Canada Archives - Green Market Report

Dave HodesJanuary 31, 2022


On January 5, Health Canada added amendments to the Special Access Program (SAP) that now allow physicians to request patient access to psychedelic treatments, including MDMA, psilocybin, LSD, and DMT.

The Health Canada regulations state that drugs that have not been approved for sale in Canada can generally be requested through Health Canada’s SAP in instances where conventional therapies have failed, are unsuitable, or unavailable. 

Regulatory amendments made to Part C of the Food and Drug Regulations in 2013 restricted drugs (such as psychedelics) became the only category of controlled substances that could not be requested through the SAP. 

Restricted drugs generally do not have approved medical uses. Since the regulatory changes were made in 2013, the science pertaining to the efficacy and safety of certain restricted drugs has continued to advance, with some now demonstrating potential therapeutic uses, including in Phase II and Phase III clinical trials, according to Health Canada.

As a result of the 2013 regulatory amendments, under the Food and Drugs Act, clinical trials became the only mechanism by which the sale of a restricted drug could be authorized for the treatment of patients.

That mechanism has changed as of the new amendments on January 5.

The reaction to this historic move came quickly in both Canada and the U.S. Joel Shacker, CEO of Core One Labs, a psychedelics research and technology company based in Vancouver, British Columbia, summarized a lot of the sentiment. “Core One applauds Health Canada’s serious approach to mental health reform and feels a brighter future is in near sight for many Canadians. Well done, Canada!”

Just a week after the announcements of the amendments, Denver-based Mydecine Innovations Group, a biotechnology and digital technology company aiming to transform the treatment of mental health and addiction disorders, announced they would be launching the Special Access Support and Supply Program (SASSP) to provide products and services to physicians, clinics, and hospitals in Canada who are looking to treat patients through psychedelic-assisted psychotherapy. 

Another readout on the SAP amendments move came from Origin Therapeutic Holdings in Vancouver, British Columbia, soon to be a publicly-traded venture capital incubator fund for the psychedelics industry, now with investments in early-stage biotech space with a psychedelics focus in wellness retreat space and psychedelic-assisted therapy space. “I think it’s definitely a step forward and kind of a sign of legitimacy for the psychedelics industry,” Alexander Somjen, CEO and director of Origin Therapeutics, told Green Market Report. “If you’re a biotech startup in the psychedelic space, this potentially means more and easier availability and less red tape for being able to obtain psilocybin or MDMA to treat patients that are facing life-threatening mental illness for which no existing conventional treatment has been effective. So I think it just makes everybody’s lives in the ecosystem a little bit easier.”

The amendments move by Canada Health as published in the Canada Gazette comes at a time when companies are investing more in research and development and has helped prompt a renewed interest in psychedelics therapy development. “I was on a call with a chief science officer of one of our investing companies who told me that taking psilocybin in a supervised setting for an acute mental illness is similar to hitting the ctrl-alt-delete function on a computer,” Somjen said. “And I thought that was really interesting because it’s true that more and more psychedelics are being shown to really boost the neuroplasticity of the human brain and help people see the world differently.”

Somjen said that the biotech-related companies in the psychedelics space are “going to continue to be the bellwethers,” ie, the leading indicators of future trends. “It’s going to be interesting to see over the course of this year if any of these (startup) companies can actually get to the point where they can commercialize a psychedelic-based pharmaceutical treatment,” Somjen said. “I think ultimately, there’s a lot of exciting deal flow we’re seeing in the startup space. So I think more and more of these companies will be in a position to go public later in the year.”

The lead-up to the amendments this year under SAP demonstrates the Canadian government’s growing interest in offering help for mental health treatment. There’s a sense of urgency in the country—5 million Canadians were treated for mental illness in 2009, the last year statistics were published. The total cost from mental health problems and illnesses to the Canadian economy is conservatively estimated to be at least $50 billion per year.

The amendments process began on December 12, 2020, when Health Canada published a Notice of Intent in the Canada Gazette signaling Health Canada’s intent to amend the Food and Drug Regulations and the Narcotic Control Regulations to restore potential access to restricted drugs through the SAP. 

