The leading East Coast cannabis conference and trade show, CWCBExpo, returns to the Javits Convention Center, June 5-6, 2024 with immersive exhibit floor experiences, top education as well as plenty of business building opportunities and after parties. This year CWCBExpo has partnered with the New York Cannabis Workforce Initiative (CWI) offering attendees a unique opportunity to connect with leading employers in the rapidly growing cannabis industry in the New York Cannabis Workforce Pavilion.
“CWI is proud to partner with CWCBExpo to showcase our workforce development and legal educational programs as well as platform colleges that have cannabis curriculums. There is no better forum for CWI to promote our services that prioritizes diversity, equity, quality jobs and career paths in this emerging cannabis industry,” said David Serrano, Project Manager, Cannabis Workforce Initiative. “We also look forward to hosting a Job Fair at CWCBExpo for anyone interested in employment and career paths.”
CWCBExpo New York will also offer expanded educational opportunities including two pre-show in-depth workshops on Dispensary Ownership & Operations Bootcamp and Cultivation: Licensing, Technology & Operation led by subject matter experts, Sara Gullickson, Founder & CEO, Cannabis Business Advisors; and David Fettner, Co-Founder, Grow America, LLC, respectively.
There are also a diverse range of curated sessions taking place on Wednesday and Thursday that will feature speakers with unique expertise, all aimed at providing the essential knowledge and insights to elevate and grow businesses as well as provide updated rescheduling insight. Topics include an Industry Update: “Trends, Challenges and Opportunities – Why New York is the Market to Watch in the Midst of Rescheduling;” by Cy Scott of Headset; a Fireside Chat with Tremaine Wright, Chair, New York State Cannabis Control Board; “Cannabis Retail Marketing in the Digital Age;” “High Tech: How Technology Can Drive Your Business;” and “The Journey to Legitimacy: The OGs and OQs of Cannabis.”
Additional special features include a Fireside Chat with Industry Icon, Josh Kesselman, Founder and CEO of HBI International/RAW Rolling Papers and a Women in Cannabis Luncheon that includes a Fireside Chat with Dawne Morris, Founder, CEO, Proteus420 and a panel on “Entrepreneurship While Female: Motivated, Intelligent. And Successful.”
A hallmark of the CWCBExpo New York events are the ample business-building opportunities including the B2B Bash Rooftop Party and Norml Forml on June 4th, the Industry Yacht Party on June 5th, NYCRA’s After Party on June 6th and Cannabis Week events and promotions that bring the industry together.
“This is the year that CWCBExpo celebrates the community, the industry, our clients, and all the newcomers who’ll be joining in—the industry is about to grow again,” said Christine Ianuzzi, CEO, CWCBExpo.
CWCBExpo New York will also have a dynamic expo floor with the most innovative product, service and technology companies showcasing their solutions for the entire cannabis ecosystem. Sponsors of CWCBExpo include Green Life Business Group Inc. (Show Bag); DisplayDispensary.com (Lanyard); Proteus420 (Women in Cannabis Luncheon and Women’s Pavilion Supporting Sponsor); and ATMOSIScience (Women’s Pavilion Supporting Sponsor).
“For 10 years, CWCBExpo’s mission has been to provide those involved in the business of cannabis with essential resources and information for their success. This event is uniquely crafted to foster professional growth, provide top-notch education as well as cutting-edge products, services and show experiences and our show in June will be no exception,” said Mary Bender, Show Director, CWCBExpo. To register and secure the best pre-show pricing go to: https://cwcbexpo.com/registration_ny. For more information email: cwcbe@cwcbexpo.com or call 201-580-2050.
About CWCBExpo (Cannabis World Congress & Business Exposition) CWCBExpo is an established business-to-business trade show event for the legalized cannabis and hemp industry. It is held in New York City, the largest business, financial, and media market, and is the leading forum for dispensary owners, growers, suppliers, investors, medical professionals, government regulators, legal counsel, and entrepreneurs looking to achieve business success and identify new areas of growth in this dynamic and fast-growing industry. Visit: www.cwcbexpo.com.
Canopy Growth Corporation, a world-leading cannabis company dedicated to unleashing the power of cannabis, today announced its financial results for the fourth quarter and fiscal year ended March 31, 2024 and the filing of an annual report on Form 10-K, including the audited consolidated financial statements for the fiscal year ended March 31, 2024 and the unqualified report thereon of the Company’s independent registered public accounting firm. All financial information in this press release is reported in Canadian dollars, unless otherwise indicated.
Highlights
Storz & Bickel® net revenue in Q4 FY2024 increased 43% as compared to Q4 FY2023 driven by strong sales of the new Venty portable vaporizer.
Canada cannabis net revenue in Q4 FY2024 increased 4% as compared to Q4 FY2023 led by a 16% increase in the Canada medical cannabis business.
Total Cost of Goods Sold (“COGS”) decreased by 45% in FY2024 and Canada cannabis COGS decreased by 54% year-over-year, driven by the cost reduction actions.
