On May 21, 2024, SNDL Inc. issued a notice of intention to enforce security under section 244 of the Bankruptcy and Insolvency Act as a result of defaults under the applicable secured loan facilities made available to the Delta 9 Group by SNDL.
This was based on a $10 million loan to Delta 9 Cannabis Inc. by SNDL on March 30, 2022. The financing was structured as a 10% senior secured second lien convertible debenture with a maturity date of March 30, 2025.
On May 21, 2024, SNDL, by and through its counsel, issued a demand upon Delta 9 for repayment of its total indebtedness of $12,512,876.71 plus additional accrued interest, legal fees and expenses and additional costs or amounts recoverable by SNDL Inc.
On July 5, 2024, SNDL announced that it had acquired Delta 9 Cannabis’ debt, making it Delta-9’s senior secured creditor, bringing Delta 9’s total indebtedness owing to SNDL to $40,653,352.
On July 15, 2024, the Delta 9 Group sought and obtained its initial order under the CCAA, granted on July 24, 2024, which, among other things, extended the initial stay period until September 15, 2024, and approved a sales investment and solicitation process (SISP) in respect of the business and/or assets of Bio-Tech.
On July 15, 2024, Delta 9 also announced that it had entered into a binding term sheet for the FIKA Company to act as a plan sponsor to its CCAA proceedings. Through this process, FIKA would acquire Delta 9’s retail cannabis and distribution business while also assisting with a sale and investment solicitation process for the assets of the licensed cannabis production business. In exchange, Delta 9 would receive equity in FIKA.
Under that deal, FIKA would participate in and fund the costs of Delta 9’s CCAA proceedings through interim financing and present one or more plans of compromise or arrangements to Delta 9’s creditors. Under the agreement, FIKA would also provide up to $3 million to fund the costs of the CCAA proceedings and up to $13 million to repay the secured obligations owing to SNDL Inc.
That extension, granted after a court hearing on July 24, 2024, by Delta 9 and its subsidiaries—Delta 9 Logistics Inc., Delta 9 Bio-Tech Inc., Delta 9 Lifestyle Cannabis Clinic Inc., and Delta 9 Cannabis Store Inc.—includes the approval of the $16 million FIKA has offered in interim financing and a key employee retention plan in the amount of $650,00.
On September 11, 2024, a court granted an order extending the stay of proceedings pursuant to the Amended and Restated Initial Order (ARIO) up to and including November 1, 2024.
On September 12, 2024, Delta 9 paid $11,696,814.00 to SNDL for the debt outstanding under the Debenture. The court will determine the remaining portion of the amount due and payable to SNDL Inc., which Delta 9 disputes, on January 10, 2025.
On November 1, 2024, the court granted another order further extending the stay of proceedings pursuant to the ARIO up to and including January 31, 2025.
Bio-Tech had until July 26, 2024, to create a list of known potential bidders following the granting of the SISP Order, with a bid deadline of October 28, 2024. The SISP began on July 31, 2024, with 16 prospective bidders filing an NDA.
On November 11, 2024, Bio-Tech and its Monitor selected the highest and only serious bid: one for 17 of Delta 9’s grow pods and related intellectual property. This transaction closed on December 2, 2024. The bid price has been redacted in the monitor’s report.
Bio-Tech, with the assistance of its monitor, also recently selected a qualified bid tendered within the SISP by Simply Solventless Extracts for the purchase of Bio-Tech’s associated land, real property, and specific enumerated property, but excluding the property being retained by Simply as part of the retained assets under the terms of the sales and purchase agreement (SPA).
Simply’s bid was said to be the best overall for the property, taking into account the purchase price, the certainty of Simply’s ability to close, and other material terms of the transaction.
Pursuant to the SISP, Bio-Tech is also seeking the court’s approval of the applicant’s request for a vesting order at an application (ARVO) to be heard on January 10, 2025.
The proposed ARVO to be considered is a reverse vesting order that approves the vesting structure of the Simply Transaction.
The primary purpose of the reverse vesting structure is to preserve Bio-Tech’s various federal licences by facilitating an efficient operational transfer of Bio-Tech’s ongoing business and operations following the closing of the Simply transaction. Under a traditional asset sale transaction structure, the licenses are not transferrable to a purchaser.