This was significant. Past regulatory amendments made in 2013 did not allow restricted drugs to be requested through the SAP except for clinical trials. But before those 2013 amendments were made, Health Canada cited the fact that MDMA and psilocybin had been granted “breakthrough therapy” by the U.S. Food and Drug Administration for the treatment of post-traumatic stress disorder and treatment-resistant depression. 

So clearly, even as far back as 2013, Health Canada officials were watching and wondering if they should make a move to do more for treating mental illness in the country. Yet, no practitioner requested access to a restricted psychedelic through SAP in 2013.

The publication of that notice of intent for Health Canada in December began a 60-day comment period. The Health Department received written feedback from 392 respondents. The vast majority of the responses were submitted by individual members of the public, while 25 responses were submitted on behalf of organizations, including psychedelic research or advocacy groups, industry (i.e. current or prospective licensed dealers and/or manufacturers), clinician groups, medical clinics, and others.

Some respondents self-identified as health care professionals (e.g. physicians, clinical counselors, registered nurses), frontline workers (e.g. social workers), or researchers/scientists. Physicians and therapists often expressed interest in expanding their treatment options to include psychedelic restricted drugs. 

Approximately 22 percent of respondents described having an experience with a mental health disorder or other health conditions and had a personal interest in seeking treatment with a psychedelic restricted drug. 

StaffApril 7, 2020


Editors Note: This is a guest post.

When cannabis became legal in Canada for recreational use in July 2018, the path to legal weed seemed simple. When the Government of Canada appointed ex Toronto Police Chief Bill Blair to head up the legalization process is when the train came off the rails. 

Numerous delays along the legalization process started raising red flags in the budding cannabis industry. Later it became clear that the Canadian Government was not going to release its grip on the fledgling cannabis industry. The inexperienced parliamentarian’s designed complicated laws and regulations which they believed were going to allow for a smooth transition to legalized cannabis.  

Complicated Licensing and Regulations Force Boutique Growers Out

By the time the Liberals finished with the legalization process, it was almost instantly clear that the regulations encouraged large corporations to own the market. At the same time, smaller boutique growers wouldn’t be able to afford the extreme costs of licensing and meeting regulations. 

Many of the regulations designed by the Government to ensure that the medical-grade bulk CBD oil producers were providing customers with clean, quality cannabis products seemed to go by the wayside when the corporate weed companies took over. “Corporate weed,” as I like to call it, is lower quality and contains more contaminants and costs more than cannabis available from any other market, including the illegal market.

If that wasn’t enough to turn customers off the legal cannabis bandwagon, the Government also staggered the release of dry herb, edibles, and concentrate products. 

The Start of Really Bad Cannabis Products

While our Government’s incompetence was creating a market full of overpriced, low-quality cannabis products produced by corporate cronies, consumers got wise quickly. They went back to their black-market dealers who provided cheap, better quality weed. Even with a lack of product selection, consumers have made it clear that government corporate weed isn’t going to cut it. 

 Based on the poor experience, cannabis users had to accept and the fact that most consumers prefer to shop online as a matter of convenience, online dispensaries began to explode online. 

As the average person reads this article, most of you won’t be aware that people have been buying cannabis products online from BC dispensaries for over a decade. That’s a fact, and I know because I’ve been illegally purchasing cannabis from online dispensaries in British Colombia for as long as I care to remember. 

Ordering Cannabis Online is the Clear Choice 

The benefits of ordering online from BC have always been clear and haven’t changed much in a decade. British Columbia started its road to legalization many years ago. Since the beginning, growers and dispensaries in BC have been figuring out what the market wants, the quality they expect, and the price they are willing to pay. That head start allowed competition to grow and develop over time, naturally leading to better products, more product variety, and fair prices. 

Edibles and concentrates have been available online from BC for as long as I can remember. The market has matured in BC, and products have improved during that process. A healthy level of competition has stabilized the price per gram and created higher product quality demands. 

There are several reasons why I buy my cannabis products online and will continue to do so. We’ve already discussed the convenience of shopping anywhere and anytime using your phone or computer. Still, there are better reasons why I won’t change my ways. 

I Care About My Privacy

For me, privacy is a big deal! I don’t like people knowing my business, and I certainly am not interested in the American Government knowing my purchasing habits when I cross the border. Shopping at online BC dispensaries does improve your privacy over shopping at a legal government store such as the OCS store in Ontario. 

