Author: Matt Lamers

[ad_1] Colombia’s medical cannabis exports continued to grow last year, although sales still haven’t reached the level that the country’s operators envisioned. In 2023, the value of medical cannabis exports from Colombia was $10.8 million, according to figures provided to MJBizDaily by ProColombia, a government agency in charge of promoting nontraditional Colombian trade. The figure represents an 11.3% increase over 2022, when Colombia’s medical cannabis exports amounted to $9.7 million, a 96% jump from 2021. Industry sources see the latest export figures as a sign the Colombian cannabis market continues to mature. “I think the practical, environmental and socioeconomic benefits…

[ad_1] Rubicon Organics reported a modest profit of 889,166 Canadian dollars ($656,000) in its fourth quarter ended Dec. 31, 2023, but the cannabis producer’s loss for the fiscal year amounted to CA$1.1 million. Rubicon’s net revenue for the year was CA$40.1 million, a 13% increase over 2022’s sales of CA$35.5 million, according to the Vancouver, British Columbia-based company’s financial results. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a measure of profitability, was CA$4.4 million for the year, an increase from almost CA$2 million in 2022. Rubicon says it’s the national leader in the premium concentrate market, with a…

[ad_1] New Zealand medical cannabis company Cannasouth Limited has entered voluntary administration, a process that allows for an administrator to review and rearrange the financial affairs of insolvent or near-insolvent companies. The company’s board made the decision in light of the challenges of securing additional funding and in the interest of shareholders and convertible note holders, according to a news release. As the process unfolds, Cannasouth said it will continue to support its customers. The appointment to voluntary administration was undertaken in consultation with the company’s note holders, who at the invitation of the board, nominated the administrators, Cannasouth said.…

[ad_1] Organigram Holdings has dipped into its strategic investment pool to pick up a minority stake in Roxboro, North Carolina-based Open Book Extracts as part of its plan to target emerging cannabis markets in the United States and elsewhere. Late last year, British American Tobacco injected 124.6 million Canadian dollars ($92.5 million) into Organigram, the majority of which it pledged for its strategic investment pool, named Jupiter. “We are extremely excited to make our first Jupiter pool investment in Open Book Extracts, a company that we’ve had on our radar for quite some time,” Paolo De Luca, Organigram’s chief strategy…

[ad_1] Ontario’s provincial government is budgeting for a record windfall of more than 600 million Canadian dollars ($442 million) in the next fiscal year from cannabis wholesale profits and its portion of the federal excise tax. The windfall comes after a federal report to Canadian Finance Minister Chrystia Freeland revealed that “after five years of legalization, there are no licensed producers of legal cannabis products that are consistently profitable.” According to the provincial budget released Tuesday for the fiscal year April 2024 to March 2025, the provincial government said it expects to receive CA$379 million from its portion of the…

[ad_1] Auxly Cannabis Group’s record 2023 sales helped substantially improve its net loss, but an auditor flagged a “significant doubt” over the company’s ability to continue as a “going concern.” In a note to shareholders attached to Auxly’s annual financial statement, accounting company Ernst & Young said the company had total cash and cash equivalents of 15.6 million Canadian dollars ($12 million) and negative working capital of CA$41 million as of Dec. 31, 2023. That and other matters “indicate that a material uncertainty exists that may cast significant doubt on the group’s ability to continue as a going concern,” Ernst…

[ad_1] Health Canada has concluded that Organigram Holdings’ Edison Jolts lozenge cannabis products should be classified as edibles rather than extracts. The decision – announced in a late Friday news release – is a blow to the Canadian cannabis producer because extracts of this nature are potentially a much more lucrative product than edibles under Health Canada’s classification system for ingestibles. That’s because the distinction between a cannabis edible and extract has major implications for the marketability of those products in Canada. Any cannabis product classified as an “extract” has 100 times more allowable THC per package than a product…

[ad_1] A government-appointed panel of experts analyzing Canada’s adult-use legalization law, the Cannabis Act, has recommended the country enable pharmacy access for medical marijuana and reconsider how excise tax is applied to recreational products. The proposals are part of a final report, 18 months in the making, that lays out 54 recommendations and a number of observations for the federal government to consider. Some of the recommendations align with industry expectations, such as allowing pharmacies to sell medical cannabis products, which the largest pharmacy chain in the country, Shoppers Drug Mart, had been calling for. Canada’s cannabis industry expressed disappointment…

[ad_1] Alberta cannabis and alcohol company SNDL cut its annual loss in fiscal 2023 in half – to 176.6 million Canadian dollars ($130.5 million) – on strong sales growth. That was down from SNDL’s 2022 net loss of CA$372.4 million, according to the company’s financial results for the full year and fourth quarter ended Dec. 31, 2023. Net revenue was CA$909 million for the year, a 28% increase from CA$712.2 million a year earlier. SNDL’s free cash flow for the year was negative CA$60.9 million, two times worse than 2022’s figure of minus CA$31.9 million. However, the Alberta business said…

[ad_1] Curaleaf Holdings is continuing its international expansion by signing a deal to acquire Northern Green Canada, a licensed cannabis producer focused primarily on meeting demand in the import-export market. The financial terms of the deal were not disclosed. The planned acquisition provides the New York-based multistate operator with a strategic supply-chain advantage in key growth markets, the company said, such as: Germany. Poland. United Kingdom. The deal, which comes about one month after Curaleaf bought Polish medical cannabis operator Can4Med, also establishes a presence in Australia and New Zealand, according to a news release. Northern Green Canada, which is…

[ad_1] Canadian cannabis retailer High Tide has entered into a definitive agreement to acquire high-end brand Queen of Bud, including all intellectual property, trademarks and other assets. The price of the acquisition was 1 million Canadian dollars ($740,000), of which CA$100,000 will be paid in cash and the remainder in High Tide shares, High Tide said in a new release. Both companies are based in Calgary, Alberta. Queen of Bud founder Ashley Newman will remain with the company as global brand ambassador. “I am thrilled to welcome Queen of Bud into our High Tide family,” CEO Raj Grover said in…

[ad_1] Canadian cannabis retailer High Tide reported break-even net income and positive free cash flow in its financial results for the first quarter of fiscal 2024. The Calgary, Alberta-based company said late Friday that its revenue for the November-January quarter increased to 128.1 million Canadian dollars ($94.6 million), a year-over-year increase of 8% from CA$118.1 million. High Tide said it remains the highest revenue-generating cannabis company that reports in Canadian dollars. The company’s chief executive called breaking even in net income a critical milestone. “I am very proud to announce that High Tide has reached break-even net income this quarter,…