EMAIL: mattl@mjbizdaily.com
PHONE: 720.699.0794

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.

Mexico’s lower house approves landmark cannabis legalization bill

Mexico’s Chamber of Deputies approved a bill in general to lay the legal foundation for regulated marijuana and hemp industries, but the pending law still has hurdles to overcome and it could be years before a flourishing industry emerges. Lawmakers in Mexico’s lower house on Thursday voted largely in support of the bill, with 316 […]

Read More

Canopy Growth, others formed JV ‘solely’ to pump marijuana stock, refiled CA$500 million lawsuit alleges

A high-stakes lawsuit that Canopy Growth and other Ontario, Canada, cannabis companies had hoped would disappear along with their ill-fated PharmHouse joint venture has been revived and refiled. The new lawsuit seeks 500 million Canadian dollars ($394 million) and is loaded with more details and allegations than a related suit filed last August and later set […]

Read More

High-end cannabis producer GTEC reports positive net income

Kelowna, British Columbia-based GTEC Holdings reported net income from operations of 282,000 Canadian dollars ($223,600), reversing a net loss of CA$8.3 million in the previous year, according to full-year and fourth-quarter results released Wednesday. GTEC’s net revenue for the year was CA$7.9 million, a substantial increase from 2019’s CA$2.4 million. On a quarterly basis, GTEC’s […]

Read More

Canada extends wage subsidy popular with cannabis producers

Canada’s government is extending a pandemic-related wage-subsidy program that has been tapped by more than a dozen federally regulated cannabis producers. The Canada Emergency Wage Subsidy (CEWS) program, which subsidizes wages for employers that have lost revenue because of the COVID-19 crisis, was set to expire March 13. The program has been extended to June […]

Read More

Government-run cannabis stores in Quebec, New Brunswick post profits

The government-run cannabis store operators for Quebec and New Brunswick reported quarterly profits for the periods ended Jan. 2, 2021, and Dec. 27, 2020, respectively. Quebec’s Société québécoise du cannabis (SQDC) posted net income of 23.3 million Canadian dollars ($18.1 million) in its latest quarter, according to three- and nine-month financial results released Monday. The […]

Read More

Canada Revenue Agency has fined cannabis firms CA$1.3 million since adult-use market launch

The Canada Revenue Agency (CRA) has issued cannabis-related fines totaling 1.3 million Canadian dollars ($1 million) since adult-use marijuana was legalized in October 2018, Marijuana Business Daily has learned. The nearly two-dozen penalties for violations of the Excise Act include one large levy of approximately CA$500,000, according to the CRA, which collects taxes and administers […]

Read More

Cannabis producer Cronos loses $111.7 million in fourth quarter

Canadian cannabis producer Cronos Group reported a quarterly loss of $111.7 million and an adjusted EBITDA of negative $53.1 million, according to the full-year and fourth-quarter results released Friday, well below analyst expectations. However, Cronos exceeded analyst expectations on sales, with net revenue of $17 million in the quarter ended Dec. 31, 2020, up from […]

Read More

Sales of Canadian cannabis edibles, extracts fall for first time

Canadians purchased fewer cannabis edibles and extracts last November compared to the previous month, new Health Canada data shows, ending at least 11 consecutive months of growth for the categories. In November, roughly 1.52 million packages of edibles were sold online or in person, down from 1.69 million in October, according to the data. The […]

Read More

Aphria-Tilray cannabis merger talks overcame pandemic pause, rival bidder and other hurdles, proxy reveals

On-again, off-again merger talks between rival cannabis producers Tilray and Aphria had their genesis in October 2019 when an unidentified investment bank active in the marijuana space pitched a meeting between the company’s respective CEOs, according to a proxy statement filed with regulators. From there, the blockbuster merger took more than a year to finalize: […]

Read More

Canadian pension fund unloads some cannabis shares, adds Aphria

A large Canadian pension manager unloaded some marijuana investments over the past couple of years while raising its holdings in licensed producers Aphria and Aurora Cannabis, according to regulatory filings with the U.S. Securities and Exchange Commission. Public Sector Pension Investment Board (PSP) filings show that the pension manager did not shy away from adding […]

Read More