Week in Weed – June 8, 2024

| Staff

The biggest cannabis news this week in Canada was Friday’s big package of proposed regulatory changes from Health Canada, which we gave a brief overview of (more analysis in the coming weeks once the industry has had a chance to process all this).

We also looked at new changes in Alberta to allow private label cannabis products and a recall from Health Canada due to the “presumed presence” of HHC.

Retail chain Four20 filed an NOI under the Bankruptcy and Insolvency Act, a Conservative MP from Alberta says he would vote to recriminalize cannabis if given a chance, and the SQDC contributed $258.8 million to Quebec in 2023.

In Quebec, the Mohawk Council of Kahnawà:ke shared feedback on its new cannabis regulations, and in Ontario, Legacy Supply Chain announced its processing licence.

In law enforcement news, there were several raids and arrests announced at unlicensed cannabis stores in New Brunswick, as well as Nova Scotia, Manitoba, and Ontario

In other cannabis news this past week…

CBC ran an article discussing the low number of people interested in a pardon for a cannabis offence. Nearly five years since the program was launched, the Parole Board of Canada says only 845 pardons for cannabis possession have been granted.

In BC, North Saanich council approved a cannabis store. This final vote follows a months-long process that included several rounds of public engagement and a public hearing on May 27.

Indiva Limited provided an update to the information contained in its press release dated April 2, 2024, regarding its agreement with SNDL Inc. Indiva says the date by which it is required to have satisfied certain current liabilities under the Amending Agreement with SNDL has been extended to June 13, 2024

ZYUS Life Sciences Inc. received a Cannabis Drug License for its processing facility located in Saskatoon, Saskatchewan, which is dedicated to the manufacture of pharmaceutical-grade cannabinoid formulations.  

Greenline announced the launch of its new payment processing platform, BLAZEPAY™, a fully integrated, compliant, and secure payment solution for all Canadian cannabis retailers.

Redecan Cannabis announced a new flower SKU, ‘Purple Churro’, available in 3.5g and 14g dried flower formats in Ontario, Alberta, and coming soon in Manitoba and British Columbia, with further national expansion expected later this summer.

Bud Bash held an event at Parkdale in Toronto on June 6, and the C-45 Quality Summit was held in Hamilton on June 7, featuring speakers from Health Canada, the OCS, and AGLC.

Canopy Growth Corporation announced the establishment of an at-the-market equity program that allows them to issue and sell up to US$250 million of common shares of the Company. Canopy Growth intends to use the net proceeds from the ATM Program, if any, for investments in businesses and/or to fund any potential future acquisitions and for working capital and general corporate purposes, which may include the repayment of indebtedness.

International cannabis news

Most of the earnings from the illicit cannabis market in the Netherlands stay in the country, according to Statistics Netherlands. About 1.4 billion euros stay within the Dutch economy, while about 0.2 billion euros go abroad.

The government in Victoria, Australia, has announced its launch of a trial to research the effects of medicinal cannabis impairment on driving.

Australia Greens senator David Shoebridge has pledged to press on with the party’s bill to legalize adult use despite a senate committee rejecting the proposal last week.