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48North Cannabis lays off 20% of staff, cuts outdoor growing facility
TORONTO – 48North Cannabis Corp. will lay off about 20 per cent of its staff as it ends outdoor cultivation at an Ontario facility. The cannabis company’s CEO Charles Vennat says the layoff impacts about 26 staff and comes as…
New Brunswick pulls plug on plans to privatize cannabis sales
FREDERICTON – The New Brunswick government has decided not to privatize recreational cannabis sales. In a news release today, Premier Blaine Higgs says the province will continue with the government-run Cannabis NB model for all of the province’s cannabis sales.…
Canadian cannabis companies cheer SAFE Banking Act reintroduction in U.S. House
WASHINGTON – Canadian cannabis companies are cheering the reintroduction of the SAFE Banking Act to the U.S. House of Representatives today. The act proposes offering safe harbour to financial institutions like banks and insurance companies, who provide services to cannabis…
David Lobo named new interim CEO of OCS, will replace Thomas Haig this month
TORONTO – David Lobo has been named interim president and chief executive of Ontario’s cannabis distributor. Lobo has been with the Ontario Cannabis Store since its inception and most recently served as its chief merchandising officer. The OCS says he…
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…
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…
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.…
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…
Canopy Growth reports $829.3M Q3 loss, expects to reach profitability next year
SMITHS FALLS, Ont. – After a dramatic restructuring that included the elimination of up to 1,000 workers, Canopy Growth Corp. says profitability is on the horizon. The Smiths Falls, Ont.-based business behind the Tweed, Houseplant and Tokyo Smoke brands announced…
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