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Canopy’s net revenue plunges as challenges pile up in Canadian cannabis sector

(This story has been updated to reflect comments from Canopy’s executives in a conference call with investors.) Canopy Growth’s net revenue plunged 15% compared to the previous quarter, which the Ontario-based company attributed to a “challenging” period in the Canadian cannabis sector marked by provincial wholesalers reducing purchases and disappointing retail store openings – particularly […]

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Cresco Labs, Origin House revamp cannabis merger as value falls more than 50% and close delayed

Cresco Labs, a Chicago-based multistate cannabis operator, and Origin House are overhauling the terms of their merger announced earlier this year, as falling cannabis stock prices and other factors slashed the value of the transaction in half to approximately $400 million. Because of the revised terms, the transaction also will now not close until approximately […]

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Canadian, overseas medical cannabis sales drive Tilray’s revenue higher

British Columbia-based cannabis producer Tilray reported third-quarter revenue of $51.1 million (CA$67.8 million), a 408% jump from the same period a year earlier. Tilray also booked an 11% improvement from the second quarter’s $46 million, in line with consensus estimates. The higher revenue was driven by medical sales in Canada and overseas. Bulk shipments of […]

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Canadian cannabis firms rapped over ‘deficient’ corporate governance disclosures

Canada’s securities watchdog is warning the nation’s cannabis businesses of “deficient” corporate governance disclosures and urging them to address concerns related to potential conflicts of interest. The Canadian Securities Administrators (CSA) issued a notice providing guidance related to the disclosure of financial interests in the context of mergers and acquisitions, as well as the independence […]

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Cronos to convert some cultivation space, reports revenue growth

Ontario-based Cronos Group reported quarterly revenue of 12.7 million Canadian dollars ($9.6 million), an improvement over the previous quarter’s CA$10.2 million but slightly lower than consensus estimates. The cannabinoid company’s adjusted EBITDA loss widened quarter-over-quarter to CA$24 million. Cronos said it shipped 3,142 kilograms (6,927 pounds) of cannabis in the third quarter, double the amount […]

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Organigram blames Ontario’s slow retail build-out in lower revenue guidance

Citing Ontario’s slow cannabis retail build-out, Organigram Holdings issued revenue guidance for expected fourth-quarter net revenue of 16.3 million Canadian dollars ($12.3 million), a substantial decline from the previous quarter’s CA$24.8 million. Analysts had expected the New Brunswick producer to report quarterly net revenue of about CA$27 million. That prompted a downgrade from Bank of […]

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Ontario business group wants ‘clear timeline’ for cannabis store expansion

A group comprised of cannabis industry leaders and experts is calling on Ontario’s government to provide a more complete timetable for when retail stores will be permitted through an open allocation of licenses. So far, the province has used a botched lottery system to award opportunities to open recreational marijuana stores. The Ontario Cannabis Policy […]

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