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Canopy Growth Corporation

Canopy Growth Corporation (WEED)

( 4.72% )
Updated: 14:31:24

Professional-Grade Tools, for Individual Investors.

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Current Price
9.45 Day's Range 10.24
3.74 52 Week Range 26.00
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Last Trade Time
Financial Volume
Average Volume (3m)
Shares Outstanding
Dividend Yield
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About Canopy Growth Corporation

Pharmaceutical Preparations
Blank Checks
Ottawa, Ontario, Can
Canopy Growth Corporation is listed in the Pharmaceutical Preparations sector of the Toronto Stock Exchange with ticker WEED. The last closing price for Canopy Growth was $9.74. Over the last year, Canopy Growth shares have traded in a share price range of $ 3.74 to $ 26.00.

Canopy Growth currently has 91,116,000 shares outstanding. The market capitalization of Canopy Growth is $887.47 million. Canopy Growth has a price to earnings ratio (PE ratio) of -1.40.

WEED Latest News

Roundhill Cannabis ETF (WEED) Waives Fees to 0.00%

Roundhill Cannabis ETF (WEED) Waives Fees to 0.00% PR Newswire NEW YORK, July 1, 2024 WEED ETF will offer expense ratio of 0.00% through July 1, 2025 NEW YORK, July 1, 2024 /PRNewswire/...

Canopy Growth Establishes US$250 Million At-The-Market Program To Further Enhance the Company's Financial Position And Facilitate Growth

Canopy Growth Establishes US$250 Million At-The-Market Program To Further Enhance the Company's Financial Position And Facilitate Growth PR Newswire SMITHS FALLS, ON, June 6, 2024 SMITHS...

Canopy Growth Announces Exercise of Acreage Options Paving the Way for Acquisition by Canopy USA

Canopy Growth Announces Exercise of Acreage Options Paving the Way for Acquisition by Canopy USA PR Newswire SMITHS FALLS, ON, June 4, 2024 Canopy USA completes acquisition of Jetty and advances...

Canopy Growth Reports Fourth Quarter and Fiscal Year 2024 Financial Results; Q4 FY2024 Net Revenue increased 7% year-over-year, or 16% excluding divested businesses

Canopy Growth Reports Fourth Quarter and Fiscal Year 2024 Financial Results; Q4 FY2024 Net Revenue increased 7% year-over-year, or 16% excluding divested businesses PR Newswire SMITHS FALLS, ON...

Canopy Growth to Report Fourth Quarter and Fiscal Year 2024 Financial Results on May 30, 2024

Canopy Growth to Report Fourth Quarter and Fiscal Year 2024 Financial Results on May 30, 2024 Canada NewsWire SMITHS FALLS, ON, May 16, 2024 SMITHS FALLS, ON, May 16, 2024 /CNW/ - Canopy Growth...

Canopy Growth Confirms Canopy USA's Exercise of Options to Acquire Wana and Jetty

Canopy Growth Confirms Canopy USA's Exercise of Options to Acquire Wana and Jetty PR Newswire SMITHS FALLS, ON, May 7, 2024 SMITHS FALLS, ON, May 7, 2024 /PRNewswire/ - Canopy Growth...

Canopy Growth Announces Financing to Further Strengthen Balance Sheet Including Approximately US$50 Million of New Gross Proceeds

Canopy Growth Announces Financing to Further Strengthen Balance Sheet Including Approximately US$50 Million of New Gross Proceeds PR Newswire SMITHS FALLS, ON, May 3, 2024 C$27.5 Millon of Debt...

L'Organisme canadien de réglementation des investissements permet la reprise de la négociation - WEED

L'Organisme canadien de réglementation des investissements permet la reprise de la négociation - WEED Canada NewsWire TORONTO, le 30 avril 2024 TORONTO, le 30 avril 2024 /CNW/...

Canopy Growth Announces CBI Conversion to Exchangeable Shares and Newly Constituted Board of Directors

Canopy Growth Announces CBI Conversion to Exchangeable Shares and Newly Constituted Board of Directors PR Newswire SMITHS FALLS, ON, April 18, 2024 Conversion of Greenstar Promissory Note into...

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WEED Discussion

View Posts
borysek borysek 29 seconds ago
Canopy Growth Corporation Common Shares is estimated to report earnings on 08/14/2024. The upcoming earnings date is derived from an algorithm based on a company's historical reporting dates. Our vendor, Zacks Investment Research, might revise this date in the future, once the company announces the actual earnings date. According to Zacks Investment Research, based on 6 analysts' forecasts, the consensus EPS forecast for the quarter is $-0.32. The reported EPS for the same quarter last year was $-0.4.
so we will see another big loss of millions of $ ...
borysek borysek 20 hours ago
nice manipulation , good for idiots !
doomed doomed 6 days ago
Buy before price come down…
doomed doomed 1 week ago
Home / Cultivation
Judge keeps Alabama medical marijuana licensing on hold
By Doomed
July 8, 2024

An Alabama judge has extended a temporary restraining order on the issuance of medical marijuana business licenses in yet another delay to the market’s launch.

Montgomery County Circuit Judge James Anderson, according to the Alabama Reflector, also instructed the state’s Medical Cannabis Commission to begin investigative hearings requested by companies denied licenses in the previous round.

The restraining order was pushed by Alabama Always, an MMJ company seeking one of the state’s vertically integrated licenses.

Last December, Alabama regulators issued five integrated licenses to MMJ companies, including:

Flowerwood Medical Cannabis.
Specialty Medical Products of Alabama.
Sustainable Alabama.
Trulieve AL.
Wagon Trail Med-Serv.
The application and selection process for those integrated licenses sparked lawsuits after the state’s first two attempts to issue them.

A judge blocked a third round of MMJ licensing in January after noting “a serious question” as to whether it “is also invalid.”

Meanwhile, more than three years have passed since the governor signed into law the Alabama Compassionate Act, which allowed MMJ products for patients suffering from a host of chronic health issues.
borysek borysek 1 week ago
do not forget ... price $8.64 means - 86 cents before reverse split , the end is coming sooner than you think ,
borysek borysek 2 weeks ago
I do not see green lights.... even at the end of the tunnel
doomed doomed 2 weeks ago
Our only hope is with nsssrr5 and Happy-glass scarfing up every existing shares. They are saving the day! We own them…
borysek borysek 2 weeks ago
dead cat .... any hope left ?
doomed doomed 2 weeks ago
Scaling mold on one million square feet.
Way to go!
We will all be rich with this licence to grow and sell moldy bunk!
We are maga. Trump won and Bruce is the man.
doomed doomed 2 weeks ago
Republicans use Cannabis smell complaints as ‘excuse’ to oppose legalization, advocates say
Posted July 2, 2024 on The Guardian

ImageRepublicans use Cannabis smell complaints as ‘excuse’ to oppose legalization, advocates say
Norml argues lawmakers exaggerate scent complaints to support policies banning public use of marijuana.
Some Republican lawmakers, including Florida governor Ron DeSantis, say that the now-public consumption of marijuana is a nuisance to people who don’t like the smell and a quality-of-life issue.

Meanwhile, advocates of marijuana legalization argue that lawmakers are exaggerating the scale of the problem and using the smell issue as a smoke screen for their actual gripe: cannabis should not be legal.

Earlier this month, Mike, a 52-year-old maintenance worker, sat on a bench at Herbert Von King Park in Brooklyn, smoking a blunt.

“I’ve been doing it for so long, I don’t even smoke to get high,” said Mike, a Brooklyn native who has smoked since he was about 11 years old and declined to give his last name.

Perhaps only one thing about Mike’s marijuana consumption has changed in recent years: In 2021, New York approved adult use of cannabis, which has meant that, like in other states where it’s legal, he and others now smoke the drug openly.

Stroll down a sidewalk in many cities, and you just might catch a whiff of Acapulco Gold. (Or sometimes, on highways and in more rural areas, it really is just a skunk.)

“I enjoy being able to sit down and smoke outside, with the police walking by not saying anything. I don’t want to be someplace where there shouldn’t be any weed smoking, but you’re smoking it just because you can,” Mike said.

Paul Armentano, deputy director of the National Organization for the Reformation of Marijuana Laws (Norml), says that the lawmakers “making the most noise” about people like Mike “are people who oppose changing marijuana policies to begin with, and they are just looking for a convenient excuse to support that position”.

In recent years, twenty-four states and the District of Columbia have legalized recreational use of cannabis, and 14 others have approved it for medical use, according to the Pew Research Center.

Among the states that have legalized recreational use, New York is the only one that does not punish public usage, according to Norml.

“New York happens to be the media capital world, so this is a story that you hear about nationwide. Even though this is largely not even just a New York phenomenon, this is a New York City phenomenon,” Armentano said.

While people in other cities and states have mentioned – and in some cases, complained – about the marijuana smell, much of the attention appears to be focused on New York. A brief Google News search of “public”, “cannabis” and “smell”, yields a majority of stories concerning the Big Apple.

For New Yorkers, the smell may be the least of their problems when it comes to cannabis: implementation of its adult-use program has been widely hailed as “botched” and the governor herself even declared it a “disaster”.

Michael Novakhov, a Republican state assemblyman who represents parts of Brooklyn, said he has nothing against people consuming marijuana but has heard from constituents who don’t want their children exposed to it. Last year, he proposed legislation that would have prohibited the public use of cannabis unless approved by the local government. That and the state senate version did not make it out of committee.

Notably, many apartments in New York do not allow smoking or have balconies or patios. Novakhov said he would like to see people establish cannabis lounges like in other states.

The state has not issued any on-site consumption licenses because officials have not established regulations for such businesses, and they do not have a date by which they expect to do so, according to the Office of Cannabis Management.

“We have a great example in how people consume alcohol, which is bars, and I think [cannabis] should be in certain bars and places where people can buy and consume,” Novakhov said.

People can, of course, also consume alcohol at home, whereas that is more difficult with cannabis. Novakhov would like to see people who would illegally use cannabis in public fined, not arrested.

Norml also generally supports public cannabis consumption as “being a civil violation, very similar to the way alcohol is treated”, Armentano said.

In Florida, DeSantis has said he opposes a ballot measure to legalize recreational marijuana because of the smell and has claimed people would be “able to bring 20 joints to an elementary school”.

Armentano argues that since Florida already allows medical marijuana, little would change as far as public consumption.

He doesn’t think “you will see people smoking marijuana everywhere. If that was the case, that would be [happening] now in Florida.”

“Legalization didn’t create marijuana, and it certainly didn’t create the public use of marijuana,” he continued.

Still, Mike, the lifelong cannabis consumer, said he has always avoided smoking in front of kids because he knows he “was a guy who they were influenced by”.

Now, he sees people rolling joints and smoking on subways and near playgrounds.