If approved, Delta 9 expects the Simply transaction to result in a going-concern outcome that will be beneficial to multiple stakeholders, including the retention of some of Bio-Tech’s 113 employees, as well as vendors and customers being able to continue to do business with Bio-Tech’s new owner.
As of the date of the initial filing, Bio-Tech’s listed tax liabilities of $7,831,515 (excise), $657,056 (GST), and $18,000 (source deduction liability), for a total of $8.5 million.
The Canada Revenue Agency (CRA) registered the amounts outstanding for the Excise Tax Liability ($7.8 million) on the title for Bio-Tech’s land. The Excise Tax Liability is registered subsequent in priority to the amounts owed to SNDL Inc. pursuant to its first mortgage and the second mortgage registered against the land.
Based on Bio-Tech’s current liquidity and the proposed transactions, Bio-Tech says it will not have sufficient funds to satisfy its total tax liability.
The ARVO seeks to provide for the release of Delta-9’s directors and officers for pre-filing claims including in connection with both the Excise Tax Liability, the GST Liability and the Source Deduction Liability.
Because of Delta 9’s tax arrears, the CRA moved to only renew the company’s excise licence on a 30-day basis, beginning in December 2023. Delta 9 Bio-Tech was also required to enter into a payment plan to address its owed excise tax in monthly payments of $50,000.
To keep the licence renewed, the company must pay the $50,000 payment and the monthly excise tax amount going forward, which Arbuthnot says is a significant financial strain on the company.
(GLOBE NEWSWIRE) New York – Tilray Brands, Inc. invites you to celebrate the new year with its refreshing non-alcoholic beverages from Liquid Love, Herb & Bloom, Happy Flower, Runner’s High, and Montauk Brewing Company.
Liquid Love sparkling water brings triple-filtered hydration with electrolytes and B-vitamins for a crisp and clean experience with environmentally conscious packaging. Plus, five cents is donated to non-profits causes focused on clean water and conservation for each sold to support a healthier and happier planet. Liquid Love comes in a series of four delicious natural flavors.
Liquid Love Sparkling Grapefruit: Zesty and invigorating, with the tangy freshness of grapefruit.
Liquid Love Sparkling Lemon + Lime: Natural ginseng and guarana extracts complement classic citrus flavor.
Liquid Love Sparkling Ginger and Prickly-Pear: Exotic sweetness of prickly pear with the warm, spicy notes of ginger.
Liquid Love Sparkling Wildberry: Bursting with vibrant tart notes of wild berries.
Herb & Bloom Elevate your mocktail game with Herb & Bloom, a super-premium line featuring a blend of refreshing fruit notes with 5mg of hemp-derived Delta-9 THC per can. Providing a smooth balanced experience, Herb & Bloom is the choice for a relaxing social evening. Savor the re-imagined classic tastes and celebrate any moment.
Herb & Bloom Non-Alcoholic Margarita: The brightness of citrus flavor balanced with a hint of sweetness. Make it your own by garnishing it with an herbal twist.
Herb & Bloom Non-Alcoholic Strawberry Daiquiri: Reimagining the classic rich and ripe juicy strawberry flavor of the original daiquiri. Add a sugar rim to complement the fruity notes.
Herb & Bloom Non-Alcoholic Peach Bellini: Luscious, sweet refreshing peach flavor. Garnish with some fresh fruit or edible flowers for an added hint of sophistication.
Happy Flower Get out of your head and into the moment with Happy Flower, a delightful trio of hemp derived Delta-9 THC cocktails. Happy Flower offers a relaxing and refreshing social experience, with 5mg of hemp-derived THC in every uplifting, bubbly beverage.
Advertisement
Happy Flower comes in three varieties:
Runner’s High is created with the active social running community in mind. Bringing an elevated craft offering to the fast-growing non-alcoholic beverage space, each brew is a unique blend of natural ingredients to support and lift hop terpenes to deliver a premium beer-like experience, alcohol-free, without compromising taste.
Golden Wheat: Featuring a bright golden to orange color with a white-collar foam, its aroma is a refreshing mix of orange, pine needles, and pink grapefruit. The taste offers a balanced blend of slight sweetness, orange zest, clean bitterness, and black tea notes.