Consolidated Gross Margins increased to 27%, an improvement of 4,600 basis points year-over-year in FY2024, with Canada cannabis, International markets cannabis and Storz & Bickel all posting higher Gross Margins year-over-year.
Operating loss from continuing operations of $229 MM in FY2024. Adjusted EBITDA loss was $59 MM in FY2024, representing an improvement of 72% year-over-year, driven primarily by revenue growth and successful cost reduction actions taken to date.
Cash, cash equivalents, and short-term investments of $203 MM at March 31, 2024. Benefiting from balance sheet strengthening actions completed subsequent to the end of FY2024, the Company has no material debt due until March 2026.
“In Fiscal 2024 we fortified Canopy’s foundation for future growth. With a resolute focus on cannabis, we have momentum and are poised to seize the opportunity presented by continued regulatory developments in Germany and the United States. Entering FY2025, Canopy has growing businesses in all of the world’s most attractive cannabis markets, a leading portfolio of high-impact brands, and a rapidly developing U.S. ecosystem,” said David Klein, Chief Executive Officer.
“We have made remarkable progress and delivered dramatic reductions in expenses, cash burn, and debt over the past year. These efforts have significantly enhanced our financial stability and moved us toward achieving positive Consolidated Adjusted EBTIDA. With no material debt maturing until 2026, Canopy is equipped to capitalize on growth opportunities and enhance shareholder value,” said Judy Hong, Chief Financial Officer. Fourth Quarter FY2024 Financial Highlights
Storz & Bickel® net revenue in Q4 FY2024 increased 43% as compared to Q4 FY2023 to $22 MM driven by strong sales of the new Venty portable vaporizer. Storz & Bickel Gross Margins improved to 41% in Q4 FY2024 driven primarily by a positive shift in product mix.
Canada medical cannabis delivered its 5th consecutive quarter of revenue growth in Q4 FY2024 with revenue increasing 16% as compared to Q4 FY2023 benefiting from customer mix and larger product assortment in the Spectrum Therapeutics online store. Canada cannabis segment revenue in Q4 FY2024 increased 4% as compared to Q4 FY2023 to $37 MM driven by growth in the Canadian medical cannabis business.
International markets cannabis net revenue in Q4 FY2024 increased 32% as compared to Q4 FY2023 to $12 MM driven by growth in Germany and Poland as well as the timing of revenue from the US CBD business which is non-recurring. International markets cannabis Gross Margins improved by 5000 bps to 54% in Q4 FY2024 driven primarily by change in geographic mix and impact from non-recurring revenue from the US CBD business.
Consolidated Gross Margins in Q4 FY2024 improved to 21% due to cost reduction activities, as well as lower excess and obsolete inventory charges in Canada cannabis. Q4 FY2024 Canada Gross Margins, however, were negatively impacted by lower cultivation yields partly due to seasonality, and an associated reduction in manufacturing utilization, which are expected to improve in FY2025.
Selling, general & administrative (“SG&A”) expenses in Q4 FY2024 declined 23% as compared to Q4 FY2023 primarily due to cost reduction programs undertaken to date.
Cash outflow from operations improved 77% in Q4 FY2024 as compared to Q4 FY2023 driven by cost reduction programs and reduction in interest payments.
Operating loss from continuing operations of $107 MM in Q4 FY2024, representing an improvement of 80% as compared to Q4 FY2023. Adjusted EBITDA loss was $15 MM in Q4 FY2024, representing a 63% improvement as compared to Q4 FY2023.
FY2024 Financial Highlights
Canada cannabis segment Gross Margins improved to 16% in FY2024 driven by lower excess and obsolete inventory charges and lower operating costs.
SG&A expenses declined by 33% compared to FY2023 primarily driven by cost reductions actions executed in the first half of FY2024.
When adjusted for the sale of the Canadian retail business divested in Q3 FY2023, Canada cannabis segment revenue increased by 2% year-over-year to $154 MM in FY2024 driven primarily by growth in Canada medical cannabis net revenue.
Canada medical cannabis net revenue increased 10% year-over-year to $61 MM in FY2024 driven by customer mix and a larger assortment of products in the Spectrum Therapeautics online store.
International markets cannabis FY2024 net revenue increased 6% year-over-year to $41 MM primarily attributable to growth in Australia. International markets cannabis Gross Margins in FY2024 improved to 40% primarily due to a positive shift in geographic mix.
Business Highlights Focus on innovation and increased distribution is driving growth in the Canadian cannabis market
Larger assortment of higher margin cannabis products on Spectrum Therapeutic online store is contributing to growth in Canada medical sales.
In Q4 FY2024, the Company launched new SKUs including new Tweed Lemon Meringue Pie flower in large format 28g packs, and 7ACRES Jack Haze Pre-rolled Joints (“PRJ”) in a 0.5g x 14 large pack. Exclusive for medical cannabis customers in Canada, extended the Spectrum Reserve collection with Alien Breath and (GG#4 x Mendo Breath) PRJ in a 0.5g x 10 large pack.