Small private dispensaries do require you to upload a photo of your driver’s license to prove that you are of age. Still, they don’t digitize your driver’s license and enter your information into a database like Government stores are doing. 

Government Stores are larger targets for hackers seeking to steal information or credit card data. At the same time, small dispensaries remain too small to justify a hacker’s time.

 Buying Cannabis Online is Easy and Secure

I like that I don’t need to go anywhere or talk to anyone when making my cannabis purchase online. I want to do my research and answer my own questions as much as possible. Still, if I do have a problem, I want fast and easy access to customer support services via email, phone, or live chat support. 

 Are you wondering how you could buy cannabis online and know that it will be a good quality product? I know it seems strange at first not being able to smell or touch the product before you buy it, but online dispensaries have this sorted out too. 

Use Cannabis Review Sites to know what you Are Buying

Most good online dispensaries, like the dispensaries listed on this cannabis review site, provide very detailed descriptions and details about all the products they stock. Excellent quality closes up images are used to show you every aspect of the bud’s character. The closer to knowing what product to buy is the honest user reviews that are collected by the customers who are purchasing the products. Any dispensary I shop at will have a lot of reviews from many users that is the only way I make my final buying decision.

Online Dispensary = Choice and Savings

Price is also a significant factor in where I purchase cannabis products. As a consumer, I’m searching for a perfect combination of quality and price when purchasing online. Having many dispensary options to choose from helps consumers by allowing price and product comparison shopping. 

If you’re looking for a common strain, you should be able to locate it at multiple dispensaries. Having that particular strain available at numerous dispensaries offers the consumer more opportunity to select the quality/price option they want.

Generally, online dispensaries have a more extensive customer base than traditional brick and mortar shops. Having a more extensive customer base allows online dispensaries to purchase their product in larger discounted volumes. Those savings are passed on to the customer to ensure that the store is competitive and busy.  

 How to be safe when buying weed online in Canada?

Buying online cannabis has been a fantastic option for me. Still, when I first considered purchasing online, I was understandably nervous just like you are right now. A bunch of worrisome thoughts popped into my head. Is this dispensary legit, will the product be as advertised, will the package be confiscated by Canada Post or worse would the police come knocking on my door?

Well, I can assure you everything worked out, time and time again. I have run into the odd minor issue when trying out a new dispensary, mostly problems with receiving the wrong product or the product not being exactly as advertised. Not once has a package gone missing, or a police officer showed up to arrest me. 

Today you have no reason to feel anxiety over ordering online. The legal status of cannabis has changed in Canada and the rules that govern the way Canada Post screens in-country packages. It’s legal to send marijuana through the mail and against our constitutional rights for privacy. 

In 2020, the online dispensary market has matured and become the leading access point for legal cannabis products. Having better prices and more selection than local legal dispensaries or online government options such as the OCS store continues to drive cannabis users online. 

The Only Real Options for Accessing Cannabis are Online or Black-market

Black-market cannabis remains the most significant section of the cannabis market and is showing little sign of change anytime soon. Calling your local “guy” is easy and fast and, most of all, the cheapest option, which is what the average cannabis user is looking to access. In time cannabis users will be forced to look to the online marketplace if they are interested in edibles, concentrates, top-shelf quality, and variety. 




Debra BorchardtApril 6, 2020


Canada had originally allowed all cannabis dispensaries to remain open during the COVID19 pandemic. Over this past weekend, stores in Ontario were forced to close when that province reversed course and ordered the stores to close.

The list of essential businesses was updated on Friday, April 3 and dispensaries got the bad news that they were no longer considered essential services. The stores were allowed to remain open on Saturday, but that was it for customers.

Canopy Growth

Canopy Growth (NYSE:CGC) told BNN Bloomberg that it has begun a set of temporary job cuts. The company said on Friday that it has laid off roughly 200 staff members at its retail outlets. The company did note that it hopes to reopen some of the company-owned stores in Canada.

Canopy Growth closed 23 company-owned dispensaries located in the provinces of Manitoba, Saskatchewan, and Newfoundland and Labrador. The company has also closed its visitors’ center at its Ontario headquarters building.

