Toronto-based Canadian cannabis company Cronos Group on Thursday reported second-quarter revenue of 10.24 million Canadian dollars ($7.7 million), triple the CA$3.4 million the firm declared in the same period last year. Net revenue for the first half of the year totaled CA$16.7 million – more than double the CA$6.34 million Cronos reported in the same […]
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Deal Watch: Public cannabis companies snapping up private ones in M&A deals
Public cannabis companies took aim at private entities, closing eight acquisitions this week.
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‘Pent-up demand’ for FDA-approved cannabis drug boosts UK maker
Strong patient interest in the only federally approved CBD product in the United States helped drugmaker GW Pharmaceuticals record $72 million in revenue last quarter. Epidiolex, which is made by London’s GW Pharma (Nasdaq: GWPH), is a seizure control drug approved by the U.S. Food and Drug Administration. It has seen brisk sales and new patient enrollments since the […]
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Capital for access: The developing two-way marijuana road between California and Canada
It’s no secret that the number of business relationships between American and Canadian cannabis interests has skyrocketed since federal legalization went into effect north of the U.S. border. From a high-level perspective, it’s a simple trade: money for market access. That’s particularly true in California, which has no in-state residency requirement for cannabis companies and […]
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Mexico seeks public input as marijuana legalization draws closer
The Mexican parliament has created a website to announce a series of events and receive feedback from the public in advance of the expected full legalization of cannabis later this year. Several parliamentary committees are inviting participation in what’s typically called an “open parliament.” The first scheduled event, “Themed Cafe: Towards Cannabis Regulation,” will take place Aug. […]
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MJBizDaily partners with Lift & Co. for Canadian, US cannabis events
Marijuana Business Daily and Toronto-based Lift and Co., a publicly traded cannabis technology company, on Tuesday announced they will collaborate on MJ conferences in the United States and Canada. The partnership will kick off Sept. 4-6 at MJBizConINTL in Toronto. The companies’ first combined effort, at the Metro Toronto Convention Centre, will focus on the international […]
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Canadian cannabis firm Cronos spending $300 million to enter US hemp market
Cronos Group, a vertically integrated cannabis company based in Ontario, Canada, that has international production and distribution, said Friday it will buy four operating subsidiaries from Redwood Holding Group for $300 million. Redwood, which is headquartered in Los Angeles, produces, markets and distributes hemp-derived CBD products, including skin care, bath items and gummies, throughout the […]
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Canada’s TerrAscend looks to snap up US marijuana firm Ilera for up to $225 million
TerrAscend, an Ontario, Canada-based vertically integrated cannabis company, agreed to acquire Ilera Healthcare, a Pennsylvania-based marijuana cultivator, processor and dispensary operator for up to $225 million (CA$297 million). The total cost of the transaction will depend on Ilera reaching certain revenue and profitability targets. For now, TerrAscend is set to pay $25 million in cash and […]
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Brazilian health regulators mull plan for cannabis cultivation and products, but proposal draws opposition
Brazilian health regulators are weighing a landmark plan to permit the domestic cultivation of marijuana and the registration of medical cannabis products that have not yet completed clinical trials, a move that would open a potentially huge market to MJ companies from around the globe. But the proposed rules have encountered stiff opposition from a […]
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Marijuana firm CannTrust faces probe by Ontario regulators, police
Cannabis cultivator CannTrust Holdings disclosed the company is under investigation by securities regulators and the police, the latest blow to hit the embattled Ontario firm. The company said in a news release that the Ontario Securities Commission (OSC) has opened an investigation “into matters and parties related to CannTrust.” The agency assigned the case to […]
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Aphria latest major Canadian cannabis company to turn a profit
Aphria on Thursday became one of the rare Canadian cannabis companies to report a net profit by posting record net revenues of 128.6 million Canadian dollars ($97.3 million) in its fiscal fourth quarter, a whopping 969% increase from a year earlier. Revenues also jumped 75% from the third quarter. As a result of the company’s […]
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First commercial export of nonpsychoactive cannabis from Colombia reaches UK
Bogota-based Clever Leaves announced that the first Colombian shipment of nonpsychoactive cannabis products for commercial sale reached London’s Heathrow Airport on July 27, and the health-related goods cleared customs Wednesday. The products, which were exported as a food supplement, will soon be available for sale in the United Kingdom and other European Union countries, according to […]
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