Matt Lamers 🌻
@matt_lamers
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Journalist interested in CRE
St. Catharines
Joined June 2013
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*Career News* Super excited to announce I'm helping Green Street News expand into Canada. Reporting biz intel for the commercial real estate sector
Looking for connections in CRE, anyone from broker to VP. If that's you—or you know someone—I want to hear from you! Please DM me!
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@koreanforeigner
Great thread, John! Sadly I don't think she's serious about wanting to understand this character, or anything about Korean culture for that matter.
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BREAKING: Cannabis producer Canopy Growth to close flagship cultivation facility in Smiths Falls, Ontario, cut 800 jobs after losing $267 million in Q3.
Plans to "transform Canadian business" after losing $2.6 billion so far this fiscal year.
Story coming for
@MJBizDaily
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Harvested area of greenhouse crops in Canada (square metres)
1. Tomatoes 6.6 million (2018)
2. Peppers 5.6 million ('18)
3. Cucumbers 4.6 million ('18)
4.
#Cannabis
* 1.4 million (Nov '19)
5. Lettuce 200,000 ('18)
*Licensed site where cultivation occurred, includes indoor
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BREAKING: Fire & Flower retailer files for CCAA protection, in the latest cannabis company to bite the dust
This is a big one. 90 stores.
1, 424 full and part time employees.
$215 million in losses since 2018. No profit.
Story coming for
@MJBizDaily
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UPDATED: Canopy Growth has lost almost $6 billion selling cannabis since 2015.
Losses for years ended March 31:
2015: $9.3M (15 months)
2016: $3.5M
2017: $7.6M
2018: $67.3M
2019: $712M
2020: $1.4 billion
2021: $1.7 billion
2022: $320.5M
2023: $2.1 billion (1Q)
CC
@MJBizDaily
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The
#German
plan for "cannabis clubs", as outlined in this report, is so bad, so poorly thought out, that policy failure is an absolute certainty, and the only thing worse is the status quo.
The overseas "fact finding" trip must have been a disaster.
@Karl_Lauterbach
is lost.
#Cannabis
Clubs werden geschaffen, damit sie genutzt werden. Je mehr Leute auf legale Alternativen umsteigen, desto besser. Deswegen dürfen die Vorschriften nicht zu streng sein.
Ein Bürokratiemonster hilft niemandem und schadet dem
#Jugend
- und
#Gesundheitsschutz
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The
@INCB_President
needs to retract and correct this statement. It's easily provable that legalizing cannabis DOES reduce criminal activity.
No one said the illicit market would disappear overnight. That was never an expectation. It was always going to take decades.
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EXCLUSIVE: 🇨🇦's licensed cannabis producers destroyed a record 425 million grams of unpackaged dried cannabis in 2021—far exceeding the amount they were able to sell.
Since 2018, a stunning 900 million grams has been destroyed.
Story for
@MJBizDaily
:
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Fun fact: Canada’s federal government collected more excise tax revenue from cannabis than it did from beer+wine (combined) last year.
Cannabis: $894.6 million
Beer+wine: $887.7 million
Beer: $610.1 million
Wine: $277.6 million
Local Canadian brewers are valued parts of communities across our country. Today we’re announcing additional relief and support for Canadian brewers by capping the excise duty increase for two years and cutting taxes for small craft breweries.
1K
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Today is my last day with MJBiz. Proud to have had the opportunity to work with so many talented journalists, reporting on one of the most consequential social/legal developments of our time.
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🇨🇦 is sitting on 1.4 billion grams of mostly unsellable cannabis.
Another ~1 billion grams was already destroyed.
The 10 biggest producers (all pubcos?) account for 43% of production, and almost all of the $16 billion losses
This is a capital markets trainwreck.
cc
@MJBizDaily
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🇨🇦's top-paid cannabis CEOs in 2022 (and how much money their LPs lost)
Simon (Tilray)—$25.7 million (lost $336 million)
Gorenstein (Cronos)—$21.8 million (lost $168 million)
Klein (Canopy)—$8.5 million (lost $3.3 Billion)
Martin (Aurora)—$6.7 million (lost $87 million)
in CAD
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@kinsellawarren
Libs got 5,556,629 votes out of 27,137,533 registered electors (approx), for 20.5% eligible voters!
