Median price of dried cannabis dropped 25 per cent in Ontario last year: OCS

Median price of dried cannabis dropped 25 per cent in Ontario last year: OCS
TORONTO — The Ontario Cannabis Store says the median price of dried flower dropped 25 per cent in its first full year of operation since legalization in a bid to compete with the illegal market. The illegal price was $8.23 per gram, compared with $8.56 at OSC.ca and $10.84 at retail stores. Ontario consumers spent $385.1 million for 35.1 million... Read More

CannTrust Holdings greenhouse licenses reinstated, plans restart of operations

CannTrust Holdings greenhouse licenses reinstated, plans restart of operations
VAUGHAN, Ont. — CannTrust Holdings Inc. says Health Canada has reinstated its licences for its greenhouse in Niagara and that it will immediately restart operations. The cannabis company says it cannot say when its products will be available in the market as that depends on a Health Canada decision regarding its manufacturing facility in Vaughan, Ont. The decision regarding the... Read More

Canopy Growth reports $1.3B fourth-quarter loss, hits reset on strategic focus

Canopy Growth reports $1.3B fourth-quarter loss, hits reset on strategic focus
Canopy Growth Corp. is rethinking its first-to-every-market strategy after reporting a $1.3-billion loss in its fourth quarter. The Smith Falls, Ont.-based cannabis company says as part of an ongoing restructuring it has decided not to strive to be the first to every market and will instead focus on select areas like Canada, the U.S. and Germany, where it believes it can be... Read More

Toronto stock market rally led by cannabis while U.S. stock markets closed

Toronto stock market rally led by cannabis while U.S. stock markets closed
TORONTO — Canada’s main stock index posted a triple-digit advance on a broad-based rally led by a resurgence among cannabis stocks. The S&P/TSX composite index closed up 161.78 points at 15,089.08. U.S. stock markets were closed for the Memorial Day holiday. The Canadian dollar traded for 71.51 cents US compared with 71.35 cents on Friday. The July crude contract was up 47... Read More

Aurora to enter U.S. market with $40 million of acquisition of CBD brand Reliva

Aurora to enter U.S. market with $40 million of acquisition of CBD brand Reliva
EDMONTON — Aurora Cannabis Inc. says it is entering the U.S. market by acquiring hemp-based cannabidiol company Reliva LLC. Edmonton-based Aurora will acquire all of the issued and outstanding membership interests of Reliva, while Reliva members will receive roughly US$40 million in Aurora’s common shares. If Reliva achieves certain financial targets, the transaction includes a potential earn-out of up to a maximum US$45... Read More

Canopy Growth says two top executives have left the cannabis firm

Canopy Growth says two top executives have left the cannabis firm
SMITHS FALLS, Ont. — Canopy Growth Corp. says two of its top executives have left the company. The Smiths Falls, Ont.,-based cannabis company says chief operating officer Andre Fernandez and chief commercial officer Dave Bigioni have departed from the firm. Canopy’s vice-president of communications, Jordan Sinclair, says in an email that the departures were mutual decisions and a search to fill their roles has... Read More

Tilray’s Q1 net loss widens to US$184.1 million amid layoffs and restructuring

Tilray’s Q1 net loss widens to US$184.1 million amid layoffs and restructuring
NANAIMO, B.C. — Tilray Inc. says its net loss widened in its first quarter as it laid off 10 per cent of its workforce and restructured the company. The Nanaimo, B.C.,-based cannabis firm, which reports its earnings in U.S. dollars, says its net loss for the period ended March 31 amounted to $184.1 million or $1.73 per share. That compared with a loss of $29.4 million or $0.31 per... Read More

Canopy Rivers invests $2 million in Edmonton-based cannabis gummies company

Canopy Rivers invests $2 million in Edmonton-based cannabis gummies company
TORONTO — Canopy Rivers Inc. says it has made a $2-million investment in Dynaleo Inc., an Edmonton-based company focused on edible cannabis gummies. Dynaleo has built a manufacturing facility and submitted the supporting documentation for a standard processing licence to Health Canada. The company plans white-label production of CBD and THC edibles for the Canadian market that can be customized to... Read More

Canopy Growth to lay off 85 workers, cease some global operations

Canopy Growth to lay off 85 workers, cease some global operations
Canopy Growth Corp. is making significant cuts just a month after the cannabis company slashed its workforce and took multi-million-dollar writedowns. Smiths Falls, Ont.-based Canopy said Thursday that it will lay off another 85 full-time workers, close a handful of facilities and cease operations in several countries as it tries to optimize its production and better balance supply and demand. “When I arrived at... Read More

Aphria suspends outlook, reports $144.4 million in revenue amid COVID-19

Aphria suspends outlook, reports $144.4 million in revenue amid COVID-19
Aphria Inc. has suspended its outlook for the year even though it has avoided some of the COVID-19 effects that have ravaged competitors. Executives from the Leamington, Ont., company revealed Wednesday that its third quarter, which ended Feb. 29, delivered $144.4 million in net revenue, up from $73.6 million in the same quarter a year earlier. The company beat analyst expectations... Read More