A longtime Southern California marijuana entrepreneur and executive filed suit against Toronto-based Captor Capital – a former financial partner of MedMen Enterprises – for fraud, breach of contract and other misdeeds and is seeking at least $2.8 million in damages. Matt Longo, a founder of cannabis dispensaries in Santa Ana and West Hollywood that have […]
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New Brunswick retailer Cannabis NB posts second profitable quarter
New Brunswick’s government-owned marijuana retailer, Cannabis NB, posted its second consecutive profitable quarter, reporting a gain of 1.4 million Canadian dollars ($1 million) for the period ended June 28. Cannabis NB is the only legal cannabis retailer in the province, which has a population of roughly 780,000. Total sales for the quarter were CA$16.3 million, […]
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Canadian cannabis inventory soars to new high, indicating more pain ahead for producers
Federally licensed producers in Canada are stockpiling more cannabis than ever, new figures from the Canadian government show, indicating that some producers are in store for more financial pain as the market looks for equilibrium. Deeper industrywide cuts might still be needed for the large producers to shed excess production, even as the industry continues […]
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Ontario set to end cannabis delivery, curbside pickup despite ongoing pandemic
A temporary emergency order allowing Ontario’s private-sector cannabis retailers to engage in curbside pickup and delivery will be allowed to expire, the provincial government said Tuesday – even though the COVID-19 pandemic is far from over. “As our province carefully moves towards recovery, the (emergency order) to temporarily allow for cannabis retail curbside pickup and […]
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Mexico to implement 3-year-old medical cannabis law as full legalization delayed
Mexican authorities plan to finalize medical cannabis regulations in the next two months, the Secretariat of Health of the country said in a news release. The General Health Law of Mexico, amended in mid-2017, authorized cannabis for medical use – including products high in THC. However, that amendment did not create any specific rules or […]
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Organigram becomes latest cannabis producer to slash jobs, production target
Canadian marijuana producer Organigram cut its workforce by about 25% and said production levels will be below capacity “for the foreseeable future.” Organigram described the cuts in a news release as “an effort to better align its production capacity to prevailing market conditions.” The New Brunswick-based company first warned that the COVID-19 pandemic could lead […]
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Week in Review: US cannabis sales to top $15B, Illinois licensing delays, NJ at forefront of legalization & more
Medical and recreational cannabis sales in the United States are on track to exceed $15 billion this year, a jump of 40% over 2019, according to the new Marijuana Business Factbook.
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