Canopy Growth Corp. reported mixed third-quarter results on Wednesday as the company's revenue continued to decline amid a hyper-competitive Canadian cannabis market while reporting a steeper-than-expected loss. The Smiths Falls, Ont.-based company said cheaper pot prices led to a 20 per cent annual decline in its cannabis business to $83 million despite ongoing efforts to address quality and other consumer issues.

"In the third quarter we actioned to win where it matters - driving record performance in our CPG business from both BioSteel and Storz & Bickel, while beginning to stabilize our Canadian business including maintaining the number one position in premium flower,” said David Klein, chief executive officer at Canopy, in a statement.

ANC Inc announces a partnership with Dutch Passion Seed Company to offer Dutch Passion's feminized, high-performing genetics onto the Canadian market.

With the guidance of Dutch Passion cannabis specialists, seed production is provided by ANC Inc, an Alberta based licensed producer, with their current experienced growers already being well versed in cannabis breeding and seed production under the brand 34 Street Seed Co.

ANC Inc co-founder Tairance Rutter, commented, "We're excited to have been able to bring forward this partnership, a legendary brand like Dutch Passion with its rich history and genetic breeding experience is a perfect addition to the legal Canadian cannabis market."

City council voted Monday night to move project along after hearing from public

Passengers flying through a small airport in Prince George, B.C., may soon be able to buy cannabis for their carry-on.

Copilot, a cannabis company based in Langley, B.C., launched by two American-based entrepreneurs, is proposing to build what it calls the first cannabis store in the world to be located inside an airport terminal in the northern city.

On Monday night, Prince George city council voted unanimously for the project to pass its public hearing stage. It still requires final approval from the city, likely this spring.

Canadian cannabis market is still struggling to generate profits

Aurora Cannabis Inc. and Canopy Growth Corp. are expected to remain in the red but trim their losses when they release financial results later this week, as they face a sluggish legal cannabis market in Canada.

The O’Cannabiz International Awards, Conference and Expo presented by ND Supplies returns to Toronto June 1-3, 2022 at the International Centre. O’Cannabiz is a must-attend cannabis event known for its high-level line-up of new exhibitors, speakers and conference topics that provide attendees with innovative and informative research, the latest in technology and engaging networking opportunities with professionals from the cannabis industry around the world. 

This Canadian pot company was the first to impress customers with cannabis derivatives, so what went wrong?

Derivatives are additional recreational products that Canada legalized in October 2019 as part of "Cannabis 2.0" legalization. These products garnered a lot of consumers' attention. Thus, Canadian pot companies were eager to launch them. Canopy Growth (NASDAQ:CGC) was the one to jump at the opportunity. 

Canopy Growth had an early mover advantage in the Canadian medical cannabis market. It first started selling cannabis oil in the fourth quarter of fiscal 2016.

In an apparent move to cut costs, Canadian producer Auxly Cannabis Group Inc. has closed two cultivation facilities in Nova Scotia. (Originally appeared on Benzinga)

The company announced Monday that it shuttered its Robinsons facilities in Kentville and Hortonville and will focus on simplifying its cultivation platform and achieving its goal of becoming EBITDA-positive in the first half of the year.

Around 55 employees will lose their jobs related to the closures.

SAULT STE. MARIE — This summer, Sault Ste. Marie will be getting its first marijuana grow and cultivation facility called Gro-UP.

The city currently has four provisionary centers which began opening after the city passed a law in August 2020 allowing marijuana businesses to operate within city limits. 

Gro-UP’s leadership chose Sault Ste. Marie as its base of operations where their product will be grown, tested and packaged. Eventually the start-up plans to have stores all over Michigan but for now, will be opening a retail store near the grow facility.

The cannabis sector paid billions of dollars in taxes, but it doesn’t mean weed stocks are noteworthy investments in 2022.

The cannabis sector in Canada has a positive impact on the country’s economy, despite the underperformance of weed stocks on the TSX. According to consulting and auditing firm Deloitte, it has generated more than $15 billion in tax revenues (direct and indirect) for the federal and provincial governments.

Likewise, the industry contributed 151,000 jobs to the labour market since the legalization of recreational marijuana in 2018. In the inaugural TSX30 List in September 2019, four cannabis companies were among the top 10 growth stocks. Canopy Growth (TSX:WEED)(NASDAQ:CGC) was ranked number one.  

EDMONTON, AB, Feb. 7, 2022 /CNW/ - ANC Inc announces a partnership with Dutch Passion Seed Company to offer Dutch Passion's feminized, high-performing genetics onto the Canadian market.

With the guidance of Dutch Passion cannabis specialists, seed production is provided by ANC Inc, an Alberta based licensed producer, with their current experienced growers already being well versed in cannabis breeding and seed production under the brand 34 Street Seed Co.

ANC Inc co-founder Tairance Rutter, commented, "We're excited to have been able to bring forward this partnership, a legendary brand like Dutch Passion with its rich history and genetic breeding experience is a perfect addition to the legal Canadian cannabis market."