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South Korea becomes first country in East Asia to legalize medical marijuana
via
@MJBizDailyCAN
@MJBizDaily
w/
@VJsapps
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Let's talk about Canopy's gov't subsidies.
Canopy reached into taxpayers pockets for over $65 million in pandemic subsidies to "retain & rehire" staff
Workforce in 2020: 4,434 (3,374 in 🇨🇦)
March 2022: 3,151 employees (2,174 in 🇨🇦)
Gone: 1,283 people
🤔
#cdnpoli
@MJBizDaily
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Exactly the problem. The Canadian federal government has been gauging all cannabis producers by taxing revenue, and then heavily subsidizes the most inefficient businesses in the industry. The CRA really messed this up.
#cdnbiz
#cdnpoli
You’re charging us 53% in tax AND subsidizing our competition? Great
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The most profitable cannabis businesses in 🇨🇦 are owned by the government.
Provincial monopoly cannabis wholesalers profit/loss (most recent FY):
Ontario: $70.2 million
Quebec: $66.5 million
BC: $22.4 million
NB: $10.8 million
Alberta: $7 million (forecast)
cc
@MJBizDaily
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Yikes. Canopy Growth's auditor, KPMG, resigned as the company’s independent accounting firm.
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NEW: Cannabis producer Canopy Growth reported a $3.3 billion net loss in fiscal year 2023 amid its ongoing business transformation plan
Losses in previous years:
2021: $1.7 billion
2022: $330.6 million
TOTAL losses in last 3 years under current CEO's watch: $5.33 billion
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EXCLUSIVE: Canadian cannabis companies have destroyed a staggering 1.7 billion grams (3.7 million pounds) of unsold, unpackaged cannabis
2022 was the worst year on record, with 611.7 million grams unpackaged cannabis destroyed
@MJBizDaily
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“Craft has absolutely surprised us,” $Hexo CEO Sebastien St-Louis tells analysts after reporting a $20.8 million loss.
🧐 But then he says their quality is now "terrible".
Micros: Big Cannabis sees you in the rearview mirror, and they're scared.
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👀 Police reported rates of cannabis offences in Canada, 2010-2020
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UPDATE: Wow. Ontario Cannabis Store tells me orders on Sunday up 100% from the previous week. More than 4,000 orders Sunday alone.
#onpoli
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My latest: Yes, there are there profitable cannabis producers in 🇨🇦
This is how $VFF's Pure Sunfarms is steadily growing revenue & market share without losing money or massively diluting its stock.
Two words came up a lot: "customer" and "agriculture".
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In the cannabis industry, no one pays a heavier price than employees for the poor judgement of some executives.
Hexo is cutting 180 jobs to save $15 million.
That's approx. equivalent to the compensation for 4 Hexo executives in 2020, for comparison.
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NEW: Canada’s unsold cannabis inventory balloons to 1.5 billion grams
Equivalent to approx. 750 ford F-150 pick-up trucks.
🇨🇦's mountain of unsold—and mostly unsellable—cannabis gets bigger every year.
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@kinsellawarren
Maybe I'm wrong but I think we've already established there's no threshold for resignation in the Trudeau cabinet (except maybe being independent thinkers like JWR and Jane Philpott)
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Canopy has lost approximately $3.2 billion since 2015.
Net losses for fiscal years ended Mar 31:
2015—$9.3 million (15 mths)
2016—$3.5 million
2017—$7.6 million
2018—$51.1 million
2019—$712 million
2020—$1.4 billion
2021—$1 billion (9 mths)
Expects EBITDA-positive in FY 2022
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‘Christmas is coming early’: Canada’s draft rules for marijuana edibles expected in coming weeks
via
@MJBizDailyCAN
@MJBizDaily
w/
@qnp
@_deepakanand
@KeenanPascal
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Canopy Growth lost $115 million in the quarter, and sales declined in almost every category it competes in.