The Company added over 2,300 points of distribution (“PODs”) in the Canadian adult-use market in Q4 FY2024 including 915 PODs for Tweed flower, over 700 PODs for PRJ and over 650 PODs for Deep Space beverages.
Multiple drivers of growth in International Markets medical cannabis
Benefiting from increasing supply of high-quality cannabis from Canada, the Company obtained the top 4 market share in the German medical cannabis market in FY20246.
Proven Canadian flower strains including Tweed Kush Mintz and Tweed Tiger Cake, launched in Q3 FY2024, accounted for over 25% of net revenue in Q4 FY2024.
Continued demand for new Venty vaporizer driving strong growth in Storz & Bickel net revenue
Significant growth in Storz & Bickel Q4 FY2024 net revenue driven in part by continuing strong demand for the new Venty portable vaporizer.
Strong distributor and retailer load-in of all Storz & Bickel devices in Q4 FY2024 experienced in advance of 4/20 events and sales promotions.
About Canopy Growth Corporation Canopy Growth is a world leading cannabis company dedicated to unleashing the power of cannabis to improve lives. Through an unwavering commitment to our consumers, Canopy Growth delivers innovative products with a focus on premium and mainstream cannabis brands including Doja, 7ACRES, Tweed, and Deep Space. Canopy Growth’s CPG portfolio features gourmet wellness products by Martha Stewart CBD, and category defining vaporizer technology made in Germany by Storz & Bickel. For more information visit www.canopygrowth.com.
AgriCann Solutions Corp. wishes to provide a brief update to shareholders since our April 9, 2024 Letter to Shareholders was publicly released and circulated.
The Company’s wholly owned Health Canada licensed subsidiary, Newline Ventures Inc., continues as a bare-bones operation as existing inventory is sold off;
The cannabis sector consultant hired in early April at Newline departed early without providing recommendations or a meaningful path forward to the board, ostensively for personal reasons;
The accountant brought in at the Newline level to assume the duties abandoned by our former CFO failed to complete the Company’s expected December 31 2023 Q3 consolidated reporting obligations, but did update Newline’s bookkeeping;
The Company remains under the “Cease Trade Order” (“CTO”) as issued by the BCSC;
The Company is barred from accessing any public financing while the CTO remains in effect;
To effect cannabis sales, licensees must prepurchase Federal excise stamps from the CRA plus applicable taxes and delivery charges. Stamp costs are substantial, along with the compliance and handling costs required for secured storage, transportation, administration, tracking, affixing, reporting, recordkeeping, and related procedures demanded at the Federal level. This financial burden is particularly disadvantageous to specialized craft growers, nurseries and marketers. OCS sales have completely shut down since Newline fell behind on excise payments;
Further staff reductions and redeployments had to be taken to bring Newline overhead into line in an effort to reach sustainability and preserve asset value;
A board member is currently considering funding an outside CPA to complete the consolidated accounting to meet the Company’s regulatory obligations, but the appetite for further support remains dependent on Newline’s operational situation, an admittedly circular relationship;
The Company anticipates that it will not have the necessary resources to engage an auditor for its March 31, 2024 fiscal year annual audit, typically a $50,000 engagement demanding upfront payment under the circumstances.
Following the resignations of our CEO in December and CFO in February, the Company has struggled to find its feet. Company director and major shareholder Henk Vander Waal, our Master Grower, remains dedicated to the business operations at Newline. Interim CEO and director Tim Tombe, AgriCann’s largest shareholder, continues in an oversight capacity and has been instrumental in providing a financial lifeline for Newline to seek a sustainable path forward. COO Bobby Athwal has tried to fill the vacuum created on site in Vernon, in both compliance and sales, wearing multiple hats administratively with limited resources.
As the largest investors and shareholders of the Company, directly and indirectly representing 63.4% of AgriCann shares, remaining board members and officers have been committed to finding a path forward, but financial support is limited and can no longer be assured. Considering the current financial situation amidst an environment of escalating costs and regulatory barriers, it is increasingly unlikely shareholders will see a return on their investment. At this point, privatization may be the best option going forward and is being considered.
About AgriCann Solutions Corp. AgriCann Solutions Corp. operates through wholly owned subsidiaries Newline Ventures Inc., a multi-licenced facility in nearby Vernon, and Craft Nurseries Canada Ltd., a Health Canada licenced cannabis nursery located in Lake Country, British Columbia.
Red White & Bloom Brands Inc. reported it has filed its Condensed Interim Consolidated Financial Statements (“the Financial Statements”), Management’s Discussion and Analysis (“MD&A”), and associated certifications for its first quarter ended March 31, 2024. As a reminder to all of its shareholders, the Company will hold its Annual General Meeting (“AGM”) on Friday, June 14th, 2024.
