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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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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Canada asks regulated cannabis labs for help in COVID-19 testing
Health Canada is working to identify lab capacity across the country to assist with COVID-19 testing, and the agency has reached out to certain federal cannabis license holders for help, Marijuana Business Daily has learned. Canada is currently experiencing a COVID-19 testing backlog. In Ontario alone, 10,965 people have coronavirus test results pending. In a […]
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New Zealand cannabis scheme on schedule for April launch despite COVID-19 pandemic
The coronavirus pandemic sweeping the globe is not expected to affect the initial launch of New Zealand’s medical cannabis scheme, which is set to take effect April 1, a government official told Marijuana Business Daily. Other jurisdictions – notably Mexico – have pending cannabis industry legislation that faces near-certain delay because of measures taken to combat COVID-19. […]
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Farm Credit Canada COVID-19 assistance available to cannabis sector – with a catch
Farm Credit Canada (FCC) said cannabis businesses hit by economic fallout from the COVID-19 pandemic are eligible to apply for short-term, government-backed credit and loan payment deferrals, a move that could provide a financial lifeline for some companies. The credit, extended in the form of a loan, would come from a 5 billion Canadian dollar ($3.5 […]
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What Canadian cannabis firms got wrong and their path forward: Q&A with former Bacardi exec Rob McPherson
Large Canadian cannabis producers and their financial backers got a lot wrong in the lead-up to legalization. And not much has changed. Instead of focusing on consumer segmentation and proving out their businesses, they built massive facilities – “cathedrals to cannabis plants” – because that’s what investors wanted, said corporate adviser and former Bacardi Canada […]
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In letter to cannabis producers, Health Canada pledges ‘limited inspections’ amid COVID-19 crisis
Canadian cannabis license holders received new guidance from Health Canada on Tuesday, detailing the federal health department’s approach to regulating the marijuana industry during the COVID-19 crisis. Among other things, Health Canada said it will continue some licensing activity and license inspections at a modified pace, allow temporary security clearances for some staff and extend […]
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Setting salaries and recruiting the best North American cannabis jobs in 2020.