by Grow Up Conference | Sep 3, 2024 | Media Partners, Psychedelic News Wire
Psychedelics are a class of drugs that induce different states of consciousness, with classic psychedelics such as mescaline, psilocybin, DMT and LSD acting as agonists of the 5-HT2A serotonin receptor. Over the last 20 years, we have observed a significant resurgence of studies focused on the use of psychedelics to address beliefs, traumas and behavioral patterns underlying mental-health disorders.
Various studies have centered on re-evaluating the therapeutic potential of psychedelics, including MDMA, ketamine and psilocybin, in treating addiction. Thus far, the studies have demonstrated that psychedelics may be effective, particularly where traditional treatments fall short.
Some studies have determined that psychedelics may be particularly useful in treating addiction. Their findings were reported in the “Journal of Studies on Alcohol and Drugs,” published by researchers at Rutgers University. These studies focused on helping individuals with opioid addiction, alcohol dependence and other substance-use disorders.
The researchers observed promise from psychedelics during trials, suggesting that they could help increase rates of abstinence in comparison to traditional therapy. They also observed that psychedelic-assisted therapy worked faster than the conventional approach, providing lasting benefits to patients after one to three sessions.
University of Toronto’s Dominique Morisano explained that psychedelic-assisted therapy helped consumers and allowed them to have moments that aided in their discovery. Morisano explains that this would be something reasonable to do, noting that individuals with substance-use disorders often use drugs to hide from any unwanted feelings and thoughts they may have.
She added that while patients experienced feelings of effectiveness that made it easier to adopt healthier coping skills and behaviors, no one knew exactly how this substance works. Some posit that psychedelics act through neuroplasticity, which refers to the ability of the brain to reorganize how it’s been wired.
Despite progress made, the protocols and effectiveness still require additional research, with experts noting that these therapies shouldn’t be administered without professional guidance.
In a report, Morisano noted that there were still basic questions that needed answers, such as which protocols were most effective for substance-use disorders and which drugs worked best for substance-use disorder. She added that additional funding would be needed from both private sources and the public, welcoming government funding.
Presently, Morisano emphasized, individuals needed to understand that psychedelics weren’t a do-it-yourself (DIY) treatment for mental-health conditions and substance abuse, and psychotherapy as part of treatment was important. According to her, microdosing on psychedelics alone isn’t enough.
Other researchers who were part of this study include Doris Payer, Brian Rush and Thomas F. Babor.
There’s still plenty to unpack regarding how exactly psychedelics trigger the therapeutic effects that they have been associated with. Hopefully, the ongoing work by various entities such as Compass Pathways PLC (NASDAQ: CMPS) will provide the needed scientific information to help the world to understand how these substances work.
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by Grow Up Conference | Sep 3, 2024 | Grow Opportunity, Media Partners
The U.S. Drug Enforcement Administration last week set a hearing date to take comment on the proposed historic change in federal drug policy for Dec. 2.
The hearing date means a final decision could well come in the next administration. While it’s possible it could precede the end of President Joe Biden’s term, issuing it before Inauguration Day “would be pretty expedited,” said cannabis lawyer Brian Vicente.
That could put a new spotlight on the presidential candidates’ positions on marijuana. Vice President Kamala Harris has backed decriminalizing the drug and said it’s “absurd” to have it in the DEA’s Schedule I category alongside heroin and LSD. The Democratic nominee’s position has shifted over the years; she once oversaw the enforcement of cannabis laws and opposed legalized recreational use for adults in California while running for attorney general in 2010.
Former President Donald Trump, the Republican nominee, signaled support for a Florida legalization measure on Saturday, following earlier comments that he increasingly agrees that people shouldn’t be jailed for the drug now legal in multiple states, “whether that’s a good thing or a bad thing.”
During his run for president in 2016, Trump said that he backed medical marijuana and that pot should be left up to the states. But during his first term, then-Attorney General Jeff Sessions lifted an Obama-era policy that kept federal authorities from cracking down on the pot trade in states where the drug is legal.
