Week in Weed – March 30, 2024

| Staff

This week, StratCann’s Tim Wilson took an in-depth look at the similarities and differences between how cannabis and alcohol are regulated and taxed in Canada.

Ontario plans to add $31 million to its budget to deal with an increasing number of illegal cannabis stores. At the same time, Toronto also wants more money from the province for the same reason.

New Brunswick introduced legislative changes to address illicit cannabis sales in that province.

Sales up and losses down for Auxly in 2023, and BC-based cannabis producer Rubicon Organics Inc. reported an increase in net revenue and a decrease in net profit in its recent year-end results for 2023.

Cannabis retailer Nova Cannabis Inc. reported its first year of net revenue in 2023 as part of its recently released annual report. The company saw some of its most significant increases in revenue from the growth of its “data licensing program.”

Peers Cannabis’ had to recall their Giggly Bits Sativa from Ontario and Saskatchewan due to a minor labelling error.

A Manitoba woman who pleaded guilty to distributing illicit cannabis edibles on Halloween with her husband in 2022 received a $5,000 fine from provincial court

We also looked at the ongoing failure of media and public health officials to distinguish between legal and illegal cannabis products, especially edibles, when reporting on issues of hospitalization or access to young people. 

In other cannabis news this week…

Trina Fraser, Partner at Brazeau Seller Law, spoke with CBC radio about the Expert Panel’s new report.  

Lawyers for Aurora Cannabis and a group of shareholders have agreed to settle a class-action lawsuit where the company allegedly booked a “sham” transaction to boost its sales figures. Both sides reached a settlement via mediation on March 4.

High Tide closed on their previously announced acquisition of accessories brand Queen of Bud. High Tide also announced its fourth store in Mississauga, the company’s 167th Canna Cabana branded cannabis retail location in Canada, the 58th in the province of Ontario, and the fourth in Mississauga.

The Canadian Press spoke with two young people who were diagnosed with cannabis-induced psychosis who are supporting the expert panel’s recommendation that Health Canada establish a standard dose for cannabis, saying it would help nudge people toward safer consumption.

Organigram Holdings Inc. announced a US $2 million minority investment in Steady State LLC (dba Open Book Extracts or OBX in the form of a convertible note. Based in North Carolina, OBX specializes in cannabinoid ingredient production and serves as a one-stop formulation and finished goods manufacturer. 

The Canadian Hemp Trade Alliance (CHTA) says the Expert Panel that conducted the Cannabis Act review “missed the opportunity to recommend meaningful amendments to the Cannabis Act and Industrial Hemp Regulations.”

A new study published in Nature suggests that weight loss drug Ozempic might help people struggling with Cannabis Use Disorder (CUD).  

A fraud charge against the former chairman and chief executive officer of cannabis stock market company Instadose Pharma Corp. has been stayed in Ontario court over excessive delays.

RCMP in Midway, BC, say they disrupted a lab in Beaverdell used for manufacturing cannabis shatter.

Niagara Regional Police are looking for a lone male suspect who entered the Cannabis Cupboard at 4506 Ontario Street, Beamsville, with a revolver style black handgun and demanded money from an employee. The man fled on foot with the money. 

Media in Nottingham, England, reported that a local grandfather was found with cannabis and evidence that allegedly showed an agreement to buy 1kg of cannabis from Canada for $4,000 Canadian dollars (no excise included).