Weed In Canada – Weekly News Roundup (Sept 22, 2022)
Stats Canada Released a Report About Home Cannabis Cultivation In Canada
Those most likely to do so are male, 35-55 years of age, and living in Atlantic Canada, followed by British Columbia and Ontario. Reported home cultivation was the least common in the Prairies. Home cultivation is not allowed in Manitoba and Quebec. Both provinces are facing court challenges to this prohibition.
Although men were more likely to cultivate cannabis at home, the number of women who reported doing so increased since legalization. The number of Canadian men over the age of 55 who reported growing their own cannabis at home actually declined since legalization.
Home cultivators are more likely to consume cannabis for medical (or a combination of medical and non-medical) reasons on a daily or almost daily basis and report “smoking” as their primary consumption method.
Canadian Government to Review The Cannabis Act After 4 Years of Legalization
OTTAWA, Sept 22 (Reuters) – Canada on Thursday launched a review of the country’s legalization of recreational cannabis use four years ago to evaluate its impact on youth, indigenous minorities and others, and analyze its effect on the economy and the illegal marijuana market.
Canada’s health minister was required to conduct a review of the legislation, its administration, and operation three years after coming into force, so the review is coming a year later than had been planned.
Health Minister Jean-Yves Duclos said it took longer than expected to begin the review because the government wanted to “make sure things were done right” and plan a review broader than what is mandated by law.
Leafythings Launches Retailer Support Program to Help Struggling Ontario Cannabis Store Businesses
TORONTO, Sept. 22, 2022 /CNW/ – Unfortunately due to the rise of cannabis store closures on the horizon in the Ontario cannabis marketplace, Leafythings has discovered the lack of an efficient orderly closure program existing for struggling retailers and is proposing a retailer support program.
“We clearly saw a problem brewing,” said Jeffrey Neil, Leafything’s Director of Community Engagement. “I just knew we could find a solution to help all key stakeholders. Leafythings will begin its Retail Cannabis Store Support Program by buying all available inventory from stores who wish to wind down in a timely fashion. Store owners we have spoken to have literally cried and were so thankful that we could help them in this way.”
Aurora Cannabis Announces Fiscal 2022 Fourth Quarter and Full Year Results
EDMONTON, AB, Sept. 20, 2022 /CNW/ – Aurora Cannabis Inc. (the “Company” or “Aurora”) (NASDAQ: ACB) (TSX: ACB), the Canadian company defining the future of cannabinoids worldwide, today announced its financial and operational results for the fourth quarter and fiscal year ended June 30, 2022.
- Remains #1 Canadian LP in High Margin Global Medical Cannabis Revenues; International Medical Cannabis Net Revenue Increased 35.4% from Q4 2021 and 70.3% from Fiscal 2021
- Reiterates Adjusted EBITDA Profitability Run Rate by December 31, 2022
- Reaffirms $150 to $170 Million in Annualized Cost Savings by December 31, 2022
- Strengthens Balance Sheet Through Accretive Debt Reduction Totaling $155.3 Million in Q4 2022
- Completed Profitable Acquisition of Thrive Cannabis and Majority Investment in Bevo Farms
Aurora Cannabis Dropped from Toronto Stock Index
Edmonton, Alberta-based Aurora Cannabis has been deleted from the S&P/TSX Composite Index, according to the latest quarterly review announced by S&P Dow Jones Indices.
The S&P/TSX Composite is the primary gauge for Canada-based, Toronto Stock Exchange-listed companies.
Aurora’s stock was originally added to the index in 2018.
A news release by S&P Dow Jones Indices – a division of S&P Global – doesn’t specify exactly why Aurora and three other companies were dropped from the benchmark index stemming from the routine review.
Bevo Farms’ Parent Company Acquired By Aurora Cannabis for More Than $45 Million
Bevo Agtech, which owns and operates 63 acres of greenhouses on more than 160 acres of land across the Lower Mainland, has recently sold a controlling interest of their company to Aurora Cannabis.
This Canadian cannabis company has operations in 25 countries around the world and has now grown their presence in Western Canada even further by purchasing 50.1 per cent of Bevo.
Aurora bought Bevo for $45 million in cash, with an additional $12 million being paid to Bevo selling shareholders over the next three years as long as Bevo reaches certain financial milestones at their Site One centre in Langley.
HEXO to Produce Mike Tyson’s New Cannabis Brand, TYSON 2.0, in Canada
GATINEAU, Quebec, Aug. 30, 2022 (GLOBE NEWSWIRE) — HEXO Corp. (TSX: HEXO; NASDAQ: HEXO) (“HEXO” or the “Company“), a leading producer of high-quality cannabis products, is pleased to announce that the Company has entered into an exclusive partnership with TYSON 2.0, entrepreneur and cannabis advocate Mike Tyson’s recently formed cannabis company.
Under the agreement, HEXO will produce TYSON 2.0’s products in Canada, including TYSON 2.0’s full range of flower, pre-rolls, edibles and vapes. The HEXO-produced lines will launch across Canada in fall 2022.
“We’re delighted that HEXO has been chosen as the exclusive Canadian producer for TYSON 2.0 brands,” said Charlie Bowman, CEO of HEXO Corp. “Our boutique cultivation capabilities and product offerings enable HEXO to elevate the consumer’s cannabis experience. With their broad product range from flower to straight edge pre-rolls to edibles, the TYSON 2.0 brand fits perfectly into HEXO’s market leading portfolio.”
Elias Theodorou, Canadian UFC fighter and Cannabis Advocate Passes Away at 34
Elias Theodorou, a Canadian mixed martial artist who campaigned successfully for the right to use medical marijuana as an athlete, has died. He was 34.
Theodorou campaigned for years to use medical marijuana in the sport, eventually securing a therapeutic use exemption for the marijuana he had been prescribed for bilateral neuropathic pain in his hands, wrists and elbows.
Theodorou, who said cannabis allowed him “to even the playing field and fight at a baseline level,” got the exemption in February 2020 from the B.C. Athletic Commission.
Canadian cannabis news weekly.