Week in Weed – March 2, 2024

| Staff

Lots of cannabis news from StratCann this week. 

Tim Wilson took a deep dive into the complexities of excise tax reform. Spoiler, you’re gonna need to get the provinces on board.

Meanwhile, the House of Commons Standing Committee on Finance called for changes to cannabis tax in a non-binding decision.

New data from Stats Canada showed household spending on cannabis is down, driven by declines in the medical market and the illicit market, despite increases in the legal non-medical market. 

An Ontario cannabis store shared a creative approach to get around social media restrictions.

A BC cannabis company is bringing infused poutine to the Quebec market, and BC’s Community Savings rolled out pre-approved credit cards for cannabis companies.

TobaGrown’s lawyers have filed an appeal against last year’s court ruling that upheld the province’s home grow ban.

In stonk news, there were a flurry of financial reports this week, with the biggest being BZAM getting CCAA protection due to ongoing financial challenges

In addition, Greenway Greenhouse, Cronos, Avant Brands, and Nextleaf Solutions all shared their financial reports. 

Wayne Patrick Consumer Products is pursuing a Sale, Refinancing and Investment Solicitation Process due to insolvency.

A new study raised questions about the accuracy of eyelid tremors as evidence of cannabis impairment, and researchers at UBC launched a clinical trial exploring CBD for bipolar depression.

Finally, an unlicensed cannabis store in New Brunswick was fined $20,000 by a judge.

In other cannabis news last week

MJBiz had a scoop this week, reporting that the CRA will be calling on provincial wholesalers to garnish payments intended for producers that owe money to the tax authority. Three provincial wholesalers confirmed that the CRA told them to garnish payments originally intended for licensed producers over unpaid taxes. The CRA is owed more than $200 million

CBC broke a story about a Manitoba foster home where former and current employees say staff had been providing underage youth with cannabis as a harm reduction tool. The Manitoba government says it is cutting ties with the organization. The owner is criticizing the province for the move. 

The Windsor Star ran a piece on CannTrust’s Peter Aceto, who says he became the “fall guy” for the company’s previous problems

Following news of his passing, Post Media ran a story on former Prime Minister Brian Mulroney’s involvement with Acreage Holdings, a cannabis company located in BC but operating in the US.

Vancouver-based seed-to-sale platform Elevated Signals raised $7.9 million to aid the expansion of its manufacturing operations software into new sectors.  

A resident of Enniskillen, Ontario, raised concerns over the local council’s decision-making process on new zoning rules for cannabis operations, highlighting what they say is a significant oversight. A letter from Cannim Canada, indicating its intention to apply for a license to grow cannabis in a local greenhouse, was not shared with the council before it made changes to zoning rules aimed at mitigating odour and light pollution. 

The Union of BC Municipalities’ (UBCM) Community Safety Committee received a report on cannabis policy as part of its February executive meeting.

The Good Shroom Co Inc., a cannabis company, announced its expansion plans in Quebec, Alberta, and Prince Edward Island.

Tilray Brands, Inc. announced its new Good Supply infused ‘Juiced’ cannabis pre-roll multi-packs in several provinces.

Quebec cannabis producer Jubilee is introducing new edibles infused with minor cannabinoids CBG and CBN, along with two new flavours. Additionally, the brand announced new infused topicals coming in spring, as well as body butters and bath salts. Jubilee products are available in Ontario and Alberta. 

Heritage Cannabis released its Q4 2023 and year-end financial results, with $11,409,434 in gross revenue for the three months ending October 31, 2023, and a comprehensive loss of $14,123,548. Its loss for 2023 was $19,906,411, down from a loss of $23,937,773 in 2022.

Ayurcann Holdings Corp. announced its results for the three and six months ended December 31, 2023, with $10.7 million in gross revenue and $771,622 in losses.

And lastly, MTL Cannabis announced its financial and operational results for the three and six months ended December 31, 2023, with nearly $9 million in gross profit, $248,286 in losses, and an estimated selling price of $1.84 per gram for dried flower.