascent has said... Read More