Week in Weed – August 26, 2023

| David Brown

At StratCann this week, we continued to cover the rather curious claims made by the AGLC in regard to their ruling that CBN is a minor intoxicating cannabinoid, we looked at a new Health Canada report on regulatory fees, how paperwork and security requirements are challenging for small producers, and new figures showing Canadian retail cannabis sales passed $420m in June 2023

We also looked at the BC LBD’s latest quarterly report for cannabis sales, UBC launching a new Biology of Cannabis course, a new study once again showing high levels of pesticides in samples from the illicit market, and reports of three fires started at Canna Cabana locations in Ontario. 

We also shared our feature on the new Elevate Cannabis Industry Expo in Toronto, September 12-15, an in-depth look at Cannabis taxation’s multiplier effect in our newest deep-dive, and Nova Scotia’s focus on supporting local growers.

In other cannabis news:

Health Canada is reminding licence holders of an online course: Cannabis Act and Regulations – Understanding Compliance and Enforcement. This self-paced course helps federal cannabis licence holders understand their obligations under the Cannabis Act and the Cannabis Regulations.

Health Canada’s quarterly financial report for the quarter ended June 30, 2023 shows increases in authorities available for spending in fiscal year 2023-24 were $6,975 million at the end of the first quarter as compared with $5,687 million at the end of the first quarter of 2022-23. This includes $131.1 million in funding for the renewal of the federal framework for the legalization and regulation of cannabis in Canada.

In an interview with Radio Canada, clinical psychologist Julia Santo says the legalization of cannabis has complicated, but also simplified, the exercise of her profession. 

Village Farms announced the appointment of Orville Bovenschen as President of Pure Sunfarms effective immediately. Mandesh Dosanjh has stepped down from his role at Pure Sunfarms and will move into a strategic advisory position for a transitional 90-day period. Bovenschen joined Village Farms as VP of European Business Development and Operations and was later named COO of Pure Sunfarms. He also formerly held several senior roles in cannabis, during which, among other things, he oversaw innovation and new product launches.

BZAM announced its financial and operating results for the three and six months ended June 30, 2023 (“Q2 2023”). Quarterly gross revenues were $30 million during Q2 2023, up 89 percent from Q2 2022, and quarterly net revenues were $19.3 million, up 66% from the previous year.

Loss from operations for the quarter was $12.1M compared to $11.7M in Q1 2023. BZAM says the increase in loss was driven by lower gross profit, and partially offset by the decrease in SG&A quarter-over-quarter. 

The company has sold its Midway, BC facility (completed August 4, 2023), expects the Maple Ridge, BC facility sale to be completed in September 2023, and has achieved EU-GMP certification for its Ancaster, ON facility.

New products:

Organigram announced it is launching new THCV gummies, CBG infused pre-rolls, and a high-potency 1×0.5g pre-roll under its Trailblazers brand. 

Canopy announced several new pre rolls.

SNDL and Nova have again extended their date for the closing of their previously announced strategic partnership due to the continued review of the deal by a province. The two companies have previously had to push back the date for the same reason. 

Lastly, AgriCann, which operates Craft Nurseries Canada Ltd., announced it will now be offering products through BC’s Direct Delivery program