Canadian Medical Marijuana & Cannabis Industry News

Securities regulator accuses former Canadian Cannabis Corp directors of fraud

Former directors and officers of a Toronto-based cannabis company have been accused by Ontario’s securities regulator of defrauding investors. Canadian Cannabis Corp said Tuesday it received a Statement of Allegations from the Ontario Securities Commission (OCS). According to a report by BNN Bloomberg, the OCS accused the company’s former chief executive and two vice presidents […]

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Reports: Former cannabis heavyweight Tikun Olam to sell Israeli assets for $42 million

Tikun Olam, once one of the world’s leading medical cannabis companies, is selling its domestic assets for $42 million – or about half of its asking price of $100 million – according to Israeli media reports. Cannbit Pharmaceuticals has reportedly agreed to buy Tikun Olam’s operations in Israel. Rivals Bazelet Group and InterCure were also […]

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Health Canada suspends British Columbia cannabis producer Evergreen’s licenses

(This story has been corrected from a previous version to reflect that CannTrust’s license has not been suspended.) Another cannabis company has been penalized by Health Canada for alleged regulatory violations. British Columbia-based Evergreen Medicinal Supply was sanctioned Aug. 9 over noncompliance with federal law and regulations, according to Health Canada, which did not list […]

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Aurora plots ‘significant’ US marijuana entry in ‘very short period’

Canada’s largest medical cannabis company by revenue and production is planning to make a “significant” splash in the near future on another point of entry in the U.S. market, one of the company’s executives said in an interview. Aurora, based in Edmonton, Alberta, already has arms-length involvement in the United States through Australis Capital, a […]

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Medical cannabis sales stall in Canada after adult-use legalization; affordability, access also considered factors

(This story has been updated to correct a currency conversion.) Monthly sales of medical cannabis in Canada dropped almost 25% in June from October 2018 – when adult use was legalized – according to the latest data from Health Canada. The new data also underscores challenges facing businesses focused on addressing demand in the medical […]

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Aurora Cannabis reports revenue of CA$99 million, a 418% jump

Alberta-based Aurora Cannabis reported net revenue of 99 million Canadian dollars ($75 million) in its most recent quarter, a 418% increase from CA$19 million in the same quarter last year. However,  international sales amounted to only CA$4 million in Aurora’s fiscal fourth quarter, which ended June 30. Aurora saw improvements across the board in its […]

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Aurora Cannabis closes new loan deal worth as much as CA$200 million

Alberta-based Aurora Cannabis closed an expansion of a loan deal with three of Canada’s biggest banks, making it among the largest nonconvertible debt facilities in the marijuana industry to date, according to analysts. Aurora said it closed term loans worth an additional 160 million Canadian dollars ($120 million) with a syndicate of lenders led by […]

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EXCLUSIVE: Jamaica readies rules for commercial medical cannabis exports

Jamaica is engaging stakeholders over highly anticipated regulations to govern the export of commercial-scale medical cannabis, and the rules are expected to be finalized within weeks, according to Agriculture Minister Audley Shaw. Marijuana Business Daily obtained a copy of the draft rules ahead of their release from a source who requested anonymity. The proposals are subject to […]

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Embattled Canadian marijuana firm CannTrust lays off 180

Scandal-plagued CannTrust, an Ontario-based cannabis grower, laid off 180 employees, or 20% of its workforce. “We have made the extremely difficult decision to restructure our workforce to reflect the current requirements of our business,” Robert Marcovitch, CannTrust’s interim CEO said in a news release. The layoffs are expected to save the company about 9 million Canadian […]

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Cannabis firms, policymakers must work hand-in-hand, ex-Canadian prime minister says in MJBizConINT’L keynote

Marijuana companies must take an active role in working with policymakers, says former Canadian Prime Minister Kim Campbell. Businesses can impact cannabis public policy by providing the knowledge needed to help policymakers dismiss old language and beliefs about cannabis and replace that with new knowledge. That was one of the messages Campbell had for cannabis […]

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