“I like smoking weed,” he said, “but I’m turned off by the way some people are doing it”.
borysek borysek 3 weeks ago
yes ! .... I do not see any green lights .... how to pay back huge debt ? .... banks will say soon - enough !
👍️ 1
doomed doomed 3 weeks ago
Home » Investing » Can Canopy Growth Stock Finally Recover in 2024?
Can Canopy Growth Stock Finally Recover in 2024?
Down 98% from all-time highs, Canopy Growth remains a high-risk investment in 2024 given its weak fundamentals.

Published June 27, 4:40 pm EDT

After touching all-time highs in October 2018, shares of Canopy Growth (TSX:WEED) currently trade 98.6% below record levels. Investor optimism was at its peak when Canada legalized marijuana for recreational use in October 2018. However, since then, the Canadian cannabis sector has been wrestling with industry-wide headwinds ranging from rising competition and oversupply of cannabis products to high inventory levels, bunk products and negative profit margins.

In order to support their high cash-burn rates, several marijuana producers were forced to raise equity capital several times, diluting existing shareholder wealth significantly. Additionally, several established players, including Canopy Growth, acquired companies at a hefty premium to gain market share and expand their manufacturing capabilities. In the last few years, these overvalued acquisitions compelled cannabis producers to write down goodwill impairments that totalled billions of dollars.

Valued at a market cap of $911 million, Canopy Growth stock has burnt massive investor wealth in recent years. Let’s see if the cannabis stock stages a recovery in 2024.

Canopy Growth continues to struggle

In fiscal 2024 (ended in March), Canopy Growth reported a net loss of $675.8 million, while its sales totalled $297.1 million. In fact, the company’s operating losses of $309.6 million were higher than its sales, which indicates it is nowhere close to profitability.

Now, investors generally invest in unprofitable companies as they hope steady top-line growth will improve economies of scale over time. However, in the fiscal fourth quarter (Q4) of 2024, Canopy Growth increased its sales by just 7% year over year to $72.8 million.

While Canopy has narrowed its losses, its cash outflow totalled $282 million in 2024, compared to an outflow of $557.5 million in 2023. With $206 million in balance sheet cash, Canopy Growth would have to raise equity capital within the next 12 months.

Will the U.S. offer a comeback opportunity?

Cannabis stocks, including Canopy Growth, have gained momentum in 2024 due to the prospect of marijuana legalization in the United States. Shares of Canopy Growth have risen by 40% year to date as the U.S. is all set to declassify marijuana as a Schedule I drug.

To gain a foothold in the world’s largest cannabis market, Canopy Growth created a special-purpose vehicle called Canopy USA. While the two entities are currently separate, they are likely to merge if and when the U.S. government legalizes pot at the federal level.

Canopy USA has already acquired companies such as Acreage Holdings, Jetty Extracts, and Wana Brands and is focused on consolidating these assets to benefit from cost synergies and operational efficiencies.

The prospect of legalization might seem compelling to investors. However, Canopy Growth will still need to compete with established multi-state operators such as Green Thumb and Cresco Labs, which have a sizeable presence in several regions. Moreover, Green Thumb reports a consistent profit and is free cash flow positive, making it a much better investment option right now.

Biggest hurdle is the poor quality cannabis products and their high cost.
doomed doomed 3 weeks ago
Why legal Weed is one of the most successful — yet disappointing — social movements
Posted June 26, 2024 on Los Angeles Times

Cannabis prohibition remains central to America’s failed war on drugs — upwards of half a million people were arrested for a cannabis offense in the U.S. in 2018, accounting for more than 43 % of all drug arrests.

But times are changing: Cannabis reform is one of the most successful social movements in recent memory. Today, 24 states and Washington, D.C. allow cannabis for adult use. Although the drug remains prohibited at the federal level, the Biden administration recently began the process of reclassifying cannabis as a less dangerous substance (going from Schedule I to Schedule III). This will dramatically loosen federal restrictions on the U.S. cannabis industry, which is forecast to generate more than $30 billion in retail sales in 2024.

Yet legal cannabis has been something of a disappointment. High barriers to entry prevent many small business owners from breaking into the industry. A 2023 survey found that less than 25% of U.S. cannabis businesses are profitable, with most of the money going to a small group of large multi-state corporate operators led by predominantly white ownership groups. A 2021 report found that less than 2% of U.S. cannabis business owners are Black.

These are the somewhat predictable outcomes of concessions cannabis activists made to the business community. States that have yet to pursue legal cannabis should take heed of the dangers of these compromises, or they will end up replicating the very power dynamics that legalization was supposed to disrupt. To make matters worse, legit cannabis is considered bunk…

Equity has always been a priority for some legal cannabis activists. Washington state legalized cannabis for adult use in 2012 with a law drafted by a small team of local activists and supported by the American Civil Liberties Union. Advocates were primarily concerned with protecting small independent operators, including protections such as residency requirements for cannabis license holders, caps on the number of licenses owned and tight limits on the amount of “canopy” a cannabis cultivator was permitted to grow. This has allowed small operators to gain a larger share of the market in Washington than in other states.

But by the time California legalized cannabis in 2016, corporations had come to realize the enormous profit potential of legal weed. Local activists spent years drafting a progressive legalization initiative in California that included many of the same protections implemented in Washington. This effort was backed by prominent national cannabis advocacy groups such as the Drug Policy Alliance and the Marijuana Policy Project. Before they could qualify their amendment for the ballot, however, Silicon Valley billionaire Sean Parker backed another legalization campaign with $8.5 million of his own money. Some groups pulled funding from the older draft legislation and pressured local activists to support the new, better-resourced campaign instead, which led to a more business-friendly bill without residency requirements or license caps.

In other states, activists have tried to develop consumer- and patient-focused legalization bills. Michigan’s cannabis industry, for example, enjoys relatively low barriers to entry, making it easier for small operators to establish themselves, increasing competition and lowering costs for consumers. This came about only because local activists resisted corporate influence. In the run-up to the 2018 Michigan campaign, they were pressured to draft a business-friendly cannabis legalization bill by national groups and corporate donors seeking the same types of market advantages enjoyed in California. They bucked the pressure and as a result lost a considerable amount of financial support; on average, pro-legalization ballot measure campaigns outraise their opponents by more than 400%, but in Michigan campaign spending was much closer. Voter still overwhelmingly supported the bill.

Even so, Michigan has struggled with one of the most stubborn challenges of legalization: racial equity. A 2021 study found that just about 3.8% of cannabis business owners in Michigan were Black and only around 1.5% were Latino.

Some states have been experimenting with ways to address these concerns, with mixed results. In 2019 Illinois became the first state to build specific racial equity provisions into its cannabis law, creating a social equity applicant system, providing technical and financial assistance to first-time business owners and distributing 25% of cannabis tax receipts to communities disproportionately affected by the war on drugs. A recent report estimates that 27% of legal cannabis business owners in Illinois are Black — but only 5% identify as Latino, and 3% as Asian.

New York’s cannabis law, passed in 2021, followed in Illinois’ footsteps and has been hailed as the most progressive cannabis law instituted, with a goal of awarding at least 50% of its cannabis licenses to equity applicants. But delivering on that promise has so far proved elusive. After the New York cannabis market gained momentum this year, the initial results have been disappointing for equity advocates.

Still, these more progressive laws make achieving equity easier. Among the biggest barriers for people of color seeking to enter the industry are excessive regulations and fees, which tend to disproportionately affect small operators. Passing reforms has been challenging because stakeholders that benefit from the current system fight hard to protect their piece of the market, even when the regulations they are protecting make little practical sense.

And the reforms that make it face an uphill battle. In Washington, activists finally passed reforms designed to help equity applicants succeed in the cannabis industry in 2020, eight years after marijuana was legalized in that state. Yet in recent years, the percentage of the state’s cannabis business owners who are Black has been stuck at 4%.

It may be too late to prevent corporate domination of the cannabis industry. The California market is already showing the effects of consolidation: The number of cannabis licenses in the state has fallen from a high of 18,000 to 4,000. Where Californians once had about 6,000 cannabis brands to choose from, now only 1,600 are sold legally in the state. A 2022 L.A. Times analysis found that the 10 companies with the largest growing operations in California hold 22% of the state’s cultivation licenses.

But the beer industry suggests it is possible to secure more for the small operators who are more likely to be people of color. Independently operated craft breweries have grown their market share, hitting the small but significant level of 13% in 2021.

If legal cannabis isn’t pushed in a more diverse and progressive direction, it will fail to deliver the social change that motivated many activists to pursue it in the proper manner.
doomed doomed 3 weeks ago
“Trump Media is probably more appropriately valued close to $40 million rather than several billion,” Hoffman said. “Truth Social is burning through hundreds of millions of dollars with nothing to show for it in user engagement, user growth or even potential revenue.”

borysek borysek 3 weeks ago
close to my house in Ottawa there is the weed store called " Spiritleafe " ... and I always ask how popular are CGC products , believe me or not . the answer is always the same : NO DEMAND ....
doomed doomed 3 weeks ago
Yup! Doomed from the start! Growing at scale was the magic slogan. Say what? Growing at scale is growing mold at scale. So quality is bad… how about prices? They cannot compete with grey market. Internet cannabis stores to the rescue.
borysek borysek 3 weeks ago
people who are called " day- traders " cannot manipulate as easy as before .... volume is too small and it means that profit is not easy to achieve
.... result ? the price will be going down slowly but steady until $0.50
borysek borysek 4 weeks ago
please ! ... do not smoke any more ,
doomed doomed 4 weeks ago
A regular here cops shares every Wednesday. Truth Social and Weed. Siting on a gold mine.
Bazwar6 Bazwar6 4 weeks ago
doomed doomed 4 weeks ago
Nvidia's remarkable rise to becoming the world's most valuable company
Simply Wall St.
Calculating The Fair Value Of Canopy Growth Corporation (TSE:WEED) (Simply Wall St)
Wed, Jun 19, 2024 at 8:07 AM EDT6 min read

In This Article:
Key Insights

Using the 2 Stage Free Cash Flow to Equity, Canopy Growth fair value estimate is CA$8.19

With CA$9.74 share price, Canopy Growth appears to be trading close to its estimated fair value

The CA$8.98 analyst price target for WEED is 9.6% more than our estimate of fair value

Today we'll do a simple run through of a valuation method used to estimate the attractiveness of Canopy Growth Corporation (TSE:WEED) as an investment opportunity by taking the forecast future cash flows of the company and discounting them back to today's value. Our analysis will employ the Discounted Cash Flow (DCF) model. Before you think you won't be able to understand it, just read on! It's actually much less complex than you'd imagine.

We generally believe that a company's value is the present value of all of the cash it will generate in the future. However, a DCF is just one valuation metric among many, and it is not without flaws. If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model.

