Imperial Brands has converted more than 123.4 million Canadian dollars ($90.6 million) in total debt to shares of Auxly Cannabis Group, formally giving the British tobacco giant a 19.8% ownership position in the Toronto-based marijuana company.
Matt Lamers
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Germany’s new law legalizing limited adult-use cannabis market now in force
Germany’s cannabis law took effect Monday, making it the second Group of Seven country to legalize and regulate adult-use cannabis nationally.
Growing Colombia cannabis exports reach $10.8 million as government extends sell-by dates
Colombia’s medical cannabis exports continued to grow last year, although sales still haven’t reached the level that the country’s operators envisioned.
Cannabis producer Rubicon reports quarterly profit of nearly CA$900,000
Rubicon Organics reported a modest profit of 889,166 Canadian dollars ($656,000) in its fourth quarter ended Dec. 31, 2023, but the Canadian cannabis producer’s loss for the fiscal year amounted to CA$1.1 million.
New Zealand cannabis company Cannasouth reviewing financial health
New Zealand medical cannabis company Cannasouth Limited has entered voluntary administration, a process that allows for an administrator to review and rearrange the financial affairs of insolvent or near-insolvent companies.
Ontario eyes CA$600 million cannabis windfall, pledges online crackdown
Ontario’s provincial government is budgeting for a record windfall of more than 600 million Canadian dollars ($442 million) in the next fiscal year from cannabis wholesale profits and its portion of the federal excise tax.
Canadian cannabis producer Organigram enters US, plans CA$25 million raise
Organigram Holdings has dipped into its strategic investment pool to pick up a minority stake in Roxboro, North Carolina-based Open Book Extracts as part of its plan to target emerging cannabis markets in the United States and elsewhere.
Auxly auditor flags ‘going concern’ risk as cannabis firm reports smaller loss
Auxly Cannabis Group’s record 2023 sales helped substantially improve its net loss, but an auditor flagged a “significant doubt” over the company’s ability to continue as a “going concern.”
Organigram ‘assessing options’ after unfavorable ruling on cannabis edibles
Health Canada has concluded that Organigram Holdings’ Edison Jolts lozenge cannabis products should be classified as edibles rather than extracts.
Tax reforms, pharmacy sales among Canada’s cannabis law review recommendations
A government-appointed panel of experts analyzing Canada’s adult-use legalization law, the Cannabis Act, has recommended the country enable pharmacy access for medical marijuana and reconsider how excise tax is applied to recreational products
Canadian cannabis operator SNDL halves annual loss to CA$176.6 million
Alberta cannabis and alcohol company SNDL cut its annual loss in fiscal 2023 in half – to 176.6 million Canadian dollars ($130.5 million) – on strong sales growth.
Curaleaf buying Canadian cannabis operator with eye on global markets
Curaleaf Holdings is continuing its international expansion by signing a deal to acquire Northern Green Canada, a licensed cannabis producer focused primarily on meeting demand in the import-export market.