High Tide

High Tide Inc. (CSE:HITI) (OTCQB:HITIF) also closed stores on Saturday at midnight as a result of the Ontario order. The stores will close for a 14-day period and all retail staff at the Ontario Stores have been temporarily laid-off as the company awaits further updates from the Province.

“To mitigate the economic headwinds being caused by the COVID-19 pandemic, we are optimizing staffing levels across the organization, working with landlords to abate or defer rent, minimizing operating expenses and delaying capital expenditures wherever possible,” said Raj Grover, President & Chief Executive Officer. “Despite the temporary forced closures in Ontario, our 27 other retail cannabis stores across Alberta and Saskatchewan remain open for the time being, while has recently experienced a doubling of its average weekly sales as people around the world are increasingly shopping online from the safety of their homes for their smoking accessories and cannabis lifestyle products,” added Mr. Grover.


Debra BorchardtMarch 19, 2020


As the Covid 19 quarantine measure continue, President Trump tweeted, “We will be, by mutual consent, temporarily closing our northern border with Canada.” He said trade would not be affected. However, many cannabis companies have operations in both countries.

Ryan G. Smith, CEO, and Co-founder of LeafLink said, “The connection between the US and Canadian cannabis communities is strong; however, the reality is that the two markets have been running independently for years due to federal and international restrictions on cannabis trade. This border closure is bound to impact companies with a presence in both, but many teams, like LeafLink, already have provisions in place that allow them to operate remotely and to manage their supply chains virtually. One of the things that makes cannabis unique is our resilience. This global health crisis may be one of the biggest obstacles we’ve faced yet, but if there’s any industry that can get through this, it’s ours.”

Yet many Canadian companies work with financial firms in the U.S. and numerous domestic cannabis companies work with Canadian financial firms. Last year, many cannabis company executives that crossed the border as a normal course of operation found themselves losing those privileges. At the time the U.S. Customs and Border Protection Office released a statement saying, “Consequently, crossing the border or arriving at a U.S. port of entry in violation of this law may result in denied admission, seizure, fines, and apprehension.” This caused many executives to apply for waivers.

Certainly, many of these executives could conduct business via Zoom meetings and by phone. Yet, it still adds another layer of complexity to an already complicated business structure for many.

Cy Scott, a Co-founder at cannabis analytics firm Headset said, “As an organization in the cannabis space with a footprint in both the U.S. and Canada the latest news of the border closure is unsurprising given the current climate and what we’re seeing happening globally. With Headset being an analytics company in the technology space, we’re able to operate relatively effectively with the new limitations, although it will almost certainly impact our partners and customers who are close to the overall supply chain for the industry. With additional closures beyond borders, including shelter in place rules starting to take effect in different regions, we hope the rest of the world follows San Francisco’s lead and allows cannabis retailers and dispensaries to remain open voluntarily lessening overall disruption for patients and consumers.”

Last week there was a major strategic transaction between TerrAscend Corp., a cannabis company with operations in both Canada and the U.S. (OTCQX: TRSSF) and Canopy Growth Corporation (NYSE:CGC) in which Canopy entered into a $59.0 million, senior-secured loan with TerrAscend. Luckily this was planned and transacted prior to the quarantine. Imagine if the company was trying to do this deal now? These types of large deals require many in-person meetings with numerous documents to review and sign. Of course, electronic signatures can be obtained, but there is little doubt that many deals will be postponed until life begins to return to some type of normality.

Kaitlin DomangueJanuary 28, 2020


Its time for your Daily Hit of cannabis financial news for January 28th, 2020. 


On the Site


Emerald Using Shares to Pay Bills

Canadian cannabis company Emerald Health Therapeutics (TSXV: EMH; OTCQX: EMHTF) had entered into a shares for debt transaction with Emerald Health Sciences, a control person for the former company. Presently, Emerald carries an aggregate debt of $2,816,963. The company will settle $794,182 owed to Sciences, as well as $2,022,781 owed pursuant to trades payable. Emerald Health Therapeutics will also issue 9,713,666 common shares of Emerald to Sciences at $0.29 per share.


TerrAscend Names Ackerman as Interim CEO, Ends Gravitas Deal 

TerrAscend Corp. (CSE: TER)(OTCQX: TRSSF) has named the company’s Executive Chairman Jason Ackerman as the interim CEO, replacing the current CEO Michael Nashat.

