Recreational cannabis sales in Canada are on the rise, according to new Statistics Canada figures.

Also this past trading week, a cannabis producer in Canada was forced to make various staff layoffs.


Keep reading to find out more cannabis highlights from the past five days.

Adult cannabis sales yield C$255 million

New data from Statistics Canada indicates that the country’s recreational cannabis sales rose 5.2 percent in August compared to the previous month.

The Ontario market saw the biggest jump month-on-month, reporting a 10.9 percent sales spike from July to August. Alberta experienced only a small increase of 1.5 percent in sales despite having the most stores of any province in the country.

According to BNN Bloomberg, Stifel analyst Andrew Carter is penciling in the Canadian market for C$2.6 billion in sales throughout 2020.

Producer lets go of 18 percent of its workforce

VIVO Cannabis (TSX:VIVO,OTCQX:VVCIF) confirmed to the market that it has been forced to let go of approximately 45 staff members as part of a wide effort to reduce costs amid a turbulent year for operations in the Canadian cannabis market.

“These changes will allow VIVO to reduce costs by specializing resources and streamlining our organizational structure,” VIVO CEO Barry Fishman said in a statement.

The workforce cuts were done after an internal review of the company’s operations. The company decided to restructure the work being done at its Napanee operation in Ontario

The changes go all the way up to VIVO’s board of directors, as the company announced Dan Laflamme will step down as director at the company.

Cannabis company news

  • Planet 13 Holdings (CSE:PLTH,OTCQB:PLNHF) informed the market it is upping a new public offering to 5.8 million shares and targeting proceeds of C$25 million.
  • The Green Organic Dutchman Holdings (TSX:TGOD,OTCQX:TGODF) closed its most recent bought deal, which saw over 53 million shares of the company offered at a price of C$0.24. The deal brought the company gross proceeds of C$12.75 million.
  • AMP German Cannabis Group (CSE:XCXannounced it will start offering products from Australia-based producer Little Green Pharma (ASX:LGP) through its distribution business in the German medical cannabis market.
  • Jushi Holdings (CSE:JUSH,OTCQB:JUSHF) closed a special offering, netting the company C$40.8 million in gross proceeds. It plans to employ the money for acquisitions and general business uses.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

Trulieve to donate $20,000 in scholarship funding and $15,000 to support leadership development

Trulieve Cannabis Corp . (CSE: TRUL) (OTC: TCNNF), a leading and top-performing cannabis company in the United States today announced a new partnership with the Thurgood Marshall College Fund (TMCF), the nation’s largest organization exclusively representing the Black College Community. Trulieve will donate $20,000 to help fund several college scholarships awarded to students who are attending one of the organization’s member-schools as part of Trulieve’s diversity, equity, and inclusion initiatives. The $15,000 in talent funding is earmarked to support TMCF’s internship program, reaching a diverse talent pool of students and alumni from their 47 member-schools to provide immersive experiences at Trulieve.

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The new dispensary expands patient access to Florida’s largest inventory of medical cannabis products

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of a brand-new Florida dispensary, the Company’s 80th nationwide. The new location marks the Company’s first in Tamarac and third in Broward County expanding patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.

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Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, is pleased to announce an update on the Company’s U.S. Food & Drug Administration (“FDA”) Phase 3 clinical trial (the “Study”) to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.

With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2020. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board (“DSMB”) for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.

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HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that its common shares have been approved for DTC full-service eligibility in the United States by the Depository Trust Company (“DTC”) and can now be both traded and serviced through DTC’s electronic book-entry system.

DTC is a subsidiary of the Depository Trust & Clearing Corp. (“DTCC”) that provides clearing and settlement services for the financial markets and settles the majority of securities transactions in the United States. This electronic method of clearing securities speeds up the receipt of stock and cash and thus accelerates the settlement process for investors and brokers, enabling the stock to be traded over a much wider selection of brokerage firms.

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CFN Enterprises Inc. (OTCQB: CNFN) (CFN Media) partners with FMW Media Works LLC to produce a regular series on the global cannabis markets to air on major financial news networks across the US. Initial segment features leading cannabis analyst and US Multi-State Operator (MSO)

CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the leading media network dedicated to the global legal cannabis, CBD and psychedelics industries, today announced that its inaugural news segment on the cannabis markets, “Cannabis Market Outlook for 2021,” will air on Bloomberg, Newsmax and Fox Business.

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