Marijuana Business News

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Thu
07
Oct

Canada's highest-paid cannabis CEO made nearly $30 million this year

canadian money

Irwin Simon, the CEO of licensed producer Tilray, has earned US$13.2 million ($16.7 million) in cash bonuses this calendar year, according to a recent regulatory filing, first reported by Marijuana Business Daily. Formerly the CEO of Aphria, Simon was named CEO of Tilray after the two companies merged earlier this year. Simon earns a base salary of US$1.7 million ($2.1 million) but the filing shows his total compensation is more than US$28 million ($35.3 million). In July, Simon received “one-time equity grants” that totalled $15 million and were used as “additional incentive” to enter into an employment agreement. According to MJBizDaily, Tilray’s median employee compensation was US$15,061 (about $19,000).

Thu
07
Oct

'First of its kind in SW Ontario': Farm-gate Cannabis Store now open

Station House

 It's being billed as a unique “plant-to-consumer” experience.

"We provide all of the cultivation, processing and packaging services in our licensed facility in behind this building and bringing that great product to market under the Station House brand here to local consumers," said Tony Giorgi, founder and executive of Sensei Brands.

Station House Cannabis Co. by Sensei-Brands in St. Thomas, Ont. is the first store of its kind in southwestern Ontario, and the third in the entire province.

Thu
07
Oct

Creekside Cannabis celebrates one year of operation on Mississauga First Nation

employees outside a cannabis store

On Sept. 21, Creekside Cannabis on Mississauga First Nation, just west of Blind River, marked its first anniversary. However, it celebrated the event on Saturday, Sept. 25 with a barbecue, pop and cake. (Photo By Kevin Mcsheffrey/The Standard))

Paul Corbiere, manager of Creekside Cannabis, says Creekside Cannabis was the first cannabis store to open between Sudbury and Sault Ste. Marie. It is licensed to operate by Alcohol and Gaming Commission of Ontario.

Creekside Cannabis is managed by the Mississaugi Retail Cannabis Corporation, of which Mississauga First Nation is the sole shareholder. All the profits go back into the community, for such things as public works, education, health care and more, says Corbiere.

Thu
07
Oct

Tilray posts 43 per cent rise in quarterly revenue on strong cannabis demand

Cannabis grow opreation

Canadian pot producer Tilray Inc. on Thursday reported a 43 per cent rise in first-quarter revenue, driven by strong demand for cannabis after coronavirus-led lockdowns. The world’s largest cannabis producer by sales reported its revenue rose to $168 million in the quarter ended Aug. 31 from $117.49 million a year earlier. Net cannabis revenue jumped 38 per cent. Cannabis products saw a massive rise in popularity this year as more people turned to it for relaxation during the months-long isolation caused by COVID-19, lifting sales of pot producers.The company said it was on track for at least $80 million in cost savings from its deal to merge with Aphria.

Wed
06
Oct

Sask. cannabis retail group says stores should be exempt from COVID-19 vaccination rules

marijuana plant

A group representing independent cannabis stores in Saskatchewan says pot retailers should be exempt from proof of vaccination requirements.

Last week, Saskatchewan Liquor and Gaming Association notified cannabis stores that their staff would need to ask customers to show proof of COVID-19 vaccination to enter stores, beginning Oct. 1.

The Saskatchewan Independent Cannabis Retails Network (SICRN) represents more than 30 cannabis retail locations.

Wed
06
Oct

Cannabis dispensaries may soon outnumber Tim Hortons in Peterborough

man working at a cannabis store

It’s been two years since Canada legalized the sale of cannabis, and there are at least eight dispensaries in Peterborough, with more coming.

Compare that to the 12 full locations of the country’s most popular coffee chain, Tim Hortons, which has been an established Canadian brand for decades.

At Sessions Cannabis on Lansdowne Street, people are constantly coming in and out, some of them regulars who check in and have a conversation with the staff. Others are brand new to cannabis.

Tue
05
Oct

Jima Cannabis expands reach into Ontario with acquisition of High Tea Cannabis

Jima cannabis store

ima Cannabis, a B.C.-based recreational cannabis retail brand with one store in Abbotsford, B.C., and four more opening soon in the province, has acquired Ontario-based retailer, High Tea Cannabis Co. (High Tea). With AGCO approval of the deal through parent company T-CANN Retail Ltd., Jima is now a multi-location, national cannabis brand with a rapid expansion plan and a franchise and affiliate model.

As part of the agreement, Jima will add the Ontario High Tea stores located in Brampton, Scarborough, St. Thomas, York West, and Windsor into its network.

As part of the growth strategy, additional High Tea stores are set to open in the fall of 2021 in York, North York, Hamilton, Beamsville, and Petersburg.

Tue
05
Oct

Aurora Cannabis shares lift as net losses improve, while Lightspeed Commerce shares tumble on rising U.S. 10-year yield. Here are the past week’s winners and losers

marijuana leaf

Aurora Cannabis released its fiscal 2021 results on Monday with a decline in revenues to $245 million, from $269 million the prior year. Operating expenses decreased to $283 million, from $466 million in 2020, which resulted in an improvement in the company’s net loss to $695 million, from $3.3 billion the prior year. Aurora Cannabis produces, distributes and sells cannabis and cannabis-related products around the world with brands such as Aurora, San Rafael ’71 and CanniMed, to list a few.

 

Cenovus Energy Inc. (CVE.TO) +1.8%

Tue
05
Oct

Canadian cannabis company Valens continues to seek Nasdaq listing

cannabis bud

Canadian cannabis producer The Valens Company Inc. VLNS, +3.62% VLNCF, +3.01% said Tuesday its effort to list its shares on the Nasdaq "has progressed at a slower pace than originally anticipated." The company expects to begin trading on Nasdaq by the end of fiscal 2021. The stock will continue to trade on Toronto Stock Exchange. Once its moves to the Nasdaq, its stock will no longer be quoted on the OTCQX. Valens hired Stikeman Elliott LLP in Canada and Foley Hoag LLP to advise the company on its Nasdaq listing application process. Valens shares are up 36% so far this year, compared to a dip of 2.4% by the Cannabis ETF THCX, +2.62%.

Mon
04
Oct

Love Pharma Makes Public Debut in Emerging Sexual Health, Wellness, and Psychedelics Markets

heart made of flowers

Love Pharma Inc. (CSE: LUV), formerly Glenbriar Technologies, Inc., is a new-age pharma/nutraceutical company that specializes in the global sexual health, wellness and psychedelics markets by licensing and distributing psychedelic and cannabis-infused products.  The company ushered in a new era of health and wellness as it began trading on the Canadian Securities Exchange last week under the new name and ticker symbol. 

As Love Pharma sets out to bring psychedelic therapies, pharmaceutical alternatives, and sexual enrichment products to market, it will immediately propel its current CBD-infused brands, “Bloom” and “Auralief,” into the marketplace while it continues to develop a host of additional patent-protected products in the company’s pipeline. 

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