Newsfeeds Archive - Page 16 of 65

2 minute read

Tilray’s Diversified Growth Strategy Is Paying Off, Here’s What’s Behind 34% YoY Revenue Increase In Q2

January 9, 9:54 AM

Canadian cannabis company Tilray reported a 34% increase in revenue in its second quarter of fiscal 2024. The company reported revenue of $194 million, up from $145 million in the same period last year. Tilray's cannabis net revenue increased 35% to $67 million, while beverage alcohol net revenue increased 117% to $47 million. Distribution net revenue also rose to $67 million, compared to $60 million in the same quarter last year. The company's gross profit increased 11% to $47 million, with adjusted gross profit up 18% to $52 million. Net loss in the second quarter amounted to $46 million, compared to a net loss of $62 million in the same period last year. Adjusted EBITDA stood at $10.1 million, down from $11 million in Q2 2023.

TLRY

3 minute read

Canadian Home Of Cookies, Sherbinskis And Wyld Cannabis Brands Acquired As BZAM Consolidates Market Presence

By Jelena Martinovic

January 8, 1:49 PM

BZAM Ltd. has completed its previously announced acquisition of all of the issued and outstanding shares of Final Bell Canada Inc. from Final Bell Holdings International Ltd. Under the deal, FBHI, the sole shareholder of FBC, has obtained 90 million BZAM's common shares at $0.15 per share, The combined company will be the Canadian home of some of the most recognizable international brands in the cannabis industry – including Berner's Cookies, Sherbinskis and Wyld.

BZAMF

2 minute read

Third Time Was Not The Charm: Alabama Judge Blocks Medical Marijuana Permits

By Jelena Martinovic

January 5, 11:01 AM

The Alabama Medical Cannabis Commission (AMCC) has had a third attempt to allocate medical cannabis licences put on hold by a Montgomery Court judge. The ruling was in response to allegations by plaintiff groups that the AMCC had used an improper voting process. It is thought the group will be able to demonstrate misconduct on the AMCC's part. The restraining order put an end to the issuing of licences across the board, putting an end to the so-called "integrated facility licences" through which operators would have gained an opportunity for vertical integration. Last week the same judge temporarily stopped the issuance of licences in the dispensary category.

CSE:VRNO

2 minute read

Tilray Expands Weed Drink Selection, Here’s What RIFF Brand Has In Store For Cannaseurs

By Jelena Martinovic

January 4, 10:09 AM

Canadian cannabis company Tilray has launched two new ready-to-drink THC and CBG-infused beverages as part of its RIFF brand. The RIFF BOOST drinks are available in Tropical Burst and Vanilla Frost flavours, and each contains 10mg of THC, 10mg of CBG and 30mg of naturally occurring caffeine from guarana extract. The beverages are available in 355ml cans. Tilray's RIFF brand debuted its first cannabis-infused beverages in July, with the introduction of sparkling THC drinks in Blue Raspberry Ice and Wild Raspberry Lemonade flavours. The new RIFF BOOST drinks are available in select regions and retailers in Canada, including Alberta, Manitoba and Ontario. Tilray expanded its cannabis beverage portfolio in November with products from its XMG and Mollo brands.

TLRY

2 minute read

Australian Market Opens Up To Clever Leaves With GMP Certification For Cannabis Manufacturing

By Jelena Martinovic

January 3, 11:04 AM

Colombian medical cannabis company Clever Leaves has been granted Good Manufacturing Practice (GMP) certification by the Australian Therapeutic Goods Administration (TGA). The certification allows Clever Leaves to manufacture cannabis products for patients in Australia. GMP certification ensures the quality and safety of pharmaceutical products by safeguarding against issues such as contamination, compound variations, product mix-ups, and incorrect labelling. The certification is a prerequisite for manufacturing and commercialising cannabis products in the Australian market. According to TGA data, 325,000 new Australian patients commenced cannabis treatment in the first half of 2023, with 320,000 new patients in 2022 and 150,000 in 2021. Clever Leaves already distributes finished cannabis products in Australia through its partners.

