Canopy shakes up management after reporting weak marijuana sales
Struggling Canadian marijuana giant Canopy Growth is shaking up its senior management team only weeks after notifying shareholders it no longer expects to be profitable this year.
Struggling Canadian marijuana giant Canopy Growth is shaking up its senior management team only weeks after notifying shareholders it no longer expects to be profitable this year.
Thousands of Canadian marijuana industry workers have lost or left their jobs since early 2020, even as their employers received more than $140 million Canadian dollars ($112 million) in federal subsidies to retain or rehire employees amid the pandemic, an MJBizDaily analysis has found.
Village Farms International bought a majority stake in Quebec-based licensed cannabis producer and distributor Rose LifeScience, fulfilling the Florida-heaquartered company’s pledge to gain a foothold in Canada’s second-biggest marijuana market by population.
In Canada’s hypercompetitive cannabis retail sector, stores are looking for ways to differentiate and build a base of loyal customers.
Calgary, Alberta-based High Tide believes it has found an answer – at least in part.
Licensed cannabis producer Pure Sunfarms reported a growing profit for its July-September quarter on the back of organic sales growth in its key markets of Ontario, Alberta and British Columbia.
Canopy Growth Corp. says it no longer expects to be profitable this year, citing supply and market share challenges in its home country of Canada.
Moncton, New Brunswick-based Organigram Holdings is growing its share of cannabis for Canada’s legal market, the company said in a corporate update on Monday, while most other large licensed producers are seeing their share decline.
Neptune Wellness Solutions, a Quebec-based health and wellness company involved in the cannabis industry, paid CEO Michael Cammarata almost 70 million Canadian dollars ($56.7 million) in mostly noncash compensation in the past two fiscal years, according to regulatory filings with the U.S. Securities and Exchange Commission.
Canopy Growth has struck a deal to buy leading U.S. edibles maker Wana Brands for $297.5 million in the latest wager by a large Canadian producer that the United States will eventually legalize marijuana.
Canadian cannabis companies have picked up the pace to position themselves in the fast-growing markets south of the border – with a number of the deals essentially a wager that the United States will soon legalize marijuana.
Only one large-scale cannabis producer in Canada has established a leading market position without accumulating steep losses and significant spending on mergers and acquisition: Pure Sunfarms.