Constellation ‘pleased’ with Canopy’s work despite US$839M writedown in Q2 

U.S. beer maker Constellation Brands had to write down its investment in Canadian pot giant Canopy Growth by US$839 million when it reported its fiscal second quarter results on Thursday. However, despite booking that write down – and attributing a loss of US$484 million to its cannabis investment – Constellation’s CEO Bill Newlands is “pleased” with Canopy’s progress over the past few months. He noted he’s looking forward to Canopy’s release of edibles and extracts in the Canadian market later this year as well as its U.S. CBD offerings. Newlands comments are a stark change from the displeasure he voiced during the company’s previous quarterly call with analysts where he expressed frustration with Canopy’s year-end results. Canopy’s outsized losses led to the ousting of co-CEO Bruce Linton in July.

Aurora Cannabis releases sweeping update on its various initiatives 

Aurora Cannabis released a broad corporate update on its various global initiatives on Thursday. In particular, the company highlighted its construction progress in its operations located in Edmonton and Medicine Hat, Alta., Whistler, B.C. and Denmark. Aurora also provided some new information regarding its outdoor harvests in Westwold, B.C. where it will cultivate 50,000 plants, and Lachute, Que. where it grew 600 kilograms of cannabis earmarked for extraction. Lastly, Aurora gave updates on various global initiatives and its partnerships, including several retail chains in Canada.

Pepsi doesn’t appear to be that interested in the cannabis market yet 

Cannabis may not be in the cards for PepsiCo just yet, according to the company’s CFO Hugh Johnson. Johnson told Yahoo! Finance that the company would like to see how cannabis-related beverages “evolve before we declare any specific plans in that category.” Johnson’s comments come following similar statements from Coca-Cola executives who said in recent interviews the global beverage giant is taking a wait-and-see approach before getting into a pot-infused drink.

Leaked email from Organigram shows bacteria in cooling towers after province reports legionnaires' disease outbreak: CBC

Moncton, N.B.-based cannabis producer Organigram may be in some hot water locally after an email obtained by the CBC found that several of its cooling towers in August were shut down and cleaned after "elevated bacteria counts" were found. That email was sent around the same time the province’s health department said cooling towers in the Moncton area were the source of an outbreak of legionnaires' disease where 16 people fell ill. The towers were closed and cleaned. The province has refused to identify the source location, the CBC said. Organigram declined to comment to the CBC after the broadcaster inquired about the cooling towers.

DAILY BUZZ

US$150 million
-- The size of an investment fund that Entourage Effect Capital is looking to raise to invest in the legal cannabis market, the company said on Thursday. 

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.