Raspberry Wheat: A refreshingly crisp brew with a bright ruby-red color and off-white to slightly pink head, with a hazy American wheat base, its aroma is rich ripe raspberries and kush terpenes for a mild, sweet finish.
Dark Chocolate: Boasting a rich dark brown appearance, this brew is reminiscent of a stout or porter, with an off-white to tan creamy foam, its aroma is a decadent blend of moist chocolate cake, cocoa beans, and kush terpenes.
Montauk Brewing Company’sN.A. IPA is the brand’s first-ever full-flavored non-alcoholic brew which debuted in Spring 2024. Montauk’s N.A. IPA is for those who want the experience of drinking a great-tasting IPA, but without the aftereffects of traditional beers.
Montauk N.A. IPA: Meticulously brewed to the same high standards as its alcoholic counterparts, this well-balanced brew blends the clean bitterness of hops with a subtle sweetness. Crafted with Citra, Mosaic, and a blend of Cryo hops, it offers a fresh aroma of orange and pink grapefruit with less than 0.5% ABV.
About Tilray Brands
Advertisement
Tilray Brands, Inc. (“Tilray”) (Nasdaq: TLRY; TSX: TLRY), is a leading global lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is leading as a transformative force at the nexus of cannabis, beverage, wellness, and entertainment, elevating lives through moments of connection. Tilray’s mission is to be a leading premium lifestyle company with a house of brands and innovative products that inspire joy and create memorable experiences. Tilray’s unprecedented platform supports over 40 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and craft beverages.
In 2023, Health Canada announced it would launch a new data-gathering program for cannabis markets in Canada. The program would include sampling and testing of both legal and illegal products currently on the market.
Since that time, the federal health agency has told StratCann that it has started numerous projects as part of the program, including a comparative analysis of dried cannabis from 50 legal and 50 illegal samples. Health Canada intends to publish the results of this project on the Cannabis Laboratory page “in the coming months,” confirms a senior media relations advisor with the agency’s communications and public affairs branch via email.
Among its services, the federal Cannabis Laboratory provides analytical support for the compliance and enforcement activities of Health Canada’s Cannabis Inspection Program and analyzes samples submitted as part of compliance monitoring projects.
When it was announced, the agency said the new cannabis data-gathering program would allow it to “proactively collect information on the legal and illicit cannabis markets in Canada,” focusing on providing Canadians with more accurate info about cannabis health and safety risks.
The government has gathered data on the legal and illegal cannabis markets for several years. This newest approach represents a step towards more proactive data gathering on products in the market, both licit and illicit.
As part of the program, Health Canada’s Regulatory Operations and Enforcement Branch (ROEB) Cannabis Laboratory intended to randomly purchase cannabis products from authorized retailers in Canada and work with various law enforcement agencies to test samples of illicit cannabis products.
The federal health authority will publish reports on their findings, removing any references to product, brand, or license holder names.
The cannabis vape market is on the cusp of a seismic shift. For years, 510 thread cartridges and similar refillable systems have dominated the landscape out of sheer necessity, but as technology evolves and consumer preferences change, disposable vapes could be poised to take the crown.
Once dismissed as a convenience-driven niche, limited-use technology has rapidly matured, delivering better battery life, precise dosing, and high-quality vapour production in compact, sleek designs. With advancements in manufacturing and sustainability, these devices are no longer just for casual users but are becoming a preferred choice for cannabis consumers seeking simplicity without sacrificing performance.
This transition mirrors trends seen in other industries where ease of use, portability, and innovation have reshaped market preferences.
“I would not be surprised if all-in-one (AIO) disposables overtake 510 thread in the next two to five years,” said Kieth Bao, Managing Director of Aveo. “510 technology right now, the most dominant in the market, was not created for cannabis oils. It was a creation of the e-cig industry and the viscosity of e-cig juice is very different from cannabis.”
“I would not be surprised if all-in-one disposables overtake 510 thread in the next two to five years.”
Kieth Bao, Aveo.
Bao added that pre-legalization, cannabis companies started toying with that technology, but because it was intended for a different product, the carts have tendencies for leaks, blockages, and clogging. He also said this system can affect flavour as well.
“The three things that will impact most people for a really good vape experience are, [first] some quality hardware produced specifically for cannabis. Then you’ve got the manufacturer, the oil they put in, and how they put it in with their SOPs. The third component is the end user. When you break down all three, if you have unreliable hardware, you’re pretty much dead in the water.”
