Pot stocks plunge in October

It was a month to forget for Canada’s cannabis industry. Sure, Canada legalized the drug mid-month, but investors weren’t cheering. They took the opportunity to “sell the news,” pushing the Toronto Stock Exchange’s Health Care sector down by about 22 per cent, the biggest fall among the exchange’s 11 industries. In the broader cannabis market, the Horizons Marijuana Life Sciences Index tumbled by about 21 per cent in the month, while The Green Organic Dutchman led the cannabis industry with a 46 per cent plunge. The pot industry’s biggest names weren’t immune from the declines, as Aurora Cannabis, Canopy Growth and Aphria moved 29 per cent, 18 per cent and 9 per cent lower, respectively.  

Molson to launch pot drink next year: CEO

Molson Coors Brewing wants first-mover advantage when it comes to cannabis-infused drinks. Molson CEO Mark Hunter told analysts during a conference call on Wednesday that it expects to launch a drink with cannabis as a main ingredient along with its pot partner Hexo next year. The companies launched Truss, a joint venture, earlier this month, which will be the brand name that will develop the beverages for the Canadian market following legalization sometime after October 2019. Molson should expect some competition in the cannabis-drink space as Canopy and Constellation are likely to produce a beverage, while other smaller players have made announcements signaling their intention of entering the lucrative “ingestible” market.

Over 500 people work in Manitoba’s pot industry 

Getting pot into consumers’ hands is inevitably a laborious task – and it’s leading to a hiring blitz in one Canadian province. The Winnipeg Free Press reports that about 500 people are now directly employed by Manitoba's legal cannabis industry. The jobs are mainly in the horticulture or retail segments of the pot industry, but as the market evolves, more positions in ancillary areas as well as uniquely skilled roles such as lawyers and accountants will be needed. The province’s biggest cannabis employer is Delta 9 Cannabis with 153 people on the payroll, mostly in its east Winnipeg office. 

Thailand looks to legalize medical marijuana

The next country looking to legalize medical marijuana could be Thailand. The Southeast Asian nation is seeking to be the first country in the continent to legalize medicinal use of the drug, according to an official who spoke to Agence-France Presse. A draft bill that permits its use has been sent to the military junta's National Legislative Assembly, which will have its first reading in the country’s parliament within the next month. The country’s climate makes it an ideal place to grow cheap cannabis as officials hope to attract some of the millions invested in similar medical marijuana industries in the U.S. and Canada.

Canada’s legal weed more like a soft launch

It looks increasingly like the start of legal weed here in Canada is more of a soft launch than a full-scale rollout, according to the Associated Press. With a few retail outlets operating and rampant supply shortage, the AP reports that licensing pot producers has been slow and despite the delays, the federal government is taking steps to speed up the process. Still, the black market continues to persist even as illegal dispensaries across the country are shut down by local police. Meanwhile, of the 132 marijuana producers approved by Health Canada, only 78 have sales licenses, leaving some companies waiting impatiently to sell their pot to Canadians.

DAILY BUZZ

"We did not want to be a spectator as this new market opened up and we clearly wanted to be a participant."

- Molson Coors Brewing CEO Mark Hunter on entering the cannabis-infused marketplace next year when edibles will be legalized in Canada 

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