Check out our latest analysis for Canopy Growth

Crunching The Numbers

We're using the 2-stage growth model, which simply means we take in account two stages of company's growth. In the initial period the company may have a higher growth rate and the second stage is usually assumed to have a stable growth rate. In the first stage we need to estimate the cash flows to the business over the next ten years. Where possible we use analyst estimates, but when these aren't available we extrapolate the previous free cash flow (FCF) from the last estimate or reported value. We assume companies with shrinking free cash flow will slow their rate of shrinkage, and that companies with growing free cash flow will see their growth rate slow, over this period. We do this to reflect that growth tends to slow more in the early years than it does in later years.

A DCF is all about the idea that a dollar in the future is less valuable than a dollar today, so we need to discount the sum of these future cash flows to arrive at a present value estimate:

10-year free cash flow (FCF) estimate










Levered FCF (CA$, Millions)











Growth Rate Estimate Source

Analyst x3

Analyst x4

Analyst x4

Analyst x2

Analyst x2

Analyst x2

Est @ 23.09%

Est @ 16.79%

Est @ 12.37%

Est @ 9.29%

Present Value (CA$, Millions) Discounted @ 5.8%











("Est" = FCF growth rate estimated by Simply Wall St)
Present Value of 10-year Cash Flow (PVCF) = -CA$237m

After calculating the present value of future cash flows in the initial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. The Gordon Growth formula is used to calculate Terminal Value at a future annual growth rate equal to the 5-year average of the 10-year government bond yield of 2.1%. We discount the terminal cash flows to today's value at a cost of equity of 5.8%.

Terminal Value (TV)= FCF2033 × (1 + g) ÷ (r – g) = CA$55m× (1 + 2.1%) ÷ (5.8%– 2.1%) = CA$1.5b

Present Value of Terminal Value (PVTV)= TV / (1 + r)10= CA$1.5b÷ ( 1 + 5.8%)10= CA$862m

The total value, or equity value, is then the sum of the present value of the future cash flows, which in this case is CA$624m. In the final step we divide the equity value by the number of shares outstanding. Compared to the current share price of CA$9.7, the company appears around fair value at the time of writing. Valuations are imprecise instruments though, rather like a telescope - move a few degrees and end up in a different galaxy. Do keep this in mind.

The Assumptions

We would point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows. You don't have to agree with these inputs, I recommend redoing the calculations yourself and playing with them. The DCF also does not consider the possible cyclicality of an industry, or a company's future capital requirements, so it does not give a full picture of a company's potential performance. Given that we are looking at Canopy Growth as potential shareholders, the cost of equity is used as the discount rate, rather than the cost of capital (or weighted average cost of capital, WACC) which accounts for debt. In this calculation we've used 5.8%, which is based on a levered beta of 0.810. Beta is a measure of a stock's volatility, compared to the market as a whole. We get our beta from the industry average beta of globally comparable companies, with an imposed limit between 0.8 and 2.0, which is a reasonable range for a stable business.

SWOT Analysis for Canopy Growth


Debt is well covered by earnings.


Expensive based on P/S ratio and estimated fair value.

Shareholders have been diluted in the past year.


Forecast to reduce losses next year.


Debt is not well covered by operating cash flow.

Has less than 3 years of cash runway based on current free cash flow.

Not expected to become profitable over the next 3 years.

That is Bunk for you.
doomed doomed 4 weeks ago
Cannabis decriminalisation debate could be delayed
Posted June 19, 2024 on BBC News

ImageCannabis decriminalisation debate could be delayed
Ministers have told the States they need more time to come up with legislation to decriminalise the personal use of cannabis.
The States Assembly are due to debate plans from Deputy Tom Coles next week, who said the current rules had "created a two-tier system".

The proposal would mean people who were caught with small amounts of the drug on them should not face criminal action.

However ministers want to change that deadline because they say there is not enough time to do all the necessary research and safety investigations.

Instead, ministers are suggesting they come forward with proposals by November 2025, which would then have to be debated in the States.

Mr Coles wants the government to complete the law changes by November 2025.

Deputy Alex Curtis also wants to decriminalise the growing of cannabis.

He said it would "prevent the scenario in which an individual could be criminalised for growing a quantity of cannabis that, once dried, would be decriminalised to possess and consume".

The debates are scheduled to begin on Tuesday.
borysek borysek 4 weeks ago
dead cat , low volume .... it stinks , naive people know now that it is time to go away ...
borysek borysek 4 weeks ago
when the price goes up at a small volume ... the conclusion is easy - manipulation !
doomed doomed 1 month ago
The dirty secret of California’s bunk legal weed
Posted June 14, 2024 on LA Times

Poisons show up in California’s ‘safe’ weed products.

The social media post is part of “Real CA Cannabis,” a $5-million taxpayer-funded campaign to promote California cannabis as safe, tested and “regulated by the state to protect consumers.”

In reality, that safety is far from certain.

An investigation by The Times, in conjunction with cannabis industry newsletter WeedWeek, found alarming levels of pesticides in cannabis products available on dispensary shelves across the state, including some of the most popular brands of vapes and pre-rolled weed.

Twenty-five of 42 legal cannabis products that The Times and WeedWeek purchased from retail stores and had tested at private labs showed concentrations of pesticides either above levels the state allows or at levels that exceed federal standards for tobacco. The contaminants include chemicals tied to cancer, liver failure, thyroid disease and genetic and neurologic harm to users and unborn children.

Most of the pesticides found were in low concentrations that risk long-term harm by repeated use, though the extent of the health threat may not be known for years.

Vapes tested from five well-known brands had pesticide loads that exceeded federal Environmental Protection Agency risk thresholds for harm from a single exposure, The Times and WeedWeek found. Users might experience irritation to the lungs, eyes and throat as well as rash, headache, diarrhea and abdominal pain.

Some individual products contained as many as two dozen pesticides.

The findings dovetail with scores of complaints that two private cannabis testing labs have filed over the last eight months, reporting pesticides in products certified by other labs as safe. The results, the labs said, suggest some level of contamination in more than 250,000 vapes and pre-rolled joints on store shelves, about the number sold legally in California in a two-day period.

There are strong profit incentives driving contamination. Expanding legal markets encourage intensive growing practices to increase yield known as scale growing, inviting the use of pesticides to protect those high-value crops from insect infestations common in greenhouse environments. Illicit cannabis is grown in small batch, a better practice.

At the same time, the soaring popularity of vapes has created heavy demand for bulk oils, which are made from lower-quality cannabis, often grown legally.

Reviews of confidential lab reports, public records and interviews show California regulators have largely failed to address evidence of widespread contamination in the state’s weed crop.

The state’s requirements for weed testing also have not been updated to include dangerous chemicals currently used in cultivation, including illegal, smuggled pesticides so toxic that law enforcement officers who encounter them are advised to don respirators and take blood poisoning tests.

The health stakes from contaminated weed are high.

An estimated 5 million Californians consume cannabis products in any given month, according to the most recent federal health surveys. The presence of pesticides is particularly fraught for those who turn to weed for relief from medical conditions — conditions that put them at increased risk of harm.

Long-term public health concerns are exacerbated by the growing use of vapes, which contain the greatest contamination levels and are marketed to young adults who are more apt to consider vaping a healthful alternative to tobacco or alcohol.

California Department of Cannabis Control officials declined to make anyone available for an interview. The agency also would not release either external or internal discussions of pesticide contamination, and refused to release information on its ability to test cannabis products, saying such knowledge would encourage bad actors.

It would not furnish the results of pesticide tests it had received from other state agencies and would not provide the safety certificates for cannabis products on the market. It also declined to say what action it has taken on at least 85 contamination complaints it has received since last fall from private labs, or disclose what tainted products it pulled from sale.

“When we receive complaints, we swiftly assess them, conduct appropriate investigations, and take appropriate action,” the agency’s press office said by email.

The agency is now scrambling to initiate California’s first market tests for pesticides, sending a recent email warning license holders of coming “product embargos, voluntary and mandatory recalls, and disciplinary actions.” The private labs raising alarms for many months questioned why authorities did not act sooner.

California cannabis regulators initially responded to those complaints with a single product recall, and in orders that remain confidential, required three other products be removed from store shelves.

Frustrated that more was not done, Josh Swider, the chief executive of Infinite Chemical Analysis Labs and author of most of the complaints, in December sent his summary of contaminated products directly to Gov. Gavin Newsom and cannabis regulators in an email. “Those failing products alone represented 150,000 packages of flower, vapes or pre-rolls for sale to unsuspecting consumers,” he wrote.

“The government’s responsibility does not end after writing regulation.”

After Swider sent his letter, an additional product was recalled for pesticide contamination. The remaining tainted batches were left to sell out.

California’s legalization of recreational cannabis in 2016 ushered in a multibillion-dollar industry estimated to be the largest legal weed market in the world. But many of the promises of legalization have proved elusive. In a series of occasional stories, we’ll explore the fallout of legal weed in California.

Meanwhile, licensing files show the state’s seed-to-sale inventory system contains faulty data, including missing crops, misidentified products and safety tests that don’t match the goods sold. Testing is done by state-approved independent labs, but no state-run lab is accredited to test for pesticides. There is no routine testing for the chemicals in products on store shelves, putting California out of sync with “best practices” adopted by the Cannabis Regulators Assn.

Those gaps leave policing of the industry largely in the hands of labs financially beholden to the companies whose products they test. Legislation to require independent fraud and accuracy checks has remained stalled in Sacramento for two years amid backroom negotiations between industry players and regulators.

“California is dropping the ball on enforcement where public health is concerned,” said cannabis researcher Cindy Orser, a former director of a private California cannabis testing lab.

Testing for harmful chemicals
California requires cannabis products to be tested for 66 pesticides. That list, unchanged since 2018, has not kept pace with current cultivation practices.

Tests conducted for The Times and WeedWeek identified seven off-list pesticides in legal products on store shelves. One brand of vape contained fenvalerate, a fungicide proven to lower sperm counts and prohibited in the United States since 2008. Sixteen products contained pymetrozine, an insecticide known to cause liver cancer and to mimic human hormones, part of a chemical class known as endocrine disruptors, which over time cause reproductive disorders. Pymetrozine is approved for only limited use by the federal EPA, and is banned in the U.K., Canada and Norway.

A pink acai vape from Stiiizy, the state’s top-selling cannabis brand, carried more than 60 times the maximum amount of pymetrozine allowed by federal regulators in cigarettes. But because California does not require testing for pymetrozine, the company that makes Stiiizy products said it is not in violation of state regulation.

“We adhere to all standards and limits set by the State of California, which has some of the strictest testing requirements and pesticide limits in the country,” Stiiizy President Tak Sato said in an email.

The Times and WeedWeek testing also found another off-list chemical, propargite, a carcinogenic insecticide that UCLA researchers have linked to brain-cell death and increased incidence of Parkinson’s disease in Central Valley residents. It showed up in some vapes at nearly three times what is permitted in cigarettes.

