The Canadian Press
The Canadian Press is Canada's trusted news source and leader in providing real-time, bilingual multimedia stories across print, broadcast and digital platforms.
Cannabis company Aphria reports Q3 loss, says COVID-19 lockdowns have caused pressure
Lockdowns enacted by Canadian provinces to quell the spread of COVID-19 hampered Aphria Inc.’s third quarter. The Leamington, Ont.-based cannabis company said Monday that the strict measures applied because of spiking virus cases contributed to a loss in its latest…
Canopy Growth signs deal worth $435 million to buy Supreme Cannabis
TORONTO – Canopy Growth Corp. continued its recent acquisition spree and preparation for the U.S.’s potential legalization of pot with a $435-million deal to buy the Supreme Cannabis Co. Inc. on Thursday. Smiths Falls, Ont.-based Canopy said the acquisition will…
Proxy advisory firms: Aphria shareholders should vote in favour of Tilray deal
LEAMINGTON, Ont. – Two independent proxy advisory firms are recommending Aphria Inc. shareholders vote in favour of the cannabis company merging with Tilray Inc. Institutional Shareholder Services Inc. and Glass Lewis and Co., LLC said Monday that they support the…
Canopy Growth acquires Ace Valley cannabis in bid to grow brand loyalty
Canopy Growth Corp. has purchased AV Cannabis Inc. in a bid to build more brand loyalty with customers. The Smiths Falls, Ont.-based cannabis company said Thursday that it has acquired Ace Valley, a Toronto company that makes vapes, gummies and…
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…