There’s always plenty to talk about in the cannabis space–even more so now that the Canadian government officially unveiled its plans to legalize it by July 1, 2018.
Still–it’s not all buds and roses, at least not right now, as the Federal government’s opposition–the Conservatives and even the NDP–have posed questions regarding some of the legislations the government is seeking.
As reported by the Financial Post, the government is seeking to put in place a marijuana tracking system that will gather information about the product from licensed producers, distributors and retailers. The publication further states that Health Canada said the system won’t track individual cannabis users, but will permit businesses and regulators to trace products and address recalls.
In a statement, Health Canada said specifics of the system still need to be worked out, but that similar ones have been put in place in the US for getting information on marijuana products.
“Mandatory product track-and-trace systems are common features in other jurisdictions that have legalized cannabis for non-medical purposes,” the department said. Health Canada added no cost for the proposed tracking system has been decided on, at least not yet, just the intention that the costs will be offset by licensing and other fees.
This is where the Conservative party is critical–and the NDP.
“They want to put a pot registry in, but they are not telling us about how much it is going to cost,” Conservative health critic Colin Carrie was quoted as saying by CTV News. “It is just basically more shady behaviour when it comes to this file.”
Alistair MacGregor, the NDP justice critic, was “surprised” the government hasn’t offered more information.
“On the day this bill was announced, they did bring out the minister of national revenue,” MacGregor was quoted as saying. “One of the biggest questions we have is the cost of implementing not just this registry but all of the enforcement measures; How much of this is going to be downloaded on to the provinces?”
Following the Conservative party and NDP’s critics, a number of cannabis stocks have fluctuated in terms of price: shares of top seed, Canopy Growth (TSX:WEED), have seen a 0 percent increase and remain at $9.87; Aurora Cannabis (TSXV:ACB) are up 1.1 percent to $2.76; Maple Leaf Green World is up 1.69 percent to $0.60, while InvictusMD (TSXV:IMH) is down 2.9 percent to $2.01.
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Maple Leaf Green World and InvictusMD are clients of the Investing News Network. This article is not paid for content.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.