Canadian cannabis retailer High Tide has entered into a definitive agreement to acquire high-end brand Queen of Bud, including all intellectual property, trademarks and other assets.
Matt Lamers
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Retailer High Tide reports break-even net income, record cannabis sales
Canadian cannabis retailer High Tide reported break-even net income and positive free cash flow in its financial results for the first quarter of fiscal 2024.
Canada’s finance minister warned about cannabis industry ‘financial distress’
Canadian Finance Minister Chrystia Freeland was warned last fall about systemic “financial distress” facing the country’s cannabis producers, including skyrocketing tax debt and widespread insolvencies.
Canadian, British cannabis companies Aqualitas and Cannaray to merge
Medical cannabis companies from Canada and Britain are joining forces to create a global, vertically integrated business to tap opportunities in Europe and beyond.
Israel’s IMC looks to spin out, sell cannabis unit in pivot to biotech sector
IM Cannabis Corp. is proposing a reverse merger with Israeli biotechnology firm Kadimastem in which it would spin out – and potentially sell – its existing medical marijuana operations in Israel and Germany.
Netherlands irons out wrinkles in cannabis experiment ahead of full summer launch
Dutch authorities have ironed out issues involving the Netherlands’ cannabis experiment, government and industry officials told MJBizDaily.
Australian cannabis firm Cann Group’s cash crunch raises concerns
The Australian Securities Exchange halted trading of Cann Group Limited’s shares after the company’s auditor flagged concerns over financing and the cannabis producer’s first-half operating loss.
Amsterdam denied inclusion in Dutch cannabis experiment
The lower house of Parliament in the Netherlands rejected the addition of Amsterdam to the country’s cannabis cultivation and distribution experiment, meaning the number of cities set to take part when the pilot fully launches this summer will remain at 10.
Avant Brands trims loss to CA$1.5 million on record marijuana sales, exports
British Columbia producer Avant Brands reported record net revenue of 26.3 million Canadian dollars ($19.4 million) from the sale of 7,105 kilograms (15,663 pounds) of cannabis.
Cannabis producer Cronos narrows 2023 loss to $74.5 million
Canadian cannabis producer Cronos Group cut its loss in half in 2023, reporting a deficit of $74.5 million (101 million Canadian dollars).
Canada’s unpaid cannabis taxes soar 72% to almost CA$300 million
A growing number of Canadian cannabis producers continue to rack up tax debt, which could lead to “a meaningful number” of companies going out of business if they’re unable to make those payments, according to the latest tax data and industry analysts.
Cannabis firm BZAM granted creditor protection with massive unpaid tax bills
Canadian cannabis firm BZAM, which merged with The Green Organic Dutchman in 2022, has been granted creditor protection to restructure the business and pursue a sale process.
