Category: Cannabis

Cannabis companies pen letter seeking government help amid COVID-19

CanadianInvestor
Cannabis companies pen letter seeking government help amid COVID-19
TORONTO — Cannabis companies are calling on Ottawa to provide immediate help for the industry, hurt by the steps taken to slow the spread of COVID-19. About 71 cannabis firms and organizations have written a letter to Finance Minister Bill Morneau and Industry Minister Navdeep Bains asking for their companies to get access to wage subsidies being made available to small businesses.... Read More

Cannabis stores warn of delivery delays, no same-day shipping and store closure

CanadianInvestor
Cannabis stores warn of delivery delays, no same-day shipping and store closure
TORONTO — Provincial cannabis distributors across the country are making changes to protect consumers and employees and help deal with a spike in demand amid COVID-19. The Ontario Cannabis Store says it has suspended same-day and next-day deliveries because of a “higher-than-normal” volume of orders. The OCS, the Quebec pot distributor Societe quebecoise du cannabis and B.C. Cannabis Stores also... Read More

Canopy Growth to lay off 500 employees, close greenhouses, take $700-$800M writedown

CanadianInvestor
Canopy Growth to lay off 500 employees, close greenhouses, take $700-$800M writedown
SMITHS FALLS, Ont. — Canopy Growth Corp. says it is laying off 500 employees and closing its greenhouses in Aldergrove and Delta, B.C. The Smiths Falls, Ont. cannabis company says it has determined that the facilities are no longer essential to its cultivation footprint. Canopy says it was hampered by the Canadian recreational cannabis market developing slower than anticipated and profitability challenges... Read More

Bruce Linton-backed psychedelics business Mind Medicine joins NEO Exchange

CanadianInvestor
Bruce Linton-backed psychedelics business Mind Medicine joins NEO Exchange
TORONTO — Neuro-pharmaceutical company Mind Medicine Inc. began trading on the NEO Exchange today. The Toronto-based company claims it is the world’s first publicly-traded psychedelic pharmaceutical company. Mind Med develops medicines derived from psychedelics and is attempting to find way to address the opioid crisis and other forms of addiction. The company is backed by two high profile personalities, including former Canopy Growth CEO... Read More

Canopy Rivers swings to loss, withdraws guidance on industry headwinds

CanadianInvestor
Canopy Rivers swings to loss, withdraws guidance on industry headwinds
TORONTO — Canopy Rivers Inc. says it swung to a loss in its third quarter of 2020 and has withdrawn its full-year guidance over multiple headwinds in the cannabis industry. The venture capital arm of Canopy Growth says it had a net loss of $10.1 million, or five cents per share, for the three months ending Dec. 31, compared with a net income... Read More

CannTrust names new CEO as it works to restore licences lost from non-compliance

CanadianInvestor
CannTrust names new CEO as it works to restore licences lost from non-compliance
VAUGHAN, Ont. — CannTrust Holdings Inc. says it has appointed its chief financial officer, Greg Guyatt, to be its CEO as the company works to come back from the fallout of its operation of unlicensed grow rooms. The Vaughan, Ont.-based cannabis company fired previous chief executive officer Peter Aceto last July following its internal investigation into the company’s non-compliance with Health Canada regulations.... Read More

Aurora reports Q2 loss following layoffs, writedown and CEO departure

CanadianInvestor
Aurora reports Q2 loss following layoffs, writedown and CEO departure
EDMONTON — Aurora Cannabis Inc. says it incurred a loss in its second quarter that was fuelled by a recent $1-billion writedown taken by the company. The Edmonton-based business says net revenue for the three months ended Dec. 31 was $56 million, up from $54.2 million a year earlier but down from roughly $75 million in the prior quarter ended Sept. 30. The... Read More

The Supreme Cannabis Company cuts about 15% of its workforce, adopts new structure

CanadianInvestor
The Supreme Cannabis Company cuts about 15% of its workforce, adopts new structure
TORONTO — The Supreme Cannabis Company Inc. says it has cut about 15 per cent of its workforce. The Toronto-based company says it slashed about one-third of its corporate positions and 13 per cent of operational ones. The move comes as the company adopts a new structure aimed to accelerate revenue growth in Canada. Supreme’s layoffs follow mass cutbacks in the... Read More

Ontario considers cannabis lounges, cafes as part of future open market

CanadianInvestor
Ontario considers cannabis lounges, cafes as part of future open market
TORONTO — Ontario is considering allowing cannabis lounges and cafes as it moves toward an open cannabis market. The government is consulting on the possibility of “consumption venues” as well as special occasion permits that would apply to outdoor festivals and concerts. The Alcohol and Gaming Commission of Ontario says it has received more than 700 applications for retail operator licences. The Progressive... Read More

Tilray to lay off 10 per cent of staff to help company better achieve profitability

CanadianInvestor
Tilray to lay off 10 per cent of staff to help company better achieve profitability
TORONTO — Tilray Inc. is laying off 10 per cent of its workforce in an effort to cut costs. The Canadian cannabis company’s chief executive officer Brendan Kennedy says in a statement to The Canadian Press that the layoffs will help Tilray better position itself to achieve profitability. By reducing headcount and costs, Kennedy says Tilray will be more likely to meet the needs... Read More