Time running out for firms to grow pot outdoors as they await licenses

Time running out for firms to grow pot outdoors as they await licenses
TORONTO — As warmer weather makes its way across the country, many licensed cannabis producers are still waiting for the green light from Ottawa to start an outdoor crop — and the clock is ticking. Health Canada says it has granted one license that includes outdoor cultivation — which many companies are banking is cheaper than growing pot in a... Read More

Supreme Cannabis Company acquires Blissco in all-stock deal valued at $48M

Supreme Cannabis Company acquires Blissco in all-stock deal valued at $48M
TORONTO — The Supreme Cannabis Company Inc. has signed a deal to acquire Blissco Cannabis Corp. in an all-stock deal it valued at $48 million. Under the agreement, each Blissco Share will be exchanged for 0.24 of a common share of Supreme Cannabis. Based in Langley, B.C., Blissco operates a 18,000-square-foot production facility and has been producing cannabis oils since... Read More

Aurora Cannabis growing storage to prepare for derivatives launch next fall

Aurora Cannabis growing storage to prepare for derivatives launch next fall
Aurora Cannabis Inc. is building up inventory in anticipation of the legalization of edibles and vaping products next fall, but insists that won’t interrupt its sales growth and march to profitability. Production is expected to grow to 25,000 kilograms in the current quarter ended June 30, but an unspecified portion will be held out of the market, said chief financial officer Glen Ibbott... Read More

Aurora Cannabis cuts quarterly loss to $158M while growing sales to a new high

Aurora Cannabis cuts quarterly loss to $158M while growing sales to a new high
EDMONTON — Aurora Cannabis Inc. is reporting 20 per cent higher revenue and a 33 per cent lower net loss for the first three months of 2019 compared with the last quarter of 2018. The Edmonton-based company credited higher production and sales for a $158-million loss on net revenue of $65 million, compared with a loss of $238 million on revenue of $54 million in... Read More

Tilray revenue soars nearly 200 per cent, net loss grows in first quarter

Tilray revenue soars nearly 200 per cent, net loss grows in first quarter
NANAIMO, B.C. — Tilray Inc. expects Canada’s cannabis supply could become balanced within the next two years, while the cannabis producer ramps up its production and manufacturing footprint in the country. CEO Brendan Kennedy said Tuesday that the company now believes Canada will reach a supply balance in the next 18 to 24 months. In mid-March, Kennedy had estimated the... Read More

Cannabis company Aphria says president Jakob Ripshtein resigning June 7

Cannabis company Aphria says president Jakob Ripshtein resigning June 7
LEAMINGTON, Ont. — Cannabis company Aphria Inc. says Jakob Ripshtein, the company’s president, is resigning. The company says Ripshtein will remain in his current role until June 7. The move came today as the company announced several new executive appointments including James Meiers as chief operating officer, Aphria Leamington. Meiers joins Aphria from Hain Celestial Group, Inc., a natural and... Read More

Five things to watch for in the Canadian business world in the coming week

Five things to watch for in the Canadian business world in the coming week
TORONTO — Five things to watch for in the Canadian business world in the coming week: Tilray update Tilray Inc. will release its first-quarter results on Tuesday. The Nanaimo, B.C.-based company’s CEO recently identified the U.S. and Europe as the focus of its future investments, and said it will not purchase “overpriced supply assets” in Canada. Inflation numbers Statistics Canada... Read More

Health Canada changes cannabis licensing process in bid to cut wait times

Health Canada changes cannabis licensing process in bid to cut wait times
OTTAWA — Health Canada says it is changing its process for issuing cannabis licenses in a bid to reduce wait times and better use the agency’s resources. The Ottawa-based agency says new applicants for licences to cultivate, process or sell cannabis must now have a fully built site that meets the regulations when they submit their application. Prior to this, cannabis license applicants could submit an application with... Read More

U.S. hedge fund to vote against Canopy’s proposed US$3.4B acquisition of Acreage

U.S. hedge fund to vote against Canopy’s proposed US$3.4B acquisition of Acreage
SMITHS FALLS, Ont. — A U.S. hedge fund says it will vote against Canopy Growth’s proposed acquisition of Acreage Holdings, saying the US$3.4-billion offer is “substantially lower” than the U.S. cannabis company’s worth. Marcato Capital Management, which manages funds that own roughly 2.7 per cent of Acreage’s outstanding shares, says the deal is “unbelievably lopsided” in favour of the Canadian... Read More

Cannabis usage rises, more legal buyers in Q1: Statistics Canada survey

Cannabis usage rises, more legal buyers in Q1: Statistics Canada survey
OTTAWA — Statistics Canada says its latest survey shows more people are using cannabis since the legalization of recreational pot last fall and Canadians are increasingly buying it from legal retailers. Figures from its National Cannabis Survey released today show that 5.3 million or 18 per cent of Canadians aged 15 years and older said they used pot within the last three months. That’s up from... Read More