CannaRoyalty signed a multimillion-dollar deal to acquire FloralCal Farms, a move that expands the Ontario-based firm’s California portfolio. Highlights of the transaction include: Total purchase price of Sonoma County-based FloralCal includes 1.3 million Canadian dollars ($1 million) in cash and 3.5 million shares of CannaRoyalty. CannaRoyalty will provide an additional CA$3.8 million in cash and 3.5 million […]
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Week in Review: Pennsylvania flower sales, Oregon’s cannabis surplus & MassRoots’ big losses
Pennsylvania’s medical cannabis dispensaries get the OK to sell flower for vaping, Oregon’s marijuana glut is hurting the state’s smaller growers, and MassRoots reveals that its losses widened to $44 million in 2017. Here’s a closer look at some notable developments in the marijuana industry over the past week. Positive in Pennsylvania The announcement that […]
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US-focused marijuana company agrees to purchase Canadian grower
A Toronto-based marijuana company focused on U.S. recreational and medical cannabis markets plans to spend about 23 million Canadian dollars ($18.3 million) in cash, stock and warrants to acquire a small licensed producer in Ontario. MPX Bioceutical agreed to acquire Peterborough-based Canveda for CA$3 million in cash, CA$15 million in stock plus the issuance of 6 […]
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Aurora to build Alberta marijuana production facility with eye on exports
One of Canada’s top licensed producers unveiled plans for its largest cultivation facility, with a “significant proportion” of the new production slated to address a “massive” supply shortfall for medical cannabis overseas. Aurora Cannabis plans to build the 1.2-million-square-foot facility in Medicine Hat, Alberta, to take advantage of the “sunniest city in Canada” and save […]
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Canopy doubles Canadian cannabis production capacity, makes Czech acquisition
Ontario-based Canopy Growth continued its aggressive expansion, both domestically and internationally, further cementing its position as a leader in the global cannabis industry. Gearing up to meet rising demand for medical cannabis and national legalization later this year, Canopy is nearly halfway to its goal of 5.6 million square feet of licensed production capacity in […]
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Cannabis firm MedMen outlines plans to go public in Canada
It’s no secret that Los Angeles-based MedMen has plans to go public in Canada. But this week, the multistate marijuana company fully outlined how it expects to achieve that goal: a reverse takeover. MedMen has signed a letter of intent with Toronto-based OutdoorPartner Media Corp. to combine the two firms’ business operations under the MedMen […]
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Canada’s cannabis oil exports rise 300%, boosted by German demand
Exports of medical cannabis oil from Canada had a breakout year in 2017 – and executives say it is just the start for a massive new overseas market.
Medical cannabis exports in oil form rose 300% from 2016 levels, according to data shared with Marijuana Business Daily by Health Canada. Analysts expect this trend to continue as countries legalizing medical cannabis look to imports to meet demand in lieu of domestic cultivation.
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Kush Bottles acquires cannabis extraction supply company
One of the larger ancillary U.S. cannabis companies announced Tuesday that it just got even bigger. California-based Kush Bottles revealed in a news release that it acquired Colorado-based Summit Innovations, a purveyor of hydrocarbon gas used by marijuana extract producers, through a merger agreement. “Integrating this broad gas portfolio into our large distribution platform will […]
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Quebec inks ‘bombshell’ supply deals for 359 tons of cannabis
Canada’s second-largest province by population signed multiyear supply deals with six licensed cannabis cultivators for its recreational market, a move that provides much needed certainty for businesses and investors, analysts say. The six companies will supply an aggregate of approximately 325,000 kilograms (359 tons) of cannabis over the life of the deals. Quebec-based Hydropothecary got the […]
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Senators take aim at homegrown cannabis in Canadian legalization bill
Conservative senators are taking issue with a provision of Canada’s marijuana legalization bill that allows recreational cannabis to be grown in residences, with some calling for the measure to be purged from the pending law. Removing the homegrown-cannabis provision would be a blow to companies gearing up to capitalize on the niche market – from sales […]
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Canadian cannabis firms raise CA$2 billion to fuel growth
Canada’s medical cannabis companies have raised 2 billion Canadian dollars ($1.57 billion) in capital this year to tap overseas opportunities and build out domestic capacity ahead of legalization. While independent investment banks were involved in most of the transactions, the Bank of Montreal, through its subsidiary BMO Capital Markets, became the first major bank to lead […]
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Malta legalizes marijuana prescriptions; production law nears approval
Malta recently became the latest country to legalize medical cannabis prescriptions, and a separate law to permit production is within months of final approval. The Drug Dependence Bill received approval from of the House of Representatives on March 6 and was signed into law by President Marie-Louise Coleiro Preca on March 9. The legislation does […]
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How to stake a claim in a multibillion-dollar international cannabis market