Trump’s campaign didn’t immediately respond to a query about his position on rescheduling the drug.
The Justice Department proposed reclassifying it in May, saying the change would recognize marijuana’s medical uses and acknowledge it has less potential for abuse than some of the nation’s most dangerous drugs. The proposal, which would not legalize marijuana for recreational use, came after a call for review from Biden, who has called the change “monumental.”
The DEA has said it doesn’t yet have a position on whether to go through with the change, stating in a memo that it would keep weighing the issue as the federal rulemaking process plays out.
The new classification would be the most significant shift in U.S. drug policy in 50 years and could be a potent political issue, especially with younger voters. But it faces opposition from groups such as Smart Approaches to Marijuana.
Its president, Kevin Sabet, argues there isn’t enough data to move cannabis to the less-dangerous Schedule III category, alongside ketamine and some anabolic steroids. The DEA’s move to hold the hearing is “a huge win in our fight to have this decision guided by medical science, not politics,” he said in a statement, adding that 18 states’ attorneys general are backing his opposition.
The hearing sparked some consternation among pot industry players, though little surprise about the DEA decision to hold one.
“While the result ultimately may be better, I think we’re so used to seeing delays that it’s just a little disappointing,” said Stephen Abraham, chief financial officer at The Blinc Group, supplier of cartridges and other hardware used in pot vapes. “Every time you slow down or hold resources from the legal market, it’s to the benefit of the illicit market.”
The proposal, which was signed by Attorney General Merrick Garland rather than DEA Administrator Anne Milgram, followed a recommendation from the U.S. Department of Health and Human Services.
Federal drug policy has lagged behind that of many states in recent years, with 38 having already legalized medical marijuana and 24 legalizing its recreational use.
Lawmakers from both major political parties have pushed for the change as marijuana has become increasingly decriminalized and accepted. A Gallup poll last year found 70% of adults support legalization, the highest level yet recorded by the polling firm and more than double the roughly three in 10 who backed it in 2000.
The marijuana industry has also grown quickly, and state-licensed pot companies are keen on rescheduling partly because it could enable them to take federal business-expense tax deductions that aren’t available to enterprises involved in “trafficking” any Schedule I or II drug. For some of Vicente’s clients, the change would effectively reduce the tax rate from 75% to 25%.
Some legalization advocates also hope rescheduling could help persuade Congress to pass legislation aimed at opening banks’ doors to cannabis companies. Currently, the drug’s legal status means many federally regulated banks are reluctant to lend to such businesses, or sometimes even provide checking or other basic services.
Rescheduling could also make it easier to research marijuana, since it’s difficult to conduct authorized clinical studies on Schedule I substances. Some medical marijuana patient advocates fear that the discussion has already become deeply politicized and that the focus on rescheduling’s potential effect on the industry has shifted attention from the people who could benefit.
“It was our hope that we could finally take the next step and create the national medical cannabis program that we need,” said Steph Sherer, founder and president of Americans for Safe Access. The organization advocates for putting cannabis in a drug category all its own and for creating a medical cannabisoffice within DHS.
The immediate effect of rescheduling on the nation’s criminal justice system, though, would likely be more muted, since federal prosecutions for simple possession have been fairly rare in recent years.
by Grow Up Conference | Sep 3, 2024 | Grow Opportunity, Media Partners
By Margery A. Beck
OMAHA, Neb. (AP) — A group seeking to legalize marijuana for medical use in Nebraska has gathered enough signatures to get the issue before voters in November, the state’s top election official said Friday.
Nebraskans for Medical Marijuana announced earlier this year that it had gathered about 114,000 signatures — well more than the approximately 86,000 needed — for each of two petitions: one that would allow marijuana for medical use and the other to regulate the medical marijuana industry in the state.
