BNN Bloomberg‘s David George-Cosh’s reported seasonally adjusted cannabis industry contribution to Canada’s GDP actually peaked in September (at $7.29B, up from $6.29B last February) and has been slowly declining ever since.
CannTrust was granted protection under the Companies’ Creditors Arrangement Act (CCAA), the filing of which will cause the company’s stocks to be delisted from both the TSX and NYSE.
- Insiders wondered how the company could be eligible for the CCAA given its deliberate attempts to mislead regulators about its illegal growing practices.
- The scandal-plagued LP announced that due to COVID-19, Health Canada couldn’t make its licensing inspections on CannTrust facilities.
Newswire, MJ Biz Daily
Cronos reported Q4 2019 and full-year earnings, increasing its gross loss to USD$20.4M from (a restated) USD$14.8M last quarter. The company posted a (restated) gross loss of $17.9M for all of 2019, down from $6.2M gross profits in 2018.
MJ Biz Daily
- The report also restated financial results for the preceding three quarters.
- The Cannalysts noted the company’s inventory writedown eclipsed fiscal 2019 sales.
Organigram also reported it expected layoffs would result from the pandemic.
MJ Biz Daily
And subject to required security clearances
— Ashley Chiu (@chiushley) March 24, 2020