London, ON-based LP WeedMD announced temporary layoffs for 40 employees and 25% pay-cuts for management and directors. At the same time, the union representing some of the company’s production employees refused a company request for it to name the employees who have signed union cards.
Press Release, GrowthOp, London Free Press
- Lawyer Harrison Jordan said of WeedMD’s request for the names of union card signatories, “You should never predict the outcome of a case […] But WeedMD will lose this one.“
In other corporate news:
- The announcement did not mention prices or quantities, but reflects Canopy’s aim to move to an “asset-light model.”
MJ Biz Daily
Tilray claimed the $130M lawsuit against them by 420 Investments (owner of REC retailers Four20) was a “defensive tactic” by the retailer in order to default on a $7M “bridge loan” it received from Tilray’s REC subsidiary High Park.
Sundial, which recently temporarily reduced production due to COVID-19, recalled 30,000 of its Top Leaf Strawberry Cream pre-rolled joints sold in Manitoba, Alberta, and BC due to much higher THC content than labelled (the pre-rolls have 10.9% THC but are labelled as containing 1.09%).
MJ Biz Daily
- Sundial said it had “not received any complaints related to the recalled lot.”
LPs continue working to raise capital. Flowr announced a $20M non-brokered private placement. while Organigram announced a $49M at-the-market equity program. (Organigram also debuted its “Trailer Park Buds” REC brand, which appears to violate Cannabis Act prohibitions on associating with people or characters.)
New Cannabis Ventures