48North announced the sudden exit of CEO Alison Gordon, one of only a few female LP CEOs. She was replaced by 48North COO Charles-Alexandre Vennat, a former president of cigarette-maker Bastos of Canada. (Vennat is son of businessman and civil servant Michel Vennat, one-time president of the Business Development Bank of Canada.)
Yahoo Finance, MJ Biz Daily, Twitter–Unity Marguerite, NewsWire
- Coming a day after International Women’s Day, the departure raised eyebrows. In a GrowthOp article released the previous day, three women who work in the sector reported-many LPs make it hard for women to reach the executive ranks. In response, other women told stories of sexist barriers they’d faced in the industry.
GrowthOp, Twitter–Erin Prosk - Leafly also profiled women in Canadian cannabis.
Leafly
After recently slashing 10% of its staff and posting Q4 revenues more than 15% below the lowest consensus predictions, Tilray announced its plan for a $90M capital raise, including selling shares at a discounted rate. Investors responded by driving stocks down to an all-time low, 17% below the discounted price.
BNN Bloomberg, Bloomberg, MJ Biz Daily, Twitter–David George-Cosh
Extractor Radiant Technologies posted an 805% quarter-over-quarter increase in sales for fiscal Q3 2020, all of which came from Aurora. However, Aurora and Radiant are tightly enough connected that the massive increase in sales between them raised some eyebrows.
Even as some LPs haven’t reported their earnings for October through December, the combined loss for Canadian MED and REC producers in 2019 was roughly $6B.
Twitter–Matt Lamers
Canopy loaned $80.5M to LP TerrAscend, and is going ahead with its plan for a hemp production facility in New York State.
Hemp Industry Daily
More and more LPs are getting their EU-Good Manufacturing Practice (EU-GMP) certifications, which are necessary for any company exporting MED to EU markets. However EU-GMP is only the first step: there are also regs and compliance challenges ahead.
MJ Biz Daily
As stocks continue their downward trajectory, The Deep Dive suggested repricing employee stock options so guttering stocks are less depressing to worker morale.
The Deep Dive
Former Ontario deputy premier George Smitherman joined the Cannabis Council of Canada as president and CEO, and immediately pressed federal health minister Patty Hajdu to loosen packaging restrictions, increase export approvals, and adopt a single national excise stamp, among other things.
MJ Biz Daily
LPs are looking for deals on equipment as other LPs shut down, as in this tweet by GTEC Holdings’ CEO.
Twitter–Norton Singhavon