Just yesterday, TerrAscend terminated its decision to acquire Gravitas Nevada Ltd. which operates a retail cannabis dispensary in Las Vegas, Nevada under the trade name “The Apothecarium.”


2020 Promises Greener Pastures for Cannabis Legislation

More than 75% of the United States of America have legalized (and decriminalized) Cannabis use. Whether that use is in the form of CBD, restricted to medicinal use, or completely without consequence, America’s legislation is changing rapidly.

The new decade started with Illinois celebrating its June 2019 legalization victory and now, New Mexico is following suit. New Mexico’s governor is currently pushing legalization. US News reported on the turn of the decade, there is strong legislative evidence five more states are rolling toward legalization before 2020 comes to a close.


In Other News

Vireo Health Expands Partnership With Leaf Trade

Physician-led, science focused cannabis company Vireo Health (CNSX: VREO, OTCQX: VREOF) announced the expansion of the company’s partnership with Leaf Trade. The partnership will provide a wholesale order and fulfillment management platform in four states where Vireo operates.

Kaitlin DomangueJanuary 28, 2020


Emerald Health Therapeutics (TSXV: EMH; OTCQX: EMHTF), referred to as “Emerald” for clarity, is a Canadian cannabis company offering wellness-oriented and recreational cannabis products. Emerald provided an update yesterday on their recently announced a shares for debt transaction with Emerald Health Sciences, (“Sciences”) a control person for Emerald. 

Presently, Emerald carries an aggregate debt of $2,816,963. Per a previously disclosed loan agreement between both parties, Emerald will settle $794,182 owed to Sciences, as well as $2,022,781 owed to Sciences pursuant to trades payable. Emerald Health Therapeutics will also issue 9,713,666 common shares of Emerald to Sciences at $0.29 per share in order to fulfill the debt.

Currently, Sciences holds roughly 29,687,942 of Emerald’s issued shares and upon the completion of the debt settlement, Sciences will hold approximately 23.1% of the issued and outstanding shares of Emerald, on an undiluted basis.

Due to Sciences being a control person of Emerald, the settlement is considered to be a “related party transaction”, meaning the companies had a pre-existing connection prior to the transaction.

Emerald is not the only company in a cash crunch, and relying on selling common shares to stay above water. MedMen has also been making the headlines for a similar situation. The company recently sent out emails to their vendors stating they cannot pay them, and are offering shares in their company instead.

Green Market Report talked to Adam Bierman, the CEO of MedMen, about their circumstances. Bierman tells us, “We’ve been very forthright with the public, and with our investment community at large about the fact that at the end of last year we entered into a restructuring in the business, exiting the hyper-growth stage of the business, and getting into sustainability, and with that, there’s a lot of pain. And that pain starts at the employees that were on this mission with us, building this platform with us that we had to part ways with.”

Kaitlin DomangueJanuary 27, 2020


Sunniva (OTCMKTS: SNNVF), a Canadian cannabis company announced the closing of wholly-owned subsidiary Full-Scale Distributors, LLC set to take place in February 2020. 

“The closing of FSD is a necessary step that will eliminate the cash outlay required to operate that business,” said Dr. Anthony Holler, Chairman & CEO of Sunniva Inc. “We continue to focus on the preservation of our available funds to allow us to actively defend Sunniva’s rights under the previously disclosed dispute related to the Build to Suit Lease of the Cathedral City Glasshouse.”

Cannabis companies that are strapped for cash not have the option of filing for bankruptcy. According to bankrupt stock expert, Rick Szambel, “Currently under U.S. Bankruptcy Law companies that are engaged in a business or product not legal under Federal Law may not use the U.S. Bankruptcy Code for protection in reorganizing their debt or centralize their assets for sale. Federal Law considers marijuana an illegal substance and U.S. Trustee who is part of the Department of Justice has aggressively blocked companies in the marijuana industry, employees, and even landlords from filing Chapter 7 or 11, often forcing companies to wind down at a state level.”

