Canopy Growth Corp. is doubling down on its cannabis-infused vapes and drinks, as well as upcoming U.S. CBD products, while continuing to cut costs as it looks to rebuild investors’ trust.

The world’s biggest pot company discussed plans to address its sagging market share in the Canadian recreational market as well as its strategy for the U.S. cannabis market in a presentation to investors Monday. 

Aurora Cannabis Inc. announced Tuesday it is closing five of its production facilities and laying off about 700 workers as the pot giant continues restructuring its operations in a bid to achieve profitability. 

The Edmonton-based cannabis producer said in a statement it is closing five smaller-scale facilities in Quebec, Saskatchewan and Alberta this year to consolidate production at its four remaining plants, while booking a $60-million impairment charge related to the closures in its fourth quarter. Aurora also said it plans to take a $140-million charge related to a revaluation of its raw cannabis given shifting consumer demand. 

Canopy Growth (WEED.TO)(CGC) sees the addressable legal cannabis market expanding to nearly $70 billion globally by 2023, up from almost $10 billion today.

“Canada is expected to be about four times the size that it was in 2019. U.S. CBD, six times. In Germany, about 10 times . . . by the time we get to 2023,” Canopy’s chief executive officer David Klein said during the company’s virtual investor day on Monday. “Our goal is to hold a leading share position in each of these markets.”

These Two Pot Stocks Could Prove to be Important For The Last Week of June

The cannabis industry has reached a point in its evolution where science and research are no longer an added bonus, rather a necessity.  As we continue to tout the benefits of cannabinoids like THC and CBD, skeptics and investors need science-based evidence in order to establish credibility and trust in the industry. Even those who believe in the benefits of cannabis want more data.

In the wake of global Black Lives Matter protests and the movement’s demands to defund police services, it seems that every organization in all industries is looking inward and experiencing a reckoning with racial injustice.

The year 2020 may go down as the worst in memory, but not for cannabis beverage manufacturers.

According to a report by Prohibition Partners, the global cannabis drinks market will be worth $1.82 billion by the end of the year. That number is driven by consumers looking for cost-friendly relief from the current COVID-19 pandemic.

Why are so many obeying their thirst?

Canadians seem to be easing off marijuana a bit, at least as far as the latest sales figures reveal. On Friday, Statistics Canada released its national retail sales data for April, revealing that purchases from licensed marijuana stores fell slightly (by 1%) on a month-over-month basis to land at around 180 million Canadian dollars ($132 million).

That reversed the previous month's trend, in which sales rose by nearly 20%. This can largely be attributed to stockpiling behavior stemming from the SARS-CoV-2 coronavirus outbreak that necessitated "stay in place" measures.

An Okanagan-based catering company is pairing cannabis with fine local food, similar to how many restaurants and catering companies offer wine pairings. 

Stratus Cannabis Catering operates in customers' homes, so as to offer a safe space for guests to consume cannabis, according to chef Brent Pillon, who co-owns the business with his wife Jenna.

When told of the arrangement, however, the province of B.C. advised caution, pointing out the sale of non-medical cannabis is only permitted by licensed retailers. It recommended anyone wishing to pursue this type of business consult a lawyer.

Pilon said each event starts with getting to know the people they're cooking for. 

It took the owners of ARCannabis more than 18 months to become a fully licensed marijuana dispensary in Vancouver.

Tonny Dinh and Joe Le first applied when the process opened in the city prior to the legalization of marijuana in Canada on Oct. 18, 2018.

Finally, after seemingly endless paperwork, applications and background checks, the shop officially opened in April this year.

But that's not the path all shops have taken. Many have forgone the legal route yet continue to operate within city limits, much to the dismay of business owners who have chosen the legitimate process.

The City of Vancouver says 16 cannabis retailers are still operating unlicensed storefronts, while 24 are fully licensed.

"It does frustrate us," says Dinh.