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Matt Lamers

Matt is based in the Greater Toronto Area and covers international cannabis markets for Marijuana Business Daily. Previously, he worked as a business editor, photographer and reporter for newspapers and magazines in three countries, covering everything from the oil and gas industry in northern British Columbia to North Korean defectors in Seoul.

Zenabis selling cannabis facility for half original asking price

Vancouver, British Columbia-based Zenabis Global reached a conditional agreement for the sale of its facility in Delta, B.C., for what appears to be half the original listing price. The conditional deal comes as large Canadian marijuana producers look to unload indoor and greenhouse cultivation properties to reel in industrywide excess supply. The gross purchase price […]

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Aurora Cannabis shuts CA$250 million greenhouse ‘indefinitely’

Aurora Cannabis says it’s pausing operations at its Sun greenhouse in Medicine Hat, Alberta, “indefinitely.” The closure represents the latest casualty after the industry significantly overshot the production capacity needed to meet demand in Canada’s expanding adult-use marijuana market. Those greenhouse deals ultimately led to direct real estate losses for Canadian producers worth millions of dollars and write-downs […]

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Canadian cannabis firm Organigram reports CA$136M loss for year

New Brunswick-based cannabis producer Organigram reported a net loss of 136 million Canadian dollars ($105 million) for its fiscal year 2020, a substantial increase from the company’s previous annual loss of CA$9.5 million. Organigram lost CA$39 million in the quarter ended Aug. 31, an improvement compared with the CA$90 million loss it reported in the […]

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Cannabis NB expects CA$10M profit; privatization update ‘in near future’

New Brunswick’s cannabis retail monopoly Cannabis NB expects to end its fiscal year with a profit of over 10 million Canadian dollars ($7.7 million). “We are excited to have achieved an important milestone — 12 consecutive months of profitability,” Cannabis NB CEO Patrick Parent said in a statement posted on social media and shared with […]

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Supply-demand imbalance grows for Canadian cannabis edibles

Makers of edible cannabis products in Canada continue to stock more goods than they’re able to sell, the latest data from Canada’s cannabis regulator shows. In August, federal license holders, provincial distributors and retailers held almost 10 million packaged units of cannabis edibles in stock, including beverages. That compares with sales that month of roughly […]

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C-Shop cannabis stores reopen in Newfoundland as strike ends

A strike that shuttered 10 of Newfoundland and Labrador’s 27 licensed marijuana stores has come to an end. The C-Shop cannabis store locations, which are located inside Dominion grocery stores and staffed by Dominion workers, closed in August when more than 1,400 workers launched a strike against store owner Loblaw Cos. According to CBC News, […]

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Report: Canadian cannabis firms received millions in pandemic subsidies

Cannabis businesses in Canada benefited from millions of dollars in pandemic-related subsidies from the federal government, according to research by the publication The Deep Dive and verified by Marijuana Business Daily. Other businesses tapped into interest-free loans, as well as lending offered by agricultural lender Farm Credit Canada (FCC), according to financial statements. At least […]

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Canadian cannabis firm Pure Sunfarms delivers another profitable quarter

British Columbia-based Pure Sunfarms reported yet another profitable quarter as revenue rose substantially compared to the previous three-month period. The cannabis producer saw net sales grow to 22.6 million Canadian dollars ($17 million) for the quarter ended Sept. 30. Adjusted EBITDA – a measure of profitability – increased 125% from the previous quarter to CA$5.6 […]

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