Canopy to temporarily lay off 200 staff, re-open some stores 

Canopy Growth has temporarily laid off 200 retail staff members and is re-opening some of its corporate-owned pot stores across the country while adopting standards aimed at preventing staff from contracting COVID-19. The pot giant announced last month it planned to close its 23 legal cannabis stores in Manitoba, Saskatchewan and Newfoundland and Labrador to limit social interactions as the COVID-19 outbreak began to quickly spread across the country. Canopy spokesperson Jordan Sinclair wasn't immediately able to disclose which stores the company would be opening. The company operates a total of 36 stores across Canada, including its 23 corporately-owned stores. 

Ontario to shutter cannabis shops as province now deems retailers 'non-essential' during emergency action

To curtail the spread of COVID-19, Ontario is changing course on allowing cannabis stores to remain open during the province's emergency action. Canada's most populous province is now dubbing cannabis retail stores to be non-essential and be required to close. Cannabis producers will be allowed to remain operational as they provide a medical product, a government official told BNN Bloomberg. All 52 cannabis retail stores that operate in the province will be required to close effective as of Saturday, April 4, 2020 at 11:59 p.m. and to remain closed for at least the next 14 days.   

Acreage Holdings to temporarily lay off 122, ends $120M deal for Nevada operator 

Acreage Holdings said in a statement on Friday the U.S. cannabis operator is temporary laying off 122 employees and closing several operations, including dispensaries in Maryland and North Dakota, as a result of the COVID-19 pandemic. The company also stated its US$120 million deal to acquire Nevada cannabis producer Deep Roots is terminated due to being unable to obtain the necessary licensing from regulators. It also has suspended its financial targets for this year, which had included building out 10 to 15 new retail dispensaries and hitting positive adjusted EBITDA by the end of the year.   

Green Growth Brands sends CBD business into receivership     

Green Growth Brands, a U.S. cannabis operator that once made a $2.8 billion hostile offer for Aphria, announced its CBD business will now go into receivership following a decision by the company's board. Green Growth, which also announced last month that its CEO Peter Horvath is stepping down from both his chief executive role and his board position, will continue operating its cannabis business in Florida, Massachusetts, and Nevada. 
 

DAILY BUZZ

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