Author: Matt Lamers

[ad_1] Canadian adult-use cannabis retailer High Tide has appointed Mayank Mahajan as the company’s new chief financial officer. Mahajan takes over for former CFO Rahim Kanji, who departed the Alberta company in February. Mahajan previously worked at companies including Everyday People Financial Corp, Metamaterial and Jubilant Bhartiya Group, according to a Wednesday news release. “Mayank will be a great addition to our team with his exceptional leadership skills, strategic financial acumen and forward-thinking mindset,” High Tide CEO Raj Grover said in a statement. “His collaborative approach will help bridge the gap across all facets of our organization and will be…

[ad_1] KPMG in Canada has decided to cease providing financial-statement audit services to businesses in the cannabis industry, marking an incredible turnaround for a company that had raked in millions from the burgeoning sector. The accounting firm confirmed the move in a statement to MJBizDaily, citing “elevated risk” in Canada’s adult-use cannabis industry. “KPMG in Canada is committed to delivering high quality audits and upholding the integrity of our capital markets,” Kevin Dove, national director of external communications for KPMG Management Services, said via email. “Given the continued challenges facing cannabis growers, we have made the decision that this elevated…

[ad_1] Germany imported a record amount of cannabis for medical and scientific use in 2023, as international businesses looked for sales opportunities in Europe’s largest federally regulated medical marijuana market. In 2023, Germany imported 31,398 kilograms (34.6 tons) of cannabis products, according to the newest data from the country’s Federal Institute for Drugs and Medical Devices (BfArM). That’s a 26.2% increase over the 24,876 kilograms imported the previous year. In previous years, Germany imported: 24,876 kilograms (27.4 tons) of cannabis in 2022, up 19.8% over 2021. 20,771 kilograms (22.9 tons) in 2021, a 77% surge over the previous year. 11,746…

[ad_1] Canadian cannabis sales in regulated channels inched higher in February 2024 compared to the same month last year, boosted slightly by the extra day for leap year, according to the latest data from Statistics Canada. Consumers purchased 376.2 million Canadian dollars ($273.9 million) of recreational marijuana that month, the highest February figure on record since Canada legalized cannabis in 2018. Previous sales in February were: CA$261.9 million in 2021. CA$324.1 million in 2022. CA$369.9 million in 2023. The province of Alberta saw the biggest gain, followed by Nova Scotia and Quebec. Two of the largest provinces by trade, Ontario and…

[ad_1] Cannabis multistate operator Curaleaf Holdings completed its acquisition of Northern Green Canada, a licensed producer in Ontario whose focus has been on international markets. The terms of the acquisition include an initial payment at closing of Curaleaf’s subordinate voting shares valued at roughly $16 million (22 million Canadian dollars), according to a Monday news release. The deal also includes an earnout based on the 2024 performance of Northern Green Canada (NGC) worth up to 50%, paid in cash and additional shares. Curaleaf said it made the move to “amplify” its strategic advantage in European markets, including Germany, Poland and…

[ad_1] The number of canceled cannabis business licenses have soared alongside the amount of “uncollectable” excise tax in Canada. At least 123 federal cannabis business licenses either were canceled or pending cancellation in 2023, according to new data provided to MJBizDaily by the Canada Revenue Agency (CRA). That figure is almost triple the number of licenses canceled in 2022. Companies with canceled licenses are unable to cultivate, produce, package or possess non-duty-paid cannabis. The data paints a picture of an industry facing micro- and macroeconomic challenges, many of which were spelled out in briefing materials for Finance Minister Chrystia Freeland…

[ad_1] Heritage Cannabis is the latest Canadian marijuana producer to obtain an order for creditor protection as a wave of insolvencies continues to sweep across the nation’s adult-use market. Heritage sought and obtained the order for creditor protection from the Ontario Superior Court of Justice, the company announced in a Wednesday news release. “The difficult but necessary decision to commence (Companies’ Creditors Arrangement Act) proceedings was made after careful consideration of the Company’s financial position, while evaluating all available alternatives and engaging in significant consultation with legal and financial advisors,” according to the company’s news release. The initial order pursuant…

[ad_1] The chief executive of one of Australia’s top cannabis producers has resigned. Cann Group Limited CEO Peter Koetsier cited “family reasons” for his resignation, the Melbourne, Australia-based company announced in late March. Meanwhile, Cann Group said in the same news release that its board is working on a new strategic direction. Nonexecutive director Jenni Pilcher will assume an executive director role, the company said, while the board “sets its new strategic direction.” The company said Koetsier will work through the end of the financial year. “I want to express my deepest gratitude to the board, employees, and stakeholders of…

[ad_1] Canada’s leading producer of cannabis edibles, Indiva Limited, has hired a financial adviser to help the company evaluate an array of strategic options. The London, Ontario-based company announced Tuesday that it hired SSC Advisors to help weigh potential strategic alternatives to maximize shareholder value. Some of those options include: Financing alternatives. A merger. A reorganization of the company. Indiva said it has no set timetable to complete the strategic review process and no specific decisions been made regarding the options. In Indiva’s most recent consolidated interim financial statements, covering the quarter ended Sept. 30, 2023, the company warned of…

[ad_1] Cannabis industry veteran Paul McCarthy has been appointed president of the Cannabis Council of Canada, the country’s largest industry-supported lobby group. In a news release, Cannabis Council of Canada, also known as C3, said McCarthy brings a “profound understanding of government workings and policy” to the organization. McCarthy’s appointment comes approximately one month after George Smitherman, C3’s longtime executive director, stepped down. His appointment is effective immediately. McCarthy brings more than two decades of public sector experience to C3, both as a public servant and senior political adviser, including: Policy adviser to the minister of industry. Senior policy adviser to…

[ad_1] Imperial Brands has converted more than 123.4 million Canadian dollars ($90.6 million) in total debt to shares of Auxly Cannabis Group, formally giving the British tobacco giant a 19.8% ownership position in the Toronto-based marijuana company. Auxly on Monday announced the completion of the conversion of CA$123.4 million of principal and accrued interest under the 4% unsecured convertible debenture that was due in September 2026. Imperial converted CA$121.9 million of the principal amount outstanding under the debenture for 150,433,450 common shares at an exercise price of 81 Canadian cents per, according to a news release. Roughly CA$1.56 million of…

[ad_1] Germany’s cannabis law took effect Monday, making it the second Group of Seven country to legalize and regulate adult-use cannabis nationally. Canada became the first G7 nation to legalize in 2018. Germany’s recently approved law legalizes cannabis possession for adults of up to 25 grams (0.88 ounces). It also: Allows for the cultivation of up to three plants per household. Removes cannabis from the narcotics list. Sets the stage for “cannabis clubs” to open later this year. While the law was heralded as legalization and marks a significant milestone by ending prohibition, it stops short of laying a legal…