This is not the first time the company has been in hot water. Last year, the company and one of its subsidiaries were named in a lawsuit for failure to repay a loan. Green Market Report previously reported “Sunniva, through its subsidiary 116, entered into a $3.4 million mortgage to finance the purchase of land for the greenhouse facility in Okanagan Falls, British Columbia,” according to the company’s November financial statement. Also included in the statement was the acknowledgment the company had paid $400,000 of their loan as of September 30th, 2019 but they were in default on the remaining balance. The company’s stock also fell significantly in November following the resignation of its CFO and president.

Stella LincolnSeptember 18, 2019


Shortages of Canadian marijuana appeared immediately after recreational sales of cannabis starting from October 2018.  Hence, there is a typical Canadian refrain almost lately.  Because of little inventory remaining, many stores are closed three days a week, and provincial distributors are blaming federal regulations and producers. Some of the giant retailer’s licenses have also frozen and some are limited to 25 stores on the state level.

The shortfall concern for medicinal cannabis has appeared even earlier. Also, some regular users have shown interest that cultivators and manufacturers are prioritizing lucrative recreational products more for overseas markets. In response to the concerns raised by the stakeholders, the federal regulation authority has been pointed out to increase the number of producer’s licenses and industry inventories. While producers are blaming regulatory restrictions and new industry red tapes. Moreover, some of the growing industry analysts have criticized provincial licensing limits as implementing mandatory restrictions.

After all the blame game, the question arises that how can Canada have massive cannabis supplies seemingly yet facing a widespread shortage? Let’s take some critical findings from cannabis sales and inventory data released by Health Canada below.

Market Insight

Last year, cannabis producers already expanded their stockpiles to a greater extent before legalization. In 2018, between January and September, the dry cannabis inventories for month-end analysis for both leaves and flowers were noted as more than doubled yield that was 40 to 100 tons in weight. Moreover, supplies of cannabis-infused oils were reported as tripled yields as of 14 to 48-kiloliters.

Hence, as the recreational began in October 2018, the inventory growth slowdown. The official noted that there as a tremendous amount of cannabis available overall. However, the availability cannot make sure there is no shortage. When we talk about medicinal cannabis, the sales of oil per registered client were increased by 18% between April 2017 and September 2018. Also, dry marijuana sales plunged 53% from 11gm per client to 5gm per client. Due to this reason, dry cannabis sales decline has to reflect a gradual shift to medicinal oils. Instead, that fact cannot be denied that shortages are still contributing to the supply shift curve.

Meanwhile, November’s oil sales were above September, that is 18%, and dry cannabis soared 103% in the same period.  The post-legalization sales then somehow increasingly support the demand and supply curve theory. Hence, medicinal clients refilled their dry supplies with its after legalization and made transfer through prescriptions easier.

High demand and short supply

Considering market insights, cannabis oil recreational sales 2 kiloliters in November compared to October’s influential figures that were 1.8 kiloliters due to the shortage of oils. Hence, this clearly shows that potential demand for recreational cannabis is around 3.8 kiloliters every month while the sales of medicinal cannabis hit 5.9 kiloliters monthly.

The good news is, on November 2018, distributors close sales in good shape and doubled the inventory to 7.6 kiloliters. The stock is enough to fulfill two months of recreational medicinal demand for two months satisfactory.

Producers get to the stock mark of 26 kiloliters ready to ship oil, and that is nearly three months of combined medicinal and recreational demands. Furthermore, an increase in outbound shipping rates suggests high user demand.

When we talk about dry cannabis, the situation is the opposite. An inventory of 9.5 tons with the need of 13.5 tons clearly indicates insufficient stocks with significantly high demand. This implies that the shortage will continue to worsen.


“Several theories explain the existing shortfall of dry cannabis despite having huge inventories,” says Jordan, a financial analyst at Premium Jackets. One of the possible reasons is that 80% of the dry stock is unfinished at the producer’s end and unavailable for sales. The possible unfinished processing point outs packaging bottlenecks as well.

The second possible challenge is the data add up inventories at distribution level as a single provincial distributor serves every recreational client. This is why 50% of the customers have to get disappointed seeing empty shelves during a shortfall. Also, the demand and supply gap is much harder to balance for individual products when compared to overall categories.


