Author: Matt Lamers

[ad_1] Paul Pedersen, longtime CEO of Canadian cannabis firm Nextleaf Solutions, has stepped down, the company’s board of directors announced. Emma Andrews, director of marketing, has been appointed CEO on an interim basis, according to a news release. The change was effective Friday but wasn’t announced until Monday. Pedersen retains his position on the company’s board. No reason for the executive change was provided. Pedersen – who served as CEO since January 2017 – is a co-founder of the Vancouver, British Columbia-based company, which specializes as a manufacturer and distributor of cannabis vapes and oils. “We would like to thank…

[ad_1] The United Kingdom’s Home Affairs Committee is recommending the government widen access to unlicensed cannabis-based products for medical use via the National Health Service before the end of the current Parliament. The National Health Service (NHS) is England’s publicly funded health care system. The government has two months to respond to the committee’s recommendation. There are currently no licensed cannabis-based products for medical use (CBPMs) in the U.K. And, though unlicensed CBPMs may be prescribed, none have received marketing authorization. (Epidyolex – the trade name in Europe for Epidiolex – nabilone and Sativex are considered licensed cannabis-based medicines but…

[ad_1] Somai Pharmaceuticals said it received European Union-Good Manufacturing Practice (EU-GMP) certification from the Portuguese health authority Infarmed. The certification is an essential step to exporting cannabinoids for medical use to foreign markets. The Lisbon, Portugal-based company, which claims to be the largest pharmaceutical cannabis product manufacturer in Europe, said the certification enables the company to execute its plan to own distribution channels in Australia and Germany. Because Somai received the EU-GMP certification one week ago, the company said it has not yet exported any medical cannabis but plans to change that soon. “We will be exporting to nine countries…

[ad_1] Medical cannabis reimbursements by Veterans Affairs Canada in the 2022-23 fiscal year recorded an all-time high, according to the latest figures. However, annual growth of those reimbursements as measured in dollars reached a multiyear low, indicating that growth in the category is slowing substantially. Veterans Affairs Canada (VAC) is the federal department responsible for benefits and services for retired and serving Canadian Armed Forces members. In the 2022-23 fiscal year ended March 31, VAC reimbursed 21,108 people a total of 167.6 million Canadian dollars ($122.6 million) for medical cannabis products, the agency’s figures show. The 2022-23 reimbursements are slightly…

[ad_1] (This is the second in a two-part series on Canada’s medical cannabis exports. The first installment is available here.)  Australia and Israel were the top markets for Canada’s medical cannabis exporters last year, as the quantity of flower shipped overseas continued to surge, according to new figures shared by Health Canada with MJBizDaily. In the April 2022-March 2023 fiscal year, Canada’s exports of medical marijuana flower were 59,986 kilograms (roughly 132,200 pounds), a 48% increase over the previous year’s 40,640 kilograms. The vast majority of exports, however, went to only three countries, meaning exporters risk being dependent on a…

[ad_1] Canadian cannabis producer Indiva’s net revenue took a hit in the second quarter because of the loss of sales from its Life Lozenges brand stemming from Health Canada’s crackdown on “erroneously” classified edibles products. Indiva’s second-quarter net revenue of 7.5 million Canadian dollars ($55.4 million) was 20% lower than the previous quarter and a 7.6% decrease year-over-year. The Ottawa, Ontario-based company attributed the decline primarily to the lozenges issue as well as a decrease in sales of its Wana Brands cannabis gummies. “This was a transitional and busy quarter for Indiva, with several cross currents impacting our results, including…

[ad_1] The Bahamas has introduced a package of legislation to decriminalize cannabis for medical, research and religious purposes and establish a legal medical marijuana industry. The legislation, totaling 11 bills, would establish a framework for local cannabis production to meet demand and foster economic opportunities, the Office of The Prime Minister said in the announcement. The move comes almost three years after the country’s Economic Recovery Committee called for the establishment of a regulatory body to oversee businesses engaged in the production, wholesale and retail of a potential cannabis industry. The Bahamas government said the “central component” of the 11…

[ad_1] (This is the first in a two-part series about Canada’s medical cannabis exports. Part 2 will explore where those exports are going.) Amid declining medical cannabis sales in Canada’s domestic market and cutthroat competition in the adult-use industry, some licensed producers are increasingly looking to overseas markets for a financial lifeline. Exports continued to surge in the 2022-23 fiscal year, with Canada shipping medical cannabis products worth 160 million Canadian dollars ($118 million) overseas, a 50% increase over 2021-22’s CA$107 million, according to figures shared by Health Canada with MJBizDaily. David Hyde, CEO of Hyde Advisory & Investments in…

[ad_1] Craft cannabis cultivator Atlantic Cultivation is acquiring the brand of insolvent marijuana producer Tantalus Labs, the companies announced Monday. British Columbia-based Tantalus in June filed a Notice of Intent for Restructuring in Canadian court after racking up significant debt, mostly to the federal government. Atlantic Cultivation, based in St. John’s, Newfoundland, said its deal to buy some of the distressed company’s assets includes its brands and remaining inventory – but not the Tantalus facility in British Columbia. The financial terms of the deal were not disclosed. Both companies are privately owned. “Atlantic’s dedication to quality, community, and providing access…

[ad_1] Health Canada said two licensed cannabis companies have voiced concerns about the wildfires in British Columbia, but the federal regulator told MJBizDaily it has yet to receive any reports the blazes have destroyed marijuana crops. “Health Canada is aware that the wildfires and their associated evacuation orders may have an impact on cannabis license holders,” a Health Canada spokesperson said via email Thursday. “We acknowledge these are challenging times.” The regulator did not identify the companies. Canada has been battling its worst wildfire season in decades. In British Columbia, for example, 368 wildfires were active as of Friday. The…

[ad_1] Two indices tracking the performance of cannabis businesses on North America’s largest stock exchanges have been discontinued amid waning investor interest in marijuana stocks and billions in losses suffered by the companies. The S&P/TSX Canada Cannabis Index was decommissioned with little fanfare earlier this year after being launched on Jan. 20, 2020, a spokesperson for S&P Dow Jones Indices confirmed in an email to MJBizDaily. A second cannabis index, the S&P/MX International Cannabis Index, was decommissioned in November 2021. The S&P/TSX Canada Cannabis Index measured the performance of a basket of cannabis companies on the Toronto Stock Exchange and…

[ad_1] Former CEO Kevin Murphy and ex-Canadian Prime Minister Brian Mulroney have resigned from the board of directors of New York-based marijuana multistate operator Acreage Holdings. In an Aug. 4 filing with the U.S. Securities and Exchange Commission, the company said neither resignation was the result of a disagreement with Acreage “on any matter relating to the company’s operations, policies or practices.” In June, Acreage streamlined its board to prepare for the company’s acquisition by Canopy USA, the American arm of Canadian producer Canopy Growth Corp. Smiths Falls, Ontario-headquartered Canopy announced in October it was expediting plans to acquire Acreage,…