Bao added that this is because before you even fill the vape, you are already starting with a major element of the experience that is sub-sufficient, which will automatically affect the other two.
Matchmaker make me a match
“An AIO, we like to call them AIOs (All In Ones) instead of disposables, [will be] the future of vapes,” agreed Nafisa Subedar, Director of National Sales for Cannabrand Solutions. “We’re getting more educated users that want a tailored experience, versus how to figure out what battery is going to fit or is this hardware going to work in the winter time. When you have an AIO you’re able to tailor that whole experience.”
Subedar added that the internal stakeholders, the hardware and lab team, for instance, who are putting the product’s components together, need to be mindful of how the products interact. For example, they need to ensure that the oil pairs well with the chosen hardware.
“I have an R&D manager that used to work as a lab manager,” she said. “He speaks to all my LPs and MSOs, making sure that we’re gearing their beautiful oil with the right product. I know the magic they are putting into [these] products, so why can’t we pair that with proper hardware that’s going to give the best experience to the end user?”
“We’re getting more educated users that want a tailored experience, versus how to figure out what battery is going to fit or is this hardware going to work in the winter time. When you have an all-in-one you’re able to tailor that whole experience.”
Nafisa Subedar, Cannabrand Solutions
Subedar went on to say that technology is getting quite advanced in this area, with manufacturers able to detail the consumers’ AIO experience all the way to the voltage, temperature, and everything in between. That said, a complete transition from current technology will not happen overnight, or entirely, for that matter.
“I think that 510s aren’t going to leave the Canadian market in the next two years because we still have a lot of value brands that have an excess in biomass, and want to put distillates out there.”
“As far as I can tell, there’s literally no oversight from our governing body, Health Canada.”
Kyle Michael, FTL Distribution
The more you know
One of the glaring realities of the current disposable vape market is the lack of oversight in the materials being used. Kyle Michael, President of Follow The Leader Distribution, has noticed this.
“As far as I can tell, there’s literally no oversight from our governing body, Health Canada,” he said. Michael went on to add that the “excessive excise tax regime” that the government puts on concentrates forces the hand of manufacturers to cut corners in order to survive.
“If a company is putting out a 1g live resin vape that has 90% THC in it, they’re paying nine dollars in excise tax,” said Michael. “That’s before other taxes.”
Michael said that the same manufacturers are pursuing profit margins of below two dollars. Compound that with current market price compressions, and it’s a perfect storm for sub-par materials. “The manufacturers are trying to put out a less expensive product [so] they’re looking for less expensive hardware,” he said. “My personal concern is that the market is shifting to all-in-ones and bringing the price down.”
Michael was quick to point out that he is not referring to the other companies mentioned in this article, which are reputable. He is referring to people buying generic stock straight from manufacturers in China, as an example.
The cannabis vaporizer market is experiencing significant growth. Current projections indicate a rise from USD$5 billion in 2023 to approximately USD$25.20 billion by 2034, reflecting a compound annual growth rate (CAGR) of 14.5%.
In Canada, the disposable vape segment has shown notable expansion. For instance, Ontario reported a 21.6% year-over-year increase in total cannabis vape sales for the third quarter, rising from $63.7 million in 2021 to $77.4 million. Additionally, disposable vape sales in the province increased by nearly 30% over the same period.
Researchers from the Center for Addiction and Mental Health (CAMH) are exploring the ethical implications of marijuana research that’s largely funded by actors with industry interests. Prior to the recent wave of state-level legalization, studying the potential risks and benefits of marijuana was practically impossible, making the recent rush of cannabis-related studies even more important for the fledgling cannabis market.
These studies give us a glimpse into marijuana and how its use affects humans, particularly in the long term. However, a lot of cannabis research is conducted by actors who stand to make financial gains if the research yields positive results, raising questions on the ethics of marijuana research that’s mostly funded by a for-profit cannabis sector.
Titled ‘Canadian cannabis researcher perspectives on the Conduct and Sponsorship of Scientific Research by the for-profit Cannabis Industry,’ the CAMH study was published in the journal Social Science & Medicine. It found that although researchers are pushed by their need for high-quality research and commitment to helping maintain public health, they are regularly forced into industry partnerships due to systemic barriers.