“There are a number of times when buyers and sellers have experienced many mismatches in cannabis demand and supply. This keeps medical patients at risk because many clients treating conditions like epilepsy and seizures can be affected in their therapy dosages. As a substitution product cannot cure them, they are bound to take a specific formulation for treatment” Elaborated by Clark Anderson, Stock Analyst at Australian Master.

Another factor that is critical to investors is cannabis exports. They have only averaged 2.5% of monthly production as an export product. That’s a significantly small value which is affecting domestic availability as well. Some experts blame the growth of cannabis for this impact. There are piles of crude dried stocks at producers. Hence, there is a pressing need to keep the harvesting aligned with processing.

Future predictions

Currently, the cannabis industry is facing a massive challenge to overcome the demand and supply gap. The estimate of demand may vary widely; however, Health Canada estimates the need for both oil cannabis and dry cannabis that may work out well is about 77 tons monthly.

Hence, the legal cannabis suppliers are providing better availability to the user with a specific formulation for their therapies. Also, they are serving every recreational and medicinal user. Although investing in such cultivation is strongly needed to match the capacity of growth. Lastly, dealing with the black market is the most stand over a hurdle that the federal market has to deal with.

AxisWireMay 21, 2019


SMITHS FALLS, ON, May 21, 2019 /AxisWire/ Canopy Growth Corporation (“Canopy Growth” or the “Company”) (WEED.TO) (CGC) is pleased to announce the appointment of Mike Lee to its executive leadership team in the acting role of Chief Financial Officer (CFO), effective June 1, 2019. Mike’s permanent role as CFO will commence upon receiving Health Canada security clearance required for all Officers and Directors of the Company.

Mike brings a wealth of experience from the consumer goods & beverages industry, having worked for companies such as E. & J. Gallo Winery, PepsiCo, and recently Constellation Brands, where he served as Senior Vice President & CFO for their US$3BWine & Spirits Division. He worked closely with Constellation Brands’ executive leadership to transform their premium Wine & Spirits business, applying financial rigor along the way with a true sense of urgency that translated strategy into action.  Mike also led the business transformation agenda at Constellation Brands, focused on digital enablement and operating model design. Most recently, Mike has served in the role of Executive Vice President, Finance at Canopy Growth Corporation.

Mike’s experience across these mature, category-leading CPG companies along with his experience in business transformation will be an asset as Canopy Growth continues to scale at an exponential rate. Taking advantage of his established strengths in developing high-performance teams, delivering financial results, and his ability to translate strategy into execution will help the Company’s leadership chart a course for the future.

Tim Saunders, whose invaluable contributions to the Company’s direction, finance leadership, and culture will continue to serve the executive team and Board of Directors of Canopy Growth as a strategic advisor in areas of mergers and acquisitions, corporate financing, and business transformation.

“When I welcomed Tim four years ago, Canopy Growth had a market cap of $93 million, two partially licensed production sites in Ontario and a single acquisition under our belt. After more than 26 acquisitions, 8 financings worth over $6.2 billion, the sector’s first TSX and NYSE listings, and reaching a market cap of $21 billion, Tim exemplifies what it means to be a leader at Canopy Growth,” said Bruce Linton, Chairman and Co-CEO, Canopy Growth. “As Tim transitions roles, I am also pleased to elevate Mike into the acting CFO role. His philosophy, accomplishments and all-around track record give me confidence that the Company’s financial health and governance are in good hands. I look forward to working more closely with Mike, benefitting from his vision and expertise as the Company continues growing, both at home and abroad.”

The Board of Directors, co-CEOs Bruce Linton and Mark Zekulin, along with the whole Canopy Growth family, thank Tim Saunders for his dedication and leadership. Having championed the financial health of the Company through an aggressive phase of M&A growth, multiple financing rounds, and historic listings on the TSX and NYSE, both firsts for cannabis companies, Tim’s impact on Canopy Growth is permanent and sincerely appreciated.

Here’s to Future Growth (now with Mike!).

About Canopy Growth Corporation
Canopy Growth (TSX:WEED, NYSE:CGC) is a world-leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the Company’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in over a dozen countries across five continents.

The Company’s medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics.

The Company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships.

