Cannabis – Page 2 – Canadian Investor

CannTrust board kept in dark on unlicensed grow room: Interim CEO

July 30, 2019 CanadianInvestor

VAUGHAN, Ont. — The interim chief executive of CannTrust Holdings Inc. said the board was kept in the dark about unlicensed growing at its Ontario greenhouse and only learned of the allegations after Health Canada notified the pot company of its discovery. Robert Marcovitch would not address questions about who gave the direction to start cultivating pot in five rooms before receiving government approval as its internal investigation is ongoing.... Read More

Cannabis sector leads Canada’s main stock index lower, loonie edges up

July 29, 2019 CanadianInvestor

TORONTO — Canada’s main stock index was down modestly in a decline led by some of Canada’s cannabis companies. The S&P/TSX composite index was down 28.21 points at 16,502.83 points, with some of the drag coming from Aurora Cannabis, Hexo Corp. and Aphria Inc. In New York, the Dow Jones industrial average was up 58.01 points at 27,250.46. The S&P... Read More

Dried cannabis sales see gains of 7% in May, oil sales climb 19%

July 26, 2019 CanadianInvestor

OTTAWA — Health Canada says total sales of legal dried cannabis grew seven per cent in May from the previous month as an uptick in recreational sales compensated for a steep drop in medical pot purchases. Total sales of dried pot amounted to 9,495 kilograms in May, up from 8,874 kilograms in April. However, the latest monthly data shows dried medical... Read More

CannTrust shares spike after CEO, chair forced out amid illegal grow scandal

July 26, 2019 CanadianInvestor

VAUGHAN, Ont. — CannTrust Holdings Inc. shares are spiking as much as 20 per cent as investors take in news that the cannabis company’s chief executive officer has been fired amid an ongoing investigation into allegations it was illegally growing marijuana in unauthorized rooms. Stock in the beleaguered company, based in Vaughan, Ont. rose as high as $3.14 per share in... Read More

Auxly Cannabis signs $123M investment and research deal with tobacco giant Imperial Brands

July 25, 2019July 25, 2019 CanadianInvestor

TORONTO — Auxly Cannabis Group Inc. of Vancouver will receive a $123-million investment as well as global licences to vaping technology under a research and development partnership with tobacco giant Imperial Brands. The deal is expected to close in the third quarter, subject to approval from the TSX Venture Exchange. Under the plan announced from London and Vancouver, the U.K.-based company will invest 75... Read More

CannTrust shares dive on report that CEO, chair knew of unlicensed pot growing

July 24, 2019 CanadianInvestor

VAUGHAN, Ont. — CannTrust Holdings Corp. shares have plummeted further after a media report alleging that the cannabis company’s chief executive and chairman of the board were aware of pot cultivation in rooms without government approval months before Health Canada discovered the illicit activity. Shares of the Vaughan, Ont.-based licensed producer were down more than 20 per cent in late morning trading on the Toronto... Read More

Couche-Tard makes strategic cannabis move with investment in Fire & Flower

July 24, 2019 CanadianInvestor

EDMONTON — Alimentation Couche-Tard Inc. has agreed to make a strategic investment in Fire & Flower Holdings Corp. of Edmonton, which will use the funds to develop its Hifyre digital retail platform and expand its network of cannabis retail stores. The companies say Couche-Tard’s initial investment would initially give it rights to 9.9 per cent of Fire & Flower’s equity, with... Read More

CannTrust files response to Health Canada, names special committee members

July 22, 2019 CanadianInvestor

TORONTO — CannTrust Holdings Inc. has officially responded to Health Canada’s finding that the cannabis company ran afoul of its regulations, including unlicensed cultivation at its Ontario greenhouse. The company says that on July 17 it filed a response to the regulator’s non-compliance report, one day before the July 18 deadline, and it now awaits Health Canada’s response. CannTrust also says it has appointed U.S.... Read More

California pot regulators struggling with job, audit says

July 17, 2019 CanadianInvestor

LOS ANGELES — The agency overseeing California’s legal marijuana market has been overmatched by the job and is struggling to hire sufficient staff and set an overall strategy, an audit found. The Bureau of Cannabis Control is authorized to hire 219 people, but only 75 positions have been filled, according to an audit by the state Finance Department. While the... Read More

Cannabis venture capital firm Canopy Rivers reports $1.8-million Q4 loss

July 16, 2019 CanadianInvestor

TORONTO — Canopy Rivers Inc. reported a loss of $1.8 million in its latest quarter compared with a profit of nearly $14.6 million in the same quarter last year. The venture capital arm of marijuana company Canopy Growth Corp. says the loss amounted to two cents per diluted share for the quarter ended March 31 compared with a profit of 11... Read More