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.
New Brunswick cannabis producer Organigram’s loss narrowed to 1.3 million Canadian dollars ($1 million) as adult-use sales soared over 70% compared to the comparable year-ago period, according to the company’s first-quarter financial results released Tuesday.
Marijuana producer Tilray Brands acquired two California craft beer brands in late 2021, Alpine and Green Flash, in a cash and stock deal worth $5.1 million (6.4 million Canadian dollars), according to a new regulatory disclosure.
The world’s leading brewer, AB InBev, and Canada’s leading cannabis producer by market share, Tilray, have ended their partnership, the New York-based cannabis company quietly acknowledged in a regulatory filing early Monday.
Tilray reported net revenue of $155. 1 million (196 million Canadian dollars) in the quarter ended Nov. 30, considerably lower than consensus expectations of $170 million in cannabis sales, citing coronavirus-related headwinds, supply-chain issues and a lower share of the key Canadian market.
Canadian cannabis producer CannTrust Holdings says it doesn’t have sufficient liquidity to operate beyond the near term and is developing a plan to wind down in case more financing doesn’t materialize.
Analysts have slashed hundreds of millions of dollars off their 2022 sales forecasts for three Canadian cannabis producers, reflecting an increasingly competitive landscape across the adult-use industry, falling overall prices and poor execution by some executive teams.