Week in Weed – April 6, 2024

| Staff

Financial reports and restructuring were yet again the theme in the news this week, with Stigma Grow’s parent company releasing their Q2 2024 financial report, Lifeist announcing the restructuring of CannMart after shareholders rejected plans to sell it, and Heritage Cannabis seeking creditor protection.

Also, BC’s second-largest city, Surrey, could again be looking at a plan to allow up to 12 cannabis stores next week, Trudeau was interviewed about Canada’s approach to legalization as part of a French documentary on cannabis, C3 announced its new president, New Brunswick said it can’t enforce its cannabis laws on First Nations reserves, and someone crashed into a weed store in Ontario. 

We also shared our monthly cannabis industry jobs update.

Oh, and we had some fun with two April Fool’s Day articles, with satirical takes on Trudeau’s and Poilievre’s stances on cannabis laws that caught some of our readers off guard. 

In other cannabis news this week…

CBC covered some of the evolutions of the cannabis market in New Brunswick, with Cannabis NB CEO Lori Stickles, Kevin Clark with Eco Canadian Organic, and Jonathan Wilson from Crystal Cure speaking about new CannabisNB stores and the possibility of consumption spaces and tourism, especially for farmgate operators. 

A Nova Scotia court acquitted Chris Googoo this week, an Indigenous man from the Millbrook First Nation who faced counts of possession of cannabis for the purpose of distributing and selling it. The decision means there will be no constitutional challenge related to treaty rights in the case, but Goodoo’s lawyer, Jack Lloyd, told CBC that Googoo will seek to challenge cannabis laws in federal court. More on this story next week from StratCann.

CBC also ran a more in-depth story on this court case and the broader issue in Canada around First Nations jurisdiction as it relates to cannabis laws, speaking with the owners of several Indigenous-owned cannabis stores and First Nations leaders. 

The Star ran a story on a number of raids of unlicensed cannabis stores in Ontario last week, including at least one location of the Mississaugas of the Credit Medicine Wheel chain, and at least two locations of Cannabis and Fine Edibles (CAFE). The article also quoted C3’s Rick Savone, Canopy CEO Rick Klein, and High Tide’s Omar Khan, who spoke positively about new provincial funding to target unlicensed stores. 

On a similar note, CBC Radio spoke with Corry Van Iersel of True North Cannabis Co., who says he’s frustrated by the lack of enforcement against illicit stores.

Nextleaf Solutions announced the launch of infused pre-rolls with up to 1000mg THC per 3-pack under their Glacial Gold brand, as well as increased distribution for their Glacial Gold softgels. 

High Tide announced its fifth Canna Cabana Store in Mississauga.

Christina Lake Cannabis announced a delay in the filing of its 2023 annual financial statements. They now expect to file no later than May 31, 2024.

Organigram Holdings Inc. announced that sales of their Shred brand have surpassed the $200 million mark in yearly retail sales.

And, of course, in International news this week, Germany’s new cannabis laws have come into effect as of April 1. The law allows for personal possession and home cultivation, but not sales. Cultivation “Clubs” will become legal in July. 

A judge in New York struck down certain aspects of the state’s new cannabis laws after siding with a lawsuit brought by Leafly that challenged the restriction of cannabis stores advertising on third-party websites. 

Although the ruling initially appeared to void the state’s entire regulatory regime, the decision was later amended to show that the judge voided the state rules dealing only with so-called third-party platforms such as Leafly that help marijuana companies market and promote their products.