Slipping into the legal supply
Deadly carbofuran and methamidophos, banned insecticides usually smuggled from Mexico, continue to appear across California, state Department of Fish and Wildlife, regional water board and county investigative records showed. On a Trinity County farm in 2023, an environmental health report shows officers found a 3-pound tin of Fumitoxin, a poison that emits phosgene gas, along with evidence workers there were suffering severe diarrhea from exposure.

The chemicals occasionally turn up in the legal market. One, methamidophos, was detected in January in dried cannabis at a Van Nuys manufacturer, along with evidence the company was shipping the product across the country. Its license was revoked.

Interviews, confidential lab reports and public agency records now also show a surge in pesticides smuggled from China that contain chemicals not permitted in the United States, nor screened for in legal weed.

These unmonitored chemicals are so toxic California advised cannabis enforcement agents to wear hazmat suits and respirators during field inspections, and to undergo annual blood poisoning tests.

“Repeated inhalation of pesticide residues through regular smoking or vaping is quite concerning as this is a relatively direct route of exposure into the bloodstream,” said Kimberly Paul, an epidemiologist and assistant professor in neurology at UCLA who was lead researcher on the Central Valley study. “Low-level pesticide residues are something to be concerned about.”

National health surveys by the U.S. Substance Abuse and Mental Health Services Administration show those between ages 18 and 25 make up the largest part of the market: More than 40% of young adults used cannabis within the last year. Separate studies by the University of Michigan Institute for Social Research show 1 out of 3 high school seniors last year used cannabis, two-thirds of them by vaping. Despite state laws against marketing to children, many brands reflect this youth appeal, from weed bags modeled after McDonald’s Happy Meals to vape flavorings that mimic bubblegum.

The risk for medical users
Pesticides, which are designed to kill living organisms, have their place in agriculture. Regulation is focused on limiting contact exposure to agriculture workers and residues lingering on fruits and vegetables at the market. Tolerances take into account the body’s ability to filter toxins through the liver.

Smoking and vaping, however, deliver chemicals directly to the lungs, into the blood and to the brain. The only other consumer product intended for smoking in this country is tobacco. Rather than demand pesticide inhalation studies for tobacco, the EPA decades ago decided smoking itself is so carcinogenic as to eclipse other health threats. The agency thus set a universal cap for tobacco contaminants at 0.01 part per million before requiring determination of health impacts, a standard California used to set limits for many chemicals in cannabis.

An illustrated explainer of how consuming weed that is contaminated with dangerous chemicals can have severe impacts on health including neurological damage, endocrine disruption, reproductive harm, loss of appetite, weakness and heart failure.

Arizona State University toxicologist Max Leung, who was part of the state team that in 2017 advised California cannabis regulators on pesticide risks, said the pesticide threats are greater for medical marijuana users with epilepsy, Parkinson’s and other neurological disorders.

But Leung said the lack of federal recognition of cannabis’ widespread use, whether state-sanctioned or not, has left consumers vulnerable. There is a lack of data on health impacts experienced by cannabis users, though some states do solicit health complaints from the public, and in a few cases, those have led to product recalls for pesticides. California does not collect such information.

Rather than uniform national health standards, Leung and his team found a patchwork of disparate state regulations, different pesticides capped at different levels or not capped at all.

“You’ve got all of this contamination, but what do they do?” Leung said. “There’s just no research.”

After passage of Proposition 64 created a legal recreational market in California, toxicologists with the Department of Pesticide Regulation proposed to ban from inhaled weed products 42 chemicals the agency said are harmful to people, the environment or water, according to a copy of the March 2017 proposal.

The limits were rejected amid industry concerns about testing costs and lab capacity.

Six months later, the pesticide agency returned with more relaxed rules. It cut the zero-tolerance list by half, to 21 chemicals, and set limits for 45 other pesticides on a par with tobacco standards. Manufacturers of products that failed screening can attempt to lower the pesticide levels — such as by dilution — or incorporate the weed into edibles, where higher levels are tolerated. If they fail again, according to state regulation, the batches must be destroyed.

Pesticide agency records, including interagency memos and emails, show that since 2018, despite repeated requests, cannabis regulators have not updated the list of chemicals that weed is tested for — even after pesticide regulators made a direct appeal to the governor’s cannabis advisor, Nicole Elliott. In January, the Department of Cannabis Control, which Elliot now heads, said it was working to update those regulations, but as of June no changes had been proposed.

State toxicologists have also been stymied from taking a more active role in protecting the public from cannabis pesticides.

California’s Department of Pesticide Regulation conducts some of the nation’s most sophisticated evaluation of pesticide exposure to the public. It even has an employee whose job title is “cannabis and hemp program manager.”

But when it comes to cannabis, a spokesperson for the pesticide agency said, responsibility for protecting consumers rests solely with the Department of Cannabis Control.

The pesticide regulators did try, early on, to draft their own public health advisories for cannabis, but those were never issued. The agency released copies of six under a public records request, and would not say how many more existed.

One of those advisories was for piperonyl butoxide contamination in cannabis. It was among the chemicals The Times and WeedWeek found in testing.

“Acute toxicity symptoms may include tearing, drooling, runny nose, congestion, and difficulty breathing,” the unreleased advisory read. It added that laboratory animals exposed to the pesticide had more miscarriages and produced offspring with fingers and toes that were sometimes fused.

In 2019, toxicologists in the Department of Pesticide Regulation tried but did not succeed in launching a program to monitor chemicals being used. Internal memos from 2021 show that those same toxicologists were barred from seeing data collected from product safety tests, making it impossible for them to monitor what was circulating in the legal market.

There is no easy way in California to trace contamination. The state does not investigate the sources of pesticides in cannabis goods, but instead relies on a system of paper trails — seed-to-sale inventories and lab testing certificates — to protect the public.

Tests for The Times and WeedWeek showed repeated contamination in small batches of vapes stamped with the unique tracking number of a Van Nuys manufacturer, David Shin.

Among them were Backpack Boyz carts with as many as two dozen pesticides, half of those above state safety limits and including chlorfenapyr, prohibited at any amount, at 2,000 times above the minimum detection level.

The bulk oil for these vapes originated from cannabis grown on a single Central Valley farm. Shin said he bought the oil through a broker and did no independent testing of his own.

He flavored and packaged the vapes and a state-certified lab declared the products pesticide-free. They were then distributed by a wholesaler to Backpack Boyz dispensaries across the state.

Alerted to the pesticides found by The Times and WeedWeek, Shin said he could not unravel the source of contamination. A manager for the wholesaler said the company was launching its own investigation. The owners of Backpack Boyz LLC, which holds no cannabis license, did not respond for comment.

The problem with cannabis trim
The THC oil that fills vape pens is extracted from biomass, plant material made up of lower potency leaves and stalks left after harvest, moldy flower and even high-quality buds that sit too long. Harsh chemicals and extreme temperatures in the extraction process can destroy a few pesticides, but most pesticides become more concentrated. That makes vapes more likely than select flowers to exceed safe limits.

The rise of intense cultivation practices — densely planted greenhouses and industrial warehouses with “sea of green” crops supported by netting — invites infestations of whiteflies, spider mites and mold. Clean cannabis can be commercially grown, but it requires time and care, said Sam Feliciano, a former pest control manager for a high-end Los Angeles brand, Maven Industries. It is cheaper and faster to douse high-value crops with chemicals, a common practice which is what Feliciano and other workers allege in a civil lawsuit that they were ordered to do at Maven.

An illustrated explainer of how chemicals used to control weed-killing pests make their way into cannabis products, and what producers can do when their products fail a lab test.

“I didn’t want to upset them and tell them, ‘No, it’s not OK to do that stuff,’” Feliciano said. “They simply would’ve just got rid of me.” Feliciano alleged in the civil suit that he suffered bouts of nausea, disorientation and confusion brought on by cannabis pesticide treatments. He told The Times that because of the impact to his health, he decided to quit. The workers in November were ordered to have their complaints heard by a private arbitrator.

By email, Maven Industries Chief Executive David Bosworth declined to comment on the lawsuit but asserted the company’s products “are certified as safe and are, in fact, safe for consumer use.”

Legalization has also brought large-scale cultivation out of the mountains and into agricultural areas, including Central Valley farmlands, where airborne pesticides drift from almond groves and grape vineyards.

At the same time, the explosion in vape sales has created heavy demand for distillate. California vape sales tripled from 2020 to 2023 to become a $1.4-billion market, and now only slightly trail those of packaged flower.

To feed this demand, bulk oil manufacturers seek out lower-quality weed, much of it contaminated, to buy at discounted rates.

To meet state screening limits, the extracted oils, or distillates, are blended to dilute pesticides.

One manufacturer who solicits farmers for “dirty” weed defended the practice, saying he provided struggling growers an income source while keeping otherwise unusable cannabis out of the landfill.

The amber-colored bulk oil moves on an opaque market, traded by brokers who operate without license or regulation. It is bought by manufacturers who sometimes will use oil from the same batches to fill thousands of vape cartridges for competing brands.

This cheap commodity oil now dominates the market, selling for a fraction of the cost to produce a clean product.

The cannabis industry’s reliance on low-quality weed enrages old-style farmers such as Mary Gaterud, who nurtures her sun-grown plants on a Humboldt County farmstead that has been her principal means of support for decades.

She is offended by the pleas she regularly receives from those seeking “old, moldy or even dirty trim,” as a San Luis Obispo distributor put it in a text to her in February.

A Humboldt buyer, with “Turn That Trash into Cash” in the subject line, asked for “trim with all levels of pesticides and heavy metals.”

“The people who are doing it right get crushed,” she said. “The bad actors are encouraged and rewarded. And the consumers are poisoned while being told they are safe.”

The Weed Whistleblowers
In February 2022 a group of California cannabis testing labs, upset about what they believed was widespread fraud in weed potency claims, decided to force regulators into action.

They formed a blind round robin, each lab testing retail flower samples without knowing whose work they were checking. In the course of testing for potency, one batch of flower was found to contain three times the allowed level of pyrethrins.

Cannabis regulators were alerted but issued no recall. In fact, it wasn’t until the end of 2023, six years after recreational sales became legal, that California sought to remove a product for pesticide contamination, according to the agency’s published recalls.

When cannabis was first legalized, labs rushed to be licensed to capitalize on the expanding market. But labs with stringent testing methods and expensive equipment complained to the state of losing customers to operators that promised high potency results or had track records for approving most products.

“There’s no checks and balances ... to make sure no one’s doing something wrong when they’re not being watched,” said Swider, of Infinite Chemical Analysis Labs. “That’s all we’ve ever asked for.

“I don’t want to be the judge, jury and executioner. I just wanna let everyone be treated fairly.”

Swider embarked on doing what regulators were not — testing weed specifically for pesticides.

He ultimately sent cannabis regulators 77 complaints about pesticide contamination he found in tests conducted from last October to May.

