Canada’s cannabis industry represented $7.24 billion to the country’s gross domestic product in December, slightly below a revised $7.25 billion made in the prior month, according to latest figures released by Statistics Canada.
The country’s legal cannabis market represents $3.0 billion of economic output to Canada’s GDP, an increase of 138 per cent when recreational pot was legalized in Oct. 2018. Meanwhile, the illicit cannabis market’s contribution to Canada’s GDP has fallen by over 20 per cent to about $4.18 billion in that same time.
CannTrust no longer in compliance with NYSE listing rules
Embattled cannabis producer CannTrust said Friday that it has received written notification from the NYSE that it is no longer in compliance with the exchange’s continued listing standard rules. That comes as CannTrust’s shares has fallen below the NYSE’s “share price rule”. The NYSE requires the average closing price of a listed company’s common shares to be at least US $1.00 per share over a consecutive 30 trading-day period. CannTrust now has six months to regain compliance with the NYSE and its shares will continue to trade on the exchange. Earlier this month, CannTrust appointed Greg Guyatt as its CEO as it attempts to get back into regulatory compliance with Health Canada.
Alberta to slap 20% tax on all vaping products later this year
In addition to updating its forecasts for its provincial cannabis operations in its annual budget late Thursday, Alberta is slapping a 20 per cent tax on vape products in an effort to cut down teen vaping. The tax will be added to both nicotine and cannabis vape products, including pens, refillable and prepackaged cartridges, flavouring and nicotine solutions, and e-liquids, according to the Edmonton Journal. The tax is expected to be in place by this fall and is projected to bring in $4 million in revenue in Alberta’s current fiscal year, rising to $8 million the next year. British Columbia also levied a 20 per cent tax on vape products effective at the beginning of this year, a move also aimed at curbing youths from vaping.
Durant advises NBA to end ban on cannabis amid emerging pro sport leniency on drug
It’s time for the NBA to end its ban on cannabis, according to Brooklyn Nets all-star Kevin Durant. Durant, who recently joined Canopy Rivers’ advisory board through his investment firm Thirty Five Ventures, explained his stance on cannabis during an appearance on a recent episode of “All The Smoke”. “It’s just like, marijuana is marijuana. It’s not harmful to anybody. It can only help and enhance and do good things. I feel like it shouldn’t even be a huge topic around it anymore,” he said.” Cannabis is currently one of 200-odd substances banned by the NBA although other pro sports leagues like Major League Baseball recently stopped fining or suspending their players from using the drug, according to the New York Post.
Authored By: BNNBloomberg Article category: Marijuana Business News Regional Marijuana News: Canada
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