Marijuana Politics

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Mon
16
Sep

Quebec cannabis stores report $1.4 million in net income during second quarter

The Société québécoise du cannabis, Quebec’s online and storefront cannabis sales network, posted a net income of $1.36 million for the 12-week period that ended on June 22, based on total sales of $45.1 million.

In a report published on Friday, the SQDC revealed that its storefront branches proved to be vastly more popular than its websites during that period. According to the report, SQDC branches boasted sales of $39.5 million, compared to $5.6 million generated by the websites. In terms of quantity, the SQDC branches sold 5,512 kilograms of cannabis, while 752 kilograms were sold through the websites.

Mon
16
Sep

Cannabis sector sees its first fraud case as OSC alleges misuse of investor funds

The Ontario Securities Commission is mounting its first fraud case in Canada’s cannabis sector.

In a statement of allegations made public Friday, the regulator alleges that investor funds raised by Canada Cannabis Corp. were “misused.”

In addition, three individuals involved with the firm are accused of making misleading statements in communications with investors.

None of the allegations against Canada Cannabis, Benjamin Ward, Silvio Serrano and Peter Strang have been proven. An initial hearing is scheduled to take place Sept. 30 in Toronto.

The OSC says Canada Cannabis raised about $3.2 million and US$8.8 million from about 125 investors — about half in Ontario — between 2014 and 2016.

Mon
16
Sep

The Biggest Risk of Marijuana Legalization 2.0

Marijuana is poised to be one of the fastest-growing industries on the planet over the next decade. Worldwide sales have more than tripled to $10.9 billion over the last four years, and they could grow as much as 18-fold over the next decade, if investment bank Stifel's global sales estimate comes to fruition.

Mon
16
Sep

Legal edibles, other derivatives should add 3 million consumers to cannabis market

The second great Canadian cannabis rush is nearing the starting line, with pot entrepreneurs looking to stand out amid an onslaught of soon-to-be-legal edibles on the market.

Legal cannabis edibles and other derivatives are expected to grow Canada’s cannabis market by three million consumers, or 65 per cent, according to a poll commissioned earlier this year by a leading industry data collector.

The survey, conducted with 3,000 respondents last May by Lift & Co. and Ernst and Young, suggests the country’s 4.6 million adult cannabis users will grow to about 7.6 million after a wider variety of non-smokable licensed products go on store shelves at year’s end.

Mon
16
Sep

Ontario’s cannabis business posts $42-million loss in last fiscal year

Ontario said its government-owned cannabis business lost $42 million in the last fiscal year, while the province collected barely half the amount of excise taxes it estimated it would generate, in the latest symptoms of a shaky start to legalizing recreational pot in Canada’s most populous province.

The Ontario Cannabis Retail Corporation, a crown corporation that operates the Ontario Cannabis Store’s online retail business and sells wholesale cannabis to the province's private retail stores, generated $64 million in the fiscal 2018-2019 year, according to public accounts released on Friday.

Mon
16
Sep

OxyContin maker Purdue Pharma files for bankruptcy as part of opioids settlement

Purdue Pharma, the company that made billions selling the prescription painkiller OxyContin, filed for bankruptcy in White Plains, New York, days after reaching a tentative settlement with many of the state and local governments suing it over the toll of opioids.

The filing was anticipated before and after the tentative deal, which could be worth up to $12 billion over time, was struck.

Mon
16
Sep

Manitobans weigh in on debate over flavoured e-cigarette ban

As health professionals try to understand how vaping products might trigger severe lung injuries, there are new calls for a ban on thousands of candy and dessert-like e-cigarette flavours that attract young people.

It's something Josh Halpern understands. He started vaping several years ago and his favourite flavour is lime.

"They just taste good, they don't taste like a cigarette, you know?" the 33-year-old Winnipegger said.

"If there was no flavours or nothing that tasted good, I'm sure kids wouldn't want to do it in the first place."

A 2015 study found more than 80 per cent of underage teens who use e-cigarettes started with flavoured vape juice.

Fri
13
Sep

Mixed reactions to U.S. move to ban flavoured e-cigarettes

A potential ban on flavoured e-cigarettes in the U.S. is a welcome step towards greater regulation of vaping products, says the Windsor-Essex County Health Unit.

“It’s encouraging to see federal governments start to have those types of conversations,” said Eric Nadalin, a manager in the WECHU’s health promotion department.

“Certainly, the concern with flavoured e-cigarettes is their attractiveness to youths. It’s something that we do want to acknowledge and develop protections against.”

On Wednesday, U.S. President Donald Trump announced a proposal for new enforcement policies by the Food and Drug Administration (FDA) that would effectively remove flavoured e-cigarettes from the U.S. vaping market.

Fri
13
Sep

New Ontario pot shop licences delayed until judge rules on disqualified applicants

The launch of the next wave of cannabis stores set to open in Ontario this October will be delayed after a provincial judge suspended the province’s regulator from issuing any new pot shop licences for two weeks.

Justice David Corbett said he will rule on Sept. 25 whether 11 disqualified cannabis retail lottery winners should resume the application process for a coveted pot shop licence in Ontario or let people on a waiting list take their place.

In an effort to avoid complicating the tangled nature of the lottery winner and waiting list process, all licences will be on hold until he can make a final ruling, the judge ruled. 

Fri
13
Sep

One year into legalization, here’s what we know about how Canadians use cannabis

How has legal pot changed your life? Has it, at all? As a country, legalization catalyzed some shifts that could end up being the start of trends that shape the industry in days to come.

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