The complaints included Zoap flower sold by Grizzly Peak Farms and Cru Mai Tai vape carts, both with chlorfenapyr, prohibited at any detectable level; Fog City Farms Shark Bites with too much piperonyl butoxide and spiromesifen; West Coast Cure Biscotti vapes with myclobutanil, and Jack Herer-flavored ones with chlorfenapyr, paclobutrazol, bifenazate and trifloxystrobin. Backpack Boyz vapes contained chlorfenapyr, bifenazate, bifenthrin, etoxazole, malathion, myclobutanil, piperonyl butoxide, pyrethrins and spiromesifen. Most of the manufactures told reporters they were unaware of contamination because their product had been certified as safe by private labs.

It took 41 days from receiving Swider’s complaint for regulators to announce California’s first-ever pesticide recall of a cannabis product, the Zoap flower sold by Grizzly Peak Farms. The lab that had cleared the product for market, ProForma Labs, also lost its license. But regulators took no action against those who grew the weed, a cultivation arm of the Kolas brand. Tests for The Times and WeedWeek showed Zoap sold under a Kolas label also contained chlorfenapyr.

Kevin McCarty, an owner of Sacramento-based Kings Holdings, which grew the Zoap strain, said no zero-tolerance pesticides were used in its cultivation and the cannabis had been certified by state-licensed labs. The Department of Cannabis Control “has not initiated any additional recalls involving us, and we have no additional comment,” McCarty wrote by email.

The Department of Cannabis Control’s second pesticide recall came in January, eight weeks after Swider’s tipoff. The affected Fog City pre-rolls were nearly sold out by the time the public was alerted in January.

Four flavors of Phat Panda vapes also were voluntarily removed from sale, for what regulators told consumers was a labeling mistake — despite outside tests that showed dangerous levels of malathion. California has issued no pesticide warnings since.

Swider’s tests found that 19 varieties of vapes by California’s fourth-largest brand, West Coast Cure, carried a large assortment of illegal pesticide loads. After learning of those results, operators of a San Francisco-based lab, Anresco, undertook their own tests and also notified California regulators of pesticides in eight West Coast Cure products.

Sarah Otis, Anresco’s director of quality assurance, said regulators asked for reams of supporting data, then refused to say whether they would act on the information. “Now that we know there’s contaminated product on the market, like what, what do we do with that?” she said.

Anresco also agreed to test products for The Times and WeedWeek, as did a Santa Cruz-based cannabis testing company, SC Labs. Reporters bought products from dispensaries across the state, choosing some that were the subject of complaints and others at random. The results confirmed Swider’s findings and identified additional contaminated products. Some goods violated state limits for a single chemical. Others, such as vapes by West Coast Cure and Backpack Boyz, contained dozens of undisclosed pesticides.

“We’ve invested millions of dollars to build our business in compliance with California’s laws and regulations. We firmly advocate for the stringent testing mandated by the state to guarantee the safety and excellence of our products,” said Logan Wasserman, the CEO of West Coast Cure’s parent company, Shield Management Group. He contended that responsibility for ensuring product safety was on the labs that declared his vapes pesticide-free.

The Department of Cannabis Control issued no public recalls of West Coast Cure products, but did conduct a surprise inspection at its Long Beach facility. In early May, the agency levied a $3.2-million fine against Wasserman’s company, saying it failed to guard against product tampering, including storing goods in the parking lot in shipping containers that had no security cameras. It was also cited for failing to provide legally required video proving the selection of product samples for lab testing was not rigged.

Wasserman did not respond to questions about the citations.

Directors of labs that had certified products cited as contaminated in Swider’s crusade accused him of seeking a competitive edge, even spiking pesticides into clean samples. They accused clients of having clean material tested and sending contaminated goods to market. None made these statements on the record. They cited fear of lost business, litigation and personal harm.

They also said pesticide testing is inexact, and easily manipulated.

“You could give it to 10 different labs and get 10 different results,” said Paul Hamrah, owner of Verity Analytics, the San Diego lab that approved vapes by West Coast Cure, Phat Panda and Maven that subsequently showed pesticides. Hamrah asserted that those testing products for The Times and WeedWeek tampered with the results as part of “an elaborate smear campaign.”

The labs denied the allegation.

State inspectors visited Hamrah’s lab in January, “trying to shut us down because of cases made against us by Infinite,” Hamrah said. In late April the state suspended Verity Analytics’ license, saying the lab “has engaged in activity that poses harm to public health, safety or welfare.”

The suspension — reviewed by The Times and WeedWeek — said Verity inflated potency of four cannabis products, failed to show accreditation, could not provide the chemical standards it used to check calibration and told regulators it had “unacceptable” accuracy ratings for testing pesticides, molds and solvents. Inspectors also said Verity labeled a pesticide as “non detect” when equipment showed contamination, without offering “any scientific criteria.”

Hamrah said what inspectors took to be a pesticide hit was instead “instrument noise.”

“I am determined to prove my lab is a victim of a grand and elaborate frame job by several labs because they couldn’t compete with us,” he said. “We were expanding and they got scared.”

Meanwhile, Swider became a target. He said he lost clients as word of his activism spread. Then while traveling in March, Swider received a cellphone call from a blocked number.

“I’m going to come and get you and your ... whole family,” the caller said. “You’re gonna pay for this.”

“It makes me want him to get out” of the cannabis industry, said his wife, Kaylena Swider. “He’s like, ‘What would I do?’”

In late May, Swider filed one more round of complaints with the Department of Cannabis Control, alerting the agency to excessive pesticides in 16 products, some of them subject of prior complaints but still for sale.

Days later, he received an email from the agency.

It was sending inspectors to audit his lab.

Cannabis regulators
California’s Business and Professions Code 26011.5 is explicit about the mission of the state cannabis regulatory agency: “The protection of the public shall be the highest priority. … Whenever the protection of the public is inconsistent with other interests sought to be promoted, the protection of the public shall be paramount.”

In industry presentations, Elliot, the Department of Cannabis Control director, often identifies the challenges facing California cannabis as economic.

Chief among her concerns, she told the National Cannabis Industry Assn. in February, is the large swath of California that prohibits dispensaries. These “cannabis deserts,” as Elliott calls them, are the greatest constraint to “scalability,” or expansion, of California’s legal market.

To drive business to licensed dispensaries, Elliott’s agency conceived the Real CA Cannabis campaign.

The social media campaign, launched in February, included ads targeted at seniors, among others, because polling showed they were most swayed by safety messages.

The catchphrases promoting legal weed include “the good stuff” and “quality you can trust.”

The belief that any cannabis product carrying a certificate of analysis, or COA, is safe is foundational for dispensary owners.

“We will not accept it [for sale] if it doesn’t have a COA,” said Dave Sisson, a board member of Foothills Health and Wellness, a legacy dispensary that over two decades has earned the trust of medical providers who send cancer patients to the store in Shingle Springs, east of Sacramento.

To learn some of these certified products carry pesticides, Sisson said, “is absolutely terrible.”

“These are medically compromised people. They have to be very, very careful of what they put into their body.”

“As a retailer, I’m sitting in this really strange position where everything comes to me ‘safe and tested,’” said the owner of a multicounty dispensary chain, speaking anonymously because of concern of being tied to bad publicity for the struggling legal industry. “But it’s so crazy that we’re operating in a system where” many are “gaming it.”

Elliott declined to be interviewed on the extent of the pesticide threat. Her agency selectively responded to requests for public records, and refused to release records regarding policies on pesticide contamination. It contended that it conducts random testing of products for sale to consumers.

Behind the scenes, internal records showed, the cannabis agency as early as late February sent buyers into the field to obtain products on Swider’s lists. They remained stockpiled for months while the department worked to get its Richmond lab — able only to test potency and check for mold — accredited to run pesticide screens. As of early June, accreditation records showed the lab was still not ready, and most of the products flagged for contamination had sold out. On Monday, a spokesperson said the regulatory agency would be able to begin tests on consumer products collected from store shelves by the following week.

Other agencies in the Newsom administration also refused to release cannabis-related records. The Department of Fish and Wildlife provided partial summaries but no records of pesticides encountered by its agents on raids. The Department of Toxic Substances Control said its reports on pesticides encountered on cannabis sites were confidential. The Department of Pesticide Regulation over eight months released only partial records that hinted at the extensive work its staff had undertaken to address pesticide-tainted weed.

Department of Cannabis Control employees, who spoke on condition of anonymity, complained of a lack of willingness within the agency to take a hard line on pesticide contamination. One said she was schooled on the importance of “not disrupting the market.”

In January, as The Times and WeedWeek began asking questions regarding its handling of licensed cannabis products, the agency launched a series of product recalls — not for pesticides, but for mold and misleading potency claims.

The department also asked the Legislature for an $8.2-million budget increase, seeking to hire more enforcement lawyers and laboratory staff to develop testing protocols.

Within 48 hours of being provided the findings of this story for response, the deputy director of lab services left. No public reason for the departure was given.

A day later, speaking to the National Cannabis Industry Assn., Elliott emphasized her concern for public health.
Bazwar6 Bazwar6 1 month ago
Bazwar6 Bazwar6 1 month ago
doomed doomed 1 month ago
Way to go N. Y.
New York Approves Home Cannabis Cultivation
Posted June 12, 2024 on Stupid Dope

ImageNew York Approves Home Cannabis Cultivation
New York's Cannabis Control Board Approves Home Cultivation Regulations.
In a landmark decision, New York’s Cannabis Control Board (CCB) has approved regulations that allow adults aged 21 and over to grow cannabis at home. This new resolution, effective from June 11, 2024, marks a significant shift in the state’s approach to cannabis, enhancing accessibility and control for consumers across the state.

Under the new regulations, adults in New York State are permitted to grow up to six cannabis plants individually, with a maximum of twelve plants per household. This initiative not only supports recreational use but also includes provisions for registered medical cannabis patients. These patients may designate a caregiver to manage cultivation on their behalf, ensuring that all activities remain within the 12-plant household limit.

The regulations extend beyond simple home cultivation. New Yorkers can now grow adult-use cannabis within private residences. This change is paired with an exciting development for local businesses: licensed dispensaries and microbusinesses are authorized to sell both seeds and immature cannabis plants to consumers. This not only fuels the local economy but also encourages a diverse market of cannabis strains and products.

Home cultivation of cannabis offers numerous advantages. It provides a cost-effective solution for those looking to manage their consumption economically. More importantly, it empowers individuals to have complete control over the cultivation process, from the strain and quality of the plant to the cultivation methods used. This autonomy can lead to a deeper understanding and appreciation of cannabis, promoting responsible usage and a more informed consumer base.

The decision to allow home cultivation goes beyond individual benefits, potentially transforming the broader cannabis culture in New York. By enabling residents to grow their own plants, the state is fostering a community of knowledgeable, engaged, and responsible cannabis users. Additionally, by allowing licensed sales of seeds and plants, New York is setting the stage for a vibrant, diverse, and economically beneficial cannabis market.

