Canada’s pot czar says cannabis supply sufficient despite retail issues

Bill Blair, Canada’s minister in charge of cannabis legalization, said there is “sufficient supply” to meet existing pot demand despite what many retailers in the country describe as an ongoing nationwide inventory shortage. In a series of tweets, Blair pointed to Health Canada figures that showed there was nearly 18 times more supply than reported monthly sales in December. Inventory levels for finished dried cannabis were down four per cent in December from the prior month, according to Health Canada statistics. Blair’s comments come as retailers across the country have frequently spoken out on the ongoing supply issues that have led some stores to cut back on hours, staff and even close their doors for good.

Canadian pot edible sales may not start in October: Blair

Meanwhile, sales of marijuana edibles may be delayed even as the federal government legalizes them in October, according to Canada’s pot czar. In an interview with Bloomberg, Blair, the Trudeau cabinet minister who leads the pot file, said legalizing cannabis-infused products is a “complex area with a greater risk” that the government needs to get right. Bloomberg reports that sales could be pushed at least to December if regulations kick in by October.

Guess who won the lottery for the ‘POT’ ticker on the TSX?

No, really… You’ll have to guess. The TMX Group, which operates both the Toronto Stock Exchange and the TSX Venture told The Canadian Press that a company has been selected to get the ticker formerly held by Potash Corp. out of roughly 40 lottery entrants. However, a TMX spokeswoman said that it will not disclose the winner or to which industry it belongs. Instead, breaking the news will be left to the winning company itself. The TMX did confirm that the winner is a currently-listed company.

European pot market bigger than previously expected: Canaccord

Canaccord Genuity said in a report Wednesday that sales of medical cannabis and wellness products in Europe are surging more than previously expected, with the continent’s CBD product market worth 750 million euros or potentially five times what was previously forecast. Meanwhile, prescription volumes in the Netherlands, Germany and Denmark -- three of the top markets in Europe -- more than doubled in 2018, Canaccord said. Overall medical cannabis sales were around 160 million euros last year.

DAILY BUZZ

$2.49 billion
– The value of deals that Canaccord Genuity either led or co-led in the cannabis industry in 2018

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