Canopy Growth

Canopy Growth shuns pharmaceutical research

There has been no shortage of signs that Canopy Growth Corporation is steering off the course set out for it by co-founders and former co-CEOs Bruce Linton and Mark Zekulin. Perhaps the biggest has been current CEO David Klein’s admission that the company will no longer pursue the development of pharmaceutical-grade cannabis products. Speaking to […]

Read More

Health Canada: ‘Any celebrity affiliation with cannabis has potential to be noncompliant’

Any celebrity affiliation with a cannabis product, including promotions and marketing, has the potential to be noncompliant with federal law, according to Canada’s cannabis regulator. The warning comes as some major Canadian cannabis producers continue offering brands affiliated to varying degrees with celebrities or popular fictional characters. The regulator has taken notice. In April, Health […]

Read More

Cannabis companies Canopy, Acreage ink major changes in acquisition deal, with price tag slashed

Canadian cannabis producer Canopy Growth reached an agreement to significantly amend its conditional deal to acquire cash-strapped, U.S. multistate operator Acreage Holdings. The original deal was valued at approximately $3.4 billion, making it the priciest M&A transaction in the cannabis industry at the time. All told, the new deal, announced Thursday, could value Acreage’s equity […]

Read More

Hexo completes sale of cannabis greenhouse acquired from Newstrike

Hexo Corp. has completed the sale of the Niagara, Ontario-based cultivation facility it acquired as part of a 263 million Canadian dollar ($193 million) deal to buy Newstrike Brands last year. The sale of the greenhouse fetched approximately CA$10.25 million. Cultivation was suspended at the Niagara facility in late 2019 as part of a corporate […]

Read More

Canopy Growth doubles CEO salary amid mass layoffs, mounting losses

Canadian cannabis firm Canopy Growth has given its CEO position a generous salary bump this year, according to recent filings with the U.S. Securities and Exchange Commission, even as the company laid off a large chunk of its workforce and struggled to contain losses. The filings show that an employment offer was made to current CEO […]

Read More

Vireo Health parts ways with marijuana industry veteran Bruce Linton

Cannabis multistate operator Vireo Health International terminated former Executive Chair Bruce Linton, effective immediately and “on an entirely without-cause basis,” the company announced Monday in a news release. Linton’s exit comes roughly seven months after his November hiring, and Vireo said it does not expect to hire a new executive chair. Linton will remain on […]

Read More

Ontario Cannabis Store report shows Aurora leading flower sales, COVID-19 sales boost

New data released by the Ontario Cannabis Store (OCS) reveals key details about marijuana sales and consumer preferences in Canada’s largest province, including: Total provincial sales approached 400 million Canadian dollars ($297.6 million) for the OCS fiscal year. Recreational cannabis sales are dominated by dried flower and pre-rolls amid a limited early rollout of edibles, […]

Read More

Cannabis firm Canopy Growth reshapes strategy after reporting CA$1.3 billion loss

International cannabis giant Canopy Growth Corp. lost ground in Canada’s growing recreational marijuana market in its fourth quarter, with net revenue dropping 13% compared to the previous quarter. Canopy posted a fourth-quarter net loss of 1.3 billion Canadian dollars ($944 million) and an adjusted EBITDA loss of CA$102 million. Recreational marijuana revenue tumbled 28% from […]

Read More

Cannabis stores coming to Canada’s remote Nunavut territory

The government of Nunavut will soon accept applications for cannabis stores, bringing bricks-and-mortar recreational marijuana storefronts to the only Canadian jurisdiction that still doesn’t have any. License applications will be accepted starting June 1 through the territory’s department of finance. “Nunavut’s cannabis legislation and regulations have a broad range of requirements that licensed cannabis retailers […]

Read More