Organigram shares dive nearly 20% after warning Q4 revenue would miss Q3 levels

Organigram shares dive nearly 20% after warning Q4 revenue would miss Q3 levels
MONCTON, N.B. — Shares in Organigram Holdings Inc. were hit hard Tuesday after the cannabis company said its fourth-quarter net revenue is expected to be lower than what the company saw in its third quarter. The cannabis producer’s shares closed down 89 cents or 19.96 per cent at $3.57 on the Toronto Stock Exchange. Organigram says it expects net revenue for the... Read More

Cannabis company Cronos Group reports third-quarter revenue grew to $12.7M

Cannabis company Cronos Group reports third-quarter revenue grew to $12.7M
TORONTO — Cannabis company Cronos Group Inc. reported a profit in its third quarter, boosted by a large gain in derivative liabilities, as revenue grew to $12.7 million. The company says its net profit amounted to $788 million or 53 cents per diluted share for the quarter ended Sept. 30. That compared with a loss of $7.3 million or four cents... Read More

Second Cup to get new corporate name as it moves to diversify beyond coffee

Second Cup to get new corporate name as it moves to diversify beyond coffee
MISSISSAUGA, Ont. — The Second Cup Ltd. intends to change its name to Aegis Brands Inc. as part of a plan to diversify beyond coffee shops. The Toronto-area company says the name change is subject to approvals from shareholders and the Toronto Stock Exchange, where its shares are listed. Steven Pelton, who has been Second Cup’s president and CEO since May, will... Read More

Drake launches cannabis brand More Life Growth in partnership with Canopy Growth

Drake launches cannabis brand More Life Growth in partnership with Canopy Growth
TORONTO — Drake rapped about starting from the bottom, but his new venture in the cannabis industry is certainly a higher business. The Toronto-raised performer has signed an investment partnership to launch More Life Growth Co., a licensed cannabis producer that’ll be based in his hometown. The deal, struck with Canopy Growth Corp., gives Drake a 60-per-cent stake in the More Life... Read More

Bruce Linton named executive chairman at U.S. cannabis firm Vireo

Bruce Linton named executive chairman at U.S. cannabis firm Vireo
MINNEAPOLIS — Canopy Growth Corp. founder Bruce Linton has been named executive chairman of U.S. cannabis company Vireo Health International Inc. The company says he will serve on the board of directors and work closely with Vireo chief executive and founder Kyle Kingsley. Vireo produces and sells cannabis and pharmaceutical-grade cannabis extracts. The company is licensed in 11 markets. Linton is... Read More

Canopy Growth teaming up with Drake on new cannabis venture More Life Growth Co.

Canopy Growth teaming up with Drake on new cannabis venture More Life Growth Co.
TORONTO — Canopy Growth Corp. is teaming up with Drake to launch More Life Growth Co., a licensed cannabis producer based in Toronto. Under the agreement, Drake will hold a 60-per-cent stake in More Life and Canopy Growth will own the remaining 40 per cent. Canopy Growth will provide all of the day-to-day operations and maintenance of the More Life facility... Read More

Ontario to allow cannabis retailers to sell online and over the phone

Ontario to allow cannabis retailers to sell online and over the phone
TORONTO — Ontario says it will allow cannabis retailers to sell products online or over the phone for in-store pick-up. The government announced the proposed changes in its fall economic statement today, saying they will decrease waits for access to legal cannabis. The Progressive Conservatives say the change is part of a promise to lift the cap on the number of cannabis stores and combat... Read More

Molson Coors Brewing cutting 400 to 500 jobs and restructuring operations

Molson Coors Brewing cutting 400 to 500 jobs and restructuring operations
Molson Coors Brewing Co. will cut hundreds of jobs in a restructuring effort that will see the brewer change its name as it focuses on growing its portfolio beyond beer. “Our company makes some of the world’s greatest beers and our iconic brands have withstood the test of time,” said CEO Gavin Hattersley. “But as the world around us rapidly changes... Read More

Canopy expects new pot goods on shelves in late 2019, including distilled pot

Canopy expects new pot goods  on shelves in late 2019, including distilled pot
SMITHS FALLS, Ont. — Canopy Growth Corp. expects to have about 30 next-generation pot products on the market by the end of the year, including distilled cannabis to be used in mixed drinks. Canopy president Rade Kovacevic says it will start with beverages, edibles and vapes and plans to roll out 32 specific items by end of December and add 20... Read More

Hexo shares slip as it reports $56.7M fourth-quarter loss, revenue totals $15.4M

Hexo shares slip as it reports $56.7M fourth-quarter loss, revenue totals $15.4M
Shares of Hexo Corp. fell after the cannabis company posted a larger-than-expected fourth-quarter adjusted loss and an inventory writedown. The Gatineau, Que.-based pot producer’s stock slipped as much as 10 per cent to $2.72 on the Toronto Stock Exchange, but regained some ground to trade for $2.89 by late morning. “Our company’s still young, despite all that we’ve accomplished, we’ve had some shortfalls…. We... Read More