No more new cannabis retail licences due to pot supply shortage: Alberta

No more new cannabis retail licences due to pot supply shortage: Alberta
EDMONTON — Alberta says it won’t be issuing any new retail cannabis licences until further notice due to a national supply shortage. The Alberta Gaming, Liquor and Cannabis commission says it ordered enough supply to stock 250 retail stores for the first six months of legalization. President Alain Maisonneuve says only about  20 per cent of that order has come in. He says... Read More

Regulations make marijuana banking more costly, banker says

Regulations make marijuana banking more costly, banker says
LAS VEGAS — Regulations and paperwork are driving up costs for financial institutions serving marijuana companies doing business in states with legal pot sales, a cannabis banker told a conference in Las Vegas. Sundie Seefried told hundreds of cannabis trade show attendees at MJBizCon last week that a subsidiary of her Colorado credit union had to file more than 7,000... Read More

Cannabis spending grew 1.1 per cent in Q3 to $5.9 billion

Cannabis spending grew 1.1 per cent in Q3 to $5.9 billion
OTTAWA — Statistics Canada says Canadian spending on cannabis rose 1.1 per cent to roughly $5.9 billion on an annualized basis in the third quarter. Nearly 84 per cent of purchases were illegal and for non-medical use, down from 98 per cent in mid-2014 as cannabis consumption for medical use has increased. The agency estimates that of the $4.9 billion in illegal, non-medical pot purchases... Read More

Vigilance the watchword for pot users, investors, executives at Canada-US border

Vigilance the watchword for pot users, investors, executives at Canada-US border
WASHINGTON — Marijuana has been legal in Canada for a month already but immigration lawyers and cannabis executives say when it comes to getting into the United States, the worst may be yet to come. As Canadians get used to the fact that cannabis is no longer against the law in their country, some experts fear they will forget the perils that past and present marijuana use still... Read More

One month after legalization, illicit cannabis shops doing brisk business

One month after legalization, illicit cannabis shops doing brisk business
TORONTO — The three surveillance cameras and the steady flow of people in and out of the small, nondescript grey building are the only hint of the brisk business this downtown Toronto cannabis dispensary does behind closed doors. Once inside, two men behind a white desk under a vintage chandelier ask patrons to provide government identification and fill out a membership form. Then, customers... Read More

U.S. pot financing outpaces Canadian cannabis companies on CSE

U.S. pot financing outpaces Canadian cannabis companies on CSE
TORONTO — U.S. cannabis companies raised $1.5 billion on the Canadian Securities Exchange during the first 10 months of this year, surpassing their Canadian counterparts for the first time. Data from the smaller, alternative exchange shows U.S.-based pot company financing activity in the January-to-October period usurped the $1 billion raised by Canadian-based issuers during the same period. CSE chief executive Richard Carleton says investor... Read More

CannTrust Q3 profit falls despite record revenues; filing for NYSE listing

CannTrust Q3 profit falls despite record revenues; filing for NYSE listing
VAUGHAN, Ont. — CannTrust Holdings Inc. posted record revenues in the third quarter but the licensed producer of medical and recreational cannabis saw its net income decrease 36 per cent in the quarter before legalization of recreational use in Canada. The Toronto-area company says it earned $421,240 or zero cents per share, compared with $655,309 or one cent per share... Read More

Canada’s cannabis product shortage, by the numbers

Canada’s cannabis product shortage, by the numbers
Industry insiders say the cannabis product shortages that have plagued many provinces will likely persist for years. Here are a few numbers on how Canadian recreational cannabis sales have unfolded during their first legal month: 132: The number of companies licensed to produce cannabis in Canada, according to Health Canada. 78: The number of companies with a licence for sales.... Read More

Canopy Growth shares slip after reporting wider Q2 loss ahead of pot legalization

Canopy Growth shares slip after reporting wider Q2 loss ahead of pot legalization
TORONTO — Shares of Canopy Growth Corp. slipped as the cannabis producer reported a wider loss of $330.6 million in its latest quarter, missing analyst estimates, as operating costs surged ahead of the legalization of recreational marijuana in Canada. Revenue for the quarter ended Sept. 30 totalled $23.3 million, up from $17.6 million a year ago but down sequentially from $25.9 million in... Read More

B.C.-based pot producer Tilray reports revenue surge, net loss

B.C.-based pot producer Tilray reports revenue surge, net loss
NANAIMO, B.C. — B.C.-based cannabis producer Tilray reported an 85 per cent jump in quarterly revenue year-over-year to US$10 million, but a wider net loss during its third quarter. The Nanaimo-based company posted a quarterly net loss of US$18.7 million during the three months ended Sept. 30, compared to US$1.8 million in the third quarter of 2017. Analysts had expected revenues of US$10.1 million and... Read More