Recreational cannabis sales in Canada are on the rise, according to new Statistics Canada figures.

Also this past trading week, a cannabis producer in Canada was forced to make various staff layoffs.


Keep reading to find out more cannabis highlights from the past five days.

 

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Adult cannabis sales yield C$255 million

New data from Statistics Canada indicates that the country’s recreational cannabis sales rose 5.2 percent in August compared to the previous month.

The Ontario market saw the biggest jump month-on-month, reporting a 10.9 percent sales spike from July to August. Alberta experienced only a small increase of 1.5 percent in sales despite having the most stores of any province in the country.

According to BNN Bloomberg, Stifel analyst Andrew Carter is penciling in the Canadian market for C$2.6 billion in sales throughout 2020.

Producer lets go of 18 percent of its workforce

VIVO Cannabis (TSX:VIVO,OTCQX:VVCIF) confirmed to the market that it has been forced to let go of approximately 45 staff members as part of a wide effort to reduce costs amid a turbulent year for operations in the Canadian cannabis market.

“These changes will allow VIVO to reduce costs by specializing resources and streamlining our organizational structure,” VIVO CEO Barry Fishman said in a statement.

The workforce cuts were done after an internal review of the company’s operations. The company decided to restructure the work being done at its Napanee operation in Ontario

The changes go all the way up to VIVO’s board of directors, as the company announced Dan Laflamme will step down as director at the company.

Cannabis company news

  • Planet 13 Holdings (CSE:PLTH,OTCQB:PLNHF) informed the market it is upping a new public offering to 5.8 million shares and targeting proceeds of C$25 million.
  • The Green Organic Dutchman Holdings (TSX:TGOD,OTCQX:TGODF) closed its most recent bought deal, which saw over 53 million shares of the company offered at a price of C$0.24. The deal brought the company gross proceeds of C$12.75 million.
  • AMP German Cannabis Group (CSE:XCXannounced it will start offering products from Australia-based producer Little Green Pharma (ASX:LGP) through its distribution business in the German medical cannabis market.
  • Jushi Holdings (CSE:JUSH,OTCQB:JUSHF) closed a special offering, netting the company C$40.8 million in gross proceeds. It plans to employ the money for acquisitions and general business uses.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

 

Cannabis - Will The Fortune 500 Join The Party?

 
Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!
 

Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF) (“Curaleaf” or the “Company”), a leading international provider of consumer products in cannabis, today announced Boris Jordan Curaleaf Executive Chairman, will participate in Cantor Fitzgerald’s cannabis focused “Weednesday Series” investor fireside chat on June 30, 2021 at 11:00 am ET .

The event will be hosted by Pablo Zuanic , Managing Director, U.S. Consumer and Cannabis Equity Analyst at Cantor Fitzgerald and will be webcast live. To access the fireside chat webcast, please visit the investor relations section of the Curaleaf website, under the events tab, at https://ir.curaleaf.com/events .

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Codebase Ventures Inc. (“Codebase” or the “Company”) (CSE:CODE)(FSE:C5B)(OTCQB:BKLLF) is excited to announce that the Company’s investment, Love Hemp Group Plc. has signed a major endorsement agreement with World Heavyweight Champion, Anthony Joshua, (https:twitter.comanthonyjoshua

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Canbud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“Canbud” or the “Corporation”) is pleased to announce that its subsidiary Empathy Plant Co. has joined Plant-Based Foods of Canada (PBFC).

PBFC was founded in 2018 and has since acted as the collective voice of plant-based food companies. As a division of Food, Health & Consumer Products of Canada (FHCP), they work to keep consumers, governments and industry participants informed about the benefits of plant-based foods. The goal of PBFC is to move regulations forward to support innovation, growth and make plant-based eating more available to the masses.

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 Trulieve Cannabis Corp. (” Trulieve ” or the ” Company “) (CSE: TRUL) (OTC: TCNNF) and Harvest Health & Recreation Inc. (” Harvest “) (CSE: HARV) (OTCQX: HRVSF) today  announced the expiration of the 30-day waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (the “HSR Act”) in connection with the previously announced proposed acquisition (the “Transaction”).

Trulieve CEO Kim Rivers commented, “Completion of the HSR milestone is exciting and we will continue to work toward closing this strategic transaction. Upon closing, we expect to leverage the expertise and resources of the combined companies to realize meaningful scale and expansion for years to come.”

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Little Green Pharma Ltd (ASX: LGP) has acquired a world-class, fully-operational, GMP medicinal cannabis cultivation and manufacturing facility in Denmark from Canopy Growth Corporation (TSX:WEED, NASDAQ: CGC).

The facility, located in Northern Odense , has the capacity to produce in excess of 12 tonnes per annum of finished flower and provides LGP with much-needed product supply from its current inventory of ~1 tonne of medicinal cannabis flower products.

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