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TGOD receives Health Canada licence to sell cannabis oils
The Green Organic Dutchman said Monday it has received a Health Canada licence to sell organic cannabis oils that are produced at its Hamilton, Ont. facility. The company said in a release Monday that its Unite Organic cannabis oil, which is derived from a high-potency THC-dominant strain, will begin shipping later this month. Brian Athaide, TGOD’s CEO, said Health Canada’s green light also paves the way for the company to prepare for cannabis beverages and edibles, once the products become legal. “Cannabis 2.0 is rapidly approaching, and we will be ready,” Athaide said in a release.
CannTrust says preliminary estimate shows Q1 net revenue up 116%
CannTrust says its preliminary estimates show that it will post net revenue of $17 million for the first full quarter after legalization, an increase of 116 per cent from the same period last year. The Vaughan, Ont.-based cannabis producer also said in a business update Monday that it harvested 9,424 kilograms of marijuana from its Niagara operations, up 96 per cent from the fourth quarter. The firm’s adjusted loss before taxes and other expenses is estimated to be between $3.5 million and $4.5 million, less than its fourth-quarter net loss of $8.5 million.
Cannabis One buying key assets from Nevada’s Evergreen Organix
Denver-based Cannabis One announced on Monday three agreements to acquire key assets from Evergreen Organix, a Nevada-based marijuana cultivation, manufacturing and branding company. As part of the US$33.34-million cash-and-stock deal, CSE-listed Cannabis One will acquire Nevada state-issued cannabis cultivation and manufacturing licences, the flower brand Fleur and Evergreen Organix’s cannabis-infused product lines. Cannabis One said in a statement that the deal will provide it with a significant brand presence in Nevada’s medical and recreational market, and more than 27,000-square-feet of additional cultivation capacity.
MedMen’s COO, general counsel step down
U.S. cannabis retailer MedMen Enterprises announced Friday that the firm’s chief operating officer, Ben Cook, and general counsel, Lisa Sergi Trager, have both resigned. Cook – a supply chain veteran who previously worked for Sam’s Club, Target and Apple – was COO for less than a year after being named to the position last October. Trager also served as a member of MedMen’s board of directors. The leadership changes come amid concerns of overspending and after MedMen’s former CFO James Parker filed a lawsuitagainst the company on Jan. 29 alleging wrongful dismissal. MedMen said it has also named Ryan Lissack as chief technology officer.
Third pot store opens in Toronto, just in time for 4/20
Toronto’s third legal cannabis store opened its doors this past Saturday, just in time for the unofficial marijuana holiday known as “4/20.” Nova Cannabis took over an old American Apparel on Queen Street W., one of the city’s most popular retail areas. The store features a large glass counter filled with products from licensed producers, sales staff who use tablets to take customers’ orders, and a large self-serve kiosk. Nova’s owner, Heather Conlon, told the Toronto Starthat the retailer stocked up on cannabis and expected to have enough supply for its launch, but admitted it may experience some week-to-week restocking issues.