Retail sales of regulated cannabis in Canada soared in March, growing 19% on a monthly basis to a record 181 million Canadian dollars ($129 million). The March retail sales figures from Canada’s national data bureau confirm what industry sources told Marijuana Business Daily that month: Consumers flocked to cannabis stores to stock up as public […]
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Prince Edward Island to reopen cannabis stores with restrictions
Licensed recreational cannabis stores in Prince Edward Island will reopen on May 22 “with limited access,” the government-operated marijuana retailer announced. All four PEI Cannabis stores on the island were closed on short notice in March in response to the COVID-19 pandemic, although online sales continued. The reopened stores will feature public health measures, including: Restricting […]
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Cannabis firm Green Growth Brands gets initial creditor protection
Ohio-based marijuana retailer Green Growth Brands said Wednesday it has filed for insolvency protection in Canada. The financially troubled multistate operator – with operations in Florida, Massachusetts and Nevada – trades on the U.S. over-the-counter markets as GGBXF and on the Canadian Securities Exchange as GGB. Former Green Growth Brands CEO Peter Horvath, who resigned from the […]
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Cannabis stores coming to Canada’s remote Nunavut territory
The government of Nunavut will soon accept applications for cannabis stores, bringing bricks-and-mortar recreational marijuana storefronts to the only Canadian jurisdiction that still doesn’t have any. License applications will be accepted starting June 1 through the territory’s department of finance. “Nunavut’s cannabis legislation and regulations have a broad range of requirements that licensed cannabis retailers […]
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Cannabis sector lender Trichome successful in bid for James E. Wagner
Trichome Financial Corp. has been declared successful in its stalking horse bid for Ontario-based James E. Wagner Cultivation Corp. (JWC), the latter company announced Tuesday. JWC, which entered creditor protection earlier this year, plans to seek a court order approving the bid as “as soon as possible,” according to a news release. Toronto-based cannabis sector […]
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COVID-19 sharpens focus on digital cannabis marketing in Canada
A captive audience in search of digital distraction, combined with boosted cannabis demand during the COVID-19 pandemic, means Canada’s marijuana businesses have an opportunity to fine-tune their online marketing and branding strategies, marketing experts say. Even though Canadian cannabis producers and retailers are largely excluded from traditional advertising by law, they can nevertheless employ some […]
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As outdoor cannabis approvals grow in Canada, COVID-19 not expected to delay planting season
Health Canada approvals for outdoor cannabis cultivation have increased by more than 25% in the past few months, and growers are bullish for now despite the COVID-19 pandemic that’s encroaching into planting season. Canadian outdoor cannabis producers contacted by Marijuana Business Daily said they expect their open-air crops will proceed as usual this year. For example, […]
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Organigram posts revenue decline, net loss in second quarter
Organigram Holdings Corp. saw net revenue decline on a quarterly basis in the second quarter of its fiscal year, from 25.2 million Canadian dollars ($18.1 million) in the first quarter of 2020 to CA$23.2 million in the quarter ended Feb. 29. Medical, wholesale and international revenues all declined in the latest quarter, the New Brunswick-based […]
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James E. Wagner Cultivation cannabis assets up for grabs
The assets of Kitchener, Ontario-based cannabis cultivator James E. Wagner Cultivation Corp. (JWC) are up for sale for at least 11.95 million Canadian dollars ($8.61 million), the company said Monday. The company, which recently entered creditor protection as part of a debtor-in-possession loan deal with cannabis sector lender Trichome Financial, saw its sales and investor-solicitation process […]
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Cannabis producer Hexo raises CA$46 million in public offering
Ontario-based cannabis grower Hexo on Monday announced the closing of an underwritten public offering worth 46 million Canadian dollars ($33 million). The offering sold 59,800,000 units for CA$0.77 each. Each unit included one common Hexo share and one common share purchase warrant, exercisable within five years at CAD$0.96 per share. Proceeds from the offering will […]
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Marijuana retailer Fire & Flower looks to raise CA$25 million
Canadian cannabis retailer Fire & Flower Holdings aims to raise up to 25 million Canadian dollars ($18 million) via two private placements, the company said Monday. The announcement comes as the number of private-sector recreational cannabis stores continues to grow in key Canadian markets, including British Columbia, Alberta and Ontario. Some Fire & Flower executives […]
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Aurora plans share consolidation to maintain NYSE listing
Canada’s Aurora Cannabis is undertaking a reverse share split by merging its common shares on a 12-to-one basis, effective May 11, in a bid to remain listed on the New York Stock Exchange. Aurora was warned by the NYSE in April that its shares, which have fallen below $1, do not meet the exchange’s listing […]
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The pandemic pivot and how cannabis companies reacted to COVID-19.