Another Canadian cannabis producer is entering court-supervised restructuring amid cut-throat competition and heavy government taxation of the 4-year-old industry.
Matt Lamers
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Marijuana operator TerrAscend seals $25 million loan, acquires Maryland retailer
Marijuana company TerrAscend Corp. said it closed on a $25 million commercial loan and entered an agreement to acquire Hempaid in Maryland.
Internal documents raise questions about Canada’s Cannabis Act review
Hundreds of emails, documents and reports obtained by MJBizDaily through a Canadian federal records request paint a more complete picture of the Cannabis Act review currently underway – a reexamination that could have far-reaching implications for operators in the country’s 5.6 billion Canadian dollar ($4.3 billion) legal marijuana industry.
Cannabis producer Canopy splits with auditor, could save millions
Canopy Growth Corp.’s principal accountants resigned June 22, but the company told MJBizDaily the move was a “joint decision” with the auditor and not related to recent accounting woes.
Canadian panel urges bigger role for First Nations in cannabis industry
A Canadian Senate committee is urging the federal government to revise the county’s adult-use cannabis law to give First Nations the authority to regulate their own production and sales programs.
Marijuana producer Canopy reports CA$3.3 billion annual loss
Cannabis producer Canopy Growth reported a net loss of 3.3 billion Canadian dollars ($2.5 billion) for its fiscal year ended March 31, 2023, representing a substantial increase over 2022.
Canada cracking down on words ‘soda’ and ‘cola’ on cannabis labels
Health Canada is asking federally licensed cannabis producers to stop using certain words on labels and in promotions for infused beverages, warning they could appeal to young people.
Colombian Senate falls short in bid to legalize recreational marijuana – for now
Colombia’s Senate failed to approve a legal framework to regulate recreational marijuana sales, making it the latest country to fall short in a bid to bring illegal cannabis sales into the regulatory fold.
Group opposes ‘fire sale’ of troubled cannabis retailer Fire & Flower
A syndicate of parties including the second-largest shareholder of Fire & Flower Holdings Corp. is opposing a proposed stalking-horse agreement between the cannabis retailer and its largest shareholder, an affiliate of convenience store operator Alimentation Couche-Tard.
Cannabis producer Hexo’s accumulated losses surpass CA$2 billion
Canadian cannabis producer Hexo reported a total net loss before tax of 129.7 million Canadian dollars ($98 million) in the company’s third quarter, bringing accumulated losses since 2016 to more than CA$2 billion.
Shareholders of cannabis firm Hexo approve Tilray takeover
Shareholders of Canadian cannabis producer Hexo Corp. approved Tilray’s court-accepted plan to acquire all the issued and outstanding common shares of the Quebec company.
Aurora Cannabis reports CA$87 million loss, aims for positive free cash flow
Aurora Cannabis reported a loss of 87 million Canadian dollars ($65 million) for the three months ended March 31, 2023, up slightly from the CA$67.2 million net loss reported in the previous quarter.