Colby De Zen, President, stated, “After significant efforts, the Aleafia transaction was successfully closed in mid-January 2024. With the closing behind us, the RWB management team was finally given the opportunity to begin the process of implementing changes and commencing integration. We attacked the integration with a three-prong approach; The first order of business was to right size Aleafia, which included the complete overhaul of C-Level executives. Our next step was to comprehensively reassess our entire product lineup using a variety of metrics, such as market share, margin analysis, emerging trends, and product formats. This comprehensive review extended throughout the value chain evaluating third-party vendors, as well as making strategic decisions to enhance our in-house capabilities through automation and internal investments, while also capitalizing on procurement synergies across the company.”
Recent business highlights for the Company’s first quarter ended March 31, 2024 and subsequent to March 31, 2024
On January 15, 2024, the Company announced that, in connection with the Aleafia Group’s CCAA proceedings, the parties successfully closed the previously announced sale transaction on January 12, 2024 (the “Transaction”). Pursuant to the Transaction, RWB (PV) Canada Inc. (the “Purchaser”), a wholly-subsidiary of RWB, acquired the intellectual property assets of Aleafia Health and subscribed for shares in the capital of each of Emblem Cannabis Corporation (“ECC”), Canabo Medical Corporation (“Canabo”) and Aleafia Retail Inc. (“Retail” and collectively with ECC and Canabo, the “Companies”). As a result of the Transaction and Approval and Vesting Order, the Purchaser became the sole shareholder of the Aleafia Purchased Entities. Additional details of the consideration for the Transaction can be found in the Company’s 2023 financial statements.
On February 27, 2024, the OMMU approved our manufacturing facility in Sanderson, Florida for extraction allowing the Company to in-source distillate production for the first time in Florida which will substantially increase the product mix and SKU selection for our operations in that state.
In April 2024, Platinum Vape 5/10 distillate cartridges were approved and debuted at all of our active medical retail locations in Florida.
In May 2024, Platinum vape distillate disposables were approved and debuted at all of our active medical retail locations in Florida.
As of the date of this release, adult use sales are anticipated to commence in Ohio in the next sixty (60) to ninety (90) days. Platinum Vape products are already well positioned in Ohio as part of an executed licensing agreement with a vertically integrated licensed producer and distributor in Ohio. Ohio is projected to generate adult-use sales in excess of $1.5 billion by 20271.
2024 First Quarter (“2024-Q1”) Financial Highlights
Revenues were $22.6 million for 2024-Q1, a $2.7 million increase over the previous quarter (2023-Q4); the increase was partially attributable to the closing of Aleafia during the quarter. Revenues for 2024-Q1 were lower by $3.9 million in comparison to 2023-Q1 revenues of $26.5 million primarily due to the targeted divestiture of non-strategic operations.
Gross profit, before fair value adjustments, was $7.9 million for 2024-Q1, a $0.5 million increase over the previous Quarter (2023-Q4); the increase was partially attributable to the closing of Aleafia during the quarter. Gross profit, before fair value adjustments for 2024-Q1 was $1.5 million lower than restated 2023-Q1 gross profit before fair value adjustments of $9.4 million primarily due to lower sales volume.
Operating expenses were $12.1 million for 2024-Q1, an increase of $2.9 million compared to restated 2023-Q1 operating expenses of $9.2 million; the increase was partially attributable to the closing of Aleafia in the quarter, an increase in non-cash provisions and depreciation and amortization, offset by a reduction in operating expenses elsewhere in the company.
Other income was $3.0 million, an increase of $9.6 million compared to restated 2023-Q1 other expenses of $6.6 million primarily due to the gain on investment associated with the closing of the Aleafia acquisition.
EBITDA2 for 2024-Q1 was $5.1 million compared to negative EBITDA of $89.7 million for 2023-Q4; an increase of $94.8 million primarily due to the Company having recorded impairments of $85.2 million in 2023-Q4 and the gain on investment of $7.6 million associated with the Aleafia acquisition realized in 2024-Q1. EBITDA for 2024-Q1 was $5.9 million higher than restated 2023-Q1 EBITDA of negative $0.9 million primarily attributed to the gain on investment associated with the Aleafia acquisition.
Adjusted EBITDA2 was $0.1 million for 2024-Q1, a decrease of $1.7 million compared to restated 2023-Q1 Adjusted EBITDA of $1.8 million.
About Red White & Bloom Brands Inc. Red White & Bloom is a multi-jurisdictional cannabis operator and house of premium brands operating in the United States, Canada and select international jurisdictions. RWB is predominantly focusing its investments on major U.S. markets, including Arizona, California, Florida, Missouri, Michigan, and Ohio in addition to Canadian and international markets by virtue of its acquisition of the former Aleafia group of companies.
Recent report notes that the U.S. conferences, concert and event market is on a trajectory of remarkable growth
A driving force behind the rapid growth is an increasing demand for unique, immersive experiences
Lavish Entertainment is building a reputation for producing high-quality, professional events that offer memorable experiences
With a recent analyst report projecting significant growth in the U.S. conferences, concert and event market, Golden Triangle Ventures (OTC: GTVH) and its entertainment division, Lavish Entertainment, are strengthening their strategic position in the space at an ideal time.