🧐 Aggregate losses since 2015: $3.54 billion
$WEED
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@MJBizDaily
Canada's federal government, via the
@CanRevAgency
, dumped almost $90 million of taxpayer money into Canopy over the past 2 years, making it the largest gov't-subsidized cannabis producer in the world.
The free money came amid a massive supply glut of cannabis in the market.
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🇨🇦 CANNABIS MARKET SHARE LEADERS, per Headset, via Stifel
1
@hexo
—12.1%
2
@tilray
—9.6%
3
@CanopyGrowth
—7.9%
4
@PureSunfarms
—7.4%
5
@AuxlyGroup
—6.1%
6
@discoverOGI
—5.4%
7
@Decibel_CC
—3.1%
8
@Aurora_MMJ
/
@cronosgroup
—2.7%
*for August-October in AB, BC, ON, SK physical stores*
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My story for
@MJBizDaily
: Canada government pulled in $1.5 billion in cannabis tax, profit in 2021-22
In Canada, no one makes more money in the cannabis biz than the government.
#cannabisindustry
#cdnpoli
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Avg. cannabis flower price in US and Canada in past 15 months:
Canada: 🔻17%
US: 🔻22%
Chart via
@headset_io
cc
@MJBizDaily
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@MacaesBruno
... that Western military aid wouldn't make a difference. Also wrong about energy policy, the russian tourist visa ban; wrong about literally everything, but that's what happens when you have compromised morals.
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NEW for
@MJBizDaily
: Canopy Growth, others formed cannabis greenhouse venture "solely" to pump stock, a refiled lawsuit alleges
The lawsuit seeks $500 million & is loaded with more details and allegations than a related suit filed last August.
Story:
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BREAKING: Canada's Liberal government offers nothing new for the cannabis industry in their 2023 budget, even as it gouges the sector with fees/taxes, and thousands of jobs are being lost
#cdnpoli
More to come ...
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NEW: Canopy growth reported a 4th quarter loss of $578 million, bringing cumulative losses to $4.1 BILLION since 2015.
Revenue crashed, and I mean CRASHED from precious quarter, way below street expectations, to $111 million.
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Canada's federal government plundered Auxly Cannabis for 1/3 of its revenue. Not profit. Revenue. How do you run a business with the gov't so deep in your pocket?
#cannabis
#canadianbusiness
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Incredible 2021 in Canadian cannabis 🤯
Producers that GAINED market share (in prov's cited)
— Auxly, Village, OGI
Producers that LOST HUGE share
—Tilray, Canopy, Aurora, Hexo
The agile, focused 'ankle-biters' handily won the year.
Chart per Hifyre via BMO
cc
@MJBizDailyCAN
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Canadians have lost more than $131 billion investing in cannabis companies |
@AdrianGhobrial
/
@CTVNews
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The misogyny in Canada's cannabis industry is disgusting and embarrassing. The federal Cannabis Act review should examine this.
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Canopy Growth, which lost money, market share & dignity this year, has given its executives raises.
First up is someone named Julious Grant, chief commercial officer, who was given a raise to C$57,000 *per month* (which is almost how much the median worker took home *per year*).
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@frozen
If Bonnie Henry did and said in Ontario, what she does and says in BC, she would have been skewered by reporters here. Why does she get such an easy ride by reporters in BC I wonder?
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In the coming years, one theme of my reporting will be the mismanaging of the cannabis industry by the Canadian federal and provincial governments.
How did it happen, why, who was involved, and what were the costs to the economy and businesses?
#cdnpoli
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NEW: Canada’s federal government collected more excise tax revenue from cannabis than it did from beer or wine last year - for the first time
That comes as a parliamentary committee is recommending the government ease up on the cannabis tax.