The study notes that the challenges that push scientists into industry partnerships point to the structural problems that need systemic solutions.
Cannabis research often involves medical conditions that typically don’t respond to conventional treatments and have a notable impact on quality of life. Many of the researchers involved in marijuana research are committed to research efforts that improve people’s lives by advancing our knowledge of the human body and new medications.
CAMH researchers ran a series of 38 interviews with clinicians, academic researchers, and peer researchers from across Canada. Unfortunately, many of them say marijuana’s controlled status at the federal level and the structural barriers arising from its status often force them to make difficult decisions regarding conflict of interest, agenda bias, and scientific integrity.
Some of the study’s considerations included increasing transparency regarding cannabis industry funding, ensuring industry interests don’t influence research agendas, and limiting reliance on the cannabis industry for research funding. Researchers also suggested the implementation of institutional policies that ensure research integrity and independence regardless of the source of funding.
This includes providing concise guidelines that encourage collaborations that benefit public health and manage conflicts of interest effectively. As America’s state-level cannabis industry expands and more people gain access to the drug, such guidelines will be critical to safeguarding the integrity of marijuana research and making sure it is in line with public health goals.
While there are some ethics risks linked to conducting cannabis research sponsored by industry actors, many firms like Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) are often interested in uncovering the truth about the effects of this substance so that they can leverage their findings for commercial gain. It would therefore be counterproductive in the long run if they twisted the truth since it would only be a matter of time before any fraud is exposed.
About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of an article each business day at 4:20 p.m. Eastern – a tribute to the time synonymous with cannabis culture. The concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
To receive SMS alerts from CNW, text CANNABIS to 888-902-4192 (U.S. Mobile Phones Only)
Please see full terms of use and disclaimers on the CannabisNewsWire website applicable to all content provided by CNW, wherever published or re-published: https://www.CannabisNewsWire.com/Disclaimer
Simply Solventless Concentrates Ltd. has entered into a share purchase agreement with Delta 9 Cannabis Inc. for the acquisition of all of the issued and outstanding shares of Delta 9 Bio-Tech Inc.
The deal is expected to add around $12 million in revenue. It is for cash consideration of $nil net of approximately $3 million of expected net working capital received, or cash consideration of $3 million without deducting expected working capital received, payable in a series of payments of $0.75 million by January 2, 2025, and $2.25 million on the closing date, expected to be January 31, 2025.
In a press release, SSC, which does not produce flower itself, says that the acquisition of Delta 9 will help the company continue to make inroads in the dried flower market following its recent acquisition of pre-roll manufacturer ANC Inc. for $10 million. SSC expects that the all-in cash cost to cultivate cannabis through Delta 9 will be approximately $0.60-$0.70 per gram, among the lowest for indoor cannabis in Canada.
SSC reports that Bio-Tech currently produces approximately 9,000 kilograms of cannabis per year. The cannabis processor believes that with roughly $4 million in capital investment, production could potentially increase to 15,000-18,000 kilograms per year, but this is not planned at this time.
“The acquisition of Bio-Tech provides SSC with a predictable volume of high-quality Good Agricultural Collection Practice certified internationally exportable flower, with low per gram cost of cultivation, for an attractive acquisition metric of only 0.0x adjusted EBITDA post integration, net of expected net working capital received.”
As Bio-Tech is being acquired through CCAA proceedings, SSC also says it assumes no debt or liabilities from the acquisition and believes that Bio-Tech will contribute meaningfully to further expanded revenue and adjusted EBITDA in Q1 2025. SSC will provide Q1 2025 guidance in the weeks after the closing of the Acquisition.
In November, SSC reported net revenue of nearly $5 million for the three months ended September 30, 2024 (Q3 2024), with gross profits of almost $2 million, and $424,446 in net and comprehensive income.
Bio-Tech has approximately $60 million of accrued non-capital loss tax pools that SSC may be able to use. If these tax pools are utilized, SSC says they are expected to reduce future tax payments by up to $12 million at an effective tax rate of 20%.
In July, Delta 9 Cannabis received CCAA protection and entered into an agreement with cannabis retailer FIKA following what it called an “aggressive” move by Delta 9 secured creditor SNDL Inc.
