Financially distressed cannabis cultivator James E. Wagner Cultivation Corp. (JWC) said Wednesday it will undergo a “consensual restructuring” and seek creditor protection in a deal with cannabis industry lender Trichome Financial Corp. Under the deal, Trichome will provide JWC with a debtor-in-possession loan of up to 4 million Canadian dollars ($2.8 million) during the restructuring. Trichome, […]
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Missed earnings, misdirection put Canadian cannabis executives in hot seat
The exodus of cannabis executives in Canada is in full swing after their companies raked up collective net losses exceeding CA$6 billion ($4.4 billion) in 2019, the first calendar year recreational products were allowed to be sold. Most of Canada’s top cannabis producers have replaced their chief executives or chief financial officers over the past […]
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NYSE aims to boot CannTrust after concluding cannabis producer ‘no longer suitable for listing’
The New York Stock Exchange’s regulatory enforcement arm has initiated the delisting process for CannTrust after concluding the Canadian cannabis producer “is no longer suitable for listing.” NYSE Regulation said Tuesday it reached its decision after the Ontario-based company obtained a creditor protection order from the Ontario Superior Court of Justice. “The Company has a right to a review […]
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New Zealand allows cannabis vaporizers approved by overseas regulators
New Zealand has followed through with its plan to update a rule banning certain cannabis vaporizers ahead of the launch of the country’s medical marijuana program in April. The move is expected to create a market for compliant vaporizers, since the country’s upcoming regulations prohibit medical cannabis products being sold in a form intended for […]
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Health Canada says cannabis labs willing to assist in COVID-19 testing
Federally regulated cannabis labs have answered Health Canada’s call for assistance in supporting COVID-19 testing, and the agency is currently assessing the facilities’ capabilities. “Several labs have responded indicating their willingness to assist,” a Health Canada spokesman told Marijuana Business Daily this week. Health Canada is confirming next steps, the spokesman said, including whether the […]
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Cannabis firm Cronos’ quarterly gross loss grows to $20.4 million
Canadian cannabis firm Cronos Group reported a gross loss of nearly $20.4 million for the fourth quarter ending Dec. 31, 2019, widening from a restated gross loss of $14.8 million (CA$21 million) in the previous quarter. The Toronto-based company has begun reporting its quarterly results in U.S. dollars. For all of 2019, Cronos posted a gross […]
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US marijuana firm Columbia Care to list on Canadian Securities Exchange
Columbia Care, a New York-based multistate marijuana operator, said it will start trading on the Canadian Securities Exchange on Tuesday. The company also said it will maintain its listing on Toronto’s NEO exchange, where it trades as CCHW. Columbia Care will have the same ticker symbol on the CSE. The dual listing is a different approach […]
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Alberta classifies cannabis stores, producers ‘essential’ during COVID-19
Alberta’s licensed cannabis stores and producers can remain open during the COVID-19 pandemic, the Canadian province’s government said. The regulated businesses were included on the province’s list of “essential services,” along with alcohol producers and stores. Businesses on the essential list “can continue to provide services at locations accessible to the public and must have […]
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Hexo books CA$298 million net loss in second quarter
Major cannabis producer Hexo posted a second-quarter net loss of 298.2 million Canadian dollars ($210 million) on Monday, nearly five times larger than the CA$62.4 net loss reported in the previous quarter. Almost half that loss stemmed from an impairment charge for disposing of a Niagara, Ontario, cannabis cultivation facility bought from Newstrike Brands in […]
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British Columbia makes cannabis businesses ‘essential’ during COVID-19
British Columbia has designated cannabis retailers and producers as essential services, meaning regulated cannabis businesses can keep operating during the COVID-19 pandemic. “Essential services are those daily services essential to preserving life, health, public safety and basic societal functioning,” wrote B.C.’s Ministry of Public Safety and Solicitor General in a press release issued Thursday. Such […]
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Health Canada still processing new cannabis licenses during COVID-19 crisis
Health Canada says it will continue reviewing applications for new cannabis licenses and security-clearance applications during the COVID-19 pandemic, but applicants might face some delays. That news could come as some consolation to would-be Canadian cannabis businesses who are awaiting their licenses and security clearances during a time of acute economic uncertainty. Earlier this week, […]
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Insurance-covered cannabis in Germany sets fourth-quarter record, pushing 2019 total to 123 million euros
Insurance reimbursements for medical cannabis in Germany reached a new high during the October-December period, propelling total reimbursements last year up nearly 70% from 2018, according to new data from the German National Association of Statutory Health Insurance Funds (GKV-Spitzenverband). Despite some supply issues toward the end of 2019, reimbursements for medical marijuana reached 36.6 million euros ($40 […]
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Setting salaries and recruiting the best North American cannabis jobs in 2020.