Author: Matt Lamers

[ad_1] (This is the first installment of a two-part series about licensed Canadian cannabis producers’ unpaid excise taxes.) Canada’s tax collection agency is following through on a threat to garnish cash from licensed cannabis producers that are delinquent on their excise duty payments, MJBizDaily has learned. The move is a major escalation in the Canada Revenue Agency’s efforts to collect money it’s owed by federally regulated cannabis companies with outstanding excise debt – a situation that has ballooned in recent years as the industry’s financial challenges mount. The amount of unpaid federal excise tax owed by Canada’s cash-strapped marijuana companies…

[ad_1] Germany’s chief legislative body on Friday approved a landmark recreational cannabis bill that’s being simultaneously hailed as a generational milestone and “quasi legalization” because the new law stops short of implementing a framework for the distribution and retail sale of adult-use products. The law approved in the Bundestag generally decriminalizes cannabis, allows for home growing and lays the legal groundwork for so-called “cultivation social clubs” – nonprofit organizations where members can acquire marijuana for recreational use. The law is expected to go into effect April 1, but it still needs to be read in the Bundesrat, the upper house…

[ad_1] Canada’s federal government quietly announced the long-awaited creation of the Cannabis Industry Forum to help the struggling sector address key issues and opportunities – almost two years after first embarking on the initiative. The forum will provide advice to the government on the next steps for the industry, according to Innovation, Science and Economic Development Canada (ISED), the federal department responsible for the forum. But while the announcement of the all-industry forum came last Friday, ahead of Canada’s long Family Day weekend, the group had its inaugural meeting last year, sources told MJBizDaily. ISED hasn’t said why the government…

[ad_1] Aurora Cannabis appointed Simona King, a veteran executive of multinational pharmaceutical company Bristol Myers Squibb, as chief financial officer. The Canadian company also said in a Tuesday news release that it has completed its share consolidation. King takes over from Glen Ibbott, who was one of the longest-serving executives of Edmonton, Alberta-headquartered Aurora. The company said in the release that Ibbott stepped down “to pursue new opportunities” and will remain in an advisory role over the next few months. “Since 2017, Glen has dedicated immeasurable time, energy, and passion to shaping Aurora into a leading medical cannabis company; and we…

[ad_1] Five-plus years after Canada legalized adult-use marijuana, the illicit market still is estimated to account for anywhere from one-quarter to more than half of all cannabis sales in the country, according to a new report from business services company Deloitte Canada. The report tackled crucial questions such as: What are the gaps between the illicit and legal markets in terms of product offerings, price and operational tactics? Why isn’t Canada’s cannabis market thriving? To help fill the gaps, Deloitte and its data partner, Neobi, analyzed data from 624 private, legal adult-use marijuana stores and 57 illegal ones. “The two…

[ad_1] British Columbia is allowing certain license holders to promote outdoor cannabis consumption areas in a bid to improve hospitality and tourism business opportunities for the industry. Additionally, the province announced this week that smoking and vaping recreational cannabis on public patios is now allowed where tobacco use is already permitted, the notice says. However, cannabis consumption is still not allowed inside stores, and licensees are required to ensure any consumption near their store is not within their establishment. “With changes to the Cannabis Control Regulation, licensees are able to promote a place to consume cannabis or to spend time…

[ad_1] Ukraine President Volodymyr Zelenskyy has signed the country’s medical cannabis legislation into law, setting the legal stage for the creation of Europe’s newest medical market. The development was first reported on the Ukrainian Association of Medical Cannabis’ Facebook page. In December, Ukraine’s Parliament gave the green light to a law that sets the legal foundation for a medical cannabis industry. Now the government has three months to develop a draft of regulations to govern the industry. The product types and qualifications to prescribe cannabis also are among the details that must be defined, in addition to the list of…

[ad_1] Canadian cannabis producer Organigram Holdings is eying international investment opportunities with its new war chest of capital, and the company will focus those efforts largely on the U.S. market, CEO Beena Goldenberg says. Organigram reported a net loss of 15.8 million Canadian dollars ($11.7 million) in its first fiscal quarter of 2024 and cannabis sales that were slightly below analysts’ expectations. The company’s revenue was CA$36.5 million in the October-December quarter, while analysts had been looking for sales of roughly CA$37.8 million. Organigram attributed the higher net loss primarily to impairment charges and lower flower revenue. In a conference…

[ad_1] Christina Lake Cannabis Corp. has acquired ownership of outdoor cultivation facilities in Midway, southern British Columbia, from an unidentified privately owned corporation for 3 million Canadian dollars ($2.2 million). With the acquisition, Christina Lake Cannabis (CLC) expands its licensed outdoor cultivation footprint by approximately 100 acres, the company announced Monday. The company financed the acquisition through the issuance of a secured convertible promissory note, which bears interest at a rate of 10% for Year One, 15% for Year Two and 20% per year for the remaining three years. Separately, the company said it plans to complete a non-brokered financing…

[ad_1] Thousands of cannabis businesses in Thailand are bracing for major legal and regulatory changes as the country looks to curb adult-use sales and pivot the industry back to a medicinal market. The government’s latest draft cannabis law looks to end a legal vacuum that unintentionally allowed the recreational marijuana industry to flourish after a 2022 decision to declassify the drug as a narcotic. The new law could radically alter the business prospects for thousands of cannabis store owners and cultivators if they’re not fully compliant – depending on how authorities choose to enforce any new rules. Some of the…

[ad_1] Canadian cannabis producer Canopy Growth on Friday reported a shake-up to its board of directors, a lower third-quarter loss and a “singular focus” on marijuana. Canopy’s net loss in the third fiscal quarter improved to 216.7 million Canadian dollars ($160 million), according to a U.S. Securities and Exchange Commission filing. The board shake-up is related to the company’s advancement of its Canopy USA strategy, according to a news release. Out is Robert L. Hanson, who resigned from Canopy’s board effective Feb. 6. Hanson was replaced by two new board members – Willy Kruh and Luc Mongeau – effective Feb.…

[ad_1] Seattle-based Jones Soda Co. is partnering with licensed producer Tilray Brands to bring infused-beverage brand Mary Jones to the Canadian market, starting in Ontario. Jones Soda Co. is a craft soda manufacturer with a subsidiary dedicated to cannabis. Until now, Jones Soda had only distributed non-cannabis products in the Canadian market. Jones Soda Co.’s THC-infused beverages are expected to be for sale in Ontario, the largest cannabis market in Canada, in the first quarter of 2024, according to a news release. Manufacturing and distribution will occur through Ontario-headquartered Tilray Brands; Top firm Green Hedge will support sales and field…