It's one of the biggest cannabis producers in Canada, even if it doesn't really have a full-time CEO in place. 

But then, based on the run that privately-held Redecan Pharm has had over the past few years, it appears to be doing just fine without one. 
 
"We all wear different hats here," said Will Montour, one of the owners of Redecan, who also manages its sales and marketing operations, in a rare interview with BNN Bloomberg. "Right now, you're talking to the marketing director and one of the head sales guys. This afternoon, I'll probably mop the floors. And then I'll go in the back and help with packaging."
 
The company's success is a far cry from its early days in 2014 when Rick Redekop founded the company as one of the first cannabis producers to obtain a licence from Health Canada to grow medical marijuana. Since then, Redekop added Montour and his family (his brother Peter manages the production side of the business) as well as members of the Hill family, who are behind the Grand River Enterprises tobacco empire, joined Redecan's ownership group. 
 
It's an untraditional and lean management structure, especially compared to the rigidness seen in other corporate-heavy cannabis companies. But it seems to be working. 
 
While Montour declined to provide revenue or profit figures, the company is the third-biggest in Canada with nine per cent of the recreational market, behind Aphria Inc. and Canopy Growth Corp., and eclipsing other well-heeled players like Tilray Inc. and Aurora Cannabis Inc., according to recent Headset figures. It's also the leading seller for pre-rolls and oils, according to Headset. 
 
"If I want to do something, if we see a trend, if I wanted to make a change, I'll call my brother," Montour said. "If he says, 'Yes,' we just do it. We don't sit there and we don't have a meeting about the meeting and then set up a board meeting. Our board is me, my brother and our other partner, Rick."
 
Redecan has no plans to tap public markets, despite getting frequent calls to do so, Montour said. 
 
"If you asked me two years ago, having this unlimited bankroll that some of these other companies had, I would have said, 'Yeah, we would [have gone public.' It would have been nice to have a little bit more money to throw around,” he said. “But I think having that big wallet kind of backfired on a lot of people."
 
The company also doesn't have any immediate ambitions to be a significant player in the U.S., an area that is top of mind for much of the Canadian market, Montour said. He also said there's also no significant M&A plans either, as the company "has its hands full in the categories we're in." 
 
His next move, however, will see Redecan employing its low-price, no-nonsense strategy to the edibles market with the release of its "Rededibles" gummies. 
 
"We wanted to let the dust settle a little bit," Montour said. "Let everyone come out of the gates. Let's see what works. Let's see what doesn't work."
 

THIS WEEK'S TOP STORIES

Jazz to buy GW Pharma for US$7.2B as pot science firms gain fervour 

GW Pharmaceuticals, the company behind the first drug derived from purified CBD, was acquired by Ireland’s Jazz Pharmaceuticals for US$7.2 billion in a cash-and-stock deal. Once it closes, the deal is the biggest such M&A takeover in the cannabis industry. GW sells a medication called Epidiolex made with a purified form of CBD that can help treat children suffering from severe epilepsy. The drug was approved by the U.S. FDA in 2018 and GW is in late-stage trials for another cannabis-based product to treat multiple sclerosis. Altacorp analyst David Kideckel said in a report that the deal may carry positive effects to the broader industry, notably for other companies that have invested in cannabinoid-based science products.     

Democrats close to unveiling major U.S. cannabis reform legislation 

Cannabis stocks enjoyed a brief rally earlier this week, extending gains made in January, after Democratic Senators, including Majority Leader Chuck Schumer, stated their intention to bring forth legislation aimed at reforming cannabis-related laws in the "early part of the year." Schumer has been a steadfast supporter of legalizing cannabis for some time; so while the news isn't exactly relevatory, it does mark a legislative change that could see several previous bills such as the MORE Act or SAFE Banking Act consolidated into a new reform package.    

Regulators cancel trades after Nabis Holdings' 9,500% rally

Investors who took bets on micro-cap cannabis firm Nabis Holdings were likely upset after regulators cancelled trades made in the company to help "protect market integrity." Nabis shares rallied from one penny last month to $1 on the Canadian Securities Exchange, a 9,500-per-cent gain that was wiped out after the Investment Industry Regulatory Organization of Canada (IIROC) said all trades between Jan. 27 and Feb. 2 would be canceled. IIROC didn't provide further reasoning behind the trade cancellations, but noted Nabis' stock would remain halted for the rest of the month. 

Tilray begins shipping medical pot to Spain, Portugal

Canadian cannabis producer Tilray began shipping medical marijuana to patients in Portugal and Spain this week. The shipments come a week after Tilray was named a supplier to a pilot program in France to develop its medical cannabis market. Tilray, which is set to merge with Aphria later this year, now ships medical products to 17 countries around the world. RBC Capital Markets analyst Douglas Miehm said the deals help advance Tilray's strategic positioning for further expansion across the European medical market.  

Jamaica sees cannabis shortage, while medical pot supply unaffected 

There appears to be a cannabis shortage in Jamaica. The Associated Press reports that inclimate weather conditions, coupled with higher consumption rates and fewer marijuana farmers are leading to a dearth of cannabis in the county. Jamaica, whose reputation for being a global cannabis hotspot draws thousands of tourists to the country, decriminalized possession of small amounts of marijuana in 2015. Jamaica's Cannabis Licensing Authority issued a notice saying there is no shortage of medical cannabis on the island. It’s worth noting that there's still a billion grams of pot stuck in the vaults of Canadian legal producers that doesn't have a home yet.
 

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