Kelowna, British Columbia-based GTEC Holdings Ltd. reported net income from operations of 282,000 Canadian dollars ($223,600), reversing a net loss of CA$8.3 million in the previous year, according to the full-year and fourth-quarter results released W…
International Marijuana Business News
Customer loyalty programs offer clear benefits for cannabis stores
Loyalty programs, long a staple of consumer marketing strategies, have found a place among regulated cannabis retailers in the United States and Canada. By offering perks such as discounts, points, special offers and new-product notifications, retail o…
Canada extends wage subsidy popular with cannabis producers
Canada’s government is extending a pandemic-related wage subsidy program that has been tapped by over a dozen federally-regulated cannabis producers. The Canada Emergency Wage Subsidy (CEWS) program, which subsidizes wages for employers which hav…
Government-run cannabis stores in Quebec, New Brunswick post profits
The government-run cannabis store operators for Quebec and New Brunswick reported quarterly profits for the periods ended Jan. 2, 2021, and Dec. 27, 2020, respectively. Quebec’s Société québécoise du cannabis (SQDC) posted net income of 23.3 million Ca…
Marijuana and CBD retailer High Tide posts higher revenue of CA$24.9 million
High Tide, a Canadian cannabis retail chain that also sells CBD and marijuana accessories in the United States, reported revenue of 24.9 million Canadian dollars ($19.7 million) for its fourth quarter ended Oct. 31. Total revenue for High Tide’s …
Canada Revenue Agency has fined cannabis firms CA$1.3 million since adult-use market launch
The Canada Revenue Agency (CRA) has issued cannabis-related fines totaling 1.3 million Canadian dollars ($1 million) since adult-use marijuana was legalized in October 2018, Marijuana Business Daily has learned. The nearly two-dozen penalties for viola…
Moldy cannabis gummies, mislabeled pre-rolls recalled in Canada
Regulated Canadian cannabis products recalled in February include potentially moldy THC-infused edibles, plus two different instances of pre-rolled joints with incorrect cannabinoid labeling. The edibles recall involves one lot of strawberry-flavored T…
Cannabis producer Cronos loses $111.7 million in fourth quarter
Canadian cannabis producer Cronos Group reported a quarterly loss of $111.7 million and an adjusted EBITDA of negative $53.1 million, according to the full-year and fourth-quarter results released Friday, well below analyst expectations. However, Crono…
Acreage selling Florida marijuana arm to Red White & Bloom for $60 million
Multistate marijuana operator Acreage Holdings said it has a definitive agreement to sell its medical cannabis operation in Florida to Red White & Bloom Brands for $60 million in cash and stock. The deal reflects a further retrenchment by New York-…
Marijuana trimming machine maker sues Border Patrol for impeding parts
A company that produces agricultural equipment for marijuana and hemp businesses filed a lawsuit in Seattle charging the U.S. Customs and Border Protection with wrongly impeding imports from Canada of components needed by its Washington state subsidiar…