International Marijuana Business News

European Commission proposes unified EU vote on WHO cannabis scheduling recommendations

In advance of the March session of the United Nations Commission on Narcotic Drugs (CND), the European Union’s executive branch has proposed that EU member nations vote in favor of three of the six World Health Organization (WHO) cannabis scheduling recommendations. The European Commission “Proposal for a Council Decision” is meaningful because – if?adopted by […]

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Canada’s Aphria reports loss, cuts revenue guidance for 2020

Aphria reported a net loss of 8 million Canadian dollars ($6.2 million) for the second quarter ending Nov. 30, 2019, and the Canadian cannabis producer lowered its fiscal 2020 revenue outlook. The company’s net revenue for the three-month period was CA$120.6 million, down from the previous quarter’s CA$126 million and lower than analyst expectations. Net […]

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GW Pharma beats projections with $108M in Q4 sales thanks to CBD drug

A popular cannabis-derived epilepsy treatment is?increasing sales?for a London company making pharmaceutical treatments from marijuana. London-based GW Pharmaceuticals told investors Monday that it rang up $108 million in sales last quarter and $309 million for calendar 2019. The company’s fourth-quarter sales beat consensus analyst expectations of $102.4 million. GW attributed the sales figures to physicians […]

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Canopy, Loblaw among 8 hopefuls to take over New Brunswick cannabis sales

An opportunity to exclusively operate New Brunswick’s recreational cannabis retail, wholesale and e-commerce platforms has drawn interest from a wide range of companies, including Canada’s largest food retailer and the biggest marijuana producer in the country. New Brunswick received eight proposals ahead of the Jan. 10 deadline to run the province’s adult-use cannabis retail system: […]

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MJBizDaily donates $425,000 through Industry Giveback Program

Marijuana Business Daily donated more than $425,000 in cash and in-kind donations through its Industry Giveback Program in 2019. The program, established in 2015, supports nonprofit organizations and professional associations focused on industry building in areas of professional development and inclusion, sustainability and community development as well as continued support for legalization advocacy work across […]

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Avicanna signs medical cannabis supply deal with Canada’s Shoppers Drug Mart

Toronto-based Avicanna – which has cultivation operations in Colombia – on Friday announced?an agreement with Shoppers Drug Mart to supply Canada’s largest pharmacy chain with medical cannabis. However, the products – at least initially – won’t be shipped from Colombia.?Avicanna will have one or more Canadian producers manufacture them, which will then be sold online […]

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British Columbia cannabis tax revenue set to soar, adding to pressure for local revenue-sharing deal

British Columbia’s monthly share of the federal tax on cannabis rebounded 62% to 781,000 Canadian dollars ($600,000) for August after falling below CA$300,000 in July for only the second time since legalization. According to new data provided by the province, B.C. received CA$7.2 million in shared tax revenue from Ottawa between October 2018 and August […]

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New medical cannabis sales opportunities in Peru face downward price pressure after winning company’s very low bid

The price offered by the winner of the first bidding process to supply medical cannabis in Peru came in well below that of other applicants,?setting a precedent for the market’s future and possibly limiting the revenue opportunities for other suppliers. According to government documentation obtained by?Marijuana Business Daily, Oregon-based Anden Naturals won the government’s supply […]

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Will Horgan deliver for cannabis sector in 2020? Experts offer policy ideas for British Columbia’s premier

British Columbia has thus far failed to transition much of the thriving noncompliant cannabis market into the regulated fold. The province’s dismal sales through legal channels reached only 12 million Canadian dollars ($9 million) in August, suggesting something is not quite right with the province’s approach to cannabis policy. Indeed, while?British Columbia has opened the […]

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Analyst warns of shelved expansion, restructuring as cannabis firms ‘teeter on edge’

The number of Canadian cannabis producers with fewer than six months of cash on hand has increased over the past quarter, reflecting disappointing earnings and front-loaded capital expenditures, according to an analyst. Greg McLeish of the Toronto office of Mackie Research Capital found that 25 companies are down to half-a-year of cash when capital expenditures […]

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