Signatures must also be collected from 5% of the registered voters in at least 38 of Nebraska’s 93 counties to qualify for the ballot.
Nebraska Secretary of State Bob Evnen said his office has so far verified more than 89,000 signatures for each and that both petitions met the 5% threshold in 51 counties.
Evnen said county election officials are still in the process of verifying signatures on the petitions, and so he has not yet certified the ballot measures. If the count reaches 110% of the total number of signatures needed, officials will stop verifying signatures and certify the petitions for the November ballot.
The deadline to certify the November ballot is Sept. 13.
It’s the third effort by Nebraskans for Medical Marijuana to get the issue on the ballot.
In 2020, the group came close after meeting signature requirements. But opponents sued, arguing that it violated state rules requiring ballot measures to focus on a single question. Instead, they argued, the measure posed two separate questions: whether residents should have the right to use marijuana for medical purposes, and whether private companies should be allowed to grow and sell it.
The state Supreme Court sided with the effort’s opponents and prevented it from going to voters.
In 2022, with only months to do so, organizers failed to collectenough signatures to get the question on the November ballot.
“After years of hard work, we are beyond excited that Nebraskans will finally have the opportunity to have their voices heard on this issue in November,” said Crista Eggers, Nebraskans for Medical Marijuana’s campaign manager. “Our fight has been long, it has been hard, but we have never given up. Today we celebrate that very soon, patients in this state will have access to medical cannabis treatment.”
Lancaster County Sheriff Terry Wagner, who initially brought the lawsuit that saw the measure kicked off the ballot in 2020, remains opposed to legalizing medical marijuana, saying it “numbs down the public perception of the harm marijuana does.”
“It’s a gateway to recreational marijuana,” Wagner said Friday. “It’s not medicine; it’s a weed. If it were to be approved by the FDA, then my view might change.”
In May, the federal government began a process to reclassify marijuana as a less dangerous drug.
Dozens of states have legalized marijuana for either medical or recreational use, most recently in Ohio last November. This fall, voters will weigh in on legalizing recreational marijuana in North Dakota, South Dakota and Florida.
by Grow Up Conference | Sep 3, 2024 | Media Partners, Stratcann
The BCLDB sold 135,348 grams of cannabis in the year ended March 31, 2024, a 27% increase from the previous year.
In fiscal year 2023-2024, the provincial agency that oversees cannabis and alcohol warehousing, distribution, and sale brought in $3.9 billion in revenue, a 1.7% increase from the previous year, with lower liquor revenue somewhat offset by growth in cannabis sales.
The LDB’s cannabis revenue was $574.5 million, an 18.3% increase from the previous year that it attributes to new retail stores and an expanded product selection. Alcohol revenue was $3.4 billion, a 0.7% drop compared to the prior year, for a total of $3.94 billion in revenue and $1.15 billion in net income.
The LDB’s net income and contribution to the Government of BC was $1.1 billion, a 4.2% decrease compared to the previous year.
Dried flowers, pre-rolls, and extracts and concentrates accounted for 91.8% of LDB’s cannabis sales revenue. It sold 54.1 kg of flower, 24.8 kg worth of pre-rolls, 45.5 kg of extracts and concentrates (gram equivalent), and another 10.1 kg in all other categories.
The extracts and concentrates category saw the highest increase of 36.3% compared to 2022-2023, reflecting the growth in vapes and infused pre-rolls.
The BCLDB added 2,600 new products in 2023-2024, a 37% increase in registered cannabis products compared to the previous year.
The BC Cannabis Store also introduced an online cannabis knowledge training program for all employees in the most recent fiscal year. The stores reached $965 in sales per square foot of store.
The cannabis wholesale division says they established a dedicated area for quality control processes, improving order accuracy, and took steps to improve on-time delivery and order accuracy.
In August 2023, the BCCS completed a market research survey of 1,200 BC adult cannabis users to gain customer insights and refine customer service strategies.