In November, Delta 9 Bio-Tech announced it had selected a bid for the purchase of some of its assets through the SISP process, which began earlier this year.
Delta 9 is a vertically integrated group of companies that touches cannabis cultivation, processing, extraction, wholesale distribution, retail sales, and business-to-business sales.
On July 15, 2024, Delta 9 Bio-Tech Inc. and four related entities were granted an initial order by the Court of King’s Bench of Alberta under the Companies’ Creditors Arrangement Act (Canada) (CCAA).
On July 24, 2024, the Court approved a sales and investment solicitation process (SISP) to solicit interest in, and opportunities for, a sale of, or investment in, all or part of Bio-Tech’s assets and business operations.
On September 11, 2024, the court granted an order extending Delta 9’s stay of proceedings pursuant to the Amended and Restated Initial Order (ARIO) first granted in July, up to and including November 1, 2024. That extension was to November 1 and has now been extended to January 31, 2025.
Delta 9 Bio-Tech’s assets include a 95,000-square-foot cannabis cultivation and processing facility in Winnipeg, Manitoba, which contains 297 modular “grow pods”. These are retrofitted shipping containers used by some micro cultivators. The company says they are customized for flowering, trimming, cloning, research, testing, support, and storage.
Delta 9’s Monitor sought confirmation from SNDL, the first-ranking secured creditor of the purchased assets, but had not received a response when the monitor’s fourth report was filed on November 13.
SSC also announced the appointment of Jeff Holmgren as CFO and the promotion of Murray Brown, SSC’s current Vice President, Operations, to the position of COO. Additionally, SSC’s 8,700,000 common share purchase warrants exercisable at a price of $0.40 per share with an expiry date of December 23, 2024, have been exercised for proceeds of $3,480,000.
Newly-released research findings in the Psychoactive Drugs journal have brought to attention notable associations between ayahuasca use and improvements in mental health. The study leveraged data collected during an international survey that discovered that users of ayahuasca experience reduced mental distress and enjoy improved mental wellbeing.
The research team observed that the positive effects above appear to be subject to several factors, such as how intense the mystical experience users underwent, the insights that individuals gained after using the substance, and the sense of belonging users felt as part of a community while using the hallucinogen.
Ayahuasca has been used traditionally by the indigenous people found in the Amazon basin. They use it for healing and spiritual purposes. The brew is made by taking the vines of the Banisteriopsis caapi and mixing them with leaves taken from Psychotria viridis. This powerful combination contains DMT and carbolines that make DMT active even when it is ingested orally. Consuming this brew triggers a strong psychedelic experience characterized by a profound feeling of spiritual connection, vivid visual images, and emotional introspection.
Over the years, the consumption of this potent brew has spread beyond its traditional setting and has seen a more international and urban uptake. This rise in popularity has attracted the attention of the scientific and research community, especially given the anecdotal claims that the substance has beneficial mental health effects.
The team behind this latest study wanted to explore the risks and potential benefits of ayahuasca in real-world settings. Daniel Perkins and his team oversaw the largest-ever survey aimed at uncovering how ayahuasca influenced wellbeing and mental health. More than 10,800 respondents spread over 50 countries took the survey.
However, the study subjects were narrowed down to 7,576 respondents who underwent extensive mental health evaluations. The researchers made the survey questions accessible in half a dozen languages and they relied on online networks and communities linked to ayahuasca use to get respondents to the survey.
The team discovered that individuals who frequently used ayahuasca said they had better mental health. This conclusion was arrived at after analyzing the mental health questionnaires completed by the study subjects. This trend of frequent ayahuasca use being linked to better mental health was consistent regardless of whether a subject had or didn’t have a history of mental health issues.
The data also revealed that mystical experiences, social or community support and personal insights played a key role in the positive outcomes that survey respondents reported.
However, some respondents reported undergoing negative experiences, such as extreme panic or fear during ayahuasca consumption sessions, and these individuals reported lower mental health benefits. This highlights the need for caution during ayahuasca sessions.
Further research leveraging longitudinal study designs is needed to assess these findings obtained from survey data. Other companies like Seelos Therapeutics Inc. (NASDAQ: SEEL) are also investigating other hallucinogenic substances and their findings could unveil a new paradigm in the treatment of mental health conditions.
