This Week in Cannabis: Top Stories From Across Canada From August 10-6
This week in Cannabis: Cannabis NB reports more financial losses, CannTrust’s second facility fails Health Canada’s inspections, Gene Simmons steps back, and the first individual to hold a license for the medical sale of cannabis is an ex-cop.
We’ve rounded up this week’s top stories from across Canada
New Brunswick’s Crown cannabis corporation Cannabis NB lost $11.7M in its first six months of operation, and has now posted a $2.2M loss for its first quarter of 2019.
After the province’s first signs of financial trouble Progressive Conservative Premier Blaine Higgs discussed privatizing the recreational industry, scaling down Cannabis NB, or bringing in third-party “experts” to fix the company.
Now, Finance Minister Ernie Stevens is blaming the reported losses on illicit dispensaries as they continue to be the “biggest risk” to the Crown’s profits in the province.
On Monday, stocks prices continued to tumble for CannTrust Holdings Inc., after reports of their second manufacturing facility in Vaughan, Ont. was rated “non-compliant” by Health Canada.
After being notified of the adverse rating, the company ensured remedial actions were underway.
CannTrust shares fell $1.04, or 24.7%, to $3.17 on the Toronto Stock Exchange in mid-morning trading. The swing marks a second consecutive volatile trading session, as shares initially fell Friday morning, only to roar back late in the day to close more than 40% higher.
Gene Simmons, bassist in the popular KISS band, “abdicated” his role as “Chief Evangelist Officer” for Canadian cannabis company Invictus MD after working 17 months out of his five year contract.
Instead of continuing his duties as Chief Evangelist Officer, Simmons has positioned himself into a joint venture with the company to produce CBD beverages.
Out of over 200 companies licensed by Health Canada to operate in the Canadian cannabis space, former organized crime official Jeffrey Meyers has become the first individual to hold a license to sell medical cannabis in the country.
Meyers believes his background in organized crime enforcement can extend to help keep organized crime out of the country’s legal cannabis industry.
With files from Jesse B. Staniforth, The Canadian Press, and Harrison Jordan
KELOWNA, BC: In what promises to be one of the most intriguing comedy sets of the summer, comedians will perform two sets next Thursday; one clean and the other green. We know cannabis can make things funnier, but does it enhance comedic stylings? Come out and see as locals take the test, hosted by Miklos Blackshaw. Tickets are $10.
TOFIELD, AB: The actual Grey Area Fest isn’t until 2020, so this weekend you’ll have to settle for a 3-day camping festival with dab bars, 420 markets, and notably kick ass sets from artists like Sticky Buds, DJ Dopamine, DJ Traphouse and ounces of others.