CLVR

2 minute read

Multi-Banner Cannabis Retailer’s Q3 Revenue Slumps Over 42% YoY But CEO Remains Optimistic

By Jelena Martinovic

January 3, 10:22 AM

Shiny Health & Wellness Corp. has reported a decrease in sales to CA$ 4.3 million ($3.2m million) for the three months ending October 31, 2023, down from CA$ 7.46m the previous financial year. The decline was attributed to market trends in the Ontario cannabis retail sector throughout the period, the pharmaceutical company said. Shiny Health also closed underperforming adult-use cannabis dispensaries and sold a number of larger stores. The Toronto-based firm recently inked an agreement with Karan S. Holla for his chain of 10 adult-use cannabis retail outlets, Stash & Co. CEO Meris Kott said Shiny Health was gradually building its brand presence in Ontario. The pharma company revealed that it made a CA$ 6m net loss for the quarter, an uptick from the CA$ 1.75m loss in the corresponding period the year before.

TSXV:SNYB

2 minute read

Canada-Grown Cannabis Now Available In UK As Analysts’ Top Canadian LP Makes Breakthrough

By Jelena Martinovic

January 3, 10:18 AM

Canadian cannabis company Village Farms International has announced the launch of two leading cannabis brands, Pure Sunfarms and The Original Fraser Valley Weed Co., in the UK. The products will be distributed by 4C LABS, a UK medical cannabis company. The launch includes three of Village Farms' most popular strains in Canada – Pink Kush, Jet Fuel Gelato and D. Burger. This move allows the company to expand in global medical cannabis markets including Germany, Australia and Israel.

VFF

3 minute read

Ontario Doubles Retail Weed Cap, More US States Eye Joining Cannabis Legalization Wave

By Jelena Martinovic

January 2, 3:58 PM

Ontario government has made changes to Ontario Regulation 468/18 under the Cannabis Licence Act of 2018, allowing cannabis retailers in the province to operate a maximum of 150 stores. In the meantime, South Dakotans for Better Marijuana Laws (SDBML) recently had their circulator handout approved by the secretary of state's office. In Nebraska, cannabis activists are tireless in their effort to amend cannabis law. Nebraskans for Medical Marijuana's volunteers collecting signatures to place their ballot cannabis initiative before voters this November recently reported having gathered roughly 50,000 thus far.

HITI

2 minute read

Setback Strikes Alabama’s Medical Cannabis Industry, Licenses On Hold Yet Again

By Jelena Martinovic

January 2, 12:33 PM

The issuance of licenses for medical cannabis businesses in Alabama has been temporarily halted by a judge. Montgomery Circuit Judge James Anderson issued a temporary restraining order on Thursday, preventing the Alabama Medical Cannabis Commission (AMCC) from granting licenses for dispensaries. The order followed a legal battle brought by a group of medical cannabis operators against the AMCC. The operators accused the commission of procedural violations and failing to follow its own grading and ranking guidelines when awarding licenses. The AMCC had previously granted 20 licenses for the production and distribution of medical marijuana on 1 December, part of an attempt to establish a medical cannabis industry in the state. However, Anderson's ruling upheld a request by Yellowhammer Medical Dispensaries to halt issuance of licenses in the dispensary category.

VRNOF

2 minute read

Latin American Cannabis Co. Blueberries Medical Wraps Up 2023 With Multi-Million Dollar Private Placement Deal

By Jelena Martinovic

January 2, 12:10 PM

Blueberries Medical, a Latin American licensed producer of medicinal cannabis and cannabis-derived products, has announced a non-brokered private placement, to raise approximately CA$1.9m ($1.4m). The company announced the sale of 180,716,00 common shares at CA$0.011 per share. The net proceeds from the sale will be used to repay existing debt and for general corporate and working capital purposes. The offering was led by Terraflos, a Latin American company founded and controlled by Facundo Garreton, who serves as Blueberries' chairman, CEO, and director. Terraflos is exploring opportunities in Argentina, Mexico, and Brazil and plans to expand into those markets in the near future.

ALID