Author: Matt Lamers

[ad_1] Federally licensed cannabis producers are now allowed to provide authorized stores in British Columbia with product samples for a nominal fee to help them promote products. The province made the announcement Monday in a public bulletin. Alberta also recently made such a policy change. According to the B.C. statement, “This change to the licence (sic) terms and conditions is in response to industry feedback and is a first step in helping federal licence holders to promote cannabis with samples while meeting legislative requirements.” Store licensees and employees will be allowed to accept samples from a federal license holder, but…

[ad_1] Cannabis producer Organigram Holdings filed a preliminary short-form base shelf prospectus to raise up to 500 million Canadian dollars ($370 million) by issuing securities over a 25-month period. The base shelf prospectus, when finalized, “will provide flexibility for financing options to pursue the company’s objectives,” Organigram said in a news release issued Tuesday. The prospectus was filed with Canadian securities regulators and a registration statement with the U.S. Securities and Exchange Commission. Once finalized, the prospectus will allow Organigram to sell securities such as common shares, debt securities, warrants and subscription receipts over the 25-month period. The terms of…

[ad_1] (This story and headline have been updated to reflect that the grant was for 1.08 million Canadian dollars.) Cannabis technology company GrowerIQ received a grant worth 1.08 million Canadian dollars ($790,000) to enhance its cannabis tracking system and broaden its reach as a global player in the industry. The project is being funded by the Canadian government through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The funding was provided to GrowerIQ to “accelerate the commercialization of the company’s cannabis compliance and management platform and expand into global markets,” according to the government’s website. The funding was…

[ad_1] A group of licensed cannabis retailers in British Columbia lost their bid to be compensated for the province’s alleged failure to “adequately” enforce provincial licensing requirements on Indigenous reserves. The group had sought 40 million Canadian dollars ($19.6 million) from the province for apparent loss of income. The British Columbia Supreme Court judge wrote in the decision that “I am satisfied that it is plain and obvious that the claim does not disclose a reasonable cause of action in either negligence or negligent misrepresentation.” The plaintiffs had said the province took significant enforcement actions against more than 70 unlicensed…

[ad_1] Thailand’s new prime minister said the Southeast Asian country plans to rewrite its cannabis laws to allow only medical use, a move that would halt widespread recreational sales and fundamentally alter the industry. In an interview with Bloomberg, Prime Minister Srettha Thavisin, who was elected in August, said there is a need to “rewrite the law” to stop adult-use sales from occurring. “The problem about drugs has been widespread lately,” he said in the interview. He said his government would “rectify” the country’s cannabis policies and allow only medical use as part of a “middle ground” solution. Thailand decriminalized…

[ad_1] Cannabis technology company GrowerIQ received a grant worth 1.08 million Canadian dollars ($790,000) to enhance its cannabis tracking system and broaden its reach as a global player in the industry. The project is being funded by the Canadian government through the Federal Economic Development Agency for Southern Ontario (FedDev Ontario). The funding was provided to GrowerIQ to “accelerate the commercialization of the company’s cannabis compliance and management platform and expand into global markets,” according to the government’s website. The funding was provided via the Business Scale-up and Productivity (BSUP) program. The program’s purpose is to accelerate the growth of…

[ad_1] Much of the medical cannabis produced under Denmark’s regulatory system has not made it to market and was intentionally destroyed for various reasons, according to government data. Just over 300 permits have been issued for the destruction of 145,541 kilograms (320,862 pounds) of cannabis, the Danish Parliament’s Health Committee said in a reply to a parliamentary inquiry earlier this year. The figure includes all cannabis destroyed by the companies with an authorization to cultivate cannabis – within the country’s pilot program – from the date the businesses secured approval to operate, a government spokesperson told MJBizDaily via email. The…

[ad_1] Canadian cannabis producer BZAM has slashed another 90 employees as part of its merger with The Green Organic Dutchman Holdings (TGOD), which closed earlier this year. The integration plan has resulted in the loss of 275 total positions. In its latest update, BZAM said the plan since its October 2022 merger with TGOD has focused on: Eliminating redundant facilities. Realigning the company’s production activities across remaining sites. Reducing selling, general and administrative (SG&A) expenses to achieve the broader goal of positive earnings before interest, taxes, depreciation and amortization (EBITDA). In the update, BZAM said it anticipates third-quarter net revenue of…

[ad_1] Canadian cannabis producer Canopy Growth Corp. entered into subscription agreements with institutional investors in a private placement offering for gross proceeds of approximately $25 million (33.8 million Canadian dollars). The offering of roughly 22.9 million units occurred at a price per unit of $1.09, an approximately 22% discount from Friday’s close, according to a Monday news release. Smiths Falls, Ontario-based Canopy said the investors hold an over-allotment option allowing them to acquire up to about 22.9 more units. The gross proceeds from the over-allotment option would be another $25 million The over-allotment option is valid through Nov. 2. The…

[ad_1] Canadian cannabis retailer High Tide reported positive free cash flow of 4.1 million Canadian dollars ($3 million) for its third fiscal quarter of 2023, an important milestone as financing becomes harder to come by in the marijuana industry. The positive free cash flow comes well ahead of High Tide’s financial forecast. “I’m thrilled to report that our third fiscal quarter was the best in High Tide’s history since our inception, as we met our goal of generating positive free cash flow of CA$4.1 million this quarter, five months ahead of our previously communicated timeline and hence becoming less reliant…

[ad_1] (This is a developing story that will be updated.) Struggling Canadian cannabis producer Canopy Growth Corp. is ceasing funding of its BioSteel subsidiary and plans to conduct a court-supervised sale of the brand and its property, the Ontario-based company said Thursday. BioSteel, a popular sports nutrition and hydration brand, also obtained an initial order for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from a Canadian court, according to a Canopy news release. Entering CCAA proceedings allows BioSteel to conserve cash, and effectively puts the business “into hibernation to preserve its assets,” Canopy’s said in its announcement. “BioSteel’s…

[ad_1] Active medical cannabis registrations and overall spending on the medicine in Canada fell to their lowest levels since before recreational marijuana was legalized in late 2018. The number of active patient registrations with a federal license holder was 212,700 as of the end of March, according to the latest data from Health Canada and Statistics Canada, respectively. That’s 38% lower than the 345,520 active registrations in October 2018, when Canada legalized marijuana for adult use. The Health Canada figures are consistent with Statistics Canada data showing falling spending in the medical cannabis sector. In the first half of calendar…