Interested in starting your own cannabis garden? Check out the comprehensive fact sheet provided by the Office of Cannabis Management, which offers detailed guidelines and tips for home growers. This resource is invaluable for both new and experienced cultivators.
👍️ 1
doomed doomed 1 month ago
Canna naive L.P. though they could get away with moldy bunk… not knowing that customers who used that shit would find about the caper in a Toronto minute.😂
Home / Legal
Mold scandal in Massachusetts leads to $200,000 fine for marijuana MSO
author profile pictureBy Chris Roberts, Reporter
June 12, 2024

Massachusetts regulators last month fined marijuana multistate operator Holistic Industries $200,000 after a mold outbreak in which the company allegedly “knowingly” sold contaminated cannabis.

According to an April 15 stipulated settlement between the company and the Massachusetts Cannabis Control Commission (CCC) approved May 9, the agency alleged Holistic knew about a mold outbreak at its cultivation facility in the town of Monson since at least November 2020.

Rather than immediately fix the problem, the company sought out permissive lab testing that allowed the tainted marijuana to pass inspection and be sold, leading to “numerous patient and consumer complaints” that Holistic cannabis “smelled and tasted like mold,” according to CCC documents.

Holistic Industries did not respond to several requests for comment.

In a brief statement, CCC spokesperson Tara Smith confirmed the company paid the fine, but she offered no further comment.

In public comments at the CCC meeting on May 9, before the settlement was approved, Commissioner Kimberly Roy praised the employee whistleblowers for alerting officials to the problem and pushed for the creation of a dedicated “whistleblower hotline.”

“We want to thank these employees for being brave enough to speak up,” Roy said.

“We want to make sure consumers and patients are safe, but also our workers.”

Big fine, increased scrutiny
According to the settlement, the CCC determined that Holistic violated four state regulations, including jeopardizing “the welfare of the public.”

The fine is believed to be one of the largest imposed on a U.S. cannabis company for a potential health violation.

Despite increased scrutiny in recent years about the relationship between marijuana operators and independent testing labs, the situation came to light only after employees contacted regulators in fall 2021, according to the CCC.

Employees claimed company leadership knew about the problem, but moldy product was “pushed through anyway,” according to the settlement agreement.

Gaming the system
Critics say the situation highlights several ongoing problems, including lax oversight that allows unscrupulous operators to use labs that provide desirable results, including inflated THC potency.

Altering lab testing results amounts to fraud, but seeking lab results that allow contaminated product to enter the market creates potential for health and safety crises that affect both workers and consumers.

“I think it’s fairly serious. The ease with which the system was gamed is really concerning here,” said Jeff Rawson, the Cambridge, Massachusetts-based founder of the Institute of Cannabis Science, a consumer-advocacy and watchdog group that’s been sounding the alarm over lax testing and safety standards.

“It’s fraud, and it’s also an unlawful occupation hazard.

“You are not allowed to employ people in a workplace that’s full of mold.”

Such problems aren’t limited to Holistic, according to Rawson, who has performed random testing of off-the-shelf cannabis products in Massachusetts and found about 100% of those selected failed his own testing for mold.

‘Knowingly’ sought PCR testing
As part of its settlement with the state, Holistic “neither admits nor denies” any allegations, including:

Mold “was present” throughout Holistic’s 56,000-square-foot cultivation facility, including grow rooms, processing tables, “office spaces, drains, HVAC systems and structural elements.”
Holistic “knowingly” requested polymerase chain reaction (PCR) testing rather than plate assay testing “to ensure the maximum volume of product would reach the market.”
Holistic did not begin remediating the mold outbreak until April 2021, despite knowing about the problem the previous winter.

The company did not cease production during the mold outbreak, nor the remediation efforts.
As part of the settlement, Holistic must, for six months, submit product for testing to a third-party lab agreed to by both the state and the company.

Employee whistleblowers
Holistic’s alleged mold problem became public knowledge in 2021, thanks to employee whistleblowers who leaked word of the situation to local media as well as state regulators.

That year, an independent investigation found “significant” mold contamination “throughout the facility” in Monson, according to a report anonymously leaked to the Daily Hampshire Gazette and other media outlets.

At the time, Jamie Ware, a senior vice president at Holistic, blamed a December 2020 power outage for a “high-humidity event” and said the company found mold in June 2021 after a “pervasive smell” appeared.

Large, privately held MSO
Headquartered in Washington, D.C., Holistic Industries also operates cultivation facilities in Maryland, Massachusetts, Michigan, Oregon, Pennsylvania and West Virginia.

The company operates 15 adult-use stores and medical marijuana dispensaries under its Liberty brand in California, Maryland, Massachusetts, Michigan and Pennsylvania.

In news releases, Holistic describes itself as “among the largest” privately held MSOs in the country.

The company also scored a marketing coup when it secured the rights to sell cannabis using the name and likeness of Grateful Dead front man Jerry Garcia.

Massachusetts and safety
The alleged mold outbreak in Monson is one of several incidents to involve employee and consumer safety in the Massachusetts cannabis industry.

In January 2022, a 27-year-old cultivation worker employed by Florida-based MSO Trulieve Cannabis Corp. died after collapsing at the company’s former grow operation in Holyoke.

As part of its settlement in that matter, Trulieve paid a $14,502 fine and agreed to fund a study about the hazards of ground cannabis dust.

That is growing at scale for you. No one is safe.
borysek borysek 1 month ago
CGC ? ... dead cat , even smart players cannot make any more money , CGC is too big and badly organised since day one ..
doomed doomed 1 month ago
Bunk weed not very popular in California.
California’s Cannabis Industry in Crisis: A Rocky Road Ahead
Posted June 11, 2024 on SF Gate

ImageCalifornia’s Cannabis Industry in Crisis: A Rocky Road Ahead
California's Cannabis Industry Faces Ongoing Crisis Amidst Economic Downturn and Regulatory Challenges.
Vince Ning has a singular perspective on California’s weed industry. He’s the CEO and co-founder of Nabis, the state’s largest pot distribution company, which interacts with every single pot retailer in the state. When Ning looks out across California’s legal weed industry, he sees a market in long, drawn-out freefall.

“It’s like a wave crashing in slow motion,” Ning recently told SFGATE. “People thought the big crash was going to happen in 2022, and there was certainly a crash, but things continued to get worse in 2023. And we are still in 2024, and things aren’t looking that much better.”

The latest data confirms Ning’s point of view, with signs of economic trouble nearly everywhere you look: Overall sales have been falling for the past two years. The number of legal cannabis growers and brands has decreased by more than 70% since legalization first went into effect, according to the Mercury News. A recent report found that pot companies owe the state more than $730 million in back taxes, money that California likely will never see as most of those companies have already folded.

Furthermore, very few new farms are opening, even in places like Humboldt County, the original capital of cannabis cultivation in California. Overall employment in the legal industry is also falling. Even the sacred mantra of California’s cannabis market — that it’s the largest legal market for weed in the world — is at risk, as Michigan now sells more cannabis products per month than California.

Most analysts say that there’s no end in sight to the industry’s contraction. Or as Ning puts it, “We’re still not fully bottomed out.”

This is hardly the outcome Californians predicted in 2016, when voters legalized pot. There were already warning signs back then that making money in legal weed was nearly impossible in the four states that had legalized pot before California, but economists still issued sky-high predictions for the market’s size. More than 10,000 businesses were launched as entrepreneurs jumped into the so-called Green Rush.

Yet today, six years after legal sales started, the first wave of California’s legal cannabis industry is crashing.

California’s Green Rush
California, with its population of more than 39 million people in 2016, was irresistible to cannabis entrepreneurs. The Golden State’s massive population meant that voters had suddenly doubled the scale of America’s market for legal weed by approving legalization of recreational cannabis. It would take two years for legal sales to launch, but capitalists wasted no time investing billions into California’s pot market.

Companies like the retail chain MedMen and distributor Herbl raised massive sums of money under the promise that they would be virtually printing cash. The bet was that folks who may not have been comfortable purchasing illegally, but were hesitant to get into the medical marijuana system, would spend money in recreational pot stores, opening up a whole new subset of customers. Thousands of farmers applied to grow cannabis to feed the state’s massive new cannabis market.

Nicole Skibola can still remember the runaway optimism among entrepreneurs at the time. She joined thousands of folks in opening a new pot business, launching Cosmic View, a Sonoma County pot manufacturer specializing in edibles, topicals and medical-focused products, with her mother in 2017. Skibola and her mother are both cancer survivors who found relief using cannabis during their fights with the disease. They put every ounce of effort into their business, sourcing ingredients like local Sonoma County olive oil for use in cannabis tinctures and using only the best small-batch cannabis they could find.

“Looking back I’m like, man, we were naive,” Skibola told SFGATE in an April interview. “We all thought California was different. California is a huge market. California is sophisticated. California is the cannabis capital of the world. I think there was a hope that California was going to break the mold of other states that had stagnated [and other] companies [that] were already starting to falter.”

But with the birth of a new legal industry also came a new maze of bureaucracy. California’s many layers of government also wanted a share of the newly flowing cash. The 2016 legalization initiative gave local governments nearly total control over regulations, which allowed politicians at both the city and county level to restrict how many licenses were allowed in their communities. They could also require hundreds of thousands of dollars in licensing fees, a trend that one industry blog called “extortionate” in 2019. In some cases, California’s local pot laws allowed politicians to engage in outright criminal corruption, as Politico reported in detail in 2020.

In short, lawmakers across the state saw the new industry as a “cash cow that needed to be milked,” according to Dennis Bozanich, who worked as a cannabis regulator in Santa Barbara (he was once deemed the “cannabis czar” by a local paper) during the first years of legalization. He now runs his own consulting practice for government affairs.

“I think everybody got greedy,” Bozanich told SFGATE, referring to both private companies that expanded too fast and government officials who created expensive regulations.

When sales first opened in 2018, things looked strong. A multibillion dollar pot market grew from nothing in a matter of months. The COVID-19 pandemic gave the market an additional boost in 2020 and 2021, when consumers across the West Coast spent more money on pot as they were stuck at home during pandemic lockdowns.

But the growth didn’t last long. California’s pot sales peaked in early 2021 and have since been coasting at a lethargic and slightly downward trajectory, with overall sales much lower than the estimates from pre-legalization had predicted. For the thousands of new pot business owners who invested heavily on the assumption their businesses would grow quickly — and keep growing for years — that spelled disaster. By the end of 2021, California was offering not a money-printing machine, but an overinvested market with nowhere near enough people buying pot.

Now, midway through 2024, thousands of pot companies have gone out of business, from the state’s biggest players like MedMen and Herbl to small family-run companies like Skibola’s Cosmic View. She decided to shut down her business this past April.

“This is a conscious choice for us to no longer participate in what is a broken regulatory system. It’s not like we ran out of money and had no choice; we decided that it was simply too painful to continue,” Skibola said. “I hear all the time, ‘Next year! Next year will be better!’ But next year is never better. … I personally think that it’s only going to get worse.”


