Canadian Medical Marijuana & Cannabis Industry News

Cannabis firm Atlas expands to Denmark, plans large indoor production

Published September 3, 2019 | By Matt Lamers

Edmonton, Alberta-based Atlas Biotechnologies is expanding to Denmark, where the Canadian producer plans to repurpose a sprawling indoor mushroom farm for medical cannabis cultivation. The initiative, expected to cost 40 million-50 million Canadian dollars ($27 million-$37 million), aims to be fully operational by the end of 2020. Atlas follows in the footsteps of Canada-based international […]

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Tilray inks first deal to buy adult-use cannabis retailer in Canada for CA$110 million

Published August 29, 2019 | By Matt Lamers

Canadian cannabis producer Tilray is expanding into Alberta’s competitive recreational marijuana market with the planned acquisition of retailer Four20 for 110 million Canadian dollars ($82 million). It is Tilray’s first agreement to acquire a cannabis retailer in Canada outright after taking small positions in Spiritleaf and Westleaf. Four20 has six of Alberta’s 277 adult-use cannabis locations. The definitive […]

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Constellation expects $54 million loss from marijuana giant Canopy Growth

Published August 28, 2019

Alcohol giant Constellation Brands said it expects to report a $54.3 million loss in its quarter ending Saturday related to its stake in Canadian cannabis producer Canopy Growth. The six-month loss ending Saturday attributed to the investment in Smiths Falls, Ontario-based Canopy is expected to be $132.5 million, according to an 8-K filing with the […]

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MJBizDaily awards deadline is Saturday for cannabis leaders

Published August 28, 2019

The deadline for submitting nominations for Marijuana Business Daily’s inaugural MJBizDaily Awards is Saturday. The awards, which will be held during MJBizCon Week (Dec. 7-13) in Las Vegas, will recognize the top companies, individuals and organizations participating in the global cannabis industry. The MJBizDaily editorial staff will choose the winners in the awards categories that cover different […]

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Cronos investor Altria in merger talks with fellow tobacco giant Philip Morris

Published August 27, 2019

Altria Group and Philip Morris International are in discussions over a potential all-stock “merger of equals,” the companies confirmed Tuesday. If the merger comes to fruition, it could have an impact on one of the Canadian cannabis sector’s leading companies. Last December, Virginia-based tobacco company Altria Group agreed to invest 2.4 billion Canadian dollars ($1.8 […]

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iAnthus reports higher marijuana revenues, smaller loss

Published August 27, 2019

New York-based iAnthus Capital Holdings, a multistate cannabis company, on Tuesday reported revenue of $19.2 million for the second quarter, an increase from $256,000 from the same period a year ago. The net loss for the quarter ending June 30 totaled $9.3 million, compared with a loss of $35.4 million in the same period a […]

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New York-based marijuana REIT raises $141 million

Published August 26, 2019

GreenAcreage Real Estate Corp., a real estate investment trust (REIT) that serves the cannabis industry, on Monday announced it raised roughly $141 million when it completed a private placement of about 7 million shares. GreenAcreage, headquartered in New York, is an independently managed REIT that intends to provide sale-leaseback and build-to-suit transactions for those in […]

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After slow start, Canada’s recreational marijuana sales reach new high

Published August 23, 2019 | By Matt Lamers

Adult-use cannabis sales through regulated channels in Canada reached a new high in June after meandering for much of the first half-year of legalization, according to the latest, seasonally adjusted data from Statistics Canada. Sales of regulated adult-use cannabis surpassed 85 million Canadian dollars ($63 million) in June, an improvement over May’s CA$79 million and April’s […]

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Cannabis retailer Green Growth inks first equity raise

Published August 22, 2019

Ohio-based Green Growth Brands, which last month agreed to buy a multistate operator that sells both medical and recreational marijuana, completed an initial equity raise for 50.2 million Canadian dollars ($37.8 million). Green Growth said in a statement that the raise is intended to fuel expansion, much like the company’s $310 million purchase in July of Moxie. […]

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