Since launching in August 2022, the LDB says its cannabis direct delivery program has grown to include around 100 participating cultivators worth more than $13 million in direct sales in fiscal 2023/24.
The agency admits the program could be much bigger, and says it is “committed” to a review of its central distribution 15% mark-up, as well as of the direct delivery program and who is eligible.
In April 2023, the LDB made several changes for cannabis producers, like eliminating its requirement that producers maintain mandatory insurance coverage for product expenses, reducing the reporting requirement for producers using the direct delivery program from weekly to bi-weekly, and changing payment terms from 30 to 14 days.
by Grow Up Conference | Sep 2, 2024 | Media Partners, Stratcann
The cannabis industry continues to have numerous opportunities available across Canada and internationally. Whether you’re looking for a role in production, management, retail, or finance, there are positions open for a variety of skill sets. Below is a list of some of the current job openings in the cannabis sector.
Adecco is actively hiring several Production Associates for a client in Smiths Falls, Ontario. This role is ideal for those looking to gain hands-on experience in cannabis production.
Canopy Growth has nine positions open across Ontario, Manitoba, and even Germany. These roles span various departments, providing opportunities for professionals with different skill sets.
After some financial restructuring earlier this year, BZAM is again on a hiring spree with 12 positions open in Ontario and BC.
High Tide has dozens of positions open in numerous locations across Canada, as well as for an Operations Manager in Berlin, Germany.
Fika Cannabis is hiring for several Fire and Flower locations in Canada, including one in Whitehorse, Yukon as well as at several Fika Cannabis stores in Canada.
Route 1 Sales Agency is on the lookout for a Sales Representative in Edmonton, while Aurora Cannabis is hiring across multiple categories such as Operations, QA and Supply Chain, Accounting and Finance, and Science and Innovation.
Decibel Cannabis Company is looking for a Financial Analyst in Calgary, AB, and Cronos Group is looking for people to fill several roles in Finance, Legal and Regulatory, Quality Assurance and Quality Control, Sales, R&D and more.
The Ontario Cannabis Store also has several current postings, including a Software Engineer, a Senior Finance Manager, a Financial Systems Manager, a Master Data Specialist, a Senior Manager, Business Architecture, and several other roles.
Auxly Group is hiring for several positions, such as Commercial Planning Analyst, Production Technician, Cultivation Assistant, and more.
One Plant Canna in Kingston, Ontario, is hiring a full-time Keyholder.
The BC LDB is looking for an Assistant Store Manager at its Langley, BC, Cannabis store.
BC is hiring for several cannabis-related positions, from a Wholesale Category Manager to BC Cannabis Store Managers to a Senior Investigator with its Community Safety Unit.
KJ’S Best Cannabis, a cannabis retailer in Mission, BC, is hiring an Inventory Control Supervisor.
AtlantiCann Medical Inc. is looking for a trimmer in Nova Scotia.
Sophia’s Garden (Artisan) Inc., a cannabis producer in Thunder Bay, ON, is hiring a Quality Assurance Manager.
Leaf Infusions is hiring a Production Supervisor at its processing facility in New Westminster, BC.
A cannabis producer in Montreal, Q, is looking for a VP of Operations to join their growing team.
Freedom Cannabis is hiring a Priva Technician at its facility in Acheson, AB.
Toke House retail store in Dryden, ON has an opening for a Cannabis Store Key Holder Position.
Les Entreprises C-Médical is hiring a Technicien culture de cannabis and a Journalier at its facility in Mirabel, QC.
Cannabis NB has around ten open positions at its total stores.
Circle K is hiring a Part-Time Budtender in Paradise, Newfoundland
And finally, in our September list, Truro Cannabis is looking for a Regional Sales Manager (Atlantic).
With so many positions available across Canada and internationally, now is a great time to explore new career opportunities within the cannabis industry whether you’re just starting out or looking to make a career change.
by Grow Up Conference | Aug 31, 2024 | Media Partners, Stratcann
This week at StratCann, we looked at the future of retail cannabis in Ontario and Quebec, and spoke with New Brunswick’s Crystal Cure on their decision to close up shop in hopes of a future reset.
