Category Archives: Canada Marijuana News

Marijuana firm Cresco Labs posts $3.9 million net income in third quarter

Chicago-based Cresco Labs posted $3.9 million in net income in its fiscal third quarter, reversing its year-ago loss of $200,000. The multistate cannabis operator saw revenues spike 335% in the quarter to $12.2 million compared to the same period in 2017. Year-to-date revenue was up nearly 250% to $25.1 million. Since the beginning of the year, […]

Cannabis shortages plague Canadian retailers; here’s how they’re responding

As the Canadian cannabis industry struggles to provide enough supply to meet exuberant demand since recreational use became legal, private retailers are faced with their own challenge: how to stay in business. Many store owners in Alberta, Manitoba and Newfoundland have closed their doors as they await marijuana shipments, while others are considering different courses […]

‘It’s a game changer’: Ontario company prepares Canada’s first outdoor cannabis crop

Ontario-based 48North is laying the groundwork for what would be Canada’s first large-scale outdoor marijuana crop under the Cannabis Act this spring, pending required permits from Health Canada. “With Health Canada’s permission and approval, we’ll be doing a very large outdoor grow for 2019,” co-CEO Jeannette VanderMarel told Marijuana Business Daily. “I’m hoping it’s in […]

Bolstered cannabis sales, new stores boost Green Thumb’s Q3 revenue 344%

New store openings and a big boost in organic sales sent Chicago-based Green Thumb Industries’ third-quarter revenues soaring 344% – to $17.2 million – compared to the same period a year ago. The firm, which trades on the Canadian Securities Exchange under the ticker symbol GTII, reported revenue gains of 26% from the second quarter, […]

‘Christmas is coming early’: Canada’s draft rules for marijuana edibles expected in coming weeks

Hotly anticipated draft regulations to allow legal sales of cannabis edibles and concentrates in Canada are expected to be released before Christmas, according to sources, paving the way for a new wave of businesses and entrepreneurs aiming to capitalize on the country’s recreational marijuana industry. Edibles sales will begin next year, opening a potentially huge […]

Smooth ride expected for Mexico’s cannabis legislation, experts say

Mexico’s move to legalize medical and recreational marijuana could create a market “at least three times larger” than Colombia’s, according to industry executives and analysts, who do not expect the proposed law to see significant resistance from lawmakers. Olga Sanchez Cordero, who will serve as interior minister in the incoming president’s cabinet, last week filed […]

Multistate marijuana firm Cura Partners inks $75 million private placement

Oregon-based Cura Partners, a multistate cannabis firm, has completed a $75 million private placement. The capital will be used for product development, marketing and expanding operational infrastructure, the company said. The raise included investments from institutional investors in North America, Asia, Australia and the United Kingdom, “reflecting increasing global interest in the cannabis industry,” Cura […]

Turmoil at Canadian cannabis producer after license revoked

The senior leadership of a British Columbia marijuana company abruptly resigned after Health Canada said it planned to revoke the production and dealer licenses of its subsidiary over “unauthorized activities with cannabis.” Ascent Industries announced the departure of CEO Philip Campbell, Chief Operating Officer Reid Parrand and President James Poelzer last week in a news […]

Cannabis firms Cannex Capital, 4Front announce all-stock merger

Cannex Capital Holdings of Vancouver, British Columbia, and 4Front Holdings, an Arizona-based multistate marijuana firm, have announced plans to merge. The all-stock deal – which places an approximate valuation of more than $230 million on 4Front – is subject to shareholder approval and reviews by the Canadian Securities Exchange (CSE). The combined company will trade […]

Marijuana firm MedMen scales back financing, appoints interim CFO

MedMen Enterprises is slashing its latest funding round as the firm’s stock tumbles and the California cannabis company hunts for a new chief financial officer. The multistate cannabis firm revealed Friday that CFO James Parker resigned. The company appointed Jim Miller, vice president of accounting, as interim CFO while the firm searches for a replacement […]