Lp,s are doomed!
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Not a lot of nice things to say about Health Canada
Published on April 29, 2022 by Bonno
From left to right, MPs Richard Cannings, South Okanagan-West Kootenay, Alistair MacGregor, Cowichan-Malahat-Langford and John Aldrag, Cloverdale-Langley City respond to audience questions during the inaugural BC Cannabis Summit on April 21 in Kelowna.
It’s not hard to see why Health Canada gave its regrets when invited to send reps to the recent BC Cannabis Summit.
Not too many people in attendance at the industry event in Kelowna had nice things to say about the federal government agency that regulates the production of cannabis across the country.
“Why are they even in this game? Health Canada’s knowledge in this area is zero,” declared Conservative MP Rob Morrison, during a moderated question-and-answer session with regional members of Parliament.
“Big government has created all sorts of rules and red tape making it almost unmanageable for small growers,” he added.
Morrison got no disagreement from the audience, who peppered the panel with questions and observations about the complexity of regulations and frustrations they face producing and distributing the product.
The MP panel, which covered most of the mainstream political spectrum in Canada, agreed at the very least the agency needs to speed up its current internal review or better yet make it public by putting it to a House of Commons standing committee.
• RELATED: International Development Minister tongue-tied on cannabis
Vancouver Island NDP MP Alistair MacGregor, a member of the standing committee on agriculture, said he would push to have the review put on his committee’s agenda while also talking to his counterparts on the health committee about the same issue.
MacGregor said the committee would be able to invite people who actually work in the industry as witnesses and use their testimony to craft recommendations.
“A parliamentary committee is not subservient to the executive branch,” he told audience. “We can make those recommendations…we can make any recommendations we want.”
Southern Interior NDP MP Richard Cannings also cast doubt on the Health Canada review which he sees as self-serving. “This is an internal government review inside the bureaucracy,” he observed.
Lower Mainland Liberal MP John Aldrag said his government did the right thing by legalizing cannabis in 2018 but agreed the reform of current regulations needs to move more quickly.
He compared it to how long it took laws around alcohol to change after the repeal of Canadian prohibition early in the 20th century. “We needed to start somewhere but at the same time we don’t want this to take 60 years,” he added.
Morrison said the regulatory walls put up by Health Canada run counter to the goals of the Cannabis Act, which includes ending the black market.
“We need to move forward rapidly. These growers are just going to say we can’t live within these guidelines, we are just going to grow it illegally,” Morrison said, of efforts to lure black market growers into Health Canada’s regulatory framework. “They are bumbling around making it more difficult for people so they don’t start growing legally.”
The inaugural B.C. Cannabis Summit ran from April 20-22 in Kelowna.
What is you favorite crappy growth strain?
Happy, get the facts and stay ahead of the curve... not
Home / Canada / international cannabis market
Bono April 29 2022
Canada’s adult-use marijuana sales continue decline in Feb. to CA$336.4M
Sales of legal adult-use cannabis in Canada declined 2.9% from January to February, new government retail sales data show.
Total monthly sales were 336.4 million Canadian dollars ($265.4 million), marking two months of consecutive sales declines since December.
The January sales total was revised downward slightly to CA$346.5 million.
As in January, cannabis retail sales declined on a monthly basis in every province except two: Ontario, the largest provincial market, and Saskatchewan.
Ontario sales grew by 4.5% month-over-month to CA$142.6 million, or 42.4% of the national total.
Saskatchewan sales increased by 1.5% over January to CA$14.7 million.
In order of market size, February retail sales and monthly sales declines in the remaining provinces were:
Alberta: CA$58 million (-5.4%)
British Columbia: CA$46.3 million (-7.1%)
Quebec: CA$41.9 million (-12.5%)
Manitoba: CA$12.1 million (-7.6%)
Nova Scotia: CA$7 million (-9.3%)
New Brunswick: CA$5.8 million (-9.6%)
Newfoundland and Labrador: CA$4.7 million (-15.9%)
Prince Edward Island: CA$1.6 million (-11.7%)
Monthly sales in Yukon Territory were CA$758,000, a 6.2% monthly decline
In selected Canadian cities, February cannabis sales and monthly changes were:
Toronto: CA$47.4 million (+1.8%)
Montreal: CA$22.9 million (-11.3%)
Edmonton, Alberta: CA$19.8 million (-4.2%)
Vancouver, British Columbia: CA$16.3 million (-6.2%)
Calgary, Alberta: CA$16 million (-8.2%)
Ottawa, Ontario: CA$14.1 million (+3.2%)
Winnipeg, Manitoba: CA$7.8 million (-12%)
Quebec City: CA$4.4 million (-15.6%)
Gatineau, Quebec: CA$1.3 million (-8.9%)
Statistics Canada expects to release retail trade data for March on May 26.
Decibel books CA$1.7 million profit on rising marijuana sales
Decibel Cannabis Co. recorded net income of 1.7 million Canadian dollars ($1.3 million) for the 2021 fiscal year and positive adjusted EBITDA of CA$7.4 million on the back of growing cannabis sales.
Unlike larger and better funded competitors Tilray Brands, Hexo Corp. and Canopy Growth Corp., Decibel said it managed to increase its share of the market over the past six months, rising from under 4% last summer to approximately 5% in March 2022, which is also higher than Cronos and Aurora Cannabis.
Decibel said the 5% increase in sales over the previous quarter was primarily driven by the launch of its infused pre-roll lines and growth in demand for flower, vape and concentrates.
Another lp bites the dust!
Bonno 28/04/2022
Struggling Canadian cannabis retailer Choom Holdings and its subsidiaries received an order for creditor protection from the Supreme Court of British Columbia.
In a court filing, Choom said its business suffered from the emergency lockdown measures governments across Canada enacted to combat the spread of COVID-19.
Choom also said its sales decreased over the past year as a result of competition in the retail sector as well as “the loss leading priced retailers in Alberta.”
As of Dec. 31, 2021, liabilities totaled 22.4 million Canadian dollars ($17.8 million).
The court filing said more than half the company’s leased retail stores generated costs higher than revenues. Three locations had closed in Alberta in March 2020 as a result of the COVID-19 pandemic and were never reopened.
As of March 1, 2022, Choom had 12 stores in operation in Alberta, two in British Columbia and three in Ontario, with licenses in hand or pending for another six outlets.
Choom reported a net loss of CA$5.8 million for its quarter ended Dec. 31, 2021, on sales of CA$4.2 million.
According to a news release, Choom and its subsidiaries are seeking creditor protection to conduct a sale and investment solicitation process (SISP) and facilitate a transaction allowing them to address their liquidity issues and stabilize operations.
Choom intends to operate its business throughout the Companies’ Creditors Arrangement Act (CCAA) proceedings and while conducting the SISP.
As part of the court order, Choom and its subsidiaries were authorized to enter into an interim financing term sheet with Aurora Cannabis, which agreed to advance $800,000 to fund Choom’s ongoing operations and CCAA proceedings