“The United States conferences, concert and event market is on a trajectory of remarkable growth, projected to reach an impressive $660.07 billion by the year 2030,” reported the latest ResearchandMarkets.com report for the industry (https://cnw.fm/wLX9o). The space reportedly reached $339.86 billion in 2022 and is forecast to see a CAGR of 8.65% from 2022 to 2030.
“This sector is currently witnessing a revolutionary phase, with unprecedented developments and transformative changes,” the report continued. “Events have become powerful platforms that bring people together for various purposes, including corporate development, entertainment, celebration, and community engagement. From conferences and business seminars to fundraisers, music performances, sports events, festivals, trade exhibitions, and product launches, a wide array of events are immensely popular across the nation. . . .
“The conference, concert and event sector in the United States is vibrant and diverse, comprising a multitude of activities catering to diverse interests and demographics,” the report stated. “Beyond just entertainment, this industry plays a crucial role in fostering economic development, generating wealth and creating employment opportunities.”
ResearchandMarkets.com noted that a significant driving force behind the space’s rapid growth is an increasing demand for unique and immersive experiences. Event organizers continuously strive to innovate and exceed boundaries to provide fascinating interactions for attendees. “From interactive exhibitions and immersive marketing activations to live performances and gourmet experiences, events are designed to amaze and engage people in extraordinary ways. As the thirst for exceptional experiences grows, the events market in the United States is set to flourish in the coming years.”
Exceptional events are exactly what Lavish Entertainment is dedicated to providing. A wholly owned subsidiary of Golden Triangle Ventures, Lavish Entertainment is currently headquartered in Las Vegas and is committed to producing high-quality, professional events that provide immersive, memorable experiences (https://cnw.fm/EJWX3). In addition to becoming nationally recognized in concert production, the company is currently developing a flagship entertainment complex called Destino Ranch, an outdoor music and festival venue, immersive art installation, tourist attraction, and destination center — all in one location.
Golden Triangle Ventures is a multifaceted consulting company that operates as a parent business pursuing ventures in the health, entertainment and technology sectors, as well as in other areas that provide synergistic value to these three core divisions. The company aims to purchase, acquire and/or joint venture with established entities within these areas of business. The goods and services represented are driven by innovators who have passion and commitment in these marketplaces. The company plans to utilize relationships and create a platform for new and existing businesses to strengthen their products and/or services. The three points of the Golden Triangle exclusively represent the three sectors the company aims to do business in.
NOTE TO INVESTORS: The latest news and updates relating to GTVH are available in the company’s newsroom at https://cnw.fm/GTVH
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AgriCann Solutions Corp. provided an update to shareholders, noting that its wholly owned subsidiary, Newline Ventures Inc., a micro cultivator and processor located in Vernon, BC, continues as a “bare-bones operation” as existing inventory is being sold off.
AgriCann remains under a “Cease Trade Order” (“CTO”) issued by the BC Securities Commission. The company also operates Craft Nurseries Canada Ltd., a cannabis nursery located in Lake Country, British Columbia.
In April, AgriCann said it would be shutting down new cultivation for a three-month period, “given the buildup of inventory and disruptions at the leadership level,” to allow for “a re-assignment and rationalization of core personnel and to facilitate the processing of harvested flower and related packaging and refocus on developing sales and retail store relations.”
A consultant hired in April at Newline left early without providing recommendations to the board. In February, the company’s CFO resigned, and the accountant brought in at the Newline facility to assume their duties is said to have failed to complete the company’s expected December 31, 2023 Q3 consolidated reporting obligations. The CFO did update Newline’s bookkeeping.
The Company anticipates that it will not have the necessary resources to engage an auditor for its March 31, 2024, fiscal year annual audit, typically a $50,000 engagement demanding upfront payment under the circumstances.
In December 2023, AgriCann’s CEO also stepped down. They had been acting as an RPIC. Founding director and former COO Tim Tombe immediately assumed an interim CEO position.
AgriCann also says that its sales in the Ontario market have entirely shut down since Newline fell behind on excise payments.
In April, the company wrote: “In hindsight, the Company’s long-term growth aspirations as executed over 2023 sacrificed the achievement of steady-state production, revenue and expense coverage. The resulting cash burn became increasingly unfinanceable, given projections regularly missed and goalposts extended. The lengthy Newline acquisition closing delay encountered was a complicating factor. Last-minute cash calls were used to compensate. Simply put, operations required a substantially greater financial commitment than envisioned, which the Company could not effectively raise without key shareholder support. Meanwhile, the cannabis sector was experiencing its own challenges and dislocation, with significant investor distress and aversion.”
