Canadian Medical Marijuana & Cannabis Industry News

Opportunity: New Brunswick to sell its 20 government-owned cannabis stores

New Brunswick’s government is getting out of the cannabis retail business, presenting an opportunity for the private sector. The province issued a request for proposals to sell its 20 government-owned Cannabis NB retail locations to a single private operator in the new year. New Brunswick is looking for a quick sale, indicating that proponents have until […]

Read More

Canopy’s net revenue plunges as challenges pile up in Canadian cannabis sector

(This story has been updated to reflect comments from Canopy’s executives in a conference call with investors.) Canopy Growth’s net revenue plunged 15% compared with the previous quarter, a development the Ontario-based company attributed to a “challenging” period in the Canadian cannabis sector marked by provincial wholesalers reducing purchases and disappointing retail store openings – […]

Read More

Cresco Labs, Origin House revamp cannabis merger as value falls more than 50% and close delayed

Cresco Labs, a Chicago-based multistate cannabis operator, and Origin House are overhauling the terms of their merger announced earlier this year, as falling cannabis stock prices and other factors slashed the value of the transaction in half to approximately $400 million. Because of the revised terms, the transaction also will now not close until approximately […]

Read More

Canadian, overseas medical cannabis sales drive Tilray’s revenue higher

British Columbia-based cannabis producer Tilray reported third-quarter revenue of $51.1 million (CA$67.8 million), a 408% jump from the same period a year earlier. Tilray also booked an 11% improvement from the second quarter’s $46 million, in line with consensus estimates. The higher revenue was driven by medical sales in Canada and overseas. Bulk shipments of […]

Read More

Canadian cannabis firms rapped over ‘deficient’ corporate governance disclosures

Canada’s securities watchdog is warning the nation’s cannabis businesses of “deficient” corporate governance disclosures and urging them to address concerns related to potential conflicts of interest. The Canadian Securities Administrators (CSA) issued a notice providing guidance related to the disclosure of financial interests in the context of mergers and acquisitions, as well as the independence […]

Read More

Cronos to convert some cultivation space, reports revenue growth

Ontario-based Cronos Group reported quarterly revenue of 12.7 million Canadian dollars ($9.6 million), an improvement over the previous quarter’s CA$10.2 million but slightly lower than consensus estimates. The cannabinoid company’s adjusted EBITDA loss widened quarter-over-quarter to CA$24 million. Cronos said it shipped 3,142 kilograms (6,927 pounds) of cannabis in the third quarter, double the amount […]

Read More

Organigram blames Ontario’s slow retail build-out in lower revenue guidance

Citing Ontario’s slow cannabis retail build-out, Organigram Holdings issued revenue guidance for expected fourth-quarter net revenue of 16.3 million Canadian dollars ($12.3 million), a substantial decline from the previous quarter’s CA$24.8 million. Analysts had expected the New Brunswick producer to report quarterly net revenue of about CA$27 million. That prompted a downgrade from Bank of […]

Read More

Ontario business group wants ‘clear timeline’ for cannabis store expansion

A group comprised of cannabis industry leaders and experts is calling on Ontario’s government to provide a more complete timetable for when retail stores will be permitted through an open allocation of licenses. So far, the province has used a botched lottery system to award opportunities to open recreational marijuana stores. The Ontario Cannabis Policy […]

Read More

Marijuana company Vireo Health wagers on former Canopy co-CEO Linton to expand nationally

To help expand its national footprint, multistate marijuana company Vireo Health International has hired Bruce Linton, one of the biggest names in the cannabis industry and former leader of Canada’s Canopy Growth until his surprise firing in the summer. It’s a high-profile hire for the U.S. cannabis industry, one that many executives and investors across […]

Read More

Tight funding environment weighs on marijuana companies still seeking profit

Which came first? Poor paths to profitability for North American cannabis companies or limited funding for them to build their businesses? The reality: It’s a bit of both. Funding opportunities for marijuana firms do exist, but investors are increasingly unlikely to lend if cannabis companies cannot meet their revenue and profitability targets. Therefore, cannabis businesses trying to […]

Read More

Ontario offers no new details on cannabis retail expansion, will allow ‘click-and-collect’ sales

Ontario’s government is still not releasing key details on when it will significantly expand the number of adult-use cannabis stores, while a new analysis suggests the slow rollout of storefronts has already cost the province’s fledgling industry about 325 million Canadian dollars ($246 million) in foregone revenue. In the Economic Outlook introduced Wednesday in the […]

Read More

Cannabis extraction firm MediPharm seeks Nasdaq listing

Barrie, Ontario-based cannabis extraction company MediPharm Labs has applied to list its shares on the Nasdaq amid a heightened period of volatility for marijuana stocks in North America. If approved for trading, MediPharm would join a growing list of Canadian cannabis companies turning to the top U.S. stock exchanges to tap the globe’s largest pool of institutional […]

Read More