Saskatoon police see less crime than expected from cannabis legalization
Crime tied to legal cannabis resulted in fewer-than-expected issues during the first year of legalization, according to research conducted for the Saskatoon's Board of Police Commissioners. CBC News reports that Saskatoon police laid 206 charges, including eight driving offences, in a report that was delivered to the city’s police board on Thursday. "Cannabis Act investigations have not had a significant impact on the [Saskatoon Police Service]," the report says. The police also laid 11 charges in relation to the federal Cannabis Act, including one investigation that resulted in the seizure of 3.45 kilograms of cannabis and 960 grams of shatter — a concentrated cannabis resin.
Valens signs five-year technology deal with SōRSE for global expansion
Kelowna, B.C.-based Valens GroWorks said it entered into an exclusive licence with SōRSE Technology Corporation to use its proprietary cannabis emulsion technology for future operations in Europe, Australia and Mexico. The deal provides a framework for Valens to obtain rights to use the technology in the U.S. and other markets on a non-exclusive basis, the company said in a statement. The SōRSE emulsion technology takes cannabis oil and transforms it into a water-soluble form that can be used in beverages, edibles, topicals and other consumer products without burdening consumers on cannabis’ distinctive taste, colour or smell. Details of the five-year deal include a US$6 million cash payment and US$4-million worth of Valens shares to SōRSE, as well as a minimum US$2 million royalty payment annually to SōRSE.
MedMen cuts more jobs, signs new term sheet in fresh effort to reach positive EBITDA
U.S. cannabis operator and retailer MedMen Enterprises said late Wednesday it laid off 20 per cent of its corporate-level staff, a move aimed at slashing the company’s selling, general and administrative expenses by more than half. The company said it has “strategically reduced its corporate headcount” by 40 per cent over the past month, resulting in savings of about US$20 million annually. MedMen also said it entered into a term sheet to issue US$27 million of subordinated voting shares at US$0.43 per share as well as tweaks to its governance structure to allow its Executive Chairman Ben Rose a one-year proxy for the company’s super voting shares. Lastly, MedMen plans to reach positive adjusted EBITDA by September 2020. Given the nature of the company’s balance sheet, however, Canaccord Genuity analyst Matt Bottomley said the company’s ability to “navigate its expansion initiatives will be challenged.”
Thailand PM uses medical cannabis oil publicly
Thailand’s government launched a website earlier this week to inform its citizens about medical cannabis usage in the Asian country. To celebrate the launch of the website, Prayut Chan-o-cha, the country’s prime minister, attended an event complete with “ganja dolls” while publicly using medical cannabis oil. Thailand’s The Nation newspaper reported that Chan-o-cha told attendees that cannabis substances need to be carefully handled and should be used to help low-income residents access affordable medicine. Developing a robust medical cannabis industry in Thailand was a key demand of one of the biggest political parties part of the country’s 19-party coalition government led by Chan-o-cha.
-- The decline in revenue expected by British Columbia’s Liquor Distribution Branch, the province’s cannabis wholesaler, amid delayed store rollouts and lower-than-anticipated demand for legal pot, according to the B.C. government’s second-quarter fiscal report. The wholesaler now expects annual fiscal revenue to come in at $1.1 billion.
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