Canopy Growth Corporation reports $72.8 million in net revenue in Q4 2024 and a net loss from continuing operations in fiscal 2024 of $483.7 million as part of its newest quarterly and annual report.
The Canadian cannabis company says its net loss in Q4 2024 for continuing operations was $94.7 million. In the same period, it brought in $83.2 million in revenue, accumulating $10.4 million in excise taxes.
Year-over-year, the company’s net revenue declined 11% compared to 2023. Its loss of $483.7 million from continuing operations was down from a loss of $3.1 billion in fiscal 2023. It brought in $343.9 million in revenue in fiscal year 2024, with $46.8 million going to excise.
As of March 31, 2024, the company had cash and cash equivalents of $170.3 million and short-term investments of $33.2 million.
In the past, Canopy has identified conditions and events that it says “raised substantial doubt about our ability to continue as a going concern” and noted, “We may not be able to achieve or maintain profitability and may continue to incur losses in the future.”
Canopy’s Canadian cannabis cultivation operations include a greenhouse facility in Kincardine, Ontario and a Kelowna, British Columbia facility. The Kincardine facility received EU GMP certification in 2023.
It also operates production for cannabis oil and softgel encapsulation, pre-rolls (infused and non-infused), and hash production, which is primarily completed at its newly-consolidated Smiths Falls, Ontario facility.
For the year ended March 31, 2024, Canopy’s Canadian cannabis operations brought in nearly $153.7 million in revenue—$92.4 million from B2B sales and $61.3 in Canadian medical cannabis sales.
It also brought in $41.3 million in international sales, $70.7 million in sales from vaporizer company Storz & Bickel, and $21.3 million from This Works, a wellness brand it sold in late 2023. Its net revenue for fiscal year 2024 was $297.1 million, down from $333.3 in the previous year.
Canopy’s medical sales increased 10% compared to the previous year, net revenue from Storz & Bickel increased 9%, and international sales increased 10%. Revenue from the company’s business-to-consumer channel was zero in fiscal 2024, as compared to $36.2 million in fiscal 2023 following the sale of all of Canopy’s retail interests.
The company says its priority international markets include medical cannabis in Australia and Europe, oil and extract products under the Spectrum Therapeutics and Canopy Medical brands, as well as the Storz & Bickel line of medically approved vaporizers in Australia.
“In Fiscal 2024, we fortified Canopy’s foundation for future growth,” says David Klein, Chief Executive Officer. “With a resolute focus on cannabis, we have momentum and are poised to seize the opportunity presented by continued regulatory developments in Germany and the United States. Entering FY2025, Canopy has growing businesses in all of the world’s most attractive cannabis markets, a leading portfolio of high-impact brands, and a rapidly developing U.S. ecosystem.”
People say hindsight is 20/20. So what happened in 2020?
The following is an update of an April 2020 blog. Sometimes it is easier to look back to see a pattern, rather than connecting the dots as they are coalescing.
Recapitulation to a Reset
What if 100-year pandemics occurred in 1720 (Plague), 1820,(Cholera), 1920 (Spanish Flu), and 2020 (SARS-Covid), as backdrops to resets of world government, economy, currency, electronic communications, religion, and social interactions? Would you be able to see a transition from freedom to slavery as it played out?
What if the loss of freedoms happened under a narrative of “safety” or “unity?”
I would love to be able to bring back our country into a great form of unity. Without a major event where people pull together, that’s hard to do. But I would like to do it without that major event because usually that major event is not a good thing. – President Trump, 2018 State of the Union Address
During COVID, leaders of every nation in the world ended their political divisions to unanimously agree on new draconian dictates against its people by going to war against an invisible “cold virus,” patented as a chimera with SARS (SARS-Cov-2).
In a show of unprecedented uniformity, state leaders agreed to mandate lockdowns, “social distancing” and “masking,” under threat of coronaviruses (COVID-19), expressed as a cold. As of May 2022, there was still no origin for SARS-CoV-2 in the literature.
Had the people been duped into allowing their leaders to reset the world to usher in a Global Oligarchy as a digital reality made up of an Internet of Bodies?
The Boiling Frog Principle is a metaphor for the inability of people to react to significant changes that occur gradually.
The Pandemic may have been revealed to millions of people, decades before under Predictive Programming.
The faked “novel virus” may have had its debut in the 1981 Dean Koontz’ “novel,” The Eyes of Darkness, which strangely predicted an outbreak of a “Wuhan-400 virus” from a bioweapons lab outside the city of Wuhan, China. The toilet paper panic, social distancing, and the coming bio-chip ID implant were first predicted in the 1993 movie, Demolition Man, with Sylvester Stallone and Sandra Bullock.
In the U.S., state governors acted in unison when they “locked down” citizens to accept insurance money under the 2018 Pandemic Emergency Financing Facility (PEF). The PEF kicked into action under the event of a Flu (New or novel influenza A virus, or an influenza A virus, including viruses belonging to the family Coronaviridae).
