Meanwhile, after a critical change in management pushed through by investors, a cannabis company is offering a closer look at what its next steps will be.
Keep reading to find out more cannabis highlights from the past five days.
Canopy Growth confirms new round of layoffs and cuts
On Wednesday (December 9), David Klein, CEO of Canopy Growth, said the company still expects to meet current and future cannabis product demand despite facility shutdowns.
The company confirmed that the decision to make cuts came from an ongoing review of its business done in order to reduce excess costs in its operations.
According to the firm, these cuts will affect only 17 percent of its indoor Canadian production footprint. However, they will represent a complete shutdown of its outdoor Canadian production footprint.
Here are the locations affected by these cuts:
- St. John’s, Newfoundland and Labrador
- Fredericton, New Brunswick
- Edmonton, Alberta
- Bowmanville, Ontario
- Outdoor cannabis grow operations in Saskatchewan
“These actions will be an important step towards achieving our targeted $150-$200MM of cost savings and accelerating our path to profitability,” Klein added.
Since the cuts were announced, shares of Canopy in Toronto have traded down in value. As of Friday (December 11) at 12:01 p.m. EST, shares of the company were sitting at C$34.22.
AUSA shares updates on new management
Australis Capital (AUSA) (CSE:AUSA,OTCQB:AUSAF) issued an update to its shareholders, with the company’s new management team setting the stage for the changes it plans to make. The new executives were victorious over the previous management group in a proxy vote last month.
“We have been busy these past few weeks, and have already reengaged with our portfolio companies as part of our strategic review towards optimizing value,” interim AUSA CEO Dr. Duke Fu said in a statement.
The company is trying to quickly find a new full-time CEO and CFO while the new board has started reviewing all past and present business dealings and and partners of the company.
“Our shareholders have spoken. We are thankful for their support, and in response we have immediately commenced executing on the plans that earned us their support at the Special Meeting,” said Dr. Fu.
Cannabis company news
- Inner Spirit Holdings (CSE:ISH) told investors it will have 67 stores open across Canada next week when a location near Ottawa begins operations.
- High Tide (TSXV:HITI,OTCQB:HITIF) informed the market it has submitted its application to officially list on the NASDAQ.
- Charlotte’s Web Holdings (TSX:CWEB,OTCQX:CWBHF) formed an official partnership with InterCure (TASE:INCR) in Israel to supply hemp extract wellness products. “The two companies will also explore opportunities such as clinical trials, product development and manufacturing in Israel,” the company announced.
- PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) confirmed a partnership deal with US-based cannabinoid extract firm AssuredTrans to pursue improved operations and secure an added level of quality assurance.
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.
Agreement propels development of safe and effective proprietary products and formulations for the emerging psychedelic industry
Optimi Health Corp. (CSE: OPTI) (“Optimi” or the “Company”), developers of a vertically integrated functional mushroom brand focused on the health and wellness sector, is pleased to announce that effective January 4, 2021, it entered into a lab services agreement with Numinus Wellness Inc. (“Numinus“). Recognized as an early leader in developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), Numinus is aiding Optimi’s mission to further the research and development of Canadian-grown psilocybin-producing mushrooms and related product formulations.
Nextleaf Solutions Provides a Corporate Update and Comments on Financial Results from the First Quarter
Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (“Nextleaf”, “OILS”, or the “Company”), the world’s most innovative cannabis processor, is pleased to provide shareholders with the following corporate update:
Nextleaf Comments on Financial Results from Q1 Financials
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) reported its second quarter results for the period ended December 31, 2020. A complete set of financial statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.
The second quarter of FY21, saw continued momentum for the Company despite ongoing pandemic related challenges. Net revenue grew 8% to $745,748 from $689,276 versus the same quarter year ago. The Company also saw significant improvement on its bottom line, reducing its net loss by 50% from ($.956) million to ($.481) million, year over year for the quarter, as a result of improved gross margin and cost management efforts. On December 9, 2020, the company announced the closing of the acquisition of substantially all of the assets of Lexaria Canpharm (“Canpharm“), the cannabis products division of Lexaria Biosciences, resulting in the addition of a new B2B Line of Business.
FinCanna Capital – The Only Publicly Traded, Royalty-Focused Company for the Licensed U.S. Cannabis Industry Provides Corporate Update
Royalty Model Provides Access to Early Stage Licenced U.S. Cannabis Companies and Leverage to High-Margin Revenues
FinCanna Capital Corp. (“FinCanna” or the “Company”) (CSE:CALI), a royalty company for the licensed U.S. cannabis industry, is pleased to provide a corporate update further to its recently announced upsized financing of $2 million
Significant progress made as Numinus-sponsored PRIME study on psilocybin-assisted psychotherapy for opioid, stimulant and/or alcohol use disorders enters pre-implementation stage
Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), and Syreon Corporation (Syreon), a global contract research organization with expertise in conducting clinical trials across a broad range of diseases, are pleased to share that significant progress has been made in the single-arm, open-label compassionate access 1 trial of Psilocybin-Research Intervention with Motivational Enhancement (PRIME) for substance use disorders. Currently in the development stage, the PRIME study will assess the efficacy and safety of psilocybin-assisted motivational enhancement therapy.