Acreage Holdings, a New York-based multistate cannabis operator, reported quarterly revenues of $12.9 million for the three months ended March 31, 2019. The company also reported a net loss for the period of $31.2 million. The company did not disclose in its news release how this compared to revenue and profit/loss for the year-ago period. […]
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Marijuana inventories rise in Canada, but market imbalances persist
Canadian stockpiles of cannabis in dried and oil form continued to climb to record levels in March, but retailers nationwide struggled to maintain consistent inventory of in-demand products. Finished inventory of dried marijuana held by federal license holders, provincial distributors and retailers hit a record 30,800 kilograms (67,902 pounds) in March, up significantly from the 23,200 […]
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Cannabis oversupply in Canada may be closer than some expect, bank warns
One of Canada’s top banks acknowledged the adult-use cannabis industry’s rocky start but still expects to see “substantial growth” for the rest of the year as supply constraints are alleviated. Scotiabank also warned that the cannabis market will become heavily oversupplied in the medium to long term. “Producers we have spoken to are generally aware […]
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MA authority approves acquisition of Sira Naturals by Canadian marijuana firm
The Massachusetts Cannabis Control Commission approved what is believed to be the first sale of a marijuana business in the state. Sira Naturals, which owns three dispensaries in the Boston area, is being sold to Cannabis Strategies Acquisition, a Toronto-based company that invests in cannabis businesses. Last week, regulators delayed a vote on the deal […]
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Haborside CEO: Cannabis company likely to start trading on CSE in June
Harborside, which has well-established cannabis dispensaries in the San Francisco Bay Area, is expected to start trading on the Canadian Securities Exchange (CSE) in the first week of June. While the company initially announced its plans to go public in August 2018, the process actually has been about 18 months in the making, CEO Andy […]
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South Africa approves continent’s first federal cannabidiol law
A change to South Africa’s medicines law means the country is the first in Africa to carve out a federally approved market for nonprescription CBD. Health Minister Aaron Motsoaledi amended the country’s Medicines and Related Substances Act, 1965, to remove certain cannabidiol preparations for nonserious health claims on the recommendation of South Africa’s Health Products Authority […]
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TerrAscend reports quarterly net loss on cannabis revenues of CA$14.6 million
TerrAscend, a Toronto-based vertically integrated marijuana company, reported revenues of 14.6 million Canadian dollars ($10.95 million) for the quarter ended March 31, 2019, with a net loss of CA$11.2 million. The company did not report revenues for the comparable quarter in 2018. Its net loss for that period was CA$2.35 million. During the quarter, TerrAscend […]
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Weekly Deal Watch: Cultivation and retail continues to dominate M&A cannabis activity
The cannabis cultivation and retail sector has become increasingly crowded and competitive, but successful operators can still make themselves attractive acquisition targets.
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Canadian marijuana shortage dampens Aurora’s international sales
(This story has been update to reflect a statement from Aurora on its Nordic 1 facility in Denmark. – Ed.) A shortfall of cannabis in Canada’s regulated market took a toll on the international sales of an industry leader, Aurora Cannabis, according to the company. The Alberta firm’s international medical cannabis sales rose nearly 40% […]
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Denmark health minister: Clarity needed for European cannabis producers
Inconsistent regulations for medical cannabis across Europe create an uneven playing field that makes doing business and accessing medicine cumbersome, according to Danish Health Minister Ellen Trane Nørby.
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Active conservative politicians join Canadian cannabis company
Two conservative politicians in Ontario, one representing a federal riding (electoral district) and the other provincial, have joined a British Columbia company engaged in the ancillary cannabis market.
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Marijuana firm 48North reports positive revenue, net losses
48North, a vertically integrated marijuana producer based in Ontario, reported revenue of 689,203 Canadian dollars ($516,902) for the fiscal third quarter ended Mar. 31, 2019.
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May Issue
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