Everything we are doing is basically voluntary, on behalf of people… The state government, local government, federal government can’t really… DOESN’T HAVE THE POWER TO ENFORCE STAY-AT-HOME ORDERS. If 19 million people said I’m going out today, they would go out.
Sixty-five million people died in the first 18 months. The outbreak was small at first…. but then it started spreading in densely crowded and impoverished neighborhoods of megacities. From that point on, the spread of the disease was explosive….
Going forward, new CDC guidelines are already in place for grade schools, including more frequent and thorough sanitation, temperature checks, mask wearing, social distancing, fewer students per classroom, lunch at the desk, and so forth. While students did eventually return to the classroom, the future is digital. School will consist of online learning.
As the pandemic advanced, people agreed to give up the freedom to assemble and “earn a living.”
Fear has a way of shutting down critical thinking. With contradictory information, people are easily confused and duped. They submit and self-sensor. They fail to question authority or do their own research.
Digital IDs are here, in the cell phone and wearables. Going forward, they will be embedded under the skin for increased security (and increased surveillance)?
It has already happened in the food system. America’s farmers submitted to lawmakers who ordered the mass culling of cattle, chickens, and hogs to force food shortages that lead to rationing.
We were informed yesterday that all our sold hog loads were cancelled for no less than a week. Then a few hours later we got a call that the United States government was buying one million hogs and they were just going to kill them. They are intentionally causing a panic. They killed one million chickens a few days ago. I’ve already been sent a message that the beef industry was also informed that the cows will be killed also. This is not a joke. They’re causing a food shortage purposely.
You have very few days to get meat before the price goes through the roof. If our Farms are chosen for the intentional cull we can’t even have them butchered to not have to waste the meat. This is not good! – Eddie H. Illinois farmer. — April 29, 2020
Digital Cattle
Today, May 2024, politicians are preparing to force independent ranchers to digitize/chip their cattle and bison for interstate transport. Governments want to make electronic ID official.
Will social credit use digital Universal Basic Income (UBI), via a central-bank, programmable currency, in a digital economy? Is data being “harvested” from cattle for compliance within a digital Gulag system?
These are questions being bypassed by the “experts.” From digital meat to digital people, the world is transitioning from a pandemic to a virtual reality, by silent consent.
Will people allow drones to enter their airspace to monitor and track them? How many have already agreed to be monitored by Smart™ technology wired into their homes, TVs, via TeleHealth, wearables, and cell phones?
Built On A Theory
The 100-year pandemic cycle is built on a theory.
Without proof, people readily accepted The Germ Theoryas the cause of all disease, and of COVID. They failed to ask the questions:
Is a theory, fact?
Does an invisible germ cause disease, as Louis Pasteur once claimed, or?
Is the germ the effect of disease, based on the decline of the immune system?
Is rotting garbage created by flies? Or are flies attracted to rotting garbage?
The Terrain Theory describes the germ as part of your innate immune system that works with you; not against you. Within the Terrain model, viruses do not exist. Thus, they cannot cause damage unless they are engineered in a lab, dubbed a “virus,” patented, and injected into the body. This means that “viruses” do not cross the species barrier, from bats, to pigs, to humans, as advertised; not unless they break the skin barrier, through a needle.
Within the Terrain, viruses are really exosomes secreted by damaged cells for repair. Thus, a virus is not alive and cannot be transmitted through the air. A flu or cold is the body’s cleansing reaction, a purging of toxins from cells, directed by the body’s innate immune system. A cold or flu is the body “getting well,” not getting sick.
What Is Freedom?
Freedom is not a gift bestowed upon us by other men, but a right that belongs to us by the laws of God and nature. — Benjamin Franklin
A global reset is taking place under illegal government dictates. True freedom is being redefined as new freedom.
However, freedom is not granted by governments and rights are not gifts from government. Just like the immune system is innate, rights and freedoms are inborn. Participating in marches or rallies against government is a form of begging government for rights that already exist. Put another way: a rally is a virus (external), while Freedom is an exosome (internal).
Freedom is expressed through each individual as choice.
Freedom is declining to do something that is morally objectionable.
Freedom is listening to your inner truth barometer when it may not be popular, then acting on it.
Freedom is expression and movement without restriction.
Freedom is claiming responsibility for your body as your property.
The question each of us must ask is, am I responsible for my health, or do I give up responsibility to an authority? Am I a slave to a master, or am I master of my choices?
Do I remain silent or do I question a global authority?
The Biden administration’s decision to reclassify cannabis as a less-harmful drug might ease some research challenges, though scientists caution that obstacles will persist. Ziva Cooper, director of the UCLA Center for Marijuana and Cannabinoids, described this moment as historically significant but expressed cautious optimism about the actual implementation of these changes.
Although many Americans now live in states where marijuana is legal, federal restrictions have historically constrained research into its effects and applications. Researchers who have long studied marijuana believe this reclassification could boost funding and interest in research. However, they acknowledge that regulatory and logistical issues may still dampen enthusiasm.