Article continues below this ad

Weak cannabis sales
California has the largest legal market for weed in the world by total retail sales — a fact Gov. Gavin Newsom likes to point out — but that’s not because California’s pot stores are particularly busy or profitable. California ranks 14th on annual retail sales per resident, behind every other West Coast state, with only $129 in legal pot sold per resident. That’s less than half of the $271 sold per resident in Colorado, according to an April report by LeafLink, a cannabis data company.

These meek retail sales numbers have resulted in California no longer having the largest market in the world by individual products sold. Michigan now sells more overall cannabis products than California, despite having only a quarter of the population.

They’ve also created a devastating cascade of market failures.

First, cannabis farms started going out of business, as weak retail sales and plummeting wholesale prices turned historic farms unprofitable. Then, the cash crunch came for distributors, which are the legally required middlemen between producers and retailers. With retailers running out of money, they stopped paying their bills to distributors. Producers and distributors kept sending legal pot to stores in the hopes they’d get paid eventually, but that only created a massive debt bubble. Now it’s bursting, bringing companies down across the state. Most famously, Herbl, once the largest pot distributor in California, collapsed last June.

The economic crunch has now come for retailers, with hundreds of stores across the state on the verge of failure. The bankruptcy declaration of MedMen, a cannabis retail chain that was valued at more than a billion dollars when California’s legal market first launched, in April served as a warning that things really are dire. The California Department of Tax and Fee Administration said last month that 15% of retailers and distributors are in default on their taxes, which analysts say is close to a death sentence for those businesses as they face a 50% penalty if they miss a single tax payment.

Finally, the problem has worked its way to the government: An April report found the state was owed approximately $732 million in overdue cannabis taxes, money that the government will likely never see because 72% of those companies have gone out of business. Turns out the regulatory maze that led to sky-high licensing fees and tax burdens may not have actually been the way for communities to make money. Local governments from Sonoma County to Monterey County are finding that cannabis tax revenue cannot cover the costs of regulating the industry.

Perhaps that is the most powerful sign that California’s legal weed economy is in trouble: Even the taxman is struggling to make money selling legal cannabis.

Illicit market thrives
While California’s legal market has struggled, a massive underground pot economy has thrived. Billions of dollars of cannabis is being grown, packaged and sold at illegal stores that often look like fully licensed dispensaries. Estimates vary on how large the illicit market is, but the head of enforcement for the state Department of Cannabis Control recently told NPR that the illicit market is “definitely larger” than the legal market.

California has created an almost perfect environment to push customers toward the illicit market. It’s extremely expensive to open a legal business, thanks to high taxes and expensive regulations, and local bans have meant that a majority of the state is still off-limits to legal businesses even if an entrepreneur did want to pay to set up shop. Meanwhile, penalties for running an illegal business were largely reduced from criminal penalties to financial fines in an attempt to reduce the racial harms of cannabis prohibition, which disproportionately impacted people of color.

If a legal business does get up and running, it has to contend with a significant tax burden. California has a 15% excise tax rate on pot, but the effective tax rate can climb to as high as 34% when factoring in state sales tax and local taxes. That’s made California’s legal pot extremely expensive compared with other West Coast states — and made the illicit products, which are sold tax free, a cheap alternative.

All together, it’s created a situation where many entrepreneurs would rather take their chances making money in the illicit market than attempt to run a legal business. Jay Moss, a lieutenant at the Los Angeles County Sheriff’s Department, recently told the Los Angeles Times that some illegal pot shops reopen within hours of being shut down and look at the financial penalties as simply “the cost of doing business.”

These illicit sales undercut the legal market from every corner, depriving licensed businesses of customers they need to stay profitable and governments of tax revenue.

Who’s left in California’s cannabis market?
Some of California’s pot problems have little to do with the state itself: Nearly all of the states that were first to legalize cannabis have seen decreased sales with many legal businesses struggling. That’s because the efficiencies of capitalism have dropped the legal price of pot precipitously, a dynamic predicted by economists, and made it harder to turn a profit selling legal cannabis. Federal prohibition has also been a thorn in the side of pot companies, as federal law makes it significantly more expensive to run these businesses and forces the companies to pay incredibly high tax rates.

There’s also the reality that the majority of businesses fail five years after they are founded. With legal sales six years old in California, it isn’t completely surprising that many of the businesses that first launched are now underwater.

Still, pessimism is the default perspective inside California’s legal industry. The mounting business debts in California’s legal market have been compared to an “extinction event” and left some academics studying California’s market asking whether legal weed can ever win.

Some, however, are quietly wondering whether what’s happened has been a necessary if painful winnowing.

Wesley Hein, an executive at Mammoth Distribution and board member of the California Distributors Association, compared the present pot crash to the dot-com crash of 2001 and 2002, when the Nasdaq lost 78% of its value in two years as exuberance in the Internet Age ended with widespread business failures.

“It looked like anything associated with technology was going to go out of business. And one after another they were going down,” Hein told SFGATE. “But out of those ashes the companies that had real business … were growing. Google, eBay, PayPal all came when it felt like the sky was falling.”

There are reasons to think that, even with its systemic problems and nearly constant failures, California’s market could produce the future great pot companies. It has the size that would allow a company to scale without crossing state lines, a necessity given that the federal ban on marijuana prohibits weed-legal states from trading products between each other. There’s also a theory that given how turbulent California’s market has been, any company that has survived the crash of this first cannabis wave may be more likely to thrive if the market becomes calmer in the future.

Perhaps there’s no better example of that than Nabis, which formed out of the famed Y Combinator startup accelerator. The company grew slowly at first — Ning, its co-founder and CEO, even delivered cannabis himself early in the company’s life — but it’s now on a meteoric rise. In 2023, it was one of the fastest growing private companies in the world, according to Inc, and opened a new 87,000-square-foot distribution facility in the Central Valley, which Nabis claims makes it the largest such marijuana facility in the world. The company is now expanding to Nevada and New York.

Ning told SFGATE that even with the industry struggling all around the state, “cannabis isn’t going anywhere.” If anything, he feels individual company failures could help surviving businesses by limiting competition. That’s certainly been the case for Nabis, which has rapidly filled the void left by Herbl’s collapse and even purchased some of Herbl’s former assets earlier this year.

“More people adopt [cannabis] every day into their daily lives. Someone has to serve them, and if there’s fewer operators out there to do so and times are getting tough, with consolidation happening there’s going to be only so many players that will last,” Ning said.
doomed doomed 1 month ago

Government in Canada Proposes Amendments to Cannabis Law, Lifting Burdens
Posted June 11, 2024 on High Times

ImageGovernment in Canada Proposes Amendments to Cannabis Law, Lifting Burdens

The Canadian government is proposing a series of amendments to federal cannabis regulations ranging from packaging to reporting requirements, all part of an effort to help ease the regulatory burden cannabis businesses in the country face. It would allow, among many other things, for producers to contain individual packages in bulk outer packaging.

CTV News reports that a raft of changes are expected as a push to fix several problems burdening cannabis producers remains a priority. Health Canada indicated that the amendments are expected to return about $41 million in annualized net benefits in terms of administrative and compliance cost savings. The amendments remove problematic regulations that make it more difficult to market cannabis.

Changes to Canada’s Cannabis Act include an Order Amending Schedule 2 to the Cannabis Act, and a second Order Amending the Cannabis Tracking System Order (Cultivation Waste).

Changes to the Cannabis Act and Food and Drugs Act included Regulations Amending Certain Regulations Concerning Cannabis (Streamlining of Requirements).

“Health Canada recognizes that there may be regulatory measures that could be made more efficient and streamlined without compromising the public health and public safety objectives,” a representative of Health Canada said.

Proposed amendments including packaging changes, such as allowing the lids and containers of cannabis products to display different colors, allowing cut-out windows or transparent packaging, and allowing QR codes on packaging so buyers are able to find more information.

Producers would also be allowed to package multiple products together as long as the package is still under the 30-gram limit, and products inside also meet packaging requirements. The change would mean producers could sell higher quantities of edibles in one single, outer package.

Images or information on the packaging would still not be allowed, for the most part, but images would be exempt if other statutes require it, such as the recycling icon.

The changes mean that producers no longer have to provide paper copies of information sheets to retailers, wouldn’t have to submit a notice to the government on every new dried or fresh cannabis product they want to sell, and the sale and distribution of cannabis pollen would be allowed. Producers also wouldn’t be required to report annually on promotional efforts, and would no longer need to report on cultivation waste.

The changes aim to ease some of the problems the industry is grappling with. This includes bankruptcies and market consolidation following legalization in 2018.

The problems impacting the industry were identified earlier. Canada’s oversupply ( read : unsellable bunk weed) of cannabis led to $53.7 million unsold cannabis products last December.

A group organized by the federal government to study Canada’s cannabis laws earlier this year made 54 recommendations. The updates that range from packaging and labeling rule changes to a review of the excise taxes imposed on cannabis producers.

Cannabis Sales Impact Alcohol Sales in Canada
Cannabis and alcohol are highly regulated, and sales of the two impact one another.

A study conducted in Canada and recently published in the journal Drug and Alcohol Dependence shows that beer sales have declined since cannabis sales rolled out in the country in 2018. The study was conducted by researchers associated with the College Pharmacy at the University of Manitoba, School of Pharmacy at Memorial University of Newfoundland, Leslie Dan Faculty of Pharmacy at the University of Toronto.

The study, which was published last February, shows that beer sales in Canada have dropped significantly. “Canada-wide beer sales fell by 96 hectoliters per 100,000 population immediately after non-medical cannabis legalization and by 4 hectoliters per 100,000 population each month thereafter for an average monthly reduction of 136 hectoliters per 100,000 population post-legalization,” authors wrote. A hectoliter is a unit of measurement frequently used in reference to wine, beer, grain, or other agricultural goods, and is the total of 100 liters (1 liter is approximately 0.26 liquid gallons).

Researchers also explained that cannabis legalization did not impact spirit sales in the same way. Additionally, researchers believe that cannabis use could potentially lead to higher alcohol use in some people, specifically “those with greater sensation-seeking behaviors.” However, they also wrote that some consumers are substituting cannabis in the place of cancer causing alcohol.

Data on beer and spirits sales in Canada were compiled by Beer Canada and Spirits Canada.

Beer Canada provided details about approximately 90% of total Canadian beer sales, while Spirits Canada showed sales in relation to whisky, rum, gin, tequila, liqueurs, and vodka but did not include ready-to-drink cocktails. Beer sales were reviewed between January 2012-February 2020, and spirits sales were examined between January 2016-February 2020.

