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Cannabis bankruptcies start to roll in as pandemic halts financing

The cannabis bankruptcy filings are starting to roll in.

Already plagued by a tough regulatory environment, disappointing sales and capital markets that had closed to all but the strongest companies, the industry is now facing a pandemic-related collapse in stock markets and ever-shrinking financing options. Pot companies completed two capital raises worth just US$5.6 million the week ended March 27, according to data from Viridian Capital Advisors. That’s the lowest level of activity this year and compares to 17 capital raises worth $169 million for the same period in 2019.


Bars, cannabis sector eligible for $40B credit program from government bank

Devastated bars and lounges as well as the country's hard-hit cannabis sector will have access to $40 billion in new credit being made available via the government's business bank during the COVID-19 crisis, its CEO said on Sunday.

In an interview with The Canadian Press, Michael Denham said the program from the Business Development Bank of Canada would now be open to all businesses.

"Any legal business is eligible to be part of the program -- that was what I think some industry groups were concerned about," Denham said from Montreal. "That was clarified and we're going to formally announce it on Monday."

Applicants must go through their own banks to access the program.


Cannabis Industry Continues to Adapt During Coronavirus Crisis

It is no secret that the coronavirus pandemic has sent shockwaves throughout the global economy. 

Many industries are doing their best to limp along as much as reasonably possible, while other industries have been shut down entirely.

One industry that seems to be adapting to the situation better than others is the emerging global cannabis industry, and that’s likely not a coincidence.

Cannabis companies have operated in a constantly evolving landscape since the earliest days of the legal industry, and hurdles and challenges are virtually guaranteed, albeit not in the form of a pandemic.


How Popular Are Cannabis Drinks In Canada? Time To Find Out.

The long-promised day has arrived. Cannabis-curious consumers in Canada who want to try marijuana drinks can now buy them at a dispensary or have them delivered to their door.

That’s good news for those who prefer drinking their THC as opposed to smoking it, a trend expected to grow as more consumers seek a healthier option.

Companies in the cannabis space are banking on that trend, including Tweed, among the first drinkables to go on sale across the nation. People may already know the Ontario-based weed company because of its partnership with Snoop Dogg, producing the rapper’s line of marijuana products for the Canadian market. 


Canadian Cannabis Stocks Hide Compensation Consultant Fees

Canadian cannabis company CEOs have been making big pay packages over the last few years coinciding with net losses. But, they have not been disclosing details required by Canadian law about who they employ to come up with the pay formulas and how much these consultants are paid.

A review of Canadian public filings by Cannabis Law Report has found at least three publicly traded companies who have failed to be transparent in telling shareholders how much they were actually paying their executives.

It appears that some packages could be described as “over-compensation” and were/are making some individuals very wealthy.


This Canadian cannabis company is paying its staff an extra $2 an hour during COVID-19

The efforts of front-line retail and production staff at Delta 9 Cannabis Inc. are being recognized with extra pay.

As essential workers across the continent grapple with employers to ensure safety and be fairly compensated for extra hours and increased health risks, the Canadian cannabis company is initiating a “grateful pay.”

With company operations remaining open during the coronavirus outbreak, an extra $2 an hour has been instituted for staff who “continue to work during this difficult time,” notes a statement from Delta 9.


How do you bring supplies to remote communities in the midst of COVID-19? With cannabis-delivery drones, of course

The Pontiac Group is used to adapting quickly.

The First Nations owned and operated socio-economic development firm, which fosters on-reserve business opportunities, navigated the first community benefits agreement signed between a cannabis company and a First Nations community in Canada in 2015, three years ahead of federal legalization.

More recently, they’ve been pushing Health Canada to evolve the regulations around cannabis delivery while advocating for the use of drones to make deliveries to remote locations. But now, as the COVID-19 pandemic grips the world, they’ve altered their course — at least temporarily.


Cannabis producers qualify for $500,000 pandemic loan for farmers

While the fight to qualify for Business Development Bank of Canada (BDC) compensation amid the COVID-19 outbreak continues, licensed cannabis producers may be able to get up to $500,000 in short-term loans under a new $5 billion Farm Credit Canada (FCC) stimulus.


'Temporarily' laid off from the cannabis industry? Here's what you need to know

Prime Minister Justin Trudeau announced that more help is on the way for small and medium-sized businesses that have been upended by COVID-19 on March 27. 

For employers that qualify, the businesses will be eligible to have up to 75 per cent of its payroll covered, in addition to access to interest-free loans. 

“Our hope is that employers being pushed to lay off people because of COVID-19 will think again,” Trudeau said.

For the ailing cannabis sector, which was already on shaky ground before the pandemic took hold, this is good news for those that qualify. But what about cannabis employees that have already been laid off amid the pandemic? What supports can they fall back on?


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