Canopy Growth Corp. announced sweeping changes Thursday across its global operations aimed at cutting costs that will result in a charge of up to $800 million and a headcount reduction of 85 full-time positions.

Canopy said it will exit Africa, cease cultivation in Colombia, shut down its Saskatchewan production facility, and halt hemp cultivation in New York due to an oversupply of the product from last year's growing season. 

"When I arrived at Canopy Growth in January, I committed to conducting a strategic review in order to lower our cost structure and reduce our cash burn," said David Klein, Canopy’s chief executive officer, in a statement. 

Cannabis purchases rose as much as 600 per cent since the beginning of March in Canada's biggest market thanks to stockpiling by consumers during the COVID-19 pandemic - and demand may be sticking around. 

Sales data provided by the Ontario Cannabis Store (OCS) over the past six weeks - the same period that COVID-19 spread across the country - show legal pot appears to be a more "habitual" purchase than a one-time novelty, according to Cheri Mara chief commercial officer at the provincial retailer. 

While it may be too early to really gauge how COVID-19 will impact legal cannabis sales over the long term, the OCS data provide a highly precise glimpse at how people are consuming cannabis during the pandemic. 

Is Ontario’s struggling weed store gaining a new, loyal customer base among stoners in lockdown?

The provincial cannabis store lost $42 million in its first fiscal year, but online sales skyrocketed in the weeks after the World Health Organization declared COVID-19 a pandemic. As Canadian public health authorities implemented increasingly strict physical distancing measures in an effort to contain the virus, many of us were motivated to hunker down at home and stockpile essential supplies — which, according to figures released today, included a lot of cannabis.

When the province declared a state of emergency to support the COVID-19 response in mid-March, BC Liquor Stores (BCLS) saw an ‘uncharacteristic’ increase in customer volume.

“The trend was similar to the increased activity experienced by grocery stores,” a Ministry of Attorney General spokesperson told the Tribune.

Sales figures for BC Liquor Stores (BCLS) or BC Cannabis Stores (BBCS) are not released as those statistics are considered confidential business information, however the ministry provided an outline of sales across the province.

The cannabis market is one of the fastest-growing industries of today. With only a few years behind us at this point, it seems as though it is difficult to make any large deductions about where pot stocks are headed. But, in the long term, we can begin to figure out what trends are worth considering and which are not. In the short term, however, the coronavirus has made it extremely difficult to predict movements in the marijuana market.

As CBD markets continue to expand, farmers, researchers and businesses are looking at other industrial hemp plants — cannabinoids.

Last year, during their first year of production, 90% of Kansas’ more than 200 industrial hemp farmers grew CBD hemp. The other 10% focused on grain and fiber varieties. By trying to grow CBD, these farmers were opting for a higher-yield hemp crop.

Canadian marijuana companies were finally confirmed as eligible for financial assistance during the coronavirus crisis after initial confusion in the industry.

Last month, the Export Development Canada (EDC) agency and the Business Development Bank of Canada (BDC) were granted CAD$10 billion to distribute in the form of loans to small businesses as part of the Canadian government’s emergency stimulus package.

However, the CEO of cannabis producer Tantalus Labs informed people via Twitter that he was denied help as the federal development bank is “not authorized to do business” with marijuana companies.

The Ontario Cannabis Store’s website has seen massive improvements since launching in October of 2018. The blog at OCS.ca is filled with useful how-tos and shoppers can now sift through dried flower strains by potency.

During the COVID-19 pandemic Colorado has temporarily made the online sale of recreational marijuana legal, “fulfilling one of the pot industry’s biggest wishes and fueling its argument for more concessions that could be made permanent when the crisis eases”, reports the Associated Press.

“It’s one of several signs emerging from the virus outbreak of just how far ingrained marijuana has become in mainstream life in several states.” Dispensaries are being designated “critical businesses” and are allowed to operate through statewide stay-at-home orders. In addition, markets such as California, Washington state and Oregon are allowing curbside pickup during the crisis.

Across the globe, companies are stepping up to make essential goods to battle the coronavirus. In America, hundreds of brands have set aside their normal production routines to manufacture what’s most needed during this time of crisis.

Cannabis extraction companies, in particular, are filling a unique and much-needed niche. The ethanol typically used to refine cannabis concentrates is being repurposed to create hand sanitizer.