@MJBizDaily
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@nspector4
Ah the 2019 election, when the Liberals promised not to raise the carbon tax over $50 per tonne, ever, then won the election, and almost immediately announced a plan to raise it to $170 per tonne
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NEW: Tilray CEO Irwin Simon received total compensation worth C$21.2 million (US$15.7 million) in fiscal 2023. That includes a C$2.6 million cash bonus (30% of max target) for partially achieving financial targets.
Tilray lost C$2 billion that year.
*Converted to CAD
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My latest: Tilray’s CEO has received nearly $30 million in total compensation so far in calendar 2021 – almost half of which was paid in cash
In 🇨🇦 dollars, that's approximately $36 million
Proxy has lots of new info. Thread 1/x
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🇨🇦 sales of cannabis edible products, at retail
Q4 '19: $511,000
Q1 '20: $12.7 million
Q2 '20: $22.5 million
Q3 '20: $31.9 million
Dried cannabis retail sales
Q4 '19: $374 million
Q1 '20: $396 million
Q2 '20: $435 million
Q3 '20: $564 million
Source: Statistics Canada
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@Ken_Campbell27
Thank you for reporting on this Ken. We can't let sexual assault get swept under the rug in 2022 as has in the past.
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🧐 The Top-10 selling cannabis SKUs at retail in Ontario. Notice who's not on this list?
$weed $tlry $acb getting crushed in 🇨🇦's largest market. Despite spending literally billions of dollars, they barely crack the top 10. Just one listing.
(Canopy won't own Wana for ~years.)
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I still report on Canada's massive, historic oversupply of cannabis after legalization because it's still wreaking havoc on the industry.
If that isn't tough enough, the federal and provincial governments are squeezing these companies for every penny they can get.
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@Chris_Bittle
@mgeist
You clearly suggested he's a racist, just because he has an opposing point of view to yours. Oh my god. Shameful.
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NEW: 3 years after 🇨🇦 legalized cannabis, the most profitable businesses in the industry are all owned by government
Net income, actual/forecast in recent FYs:
1) OCS: $262.8 million
2) SQDC: $168.5M
3) LDB: $36M
4) Cannabis NB: $31.7M
For
@MJBizDaily
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The Toronto Star takes us back to the 19 hundreds with this error ridden op ed on medical cannabis
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BREAKING: Mississauga, the 6th biggest city in Canada, has overturned its ban on legal cannabis stores, per
@OmarYKhan
.
I believe the next biggest city still banning legal stores is Surrey, British Columbia (but happy to be corrected if that's not the case)
#cannabisindustry
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@MJBizDaily
Canopy is now the biggest money-losing machine in the cannabis industry, surpassing Aurora, which has lost approx. $5.4 billion.
The 2 businesses together have lost well over $10 billion.
They're also the 2 most subsidized cannabis producers in the world, courtesy
@cafreeland
.
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Tilray CEO Simon: "The best acquisitions are the ones we've walked away from"
Tilray recently bought huge amounts of debt of two of the worst performing businesses in the cannabis industry - MedMen and Hexo.
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Tilray CEO Irwin Simon just said: “The European market, which is estimated to be worth as much as $37 billion by 2027, has already embraced medical cannabis business and is nearing broad-scale adult-use legalization."
This is a fantasy. What I call cannabis industry fan fiction.
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A new record for Canadian adult-use cannabis sales: $309.7 million in April.
🚨 Biggest winner is
#VANCOUVER
, where sales grew 30% over the previous month to $16.7 million.
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Good lord, Canopy Growth is NOT "the world’s biggest marijuana firm". Canopy isn't even the biggest cannabis company in Ontario.
Bruce Linton, founder of the world’s biggest marijuana firm, has made a bet on the growth of the legal cannabis market in Germany.