About PsychedelicNewsWire
PsychedelicNewsWire (“PNW”) is a specialized communications platform with a focus on all aspects of psychedelics and the latest developments and advances in the psychedelics sector. It is one of 60+ brands within the Dynamic Brand Portfolio @ IBN that delivers: (1) access to a vast network of wire solutions via InvestorWire to efficiently and effectively reach a myriad of target markets, demographics and diverse industries; (2) article and editorial syndication to 5,000+ outlets; (3) enhanced press release enhancement to ensure maximum impact; (4) social media distribution via IBN to millions of social media followers; and (5) a full array of tailored corporate communications solutions. With broad reach and a seasoned team of contributing journalists and writers, PNW is uniquely positioned to best serve private and public companies that want to reach a wide audience of investors, influencers, consumers, journalists and the general public. By cutting through the overload of information in today’s market, PNW brings its clients unparalleled recognition and brand awareness. PNW is where breaking news, insightful content and actionable information converge.
To receive SMS alerts from PsychedelicNewsWire, text “Groovy” to 888-902-4192 (U.S. Mobile Phones Only)
Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.PsychedelicNewsWire.com/Disclaimer
(GLOBE NEWSWIRE) Toronto – Purpose Investments Inc. has announced that it has decided to terminate Purpose Marijuana Opportunities Fund at the close of business on or about March 14, 2025. It is anticipated that the ETF units of Purpose Marijuana Opportunities Fund will be voluntarily delisted from the Cboe Canada Exchange at the close of business on or about March 12, 2025.
The decision to close the Fund was driven primarily by the Fund’s relatively low assets under management, which has made it difficult to efficiently manage the Fund in accordance with its intended investment objective. As a result, in the view of Purpose, the termination is in the best interest of unitholders.
Unitholders that hold Class A Units, Class F Units or ETF Units will have the option to redeem their Units at net asset value on or prior to the Termination Date. There will be no fees or redemption charges applicable to such redemptions. Holders of ETF Units of the Fund may continue to trade their ETF Units on the Cboe Canada Exchange until the Delisting Date.
All units not redeemed prior to the Fund’s closure will be automatically redeemed at that time at net asset value, in accordance with the terms of the master declaration of trust of the Fund. Units still outstanding at 4:00 p.m. EST on the Termination Date will be automatically redeemed, with the proceeds either deposited into the unitholder’s account or a cheque mailed directly to the unitholder or to their dealer, nominee or intermediary, as applicable.
Advertisement
If required, a final distribution for the Fund will occur on or about the Termination Date.
There may be tax implications for unitholders with respect to any disposition of Units.
About Purpose Investments Inc.
Purpose Investments Inc. is an asset management company with more than $20 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.
How does the federal government’s GST break mean for consumers? Here’s a breakdown of what you’ll save on and how the relief works.
What is the tax relief?
In a bid to help Canadians deal with household costs amid the high cost of living, the federal government decided to waive the federal goods and services tax (GST), which is five per cent, on some products between Dec. 14 and Feb. 15. For provinces with harmonized provincial and federal sales tax (HST), the full HST will be waived.
What products will see the GST waived?
The tax break will apply to:
prepared foods, including vegetable trays, pre-made meals and salads and sandwiches
restaurant meals, whether dine-in, takeout or delivery
some snacks, including chips, candy and granola bars
beer, wine and cider, as well as pre-mixed alcoholic beverages below seven per cent alcohol by volume (ABV)
children’s clothing and footwear, car seats and diapers
some children’s toys, such as board games, dolls, puzzles and video game consoles.
some books and newspapers
Christmas trees
What items don’t count?
Even product categories eligible for GST relief have plenty of exemptions.
Beverages and food sold from vending machines, edible cannabis products or pot drinks and dietary supplements aren’t eligible for GST relief.
Magazines, electronic publications, clothing for sports activities like wet suits, soccer cleats, skates and tap shoes, along with costumes, jewellery and adult clothing and footwear purchased for children aren’t eligible.
Diapers purchased from a diaper service or for adults, collectibles that are not intended for play or learning, such as hockey cards or collectible dolls, and toys and model sets that are marketed for adults like some adult Lego or train sets also don’t make the cut.
What if my province charges HST?
Ontario and the Atlantic provinces have united the provincial and federal sales taxes together into a harmonized sales tax. In these provinces, the entire HST would be removed from qualifying items.
