Cannabis producer CannTrust to destroy $77M worth of plants, inventory to regain compliance

Cannabis producer CannTrust to destroy $77M worth of plants, inventory to regain compliance

Cannabis producer CannTrust Holdings Inc. said on Monday it would destroy about $ 12 million worth of plants and about $ 65 million worth of inventory, as the company’s new management seeks to regain full regulatory compliance. The company’s U.S.-listed shares rose 24 per cent after the announcement. Health Canada had frozen over half of CannTrust’s […]

CannTrust says Health Canada has suspended its cannabis licence

CannTrust says Health Canada has suspended its cannabis licence

CannTrust Holdings Inc. says it received a notice of licence suspension from Health Canada, which has been investigating the cannabis company for allegedly cultivating pot in unlicensed rooms. The Vaughan, Ont.-based company says the notice it received from the regulator on Tuesday indicates that Health Canada has suspended its authority to produce cannabis — other than […]

Pot shorts cash in on hazy profitability path: Cannabis Weekly

Pot shorts cash in on hazy profitability path: Cannabis Weekly

It was a classic case of over-promising and under-delivering. Aurora Cannabis Inc., the second-largest cannabis company by market value, missed its own revenue target and reported a loss last week despite an earlier promise that it would be profitable by the quarter ended June 30. The result sent its shares down the most since December. […]

Cannabis producer CannTrust lays off 180 workers after regulatory problems

Cannabis producer CannTrust lays off 180 workers after regulatory problems

VAUGHAN, Ont. – An Ontario cannabis producer is laying off about 180 people following repeated problems with both its product and how it has been produced. “We have made the extremely difficult decision to restructure our workforce to reflect the current requirements of our business,” said Robert Marcovitch, interim head of CannTrust Holdings. The layoffs […]

Judge strikes down Quebec law forbidding home cultivation of cannabis

Judge strikes down Quebec law forbidding home cultivation of cannabis

MONTREAL—A court has invalidated the provisions of Quebec’s cannabis law prohibiting home cultivation of the drug. Quebec Superior Court Justice Manon Lavoie ruled Tuesday that Quebec’s legislation infringed upon the jurisdiction of the federal government, which has sole responsibility for legislating on criminal matters. The judge ruled unconstitutional the sections of the Quebec Cannabis Regulation […]

Ontario set to get 50 new cannabis stores

Ontario set to get 50 new cannabis stores

Ontario is set to get 50 more cannabis stores starting in October, and applicants will have to first show they have their finances and retail space ready to go. The announcement Wednesday comes as some of the first 25 of the province’s legal pot shops that were supposed to open April 1 are still not […]

New in the Oscars 2019 swag bag? All kinds of cannabis loot

New in the Oscars 2019 swag bag? All kinds of cannabis loot

There’s a little something different in the swag bags that Oscar-nominated actors will receive this year — a range of cannabis products and services from five companies, including one from a Canadian company. The “Everyone Wins” gift bags are sent to all 25 nominees in the acting categories, and — although not officially sanctioned by […]

Aurora Cannabis loses $238M in second quarter even as revenues surge

Aurora Cannabis loses $238M in second quarter even as revenues surge

Aurora Cannabis Inc. lost $ 237.7 million in the second quarter of its fiscal year even though net revenues surged to $ 54.2 million as sales of cannabis by weight increased six-fold. The Edmonton-based company says that the loss attributable to common shareholders equalled 25 cents per diluted share, compared with a profit of two […]