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Canadian cannabis producer sales growth in Q4 2021, over Q3
Auxly +35%
Aleafia +31%
Cronos +25%
Organigram +7%
Sundial -3%
Pure -6%
Hexo -8%
Canopy -12%
Tilray -20%
Aurora -23%
per Hifyre via Cantor Fitzgerald
cc
@MJBizDailyCAN
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After 3 years of doing almost nothing for Black, Indigenous and other racialized communities in the newly legalized cannabis industry, Canada's federal government is hosting a forum to talk about what it should have done 3 years ago. Register here
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@lesiavasylenko
@ICRC
Red Cross boss Peter Maurer looks like he's having a positively splendid time in Moscow
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🇨🇦 cannabis market share leaders (Nov '21-Jan '22)
1—Hexo—10.3%
2—XLY—7.5%
3—Village—7.1%
4—Tilray—7%
5—Canopy—6.7%
6—OGI—5.9%
7—DB—3.6%
8—Cron—3.5%
9—Tgod—3.1%
10/11—VLNS/NDVA—2.5%
12—ACB—2%
OTHER—38%
Source: Stifel, company reports & Headset
In AB, BC, ON, SK
cc
@MJBizDaily
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Exclusive: Canadian LPs destroyed over 500 tons of cannabis production since 2018—more than sales in rec channels
That partly explains how LPs lost billions of $, & sheds new light on the sheer amount of wasted cannabis.
#cdnbiz
Story for
@MJBizDaily
➤
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🚩 Canadian cannabis market share leaders 🚩
(% change in past year)
1—Hexo (🔻37%)
2—Auxly (+50%)
3—Village (-)
4—Tilray (🔻50%)
5—Organigram (+50%)
6—Canopy (🔻58%)
7—Decibel
8—Cronos
9—Aurora
In AB, BC, ON, SK
Source: HiFyre via BMO
cc
@MJBizDailyCAN
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BREAKING: Canada proposes new ‘Cannabis Health Products’ category for humans and pets, starts consultations today
with
@CannDelta
&
@_deepakanand
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🚨 SCOOP: In a major escalation by the Canada Revenue Agency, cannabis wholesalers have been ordered to GARNISH payments from licensed producers that are delinquent on excise duty payments
Almost 3/4 of LPs are behind on their excise duty commitments.
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Why is Cannabis Use Disorder never, or rarely, talked about in the cannabis industry?
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Wow. President Biden is doing what Justin Trudeau would/could not when 🇨🇦 legalized cannabis.
This is an important step to ending prohibition that shouldn't be skipped, because its harms fall VERY disproportionately on black, Indigenous and people of color.
#cdnpoli
First: I’m pardoning all prior federal offenses of simple marijuana possession. There are thousands of people who were previously convicted of simple possession who may be denied employment, housing, or educational opportunities as a result. My pardon will remove this burden.
3K
38K
253K
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Getting to the bottom of China's interference in Canada's election would be bipartisan in a healthy democracy.
#cdnpoli
"an NDP-backed Liberal amendment was passed to quash a Conservative call for documents"
cc
@theJagmeetSingh
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I'm going to blow the lid off these "data sale" agreements between cannabis producers and stores.
Anyone want to talk, please reach out. Especially interested in speaking with small producers and independently owned stores.
@Ont_AGCO
@bcliquorstores
@AGLC
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New: Canadian cannabis industry employment tumbled as federal COVID cash rolled in, analysis shows
6,000 positions were lost, according to our research, much more than previously known
This is the the human toll to billions of $ in losses
For
@MJBizDaily
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Canopy Growth benefactor Constellation Brands credits Canopy's gross profit increase partly to the payroll subsidies it received from the Canadian government.
🤔
But that money was intended to help business, suffering from negative impacts of COVID, retain or rehire employees.
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NEW: Former officers and directors of cannabis producer CannTrust charged with serious offenses, including:
- Fraud
- Insider trading
- Making false or misleading statements
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Latest: Cannabis producer Tilray appears to have quietly dropped its $4 billion sales target for 2024
Analysts are now forecasting
#TLRY
could be roughly 80% short of goal
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How did a handful of 🇨🇦 cannabis producers cumulatively lose ~$20 billion?