Retailers and producers in BC are gearing up for Summer Sesh; Quebec opened its 100th SQDC store; Tokyo Smoke will close 29 locations as it seeks creditor protection; SNDL announced their successful bid to purchase Indiva; and Culture Kizos’ Coterie sour apple blunt was recalled from Alberta.
In finances, Entourage, Greenway, Nextleaf, Heritage, and MTL released their most recent financial reports.
In law enforcement news, New Brunswick confirmed follow-up raids at two unlicensed dispensaries, while police in Nova Scotia again raided several unlicensed cannabis shops.
This week’s profile series featured Vancouver’s Cannabis Training Canada e-learning platform and the recent AGCO approval for its Retail Certification Program.
In other Canadian cannabis news
Health Canada published amendments to the Cannabis Fees Order to simplify the annual regulatory fee exemption process if you sell cannabis exclusively for medical purposes.
A Vancouver Island University alum has helped lead research in developing a new, more cost-effective method for measuring cannabinoids in cannabis products.
CBC spoke with lawyer Matt Maurer and longtime cannabis activist Neev Tapiero about the current state of the cannabis industry.
High Tide’s Omar Khan penned a piece for Postmedia News arguing that provinces like Ontario, Alberta, and Manitoba are taking the lead with cannabis policy while Ottawa dithers.
Researchers in St. John’s looked at barriers to licensed private cannabis retailers in Canada based on an analysis of Canadian news media coverage.
The BC Supreme Court dismissed a petition from a prospective cannabis store that had sought a judicial review of a decision made by the Resort Municipality of Whistler not to issue the business a Temporary Use Permit (TUP). The petitioner unsuccessfully argued that the manner in which the TUP was granted was procedurally unfair and that the decision was substantively unreasonable.
An Alberta judge dismissed an application for judicial review of a person who was found to be impaired by cannabis following a Standardized Field Sobriety Test. He had unsuccessfully argued that the evidence did not establish his impairment.
A man in Quebec received a $15,000 fine after pleading guilty to a charge of trafficking in cannabis weighing more than 3 kg. The man was one of 31 people charged as part of a 2014 investigation named Project Nandou. Another 29 defendants in the case will return to court on September 4 for the continuation of the facilitation stage. One defendant has since passed away.
STORZ & BICKEL announced their first “Smokeless September Challenge” to educate consumers on the advantages of vaporization.
BMC Complementary Medicine and Therapies is calling for submissions to their Collection on Advances in cannabis and cannabinoid research.
Radio Canada says cannabis use among seniors is rising, and so are related ER visits, a story StratCann and others have covered in the past. As usual, the article and study it references fail to distinguish between when edibles became legal and when they began to enter the marketplace in any significant way.
Blast from the past: In cannabis news from this week in 2018, the media was already blaming a spike in cannabis overdoses on potent edibles, and poor public education.
International cannabis news
Incidents of cannabis smuggling by air passengers into the UK have been increasing significantly, with an estimated 15 tonnes seized so far this year, and 378 people arrested. This is already three times more cannabis seized than in all of 2023. More than half of those arrested in 2023 (71) had flown in from US airports, with 24 from Thailand, and 24 from Canada. Around half of all arrests (184) so far this year are related to cannabis that originated in Thailand, with 75 arrests related to cannabis originating from Canada, and 47 from the US. Sky News showed a video of one Canadian woman arrested there this past week.
California issued several cannabis product recalls for pesticide and microbial contamination.
The cannabis stock market responded negatively to news that the US DEA had pushed cannabis reclassification hearings to December. “We believe both candidates are likely to let rescheduling advance, though we have more confidence in Kamala Harris than in Donald Trump,” said one analyst.