From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten licensed cannabis production sites with over 4.4 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information visit

Notice Regarding Forward Looking Statements
This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Canopy Growth or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. Examples of such statements include statements with respect to changes to the leadership team. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information, including the Company’s ability to satisfy provincial sales contracts or provinces purchasing all cannabis allocated to them, and such risks contained in the Company’s annual information form dated June 27, 2018 and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at Although the Company believes that the assumptions and factors used in preparing the forward-looking information or forward-looking statements in this news release are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. The forward-looking information and forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking information or forward-looking information to reflect new information, subsequent events or otherwise unless required by applicable securities laws.

Anne-Marie FischerNovember 12, 2018


Early insights reveal out-of-stocks remain elevated in Canada’s first 3 weeks of legalization

An analysis of the e-commerce platforms of Alberta, British Columbia, New Brunswick, and Newfoundland & Labrador, represented approximately 65% of the Canadian population, shows that Canadians are taking full advantage of the products available from their provincial retailers.  

The report released by Cowen & Co.’s  Vivien Azer focused on the issue of out-of-stock rates as Canada falls deeper into its market shortage following legalization on October 17 while providing an up-to-date profile on the who and what of legal cannabis from Health Canada.  

The Out-of-Stock Issue

Out-of-stock levels across suppliers show that the product shortage is nothing to scoff at, as supply fell far short of the demand for Canadians accessing legal cannabis immediately after legalization took effect.

Overall, out-of-stock levels remain flat from the prior week at 57%. For Canopy Growth (NYSE: CGC), out-of-stock rates fell to 54% from 65% in the prior week. Tilray’s (TLRY) out-of-stock rates remained flat. Aphria (APHA), which is still recovering from dips in its inventory levels, continues to see out-of-stock rates climb.

Canopy and Tilray Rate an Outperform

Canopy Growth, which had the second highest number of products offered (169 SKUs), rated an outperform with an C$82 price target.

Tilray’s product SKU data was not able to be obtained because the company doesn’t have supply agreements with three of the four analyzed provinces. Tilray also rated an outperform at a C$172 price target.

Market Leading Products

Azer notes that in the provinces examined, loose leaf cannabis is making up 80% SKUs noting that this is likely due to the unavailability of other products like concentrates on the legal market. High-THC flower, made of 20% THC or higher, and oil-based products measured at 20 mg/ml, are proving to be popular products for both offerings and consumer take up. While the purchase of flower (i.e. bud) is most common, pre-rolls are also proving popular with the out-of-stock levels increasing for these particular products; out-of-stock rates for pre-rolls outweigh those of flower.

With the rise in popularity of CBD, out-of-stocks for these products rose to 100%; CBD-focused and CBD-balanced products were sold out at 67% and 61% respectively.

The report noted that oils and capsules make up only 8% of SKUs on the market with these out-of-stock rates climbing faster than other categories.

Capsules carry the highest out of stock rates 75%, but this data is based on a small sample.

The Price Factor

Azer notes that 70% of flower SKUs are priced at $11, while the data is showing that people are willing to pay more for premium pre-rolls, at the equivalent of $10 per gram. Products in the higher end price range (up to $20/pre-roll) are proving to be bigger sellers than those of a lower price category (as low as $12/pre-roll).

As Canada adjusts through its growing pains, we can expect firms like Cowen & Co. to keep a close eye on the who, what, and how much of Canadian cannabis.

Profile of Canadian Cannabis Users

Azer’s report revealed some interesting statistics from Health Canada about cannabis use amongst Canadians. It’s showing a decline in use among 15-19-year-olds by 7%, while use among 20-24 and 25+ is increasing. At the same time, alcohol use among these latter two groups is decreasing.

Females are trailing men at 11% in reporting instances of cannabis use, in comparison to 18% of men, but that gap is beginning to close as more women turn to cannabis. Interestingly, alcohol use among women is on the increase along with a reported increase in women using cannabis.

More incidences of cannabis use were reported in British Columbia over any province; with Ontario falling slightly under the provincial average, and Quebec reporting the lowest incidences of cannabis use in the country.


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.


We respect your privacy. See our privacy policy.

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

@GreenMarketRpt – 2 days

RT : Thank you for this incredible Women’s Leadership Award in Social Equity and an even bigger thank you to our…

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.


We respect your privacy. See our privacy policy.