Traci Toomey, who heads the University of Minnesota’s Marijuana Research Center, echoed Cooper’s sentiments. She noted that while some research opportunities might open up, these opportunities will not be entirely unrestricted.
Last week, the U.S. Department of Justice formally recommended reclassifying cannabis as a Schedule III substance, which recognizes its potential medical benefits and aligns its classification with drugs such as codeine-infused Tylenol, testosterone and ketamine. This shift would not legalize cannabis at the federal level but would remove it from the same category as LSD and heroin, thus reducing some of the restrictions around it.
Recently, an assessment by the U.S. Department of Health and Human Services noted that there was some reliable scientific evidence supporting the use of cannabis as a treatment for specific ailments. Nonetheless, some detractors contend that there is insufficient proof to support its medicinal application.
The federal government’s finalization of this reclassification will probably lower certain barriers to study. It will be easier for academics to obtain federal research licenses, and researchers won’t need to store cannabis in costly, highly secure facilities. Moreover, the U.S. Drug Enforcement Administration would no longer impose quotas on cannabis production for research purposes.
This could make hospitals, universities and even government agencies more willing to support clinical trials involving marijuana, according to Will Humble, executive director of the Arizona Public Health Association.
However, the impact of FDA regulations on cannabis research remains uncertain. While the FDA normally approves Schedule III drugs, it has not yet approved cannabis for any treatment, although it is commonly used for pain treatment, hunger stimulation and nausea control following chemotherapy.
Furthermore, rescheduling marijuana will not immediately increase the number of FDA-approved facilities where researchers can obtain the drug.
Valerie Ahanonu, head of the University of Utah’s Center for Medical Marijuana Research, highlighted that even years after the legalization of hemp-derived CBD, research remains difficult due to sourcing issues that meet federal standards. Ahanonu stressed the complexity and extensive bureaucratic procedures involved, making it uncertain how much the reclassification will genuinely enhance research opportunities.
Despite these challenges, the potential for expanded research and a greater understanding of marijuana’s medical applications remains promising, and marijuana enterprises such as Aurora Cannabis Corp. (NASDAQ: ACB) (TSX: ACB) are likely to applaud every policy change that moves cannabis a step away from the existing prohibitive restrictions at the federal level.
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A “green wave” of cannabis store employees has been joining a union representing more than 40,000 workers across multiple sectors in Ontario.
UFCW 1006A represents workers at more than a dozen cannabis retail stores in Ontario, with employees at a Sessions Cannabis location in Hamilton, Ontario, recently voting to join the union. The union says it also represents employees at cannabis growing facilities in Canada and the US.
Employees at Superette in Ottawa also recently renewed their contract, covering six workers at the store for three years, to March 28, 2027. Employees at the store had first joined the union in 2021.
The United Food and Commercial Workers Union, one of Ontario’s largest private sector local unions, represents some 42,000 members in industries like grocery retail, food processing, restaurants, hotels, security, retail commerce, laundry, warehousing/distribution, transit, and cannabis.
The Sessions Cannabis in Hamilton, located in Red Hill, is the second Sessions Cannabis location in Hamilton to join the union in 2023. Sessions has five locations in Hamilton and more than 40 stores in Ontario.
The new bargaining group at Sessions Red Hill consists of 10 members working as budtenders and key leads at the store. The union says the key issues for employees who joined the union include benefits, health and safety concerns, staffing, scheduling, workload and increased responsibilities with no additional pay.
“UFCW 1006A is proud to be the best union in Ontario for cannabis workers,” said Union President Wayne Hanley. “With the protection and security of UFCW 1006A representation, cannabis workers are transforming their lives and workplaces for the better. We are proud to welcome our newest members from Sessions Cannabis in Hamilton.”
Workers at Superette Wellington (Tokyo Smoke) in Ottawa also ratified their first union contract in 2021, signing a term from March 28, 2021, to March 27, 2024, covering 25 employees at the cannabis store.
UFCW 1006A is not the only organization representing cannabis workers in Canada. The BC Budtenders Union, a division of UFCW 1518, has slowly been gathering members since it became the first union to represent budtenders in Canada in 2020. Employees at around ten stores in BC have joined the union, as well as one producer (Potanicals).
In addition, the union recently announced that workers at Canna Cabana in BC have voted to authorize strike action as the organization heads to mediation with the company. This is not a guarantee of a strike, but the option will provide the union with more leverage in those negotiations.
In March, employees at a recently opened Canna Cabana location in Vancouver joined the union. In a post on the union’s Facebook page, it says the two-year contract for those employees includes a 6.5% wage increase, retroactive pay on all wage increases to November 11, 2023, doubling the Call-in premium to $1.00 per hour, and “timely and fair redistribution of cannabis samples from sales reps.”
Employees at Eggs Canna on East Hastings in downtown Vancouver voted to join the union in early 2022 but changed course shortly after that, voting to decertify union membership, meaning it no longer acts as their bargaining agent.
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