Krautinvest covered recent comments from a spokesman for the German Federal Ministry of Food and Agriculture, saying that a pilot project to research the sale of cannabis in pharmacies could be coming at a future date.
And finally, people in the industry are hoping that the California governor will approve new proposals to allow people to smoke weed at some restaurants and buy it at cannabis farmers’ markets.
by Grow Up Conference | Aug 30, 2024 | Media Partners, Stratcann
MTL Cannabis saw increasing revenues and profits in its most recent quarterly report, with $2.2 million in net and comprehensive income in the three months ended June 30 2024 (Q1 2025) from $25.8 million in revenue, a 53% improvement from the same quarter in 2023.
Revenue for the Quebec-based cannabis company was up 62% from Q1 2024 while gross profits were up 300%. MTL attributes this increase primarily to increased revenue related to the acquisition of Canada House Cannabis Group in July 2023. The company accrued more than $5.1 million in excise tax obligations in the most recent quarter.
This is the second quarter in a row MTL has reported profits. As at June 30, 2024, the Company had cash of $2,256,380, representing an increase of $904,245 from March 31, 2024.
“We are incredibly proud of our team and the progress we have made as a company,” said Michael Perron, CEO of MTL. “We look forward to continuing to deliver best-in-class products and services to our incredible customers and patients.”
MTL Cannabis Corp. is the parent company of: Montréal Medical Cannabis Inc. (MTL Cannabis), a producer operating from a 57,000 sq ft licensed indoor grow facility in Pointe-Claire, Québec; Abba Medix Corp., a licensed producer in Pickering, Ontario that operates a leading medical cannabis marketplace; IsoCanMed Inc., a licensed producer in Louiseville, Québec operating a 64,000 sq. ft. production facility; and Canada House Clinics Inc., operating clinics across Canada that work directly with primary care teams to provide specialized cannabinoid therapy services to patients.
MTL focuses on “flower-first” products and concentrates, specifically dried flower, pre-rolls, and hash products, available in several provinces as well as the national medical market, and has a presence in international markets like Germany, Australia, Poland, Portugal, and the UK.
Montréal Medical Cannabis Inc. serves as the company’s key hub for cultivation, processing, and distribution for Canadian recreational markets and international markets. Abba Medix serves as the primary fulfillment and distribution asset for MTL’s Canadian medical cannabis market.
by Grow Up Conference | Aug 30, 2024 | Cannabis News Wire, Media Partners
A new study backed by the National Football League (NFL) sheds light on the increasing acceptance of therapeutic marijuana in sports while also highlighting the significant challenges posed by federal restrictions. These limitations continue to hinder research efforts, leaving a gap in understanding both the risks and benefits associated with cannabinoid use among athletes. The closing of this knowledge gap is an urgent matter, according to the report.
The study notes that, largely due to prohibition, healthcare providers lack sufficient understanding of a substance that is becoming more widely available for both recreational and therapeutic use.
The NFL committed $1 million in 2022 to studies examining the potential of cannabis to reduce pain and prevent concussions. This funding supported clinical research investigating the dosage of CBD and its potential as a substitute for opioids, in addition to the current investigation.
The study’s authors highlight the importance of education as a proven tool for reducing harm. “While there are ongoing efforts to educate the public on the risks of cannabinoids, equivalent efforts must be made to investigate and understand their benefits,” the 27-page paper argues.
The paper, which acknowledges both potential advantages and hazards for athletes using marijuana therapeutically, mostly evaluates existing literature. The authors warn against the dissemination of false information and unfavorable preconceptions that continue to impede the public’s understanding of cannabis and recommend a fair and impartial approach to sharing these findings.
The study highlights that concentrating only on negative messages runs counter to the positive experiences that many people who use cannabis products have had, which undermines public confidence in health authorities. Further, the study also discusses how the public’s comprehension of cannabinoid medicines is impeded by the cannabis industry’s emphasis on recreational usage. The industry’s commercial orientation, which permeates legal and political discourse, further blurs the discussion about the possible health advantages of cannabis products.
