CannTrust said Ontario pot distributor to return nearly $3M of cannabis, citing breach of supply agreement

Beleaguered cannabis producer CannTrust said Ontario’s pot wholesaler and online retailer is returning nearly $3 million of the company’s products as it no longer conforms with the terms of its supply agreement. The setback is the latest for CannTrust which is awaiting word from Health Canada on what kind of action it would take on the company which was found to have grown thousands of kilograms of cannabis in several unlicensed locations. CannTrust noted that the Ontario Cannabis Store operates independently of Health Canada, which has not ordered a recall on any of the company's products, while other provinces continues to sell their remaining CannTrust products.

Sundial rebuts report on poor quality cannabis, cites “factual inaccuracies” in article

Sundial Growers is pushing back on a report alleging that the cannabis producer supplied pot to Zenabis that was rife with quality issues. A company spokesperson told BNN Bloomberg in an email that there were “factual inaccuracies in the article” that stated Zenabis returned more than 500 kilograms of cannabis back to Sundial after discovering the shipment was of poor quality and contained bits of rubber. “While Sundial cannot comment on specific customer agreements due to contractual confidentiality, we can confirm that this isolated, immaterial matter, is being resolved between Sundial and the Licensed Producer,” the company spokesperson said. As well, Sundial said the matter will have no impact on its Q2 financials and a “negligible” impact on Q3 results.

PharmaCielo begins shipments of medical-grade CBD isolate to Europe

Colombian cannabis producer PharmaCielo announced the company has made its first CBD shipment to Switzerland, the first such commercial shipment from a South American company to Europe. The company said Monday it has delivered its first medical-grade CBD isolate to the Swiss headquarters of Creso Pharma. The shipment was made shortly after PharmaCielo was granted an export licence by the Colombian government last month to ship cannabis products overseas. PharmaCielo previously announced it would acquire Creso Pharma for A$122 million in June.

Uruguay to hike cannabis prices to improve quality amid export plans   

Cannabis prices are set to rise in Uruguay, the first country in the world to legalize marijuana, according to Cannabis Wire. The news website said that the country’s Institute for the Regulation and Control of Cannabis will hike cannabis prices by an unspecified amount to improve the “safety of the product”, a potential sign that Uruguay may be looking to improve pot exports for medical usage. According to Cannabis Wire, Uruguay’s cannabis costs about $1.87 per gram, up from $1.38 per gram in 2017. In Canada, a gram of cannabis is valued at $6.86, according to Cannabis Benchmarks.

DAILY BUZZ

300
-- The amount in acres that Auxly Cannabis is sponsoring to help finance a hemp farm co-operative in Prince Edward Island. 

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