The new proposed changes to Canada’s Cannabis Act and Food and Drugs Act could propel these sales even more if producers are better equipped to handle it.
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doomed doomed 1 month ago
Money isn’t real, it is a tool. I am using it to build a healthy future :)

To Sick folks who are getting hammered by Crappy Growth RSO diluted cheap vegetable oil. at 30x the cost of Grey market… money is real!
They are not playing a sick Ponzi to get rich.
They are getting shafted on your dime.
doomed doomed 1 month ago

Colorado’s Weed Market Is Coming Down Hard and It’s Making Other States Nervous
Posted June 10, 2024 on Politico

ImageColorado’s Weed Market Is Coming Down Hard and It’s Making Other States Nervous
Businesses are shuttering or laying off workers as sales have plunged by $700 million.

On Jan. 1, 2014, Iraq War veteran Sean Azzariti made headlines worldwide as the first person in the U.S. to buy legal weed.

More than 10 years later, 3D Cannabis, the dispensary in Denver’s Elyria-Swansea neighborhood where the historic purchase was made, displays a makeshift sign announcing it is “temporarily closed.” The windows and doors on the side of the building have been boarded up. Plastic bags, discarded coffee cups and other trash collect in the corners of the abandoned parking lot.

The dismal state of the historic site is a fitting symbol of the plight of Colorado’s cannabis market. What once was a success story has now left a trail of failed businesses and cash-strapped entrepreneurs in its wake. Regulatory burdens, an oversaturated market and increasing competition from nearby states have all landed major blows, leaving other states with newer marijuana markets scrambling to avoid the same mistakes.

For years, Colorado’s marijuana market minted successful local entrepreneurs who bootstrapped small businesses into national brands. The market drew aspiring cannabis professionals from across the country, whether ambitious college grads with a business idea or investors looking to get in on the green rush.

In 2020, the market soared to $2.2 billion. But just three years later, sales had plummeted to $1.5 billion, leading to layoffs, closures and downsizing. The market downturn has spelled trouble for state finances too: Colorado took in just $282 million in cannabis tax revenues in the last fiscal year, down more than 30 percent from two years earlier.

A messy assortment of factors has led to the pioneering industry’s struggles. A supply glut caused weed prices to plummet in the wake of the pandemic. The spread of cheap, largely unregulated intoxicating hemp-derived products further heightened competitive pressures. And marijuana remains federally illegal, subjecting operators to sky-high taxes and costly regulations.

“It’s like the wind in our cannabis sails in Colorado has just been sucked all the way out,” said Wanda James, founder of Denver dispensary Simply Pure, one of the first recreational dispensaries in the state.

But more than any other factor, Colorado’s market has been sapped by the rapid spread of legalization across the country. Neighbors New Mexico and Arizona are among the 24 states with their own adult-use legal marijuana markets, wreaking havoc on the business plans of dispensaries on Colorado’s southern border. Tourists who once flooded the state for the opportunity to legally experience Rocky Mountain highs have largely disappeared as the novelty has worn off. Even Texans aren’t driving north to buy weed anymore, satisfied with the proliferation of intoxicating hemp products in their own state.

Legal weed being a novelty attracted nervous newbies.
They soon mature and turned to grey market in droves for cheap premium cannabis purchases.

Colorado’s trailblazing cannabis market is now a cautionary tale for states with their own nascent weed programs. A top New York cannabis official recently pointed to Colorado’s dramatic marijuana market downturn to justify regulators’ hesitance to issue too many licenses at once.
Moonboy1 Moonboy1 1 month ago
Looks like this is toast. Heading to $5 in my opinion form the head and shoulders formed in the chart. The US could care less about legalizing weed. It's only used for political purposes. So noe that they have a conviction on Trump they don't need weed for the campaign any more. It's over in my opinion for at least 5 more years.
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doomed doomed 1 month ago
Here we go again… second try for Happy’s bunk.
I and many Cancer patients would have to disagree with your « Corporate » statement …😂

´´Even bunk LP weed cures cancer so to me any cannabis is good cannabis´´

You are pumping bunk now?

doomed doomed 1 month ago
My mistake… i was replying to Happy. Sorry about the caper…
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awesomesound awesomesound 1 month ago
Doomed: you need too go over the article, its the fat wallet stockmarket corporations that are behind in Taxes. I don't pay tax on my medical garden, and the three unregulated unlicensed medical dispensaries do charge tax to stay in business but... the cost is so low I still save from any LP, Oz's for $49.00 mids, as well these dispensaries sell lbs of Shake for making hash, edibles, or even your own Cannabis fruit drinks.
As for The cancer, you are 100% right.
It was proven that THC in cannabis oil attacks cancer cells while helping healthy ones from a biological prosses called Apoptosis.
doomed doomed 1 month ago
Pumping bunk is not helping any.
They have been doing that for years.
Still struggling…
doomed doomed 1 month ago
I and many Cancer patients would have to disagree with your « Corporate » statement …😂

´´Even bunk LP weed cures cancer so to me any cannabis is good cannabis´´

You are pumping bunk now?

awesomesound awesomesound 1 month ago
Canada’s unpaid cannabis taxes soar 72% to almost CA$300 million

Your Taxes have not been paid, and have only been placed in weed executive wallets for millions in salaries.
This has been your one and only correct prosses and they have been lying too you from the beginning, doesn't matter what consumers or shareholders believe they are losing YOUR MONEY .....
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happyglass happyglass 1 month ago
I have not owned Canopy shares since Constellation fired Bruce and took majority ownership. I hold CPG and companies with international exposure that seem to understand the potential of the industry. I may (big may) buy some STZ if they tank the price so far down it becomes insolvent and they can take it over super cheap. Like what RWB did to Aleafia. What I have seen from them so far I probably will not even then. Manipulation is rampant in new industries and going from illegal to legal is worst. I am investing in a better world. Cannabis is wonderful medicine and I will do what I can to help the industry grow. Money isn’t real, it is a tool. I am using it to build a healthy future :)
happyglass happyglass 1 month ago
I commend you for being a pioneer and opening up the medicine for everyone on the planet!. You are in a unique position and I am glad you have had the grace of being able to get your medicine in the huge quantities you require. Even bunk LP weed cures cancer so to me any cannabis is good cannabis. I am glad you are a talented grower too :) the corporate folks do not understand the finesse needed for good flower. I am neither a patient or a grower so I am happy to not be considered a villain when I have a brownie. Health Canada has loosened the restrictions slightly it was published today. You are very aware of how everything is interconnected and the government would benefit from your feedback in the 30 day window. We are on the same side just in different positions and my micro dosing and paying taxes on my entertainment is a bonus. I am happy to pay the taxes. Roads do not pave themselves. I want to see the patients get their medicine covered because it makes us all healthier in so many ways. This is an amazing time and I am glad to see you here. Here is the link to the proposed regs if you have not seen it yet. Thank you for your tenacity! The world is better for it.
doomed doomed 1 month ago
Now is your chances to win big… Crappy is issuing more shares for you to enjoy…😃

Canopy Growth moves to raise $250 million
Photo by Elroi /
Days after exercising an option to acquire a U.S.-based marijuana multistate operator, onetime billion-dollar cannabis company Canopy Growth Corp. is planning to raise up to $250 million via an at-the-market (ATM) equity program.

The Smiths Falls, Ontario-based company did not say when it would issue and sell the new common shares, nor did it specify a target sale price.

Canopy is the second major Canadian cannabis company to announce a raise via an ATM program in recent weeks.

Tilray Brands announced in May it planned to raise $250 million through an ATM, saying proceeds from the financing potentially could be used to enter the U.S. market.
Crush Counterfeiting with Calyx
In that regard, Canopy might already hold an edge after saying this week it's moving ahead with its acquisition of American MSO Acreage Holdings.

“In the year ahead, we remain resolutely focused on growing profitably and driving continued momentum across our core businesses as we position Canopy for long-term industry leadership,” Canopy Chief Financial Officer Judy Hong said.

However, some analysts are skeptical.

Aaron Edelheit, CEO of Mindset Capital, a cannabis-focused investment fund, equated announcing an ATM funding to “advertising in the market you will be continuing to issue equity, if given the chance.”

“It’s a regulatory maneuver that allows them to issue up to $250m in shares really quickly,” he told MJBizDaily reporter Chris Roberts.

“(Canopy) needs more capital and they are telling the market, they plan to issue more shares and now can do it at basically anytime.”
doomed doomed 1 month ago
You are getting shafted Happy.
LiveRosin is 4$ and canna is 1$/gram.
My prescription is 4g RSO daily.
Your government RSO is heavily diluted in cheap vegetable oil for 20 times the cost. No wonder Crappy Growth is down on their knees. Nobody like to be had like you do…😅
doomed doomed 1 month ago
Buy Shares… Crappy Growth need YOUR money!

Home / Finance
Cannabis MSO Acreage aims to raise $10 million amid ‘deteriorating’ finances
June 6, 2024

A day after Canadian cannabis company Canopy Growth Corp. exercised its option to acquire Acreage Holdings, the American multistate operator announced a private placement with institutional investors to raise $10 million.

The offering, priced at $833 per unit, is expected to close by Thursday and subject to customary closing conditions, according to a Wednesday news release.

The proceeds are earmarked for working capital and general corporate purposes as Acreage faces what it called “deteriorating financial” conditions.

Defaulting on loans
Acreage said in the release it has explored numerous funding options the past several months “to continue ongoing operations” and “service its outstanding debt obligations.”

Citing a lack of funding options, unfavorable market conditions and high debt, Acreage said it has defaulted on outstanding debt obligations.

On April 20 and May 10, the company said, it received a default letter notice on loans due in January 2026.

Canopy Growth reached an agreement in April 2019 to acquire New York-based Acreage.

The acquisition is part of Canopy’s expansion into the United States.

The Smiths Fall, Ontario-based company created Canopy USA, a U.S.-domiciled holding company, in 2022 to facilitate its move into the American marijuana market.

‘Sufficient funding’ lacking
Acreage painted a bleak picture if it fails to secure funding immediately.

“The company currently does not have sufficient funding to continue as a going concern, and therefore, if the offering is not completed, and no alternative arrangements are secured, there is significant doubt about the company’s ability to continue,” the release noted.

“If this offering does not proceed, there is significant doubt that management will be successful in securing alternative funding or that management will have sufficient time to implement any alternative transaction.”

As part of the offering, each investor in the private placement will have the right to require Canopy USA to purchase the notes and warrants if:

The acquisition is not completed 15 months from the private placement closing date.
The acquisition is terminated at any time before the maturity date.
The company has an insolvency issue.
When the acquisition closes – likely in the first half of 2025 – Canopy USA will own 100% of the bag issued and outstanding shares of Acreage.
doomed doomed 1 month ago
doomed doomed 1 month ago
You want Crappy Growth to facilitate Growth?
They would have to grow fire. But they don’t.
Happy is paying 10x over for bunk weed and she gets done up for some more $$$ with the Crappy Growth shares as well. 😀
borysek borysek 1 month ago
so nice ! ... $250M more on the market ....
this company is dying as slowly as possible ...
nasty players still try to manipulate naive investors , they push the price up every! morning to catch up idiots !
Bazwar6 Bazwar6 1 month ago

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