Despite legalization revenue drivers, CannTrust Q4 results disappoint

CannTrust shares tumbled Thursday after the company reported fourth quarter results that missed revenue expectations while swinging to a loss. The Vaughan, Ont.-based company posted a net loss of $25.5 million, far greater than estimates, driven by higher costs associated with launching its recreational brands and its New York Stock Exchange listing. CannTrust CEO Peter Aceto said that adult-use legalization has been a "driver of growth" for the company, but the "rollout has not been without its challenges for the company, its competitors and provincial distributors."

Chinese-associated pot companies get squeezed by regulator concerns

Chinese companies linked to cannabis growing also dropped Thursday, Bloomberg reported, as regulators put the squeeze on one of the year’s hottest trades. The Shenzhen Stock Exchange told Shanghai Shunho New Materials Technology and Jilin Zixin Pharmaceutical Industrial to warn investors about uncertainties facing their industrial marijuana projects. Cultivation of industrial cannabis is legal in China but only for use in fiber and seeds, the China National Narcotic Control Committee says. Other uses including for medical purposes are forbidden.

More than 600 Ontario pot shop employees receive training certificates ahead of retail launch

Lift & Co. said it has submitted more than 600 certificates to Ontario’s aspiring cannabis retail employees for completing the company’s CannSell training program, the company said in a release Thursday. More than 1,500 Ontarians have created a CannSell profile, and nearly 800 have enrolled in the mandatory program which is best described as “smart serve but for cannabis”. The certificate announcement provides a glimpse into how many new jobs will be created in Ontario once the province opens the door for bricks-and-mortar pot shops on April 1.

U.S. House committee approves cannabis banking legislation

The House of Representatives’ Financial Services Committee approved a seminal bipartisan bill Thursday that is aimed at ensuring state-legal cannabis businesses are able to access basic banking and financial services. The legislation was passed by a vote of 45-15 and is aimed at preventing federal regulators from punishing banks for providing services to cannabis-related businesses operating in compliance with state laws where the drug is legal. Currently, many marijuana businesses are forced to operate entirely in cash - making them, their employees and their customers - potential targets for crime. The bill now heads to the House for a full Congress vote before heading to the Senate for its approval.