Category: Cannabis

Canadian retail sales up 0.4 per cent in July, first increase in three months

CanadianInvestor
Canadian retail sales up 0.4 per cent in July, first increase in three months
OTTAWA — Statistics Canada says retail sales rose 0.4 per cent in July to $51.5 billion, the first increase in three months. Economists had expected an increase of 0.6 per cent, according to financial markets data firm Refinitiv. Statistics Canada says sales were up in six of the 11 subsectors it tracks representing 71 per cent of retail trade. Motor vehicle and... Read More

CannTrust says goods returned by Alberta government cannabis firm worth $1.3M

CanadianInvestor
CannTrust says goods returned by Alberta government cannabis firm worth $1.3M
VAUGHAN, Ont. — CannTrust Holdings Inc. said Thursday that about $1.3 million worth of its products will be returned by the Alberta government’s cannabis wholesaler and online retailer. The Alberta Gaming, Liquor and Cannabis agency announced the returns on Wednesday after Health Canada suspended CannTrust’s licences to produce and sell pot. CannTrust noted Thursday that Health Canada has not ordered a... Read More

Couche-Tard wants to be a player in the sale of cannabis

CanadianInvestor
Couche-Tard wants to be a player in the sale of cannabis
LAVAL, Que. — Alimentation Couche-Tard Inc. wants to be one of the “key players” in the North American cannabis market by using its position in Canada — where use of the substance for recreational purposes is legal — to achieve this goal. But the expertise to be developed by the operator of convenience stores and gas stations in selling the drug will have to... Read More

Alberta to return all CannTrust products after Health Canada suspensions

CanadianInvestor
Alberta to return all CannTrust products after Health Canada suspensions
VAUGHAN, Ont. — The Alberta government’s cannabis wholesaler and online retailer is returning all products from CannTrust Holdings Inc. after Health Canada suspended the company’s licences to produce and sell pot. A spokeswoman for the Alberta Gaming, Liquor & Cannabis Commission says it intends to return its remaining supply of on-hold CannTrust products to the Vaughan, Ont.-based company, but would not confirm the... Read More

CannTrust says certain licences suspended by Health Canada over ‘non-compliance’

CanadianInvestor
CannTrust says certain licences suspended by Health Canada over ‘non-compliance’
CannTrust Holdings Inc.’s licenses to produce and sell cannabis have been suspended by Health Canada, the pot company disclosed on Tuesday, in the latest setback for the firm which has been under investigation by regulators for cultivation in unlicensed rooms. The Vaughan, Ont.-based company said it received a notice of licence suspension from the federal regulator indicating its authority to produce cannabis, other than... Read More

Canadian e-commerce company Shopify updates platform for CBD sellers in U.S.

CanadianInvestor
Canadian e-commerce company Shopify updates platform for CBD sellers in U.S.
NEW YORK — Shopify Inc. says its e-commerce and retail platform has been given new features to help U.S. merchants sell hemp and hemp-derived cannabidiol products where permitted by law. The announcement follows last year’s passage of U.S. federal legislation that removed hemp from the Controlled Substances Act, which still covers cannabis products. Hemp may contain CBD, a compound with potential medicinal qualities, but without... Read More

Former Canopy co-CEO Bruce Linton sees big opportunity in psychedelics

CanadianInvestor
Former Canopy co-CEO Bruce Linton sees big opportunity in psychedelics
Canopy Growth Corp.’s co-founder and recently ousted co-chief executive has his eye on a new frontier for medicine beyond cannabis: psychedelics. Bruce Linton said he will be a director at Mind Medicine, an Australian-based entity that is seeking to establish safe psychedelic-assisted treatments for mental illness, such as medicinal psilocybin and medicinal MDMA. He sees the opportunity for psychedelics as medicine... Read More

Ontario’s pot Crown corporation lost $42 million in latest fiscal year

CanadianInvestor
Ontario’s pot Crown corporation lost $42 million in latest fiscal year
TORONTO — Ontario Cannabis Retail Corp. lost $42 million in the latest fiscal year, according to newly released public documents. The provincial Crown corporation tasked with online sales and wholesale distribution of recreational pot reported revenues of $64 million for the year ended March 31, 2019. However, Ontario’s consolidated financial statements show the OCRC, which operates as the Ontario Cannabis Store, racked up expenses totalling $106 million during the period. Canada legalized... Read More

Aurora Cannabis shares down after it misses own Q4 revenue guidance

CanadianInvestor
Aurora Cannabis shares down after it misses own Q4 revenue guidance
EDMONTON — Shares of Aurora Cannabis were down about nine per cent after the pot producer’s fourth-quarter revenues fell short of its own guidance and it reported a $2.2-million loss. The Edmonton-based company’s stock was at $7.75 in late morning trading, down 8.9 per cent from its previous close of $8.51. Aurora reported $98.9 million in net revenues for the quarter ended June... Read More

Cannabis producer CannTrust lays off 180 workers after regulatory problems

CanadianInvestor
Cannabis producer CannTrust lays off 180 workers after regulatory problems
VAUGHAN, Ont. — An Ontario cannabis producer is laying off about 180 people. The layoffs come after CannTrust Holdings ran into repeated regulatory problems with both its product and how it was produced. Ontario’s government cannabis retailer has returned almost three million dollars worth of cannabis and the company is being investigated by Health Canada for growing the crop in... Read More