Canopy secures cannabis oil extraction supply deal

Canopy Growth announced a deal with Barrie, Ont.-based MediPharm Labs to supply the Canadian pot producer with up to 900 kilograms of extracted cannabis oil. The 18-month supply agreement includes a minimum of 450 kg with an option to purchase an additional 450 kg. Financial terms were not disclosed. The agreement between the two companies will establish an “early-mover advantage” to meet the so-far-unknown need in Canada for value-added products such as softgels and other products including edibles and infused beverages.

Pharmacy-led lobby group wants medical pot sold in pharmacies

A lobby group made up of pot producers, drug companies, pharmacists and retailers is calling on provincial and federal government authorities to amend rules that regulate the sale of medical marijuana, stating it should be easily sold in pharmacies. Right now, patients’ medical marijuana prescriptions can be sent to them by mail, but the group argues that allowing the sale of the drug in pharmacies would reduce the risk of patients self-medicating through the recreational market and bolster sales. There are currently more than 300,000 registered medical marijuana patients in Canada, roughly 10 per cent of the country’s recreational marijuana users.

U.S. legislators strike deal on Farm Bill; hemp officially in final bill

Legal hemp in the U.S. appears to be a near-certainty as the latest version of the U.S. Farm Bill will include a provision to legalize industrial hemp. The bill still needs to work its way through Congress but political observers expect it will be passed into law by the end of the year. Legal hemp will likely usher in a new era where CBD, one of the key chemicals in the marijuana plant, can be used in food, cosmetics, beverages and other consumer-packaged goods.

WeedMD’s revenue rose 460% in Q3

London, Ont.-based WeedMD reported third-quarter results Thursday, with revenue soaring a whopping 460 per cent year-over-year. The pot producer said it made $2 million in its most recent quarter, as it began ramping up the sale of adult-use recreational marijuana. The company still booked a $1.3 million adjusted operating loss, nearly triple from the same period a year ago, but doubled the amount of working capital on hand to about $44 million.

DAILY BUZZ

“The goal is to get these pot lounges up and running, get marijuana out of our casinos and hotels.”
–  Tick Segerblom, Clark County Commissioner-elect, on advancing legalization of Amsterdam-like cannabis lounges in Las Vegas

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day.