Never a dull moment in the cannabis industry.
Last week saw the largest cannabis company in the world (Canopy) become 200 people less big, but at the same time saw a giant beverage company (Constellation) take an even bigger stake (38%).
Not to be outdone, giants in the US sector made news – first with a CEO departure (iAnthus) and with a major move into retail (High Times).
And from relatively standard – even if important – news to something completely ridiculous: a CEO of a publicly traded company (Ravenquest) has allegedly made off with the financial records of the now broke firm…
Only in cannabis.
Canopy Growth downsized even further last week, seeing 200 (more) folks being shown the door. Reuters
A tough blow – and it comes with a reminder: if you are seeking work or looking for talented employees to hire, visit the Cannabis Talent Help List – add your name or find talented people. Cannabis Talent Help List
In likely not unrelated news – Constellation upped their stake in Canopy Growth – which now stands at 38 percent. Yahoo Finance
The iconic publication High Times is moving into retail. More specifically, the bought and are moving into Harvest Health + Recreation’s 13 California retail shops. Benzinga
iAnthus Capital CEO Hadley Ford abruptly resigned last week after an investigation about a questionable personal loan. Burlington Free Press
Also making a departure from cannabis last week, former RCMP Commissioner Julian Fantino resigned from Aleafia Health’s board of directors. Reston Recorder
Not to be outdone in the wild world of cannabis, George Robinson, the CEO Ravenquest resigned last week – and (allegedly) took the financial records with him until he gets paid. A story too good not to read. Equity Guru
From the ridiculous to the not-unexpected: the Ontario Cannabis Store extended their (free) direct-to-door delivery options. Ontario Cannabis Store
And if you happen to be in Toronto, Fire & Flower has new delivery options for you too. News Release
Speaking of the intersection of Province-run cannabis shops and the private sector: New Brunswick’s review of running cannabis retail is back on track. MJ Biz Daily
And while we’re in New Brunswick, the scope of the class action lawsuit against Organigram from the 2016 pesticide incident was severely diminished in scope last week. News Release
The Week Ahead
Tuesday, May 5
9 am | Benchmark Newsletter
LAST WEEK’S BENCHMARK | RECREATIONAL CANNABIS SOLD IN CANADA, FEB. 2020
10 am | BofC Live with Kayla Mann, Habitat Life
Wednesday, May 6
10 am | BofC Live with Michael Garbuz, High 12 Brands + Materia Ventures
Thursday, May 7
9 am | Job of the Week Newsletter
LAST WEEK’S JOB OF THE WEEK | CONTROLLER, COQUITLAM, BC
10 am | BofC Live with Tanner Stewart, Co-Founder, Stewart Farms
Friday, May 8
10 am | BofC Live – Guest TBA
Noon | Lunch + Learn – Guest TBA