Author: Matt Lamers
[ad_1] Portugal exported 5,438 kilograms (roughly 12,000 pounds) of medical cannabis in the first half of this year, according to the latest figures published by the country’s health authority, Infarmed. That puts the Portuguese medical cannabis industry on pace to surpass last year’s record export figure of 9,271 kilograms. However, export growth is slowing. Portugal exported 4,850 kilograms of medical cannabis in 2020 and 5,694 in 2021, the figures shared by Infarmed show. So far this year, the top destination for the Portuguese medical cannabis exports was Germany, which received 1,678 kilograms. Poland was a close second, with 1,589 kilograms,…
[ad_1] ((This is the latest installment in a series about government funding available for Canadian cannabis businesses. The previous installment is available here.) Canadian cannabis growers and processors are eligible to apply for funding under the new 3.5 billion Canadian dollar ($2.6 billion) Sustainable Canadian Agricultural Partnership program if certain conditions are met, the administrator of the initiative, Agriculture and Agri-Food Canada, told MJBizDaily. Any prospective sources of new funding would be welcome news for Canada’s smaller cannabis growers and processors, many of which are struggling under persistent deflationary and ultracompetitive pressures, plus tight funding from private-sector lenders. Financing from…
[ad_1] Thousands of cannabis products have been recalled in Canada since the beginning of September by a number of licensed producers over issues ranging from potentially harmful mold to mislabeled packages. The most recent recall involves Port Elgin, Ontario-based licensed producer Coulson Cannabis, which issued a recall this month due because of microbial contamination. A notice posted to the Canadian government’s portal for recalls and safety alerts said the affected products might contain mold that could pose a risk of gastrointestinal symptoms and infections for consumers with compromised immune systems. Roughly 660 units of the recalled product were sold through authorized…
[ad_1] Australia’s medical cannabis industry remained in robust health during the first half of 2023, according to data from the Therapeutic Goods Administration (TGA), the country’s medicine and therapeutic regulatory agency. Medical cannabis approvals through an Authorized Prescriber (AP) have continued to grow rapidly so far this year. Medical cannabis approvals through an AP reached approximately 304,000 in the first half, up more than 120% over the same period last year, when there were 137,000 AP approvals. One of the reasons approvals are rising is due to the increasing number of authorized prescribers, who are allowed to prescribe certain cannabis…
[ad_1] A group that was supposed to have been created by the Canadian government almost two years ago to shine a light on major issues confronting the nation’s struggling cannabis industry is, for the first time, showing signs of life. A long-awaited cannabis “strategy table” designed to bridge communication between Canada’s federal government and the flailing industry quietly had its preliminary meeting over the summer and selected a chair, industry sources say. George Smitherman, CEO of the Cannabis Council of Canada, said the strategy-table group – which brings together government and industry officials – represents a critical opportunity for the…
[ad_1] Canadian cannabis producer Tilray Brands narrowed its loss to $56 million ($77 million Canadian dollars) in the first quarter on record sales of $177 million, the company said in its financial results for its first quarter of fiscal year 2024. The revenue is 15% higher than the same period last year, boosted by cannabis sales, as the New York- and Leamington, Ontario-based company said its recreational marijuana market share improved to an industry-leading 13.4%. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability, was $11.4 million in the first quarter ended Aug. 31. That’s compared…
[ad_1] Canadian producer Aurora Cannabis received gross proceeds of 38.8 million Canadian dollars ($28.3 million) from a bought deal offering after the underwriters’ over-allotment option was fully exercised. Aurora said in a news release it intends to use most of the net proceeds to repay the remaining balance of the company’s convertible notes at or before maturity, which amounts to roughly CA$34 million. By repaying the remaining convertible debt balance, Aurora said it will save almost CA$2 million in annual interest payments. Edmonton, Alberta-based Aurora sold roughly 53 million common shares at a price of CA$0.73 per security. Aurora said…
[ad_1] Australia-based medical cannabis company ECS Botanics Holdings has secured a binding offtake agreement to supply dried flower to MediCann Health Pty. MediCann is a medical marijuana health care company that provides patients with access to doctors and pharmacists who have experience prescribing cannabis-based medication. In the deal announced this week, ECS said it will supply 24 million Australian dollars ($15 million) of pharmaceutical-grade cannabis flower over five years to Perth-based medical cannabis company MediCann. The arrangement starts in January 2024 and involves more than 4 tonnes (4.4 U.S. tons) of dried cannabis flower, according to a news release. The…
[ad_1] Canadian cannabis producer Tilray Brands has agreed to pay rival producer MediPharm Labs a settlement package worth 9 million Canadian dollars ($6.6 million). The settlement is related to MediPharm’s dispute with Hexo Corp., which Tilray acquired earlier this year. In January 2020, MediPharm filed a statement of claim in the Ontario Superior Court of Justice against Hexo, one of its long-term customers, over a supply agreement for cannabis concentrates. The claim said Quebec-headquartered Hexo owed money to Ontario-based MediPharm for products shipped and another sum of money owed for contractually committed amounts not yet shipped. Tilray, which has offices…
[ad_1] (This is part of a series of stories about government funding available for Canadian cannabis businesses. The previous installment is available here.) Cannabis-related agricultural businesses based in Alberta are eligible for provincial funding under two programs if they meet certain requirements, the Ministry of Agriculture and Irrigation told MJBizDaily. However, the application window for both programs is currently closed, and prospective applicants for future programs are advised to monitor the province’s website for the Sustainable Canadian Agricultural Partnership program (Sustainable CAP). No cannabis-related agricultural businesses qualified as of Sept. 18. The two programs fall under Sustainable CAP, a federal-provincial…
[ad_1] A startup phase for a pilot program to allow limited cultivation and distribution of adult-use cannabis in the Netherlands is set to launch in December with only two cultivators, the Dutch government disclosed in a letter to Parliament. The program, which is supposed to involve 10 cannabis cultivators supplying dozens of stores, had originally been intended to launch in 2020. “The cabinet has decided that the (startup) phase of the closed coffee shop chain experiment will start on December 15, 2023,” according to the government letter. “The most recent planning shows that two legal growers are expected to be…
[ad_1] (This is the first installment in a series about government funding available for Canadian cannabis businesses.) More Canadian cannabis companies are tapping government funding sources to finance research and other projects as private-sector capital has become harder to come by. MJBizDaily found that more than 3 million Canadian dollars ($2.2 million) worth of federal funding was provided to almost two dozen companies over the past year, according to the government’s Grants and Contributions portal. Since 2018, the year Canada legalized recreational marijuana, roughly CA$32.8 million worth of funding has been provided to dozens of cannabis businesses by federal government…