This week at StratCann, we looked into a Toronto city councillor who is asking Ontario where additional promised cannabis tax revenue went, and a new study that suggests cannabis users may have greater “emotional comprehension.”
We also covered PEI’s annual cannabis sales report, with nearly $23 million worth of cannabis sold in 2022-23, Calgary Police investigating a string of robberies at cannabis stores, and new figures from Stats Canada showing a decline in retail cannabis sales in September.
We also looked into organic cannabis cultivation methods with our friends at Elevated Botanist, featured the newest Good Weed Board, and profiled a micro cannabis producer working to preserve Lasqueti Island’s unique cannabis culture, Lasqueti Island Cannabis.
In other cannabis news this past week…
Plans announced by SNDL to close its cannabis production facility in Olds, AB, will not affect the cannabis training courses offered by Olds College of Agriculture and Technology, a college spokesperson says.
Indiva posted its Q3 2023 report with a record $9.8 million net revenue, representing a 30.4% sequential increase from Q2 2023 and a 21% increase year-over-year from Q3 2022. The cannabis producer attributes this increase largely to the continued growth of its edibles sales, such as the Pearls by Grön gummies, Wana products, and the introduction of No Future gummies and vapes. Net revenue in Q3 from edible products alone was $9 million.
The company also posted inventory impairment charges in Q3 2023, totalled $0.6 million and $2.1 million cumulatively year-to-date, related primarily to bulk lozenges and packaging, which can’t be sold due to Health Canada’s order to halt production and sale of these products, as well as the write off of aged and out of spec bulk and finished goods, and certain marketing, packaging and raw materials. Indiva says it will continue to “work to monetize any impaired inventory which remains saleable.”
Indiva also entered into a supply agreement with SNDL whereby SNDL will supply the company with certain distillate products on an exclusive basis.
The McGill Daily ran a five-year retrospective on legalization in Canada, noting industry struggles and public health concerns.
CTV reported that three men broke into Dank Cannabis in Calgary. The group stole money from the cash register and took an employee’s vehicle. Police say a witness reported seeing a gun. No one was injured.
CannaPharmaRX harvested its first crops on August 10 and September 11 in a former Aurora Cannabis facility northwest of Cremona in Mountain View County, Alberta. CannaPharmaRX hopes to sell cannabis to a company in Israel, Y.S.A. Holdings.
Australian cannabis producer Cannim now has a licence to cultivate cannabis in Canada as of October 27. The facility, a large greenhouse, is in Petrolia, Ontario. The Petrolia Lambton Independent reports that local zoning regulations prevent cannabis from being grown at the site. The news site also reports that Cannim announced a merger with Chatham-Kent based Medisun in a $12 million deal in 2021.
Herbal Dispatch’s third quarter results for 2023 show a gross revenue of $1.5 million, a 45% increase from Q2 2023. HD has over 200 customers on its direct delivery retailer platform and over 2,000 active customers on its medical sales platforms.
Jazz Pharmaceuticals Canada Inc. announced that Health Canada has approved Epidiolex® (cannabidiol oral solution) for use as adjunctive therapy for the treatment of seizures associated with Lennox-Gastaut syndrome (LGS), Dravet syndrome, or tuberous sclerosis complex (TSC) in patients two years of age and older. The Health Canada approval was based on results from five double-blind, randomized, placebo-controlled Phase 3 clinical trials, with a total of 939 LGS, Dravet syndrome, or TSC patients enrolled, making it one of the largest global clinical trial programs to date in rare refractory epilepsy syndromes.
The company also completed its second export sale of cannabis to Australia in November 2023, consisting of 130 kilograms of dried cannabis, generating revenue of $0.5 million. This export sale will be reported in revenue in Q4.
The Six Nations Elected Council and the Six Nations Cannabis Commission (SNCC) condemned what they say was the handing out of cannabis at the recent Six Nations Santa Claus parade. The commission also said it was “disheartening” that the float won first place. Six Nations is demographically the largest First Nations reserve in Canada. The SNCC has established their own cannabis regulations; however, some cannabis businesses in the community oppose these regulations and operate outside of them.
Foothills County council in Alberta has given first reading to a bylaw allowing for a cannabis store at the Heritage Pointe Mall on Dunbow Road.
A new study published in Nature reveals key genetic factors behind cannabis use disorder, linking it to psychiatric disorders and potential lung cancer risks.
Plane Jane Cannabis Company has applied to operate a non-medical cannabis retail store in Campbell River. If approved, it will be the third private retail cannabis store in the area.
The Sorel, Quebec-based company Nuances MJ acquired two additional machines for its production of pre-rolled joints, which increases its manufacturing productivity by approximately 70% and will thus meet the strong demand from Quebec and Canada.
A new study shows that about one in nine people in Germany uses CBD-containing products. When the study was conducted at the end of 2020 and the beginning of 2021, 40.2% of the German participants had already heard of products containing CBD, and 11.4% had actually used them; 42.1% of the users consumed such products regularly, at least once a week, primarily orally via oils or tinctures, and purchased them mainly online. More than half of the study participants perceived the health benefits of CBD use as high or very high.