Aurora Cannabis (ACB.TO)(ACB) plans to close five facilities, lay off roughly 700 workers, and expects a $60 million charge in the coming quarter, the company said Tuesday.
The Edmonton-based cannabis producer said the moves are part of its business transformation plan announced in February, which resulted in the loss of about 500 jobs at the time and a $1 billion writedown.
Canopy Growth (NYSE:CGC) CEO David Klein has a "magic number" in mind for when the U.S. will legalize cannabis. In an interview with CNBC's Jim Cramer last week, Klein said that he expects cannabis will be legalized at the federal level in the U.S. in 2022.
A Los Angeles City Council committee Tuesday approved a series of changes to reset the city’s troubled legal marijuana market, including bolstering programs intended to help operators who suffered during the nation’s long-running war on drugs.
Los Angeles was once seen as a potential showcase for the industry, but that has never squared with the reality on the street: illegal shops continue to flourish, while licensed companies complain that just about everything costs too much and takes too long when dealing with City Hall.
In March, Canadian cannabis sales hit a new record with sales of 181.1 Canadian dollars, as reported by Statistics Canada. Concerns about the shortfall of cannabis due to the COVID-19 outbreak led customers to pile up their inventories. As a result, there was a sharp rise in marijuana sales.
The cannabis industry has been a beneficiary of the COVID-19 pandemic as consumers have been purchasing more cannabis than prior to the outbreak. Several states still have restrictive policies in place for restaurants, bars, gyms, and shopping malls. The closures and the limitations have made it easier for people to stay inside and this is a trend that we expect will benefit the cannabis industry over the next year.
Some major cannabis companies in Canada are facing a multi-million dollar proposed class-action lawsuit over allegations the potency of their products is “drastically different” than advertised.
The statement of claim filed in Calgary on Tuesday accuses the companies of failing to properly label their products and alleges negligence on their part.
The plaintiffs are seeking a $500-million judgment — “or such other amount as may be proven at trial” — along with punitive damages of $5 million from each of the defendants.
Three hundred to one. Those were the odds against the U.S. legalizing marijuana at the federal level that I calculated 10 months ago. I didn't just pull those numbers out of thin air. They were based on a reasoned analysis of all the dynamics in play last summer.
When Mitt Romney was running for president in 2012, he traveled to Colorado, where a reporter questioned him about the state’s impending legalization of recreational marijuana.
“Ask me about something important,” he shot back, before calling on the next journalist.
In the desert, Republicans and Democrats have found something to agree upon: A majority in both parties plan to vote to make marijuana legal in the upcoming Arizona election if they get the chance.