How do I get the tax break on qualifying items?
The tax break is designed to be automatically applied to totals at checkout by retailers when customers make qualifying purchases.
What if I buy one of these items but it has to be delivered?
The federal government says no GST/HST will be charged on a qualifying item, as long as it is paid for in full between Dec. 14 and Feb. 15 and delivered or made available to the buyer during the same period.
The Retail Council of Canada says the Canada Revenue Agency will consider items “delivered” once they are handed over to a shipping, courier or postal service.
What if the item is imported?
GST/HST won’t be charged on imported goods as long as they meet the product categories and criteria that qualify for relief.
What about food deliveries?
When a prepared meal is ordered through a delivery platform, the food provided to the customer qualifies for GST/HST relief during the eligible period.
However, the delivery service fee charged by the platform to the customer does not qualify for GST/HST relief.
When a restaurant bills a customer directly for delivery of a prepared meal, the courier service qualifies for GST relief.
Will I pay GST/HST on cocktails and mixed beverages?
Mixed drinks that include only eligible ingredients such as beer, malt liquor, or wine qualify for GST/HST relief. For example, the government says a mimosa made of sparkling wine and orange juice, or a michelada made of beer and non-alcoholic ingredients would qualify.
However, mixed drinks that include an alcoholic beverage like a spirit or liqueur which did not make the GST/HST relief list would not have the tax waived. This means a sangria that includes both wine and rum, or a mixed drink such as a vodka and soda, would not qualify.
Do I save the GST/HST on tips when I dine out?
A mandatory tip or gratuity included as part of the bill qualifies for GST/HST relief. The exemption does not apply to a tip or gratuity that is given freely by a customer to an employee of an eating establishment, as such tips are normally not subject to GST or HST charges.
What if I bought one of these items before the tax relief kicked in?
Some retailers, like Toys “R” Us Canada, are advertising that they will return the tax paid to customers who bought items before the GST/HST relief period began.
But retailers aren’t obliged to offer this gesture of goodwill.
“A business can choose not to refund or credit the customer the GST/HST that was previously paid,” Canada Revenue Agency spokesperson Benoit Sabourin said in an email to The Canadian Press.
As the Canadian cannabis industry continued to weather financial headwinds in 2024, numerous companies found themselves entering creditor protection, closing up shop, or selling off assets. Here’s a brief breakdown.
In January 2024, a court-appointed monitor of Trees Corporation, which operates a chain of cannabis stores in BC and Ontario, announced it was conducting a sale and investment solicitation process for the cannabis company.
BZAM was granted CCAA protection in February to restructure its business and financial affairs. The issue is ongoing, with the most recent stay of proceedings until January 13, 2025. Final Bell has been challenging the move in court since April 2024. In December, a court rejected Final Bell’s equity claims against BZAM’s monitor and again extended the stay of proceedings.
In April, Heritage Cannabis Holdings Corp. and its subsidiaries sought and obtained an order for creditor protection from the Ontario Superior Court of Justice pursuant to the Companies Creditors Arrangement Act (CCAA). In August, Heritage announced it had completed the sale of the company to a stalking horse bidder, HAB Cann Holdings Ltd, which is connected to Heritage’s senior secured lender, BJK Holdings Ltd.
In May, the parent companies of cannabis retail chain Four20 Premium Marketsfiled a notice of intent to make a proposal under the Bankruptcy and Insolvency Act. Following approval by the Court of the SISP on September 19, 2024, the Applicants commenced the SISP and the Claims Process. The issue is ongoing.
Atlas Global Brands, the company behind cannabis brands like D*gg Lbs, GreenSeal, and Electric Lettuce, was granted an initial order under the Companies’ Creditors Arrangement Act (CCAA) in June. In October, a court approved an RVO for Atlas Global Brands against the CRA’s objections. In October, Calgary-based Decibel Cannabis Company Inc. closed on its acquisition of AgMedica Bioscience Ltd., a subsidiary of Atlas Global Brands.
In July, Delta 9 Cannabis received CCAA protection and entered into an agreement with FIKA following what it called an “aggressive” move by Delta 9 secured creditor SNDL Inc.
Galaxie Brands received CCAA protection in August and announced its exit from the process in December.
Recent Comments