Cannabis Professional’s daily roundup of industry news. View archive here.
TSX says CannTrust will be de-listed if financial statements are not filed
The Toronto Stock Exchange is reviewing CannTrust Holdings Inc.’s listing as a result of the company’s failure to file four different financial statements, including two statements that have to be restated as a result of incorrect information due to unlicensed growing.
“The TSX has advised that, if the Company is unable to cure those defaults by March 25, 2020, the Company’s securities will be delisted 30 days following such date. The Company’s securities will continue to trade normally during this period,” the company said in a news release on Wednesday.
“CannTrust anticipates filing those disclosures and meeting the TSX’s requirements before March 25, 2020. The Company continues to make progress in working with its independent auditor in connection with preparing its financial statements and corresponding MD&A,” the company said.
- Mark Rendell
More clues point to chemical compound in U.S. vaping illnesses
Health officials said Tuesday they have more evidence that a certain chemical compound is a culprit in a North American outbreak of vaping illnesses. Researchers analyzed black market vaping cartridges seized in Minnesota during the outbreak this year, and vaping liquid seized in that state last year. The newer cartridges contained the compound vitamin E acetate, but none of the older samples did.
They also looked at vaping cartridges collected from a dozen patients. Vitamin E acetate was commonly found in those, too. The study was small, but it echoes other work that found the compound in the damaged lungs of 29 patients across the country.
“The findings further support a potential role for vitamin E acetate in causing lung injury associated with vaping products,” said Dr. Ruth Lynfield, a Minnesota health official.
Nearly 2,300 Americans who vape have gotten sick since March, many of them teens and young adults, according to a recent tally by the U.S. Centers for Disease Control and Prevention. At least 47 people have died. Most who got sick said they had vaped liquids that contain THC. Vitamin E acetate has recently been used as a thickener in illicit vaping products that contain THC, officials say.
- Associated Press
Aurora opens flagship store in West Edmonton Mall
Aurora Cannabis Inc. has opened a large store in West Edmonton Mall, the company’s first branded retail store. The 11,000-square-foot space will be divided into a cannabis store and a “immersive experiential space” that will focus on events and education.
The facility will be run by High Tide Inc., which received a $10-million investment from Aurora in 2018. High Tide has signed a three year agreement with an affiliate of Aurora “to provide services including, but not limited to: inventory, marketing, operations, sales, staffing, training, and security.”
- Mark Rendell
Sunniva gets termination notice for California facility
Sunniva Inc.’s landlord in California has issued the company a termination notice for its Cathedral City greenhouse, calling into question the company’s pivot towards the U.S.
The announcement comes after Sunniva abandoned plans to finish a facility in Okanagan Falls, B.C. It is still trying to sell the partially-built Okanagan facility as well as a network of cannabis clinics in Canada, as it attempts to become a California pure-play.
"While the third quarter saw further progress with the construction of the Cathedral City Glasshouse as we move towards its completion, significant cost overruns have resulted in delays in payments and disputes over responsibility to cover construction costs. Sunniva has already funded over US $22 million in tenant improvements,” said Sunniva CEO Anthony Holler in a statement.
“A dispute about additional payments required to complete construction has prompted our lessor to give us a 30-day notice of termination and default under our build to suit agreement. We intend to vigorously defend our rights under the agreement.”
- Mark Rendell
Canopy outlines Cannabis 2.0 SKUs for launch in ‘early 2020′
Canopy Growth Corp. outlined on Wednesday the flavours and product sizes for edibles and vapes that it intends to go to market with in the new year.
Ready to drink, 355mL cans:
- Penelope and Tonic (2 mg of THC and 1.5 mg of CBD)
- Bakerstreet and Ginger Ale (2 mg of THC)
- Houndstooth and Soda (2 mg of THC)
- Houseplant Grapefruit (2.5 mg of THC)
- Houseplant Lemon (2.5 mg of THC)
Canopy is also launching “refreshing seltzer-like sparkling water beverages” under the brand name Quatreau in 355mL cans:
- Cucumber & Mint (20 mg of CBD)
- Passion Fruit & Guava (20 mg of CBD)
- Quatreau Ginger & Lime (2 mg CBD and 2 mg THC)
- Blueberry Acai (2 mg CBD and 2 mg THC)
The company will also sell a 222mL can under the brand name Deep Space that will contain 10 mg of THC, as well as 150mL bottles of clear “Distilled Cannabis” that can be added to other beverages.
On the chocolate front, Canopy intends to launch three SKUs:
- Bean & Bud: 70 per cent dark chocolate, with “two medallions per package with 5 mg of THC each.”
- Tweed: Milk chocolate with “2.5 mg of THC and 1.8 mg of CBD in each of the four chocolate squares.”
- Tokyo Smoke: Dark chocolate in a “five-piece chocolate bar [that] contains 10mg of THC in total, 2 mg of THC for each segmented piece."
For vapes, Canopy intends to launch rechargeable products in January, followed by single use vape pens in “early 2020.”
“Using the industry standard “510” thread format, which comprises approximately 75% of vape extract sales in established markets like Colorado and California, is the Company’s top launch priority,” the company said.
- Mark Rendell