1 example: Wildly incorrect market assessments.
HEXO called for a global cannabis market of $630 billion by 2029.
The reality? BDSA forecasts around $78 billion by '28.
HEXO was off by ~$550 billion.
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SCOOP: Canada's finance minister was warned in a briefing note last fall about systemic “financial distress” facing cannabis producers, including skyrocketing tax debt, widespread insolvencies, & some provinces earning profits "beyond what was envisioned"
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Canopy Growth's latest acquisition comes on the heels of >$2 BILLION in losses over the last 7 quarters.
Supreme Cannabis is a great company with respected brands, but will it remain so under Canopy's stewardship?
¯\_(ツ)_/¯
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NEW: Canada's federal government has classified medical cannabis ‘essential’ amid the
#COVID19
pandemic
Latest in
@MJBizDailyCAN
with
@G_Smitherman
of
@Cannabis_Canada
&
@max_ellison
of
@CFAMMcan
on the significance for patients and businesses.
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I think it's super interesting that INCB presidents tend to lean into war-on-drugs paranoia until they are no longer INCB president -- then they join medical cannabis companies!
What changed from one day to the next?
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CBC News is still reporting that Canopy is "the largest cannabis company in North America," but the truth is it isn't even the largest cannabis company in Ontario.
In terms of market share, Canopy is 8th in Canada among LPs.
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Accumulated net losses by Canadian cannabis producers to date (pre-mergers).
TOTAL LOSSES: $12.5 billion
WEED: $3.8 billion
APH: $561 million
HEXO: $701.2 million
SNDL: $714.5 million
TLRY: $1.3 billion
ACB: $4.1 billion
TGOD: $436 million
OGI: $245.9 million
ZENA: $240 million
TOTAL COMPENSATION FOR 🇨🇦 CANANBIS CEOs (latest disclosures, some are former)
D Klein (WEED)—$42 million
I Simon (APH)—$18M
K Schmidt (CRON)—$12.5M
S St-Louis (HEXO)—$11M
Z George (SNDL)—$5M
B Kennedy (TLRY)—$4.3M (2019)
T Booth (ACB)—$5M
B Athaide (TGOD)—$1M
G Engel (OGI)—$628k
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Canadian police disproportionately persecuted Indigenous and other people of colour under cannabis prohibition.
Has that stopped? Last month, RCMP raided 2 homes at Fisher River Cree Nation for—wait for it—152 grams of pot and a carton of cigs. Between 2 residences.
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@BruceAHeyman
Given that this is about foreign interference in Canadian affairs, and you are the former US ambassador to Canada, you may want to sit this one out.
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@INCB_President
In Canada, for example, 48% of consumers “always” obtained their cannabis from legal sources. 5 years ago it was almost 100%.
That is a huge reduction in criminal activity.
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breaking: The extra 13% tax British Colombia is applying to vaporizer products would NOT apply to dry flower (cannabis) vaporizers. It will still apply to liquid vapes. There was confusion within the govm't about this. A clarification announcement is pending today or tomorrow.
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.
@Cannabis_Canada
's
@G_Smitherman
is in Ottawa today with several CEOs to press the 🇨🇦 gov't for excise and regulatory fee relief.
Data seems to back them up: Total duty collected in Canada on cannabis 2018-2021 was $862.3 million, amid almost no private sector profits
#cdnpoli
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EXCLUSIVE: Two-thirds of 🇨🇦 cannabis producers couldn't pay their tax bills on time as of Sept & outstanding excise debt soared to $97.5 million—already double last year's total
With comments from
@DSutton1986
,
@PKilleen
,
@Cannabis_Canada
and Tony Giorgi
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🧐 Today is the 1-year anniversary of the Aphria-Tilray merger announcement. What a year! Let's see how it's going 🧵
THEN: "we estimate $TLRY could approach $1 billion in total sales in its first year as a combined company"
NOW: "total net sales could be $671 million" 🤔
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