Elevate your local knowledge
Sign up for the iNFOnews newsletter today!
Hexo reports Q2 loss, revenue nearly doubled compared with year ago
OTTAWA – Hexo Corp. reported a loss of $20.8 million in its latest quarter as its revenue nearly doubled compared with a year earlier. The cannabis company says its loss amounted to 17 cents per diluted share for the quarter…
Okanagan, Kamloops cannabis stores cry foul over exorbitant business licence fees
Owners of cannabis stores in the Okanagan and Kamloops are paying up to 65 times more for their city-issued business licences than other retailers. While licences for most businesses from call centres to contractors cost a couple of hundred dollars…
Cannabis company Organigram signs deal with British American Tobacco
MONCTON, N.B. – Organigram Holdings Inc. stock soared by more than 40 per cent Thursday as a subsidiary of one of the globe’s biggest tobacco companies purchased a stake in the business. Organigram’s stock jumped by $1.45 to reach $5.07…
Canopy Growth laying off 75 staff in North America, mostly in Smith Falls, Ont.
SMITHS FALLS, Ont. – Canopy Growth Corp. says it is laying off 75 staff in North America following a global strategic review. A spokesman for the cannabis firm based in Smiths Falls, Ont., said most of the people affected work…
Oliver police seek identity of man suspected of cannabis store theft
Oliver RCMP are turning to the public for help in identifying a robbery suspect. The man is alleged to have assaulted staff at an Oliver cannabis store prior to stealing cannabis products. Police were called to the B.C. Cannabis store…
Long US prison stay for Canadian drug mule who used river
DETROIT – A Canadian man who was found unconscious and tethered to 185 pounds (84 kilograms) of marijuana in the Detroit River was sentenced Wednesday to about six years in a U.S. prison. The capture of Glen Mousseau last June…
Canopy Growth launches first CBD drinks in U.S. as legalization talk intensifies
Canopy Growth Corp. will deepen its U.S. presence by launching four sparkling cannabidiol waters there before possible federal legalization. The Smiths Falls, Ont.-based cannabis company said four drinks from its Quatreau brand will be available online to U.S. customers Tuesday.…
Virginia lawmakers vote to legalize marijuana in 2024
RICHMOND, Va. – Virginia lawmakers gave final approval Saturday to a bill that will legalize marijuana for adult recreational use, but not until 2024, when retail sales of the drug would also begin. With a compromise bill clearing the House…
B.C. cannabis sales doubled in 2020, but Okanagan retail market still tough
Canadians spent more than twice as much cash in legal cannabis stores last year, as licensed retailers across the country rolled up $2.6 billion. In British Columbia, the figure is even higher. Numbers recently released by Statistics Canada show consumers were…
Cannabis company Tilray reports US$2.9 million loss on US$56.5M revenue in Q4
Tilray Inc. managed to shave down its losses by more than $200 million in its most recent quarter, as it prepared to merge with rival Aphria Inc. later this year. The Nanaimo-based cannabis company revealed Wednesday that its fourth quarter…
Hexo to acquire Zenabis in $235-million deal, gain European pot market foothold
Hexo Corp. will acquire competitor Zenabis Global Inc. in $235-million deal that will give the cannabis company a European foothold and strengthen its domestic business. “Hexo’s growth strategy includes expanding our global presence, and this acquisition is an important step…
Aurora Cannabis ‘back on offence,’ after restructuring and $292M loss in Q2: CEO
Aurora Cannabis Inc.’s chief executive says his company is back on track for success, after spending last year fixated on a dramatic restructuring involving hundreds of layoffs and several facility closures. “Calendar 2020 was a difficult year,” admitted CEO Miguel…
More Canadians report smoking pot than in 10 peer countries: survey
A new survey has found one in four Canadian adults reported using cannabis at least once within the period of one year. The Commonwealth Fund survey compares Canada’s health systems to 10 other peer countries. An average of nine per…
S&P/TSX climbs for an eighth-straight day as interest in cannabis stocks grow
TORONTO – Canada’s main stock index continued its record-setting run for an eighth day on a rising energy sector and cannabis stocks reportedly surging from interest by retail investors. The S&P/TSX composite index closed up 49.16 points to 18,457.78 after…
Shares in cannabis company Tilray up following U.K. supply deal with Grow Pharma
NANAIMO, B.C. – Shares in cannabis company Tilray Inc. soared after the announcement of a deal with Grow Pharma to supply medical cannabis in the United Kingdom. Tilray shares were up US$11.43 at US$41.52 in late-morning trading on the Nasdaq…