To truly serve the public, policymakers need to prioritize evidence-based studies, according to the study’s authors. However, this requires overcoming complex regulatory barriers that currently make it nearly impossible to conduct research on real-world cannabis products outside of studies funded by commercial interests.
One of the primary hurdles identified by the report is the limited availability of rigorous studies. The researchers note that many existing studies on humans have significant limitations in design and applicability. Variations in the types of cannabinoids studied, participant demographics and administration methods make it difficult to draw broad conclusions. As such, the authors advise caution when interpreting these findings, because they may not apply to other populations or different cannabinoid formulations.
The report also characterizes the existing cannabis laws and guidelines in sports as ambiguous and contradictory. The researchers urge politicians, medical experts and athletes to be better informed about the possible advantages and disadvantages of cannabis. The research makes the case that by addressing these problems, the sports community can promote a more knowledgeable and fair conversation on cannabis usage in sports.
As the misconceptions and stigma associated with marijuana use by athletes dissipates, many more are likely to use the products made by entities such as SNDL Inc. (NASDAQ: SNDL) to help in the management of the different physiological and mental-health challenges they face as a result of the rigors of the sports they participate in.
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by Grow Up Conference | Aug 30, 2024 | Grow Opportunity, Media Partners
(CNW) Pickering, Ont. – MTL Cannabis Corp. is pleased to report it has filed the financial statements as at and for the three-month period ending June 30, 2024, and 2023.
First Quarter 2025 Consolidated Financial Highlights for MTL:
Income Statement:
- Revenue of $25,842,264, an improvement of $8,978,969, or 53%, compared to $16,863,295 in the same quarter of last year.
- Net Revenue of $20,721,232, an improvement of $7,957,445, compared to $12,763,787 in the same quarter of last year.
- Gross margin before fair value adjustments of 54%, an increase of 16%, compared to 38% in the same quarter of last year.
- Operating Income of $4,963,969, an improvement of $4,364,370, compared to $599,599 in the same quarter of last year.
- Net Income and Comprehensive Income of $2,206,313, an improvement of $2,393,161, compared to a loss of ($186,848) in the same quarter of last year.
Statement of Cash Flows:
- Net cash inflows from operating activities of $5,602,954, compared to $2,140,029 in the same period of last year.
- Net cash used in investing activities of ($1,924,128), compared to ($318,847) in the same period of last year.
- Net cash used in financing activities of ($2,774,581), compared to ($1,291,189) in the same period of last year.
- Overall net cash increased to $2,256,380, an improvement of $904,245, from $1,352,135 at the beginning of the period.
Additionally, the company was able to demonstrate retained earnings of $1,545,148, compared to an accumulated deficit of ($614,165) in the same period of last year.
Management Commentary:
“We are incredibly proud of our team and the progress we have made as a company,” said Michael Perron, CEO of MTL. “We look forward to continuing to deliver best in class products and services to our incredible customers and patients.”
by Grow Up Conference | Aug 30, 2024 | Grow Opportunity, Media Partners
Cannabis retailer Tokyo Smoke says it will be shuttering 29 of its stores as it seeks creditor protection.
The closures are part of a restructuring the brand is carrying out under the Companies’ Creditors Arrangement Act.
Tokyo Smoke says the moves are meant to better align its operations with the current cannabis market and regulatory conditions, which the company says have changed “significantly.”
Some 167 locations across Ontario, Manitoba, Saskatchewan and Newfoundland and Labrador will remain open amid the restructuring.
OEG Retail Cannabis, a company run by the owner of the Edmonton Oilers hockey team, bought the Tokyo Smoke brand from pot giant Canopy Growth Corp. in September 2022.
Since that deal was signed, the cannabis market has struggled as the number of retailers has soared and the price of pot has dropped.
This report by The Canadian Press was first published Aug. 28, 2024.
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