Reuters — Canadian pot producer Canopy Growth said on Thursday it has completed the sale of its facility at Modesto, California as part of its divestitures to raise funding amid liquidity concerns. The sale, the fifth such deal since April 1, is part of Canopy’s ongoing efforts to improve liquidity by reining in costs through […] Read more
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Canopy Growth sheds California facility amid liquidity worries
Cannabis producer aims to rein in costs
Pot producer Canopy Growth to shed retail stores
Company working on 'path to profitability'
In full cost-cutting mode, Canadian cannabis producer Canopy Growth Corp. is set to shed a significant chunk of its vertical integration model by selling off the retail pot shops it owns across the country. Smiths Falls, Ont.-based Canopy announced Sept. 27 it has an agreement in place with OEG Retail Cannabis — already the owner/operators […] Read more
Pot producer Canopy Growth to cut 250 jobs in profitability bid
Reuters — Canopy Growth Corp. said it would lay off about 250 employees as part of a cost-cutting plan as the Canadian pot producer tries to achieve long-elusive profitability. Most Canadian marijuana companies have struggled to turn a profit despite more than three years of cannabis legalization due to fewer-than-expected retail stores, cheaper rates on […] Read more
Canopy eyes U.S. expansion via weed gummies maker
Ontario firm to pay US$297.5 million for Wana Brands
Reuters — Canada’s Canopy Growth Corp. said on Thursday it would buy weed gummies maker Wana Brands for US$297.5 million, as the world’s biggest pot producer looks to expand in the U.S. cannabis market. Demand for pot edibles such as gummies has risen during the pandemic, as people stuck at home turn to cannabis-related products […] Read more
Cannabis firms catch whiff of opportunity in Brazil
Canadian producers among those now supplying Brazilian market
Sao Paulo | Reuters — International cannabis companies are showing interest in Brazil, both its large consumer market for medicinal products and a proposal that could legalize planting of the crop. Major producers such as Colombia’s Clever Leaves and Canada’s Canopy Growth are developing and selling medicinal cannabis products to a Brazilian consumer segment estimated […] Read more
Canopy Growth to buy rival Supreme Cannabis
Deal comes as pot demand lights up
Reuters — Canopy Growth Corp. said Thursday it will buy rival Supreme Cannabis for $323.3 million, as the world’s biggest cannabis producer bolsters its portfolio to tap surging demand. Shares of Canopy, up 15 per cent this year, fell around 4.6 per cent to $36 after it announced the cash-and-stock deal for Supreme, which owns […] Read more
Pot producer Canopy Growth sees profit in 2022
Costs cut, revenue increasing
Reuters — Canopy Growth Corp., the world’s largest pot producer, said on Tuesday it expects to turn a profit in the second half of 2022 after aggressive cost-cutting and higher demand for cannabis products helped narrow third-quarter losses. Canadian pot producers have been under pressure from investors seeking returns as profits remain elusive due to […] Read more
Canadian pot producer Aphria to buy U.S. craft brewer
SweetWater's '420' beer would come to Canada
Reuters — Canadian cannabis company Aphria Inc. said on Wednesday it plans to buy craft brewer SweetWater Brewing for US$300 million as it looks to expand into the U.S. while becoming the first major pot producer to enter the alcoholic beverages market. The deal gives Leamington, Ont.-based Aphria a U.S. distribution point at a time […] Read more
Canopy Growth to move U.S. listing to Nasdaq
Canadian cannabis company minding expenses
Reuters — Canadian pot producer Canopy Growth said on Tuesday it would move its U.S. stock listing to the Nasdaq, following rival Aphria in favouring the exchange’s “cost-effectiveness.” Canopy’s U.S. shares, currently listed on the New York Stock Exchange, rose over four per cent in extended trading. Years of high expenses and a lack of […] Read more
Cannabis-infused drinks fizzle on production, distribution challenges
'Actually executing the idea is much more difficult'
Reuters — Investors pinning hopes on cannabis-infused drinks to propel growth of the legal marijuana industry may have to wait a bit longer, as companies struggle to produce and distribute the highly-sought beverages in a profitable way. Nearly 11 months after regulators allowed their sales, very few brands have been able to reach shelves. Canada […] Read more
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