Canopy Growth plans range of pot edibles
Canopy Growth has big plans for its edibles and vape pen rollout
Canopy Growth, the world’s biggest pot producer, is gearing up to release a wide range of cannabis-infused edibles and beverages when they become legal later this year, the company's CEO told BNN Bloomberg. Canopy expects to sell a variety of form factors including non-caffeinated chocolate, five different kinds of beverages, and vape pens with new cartridge technology once Health Canada formally legalizes them, said Canopy CEO Bruce Linton. Canopy's strategy comes as Health Canada wraps up public feedback on Wednesday for its draft regulations to minimize public health and safety risks posed by cannabis edibles, extracts, and topical products. To prepare for anticipated demand, Canopy has secured several supply deals with MediPharm Labs and Valens GroWorks to obtain large amounts of cannabis oil, the critical ingredient needed to create edibles and vape pens.
Dollinger back at Namaste in advisory role, withdraws legal action
Sean Dollinger is back at Namaste. Well, kind of. Namaste’s former CEO said he will return to the Toronto-based cannabis e-commerce firm as a senior advisor after reaching a settlement with the company. Earlier this month Namaste said it would commence legal action against the co-founder after an internal investigation identified alleged breaches of fiduciary duty and self-dealing related to the sale of its U.S. division. Dollinger countersued, commencing legal action of his own against Namaste to stop his termination unless a “proper process” was followed. On Tuesday, however, Namaste said in a release that Dollinger has withdrawn the legal action and that interim CEO Meni Morim will remain at the helm of the company.
Fire & Flower goes public, inks deal for two Ontario pot shops
It was a big day for cannabis retail chain Fire & Flower. The company went public on the TSX Venture Exchange on Tuesday with its shares trading as low as $1.15 after opening at $1.49. Meanwhile, the retailer announced it secured agreements with two winners of the Ontario pot shop lottery to open stores in the province’s eastern region, which is still undergoing an eligibility review phase. Fire & Flower currently operates seven cannabis retail stores in Alberta, two cannabis retail stores in Saskatchewan, and a wholesale cannabis supply business in Saskatchewan.
MJardin appoints former Aquilini exec as new chair, interim CEO
North American cannabis producer MJardin Group has appointed Adrian Montgomery as the company’s new chairman and interim CEO to replace outgoing CEO Rishi Gautam. Montgomery comes to the company after stints at Tuckamore Capital Management, a Canadian private equity firm, the Aquilini Group – owner of the NHL’s Vancouver Canucks – and Rogers Media. MJardin also provided an update on its growth plans, stating it is on track to produce more than of 31,000 kilograms of cannabis per year by 2020.
South Korea passes law to allow medical cannabis imports next month
South Korea will be the latest Asian country to allow imports of medical cannabis, according to the country’s ministry of food and drug safety. Starting on March 12, South Korea will allow imports and exports of non-hallucinogenic doses of medical marijuana for patients suffering from epilepsy and other diseases. Despite the loosening of the country’s cannabis regulations, smoking and trafficking marijuana for recreational use remains illegal with those found guilty facing upwards of five years in prison.
“A lot of people are making money but they’re not willing to actually do the research.”
– Dr. Yasmin Hurd, director of the Addiction Institute at Mount Sinai, who has studied the cannabis compound CBD for about a decade, on the lack of research for the drug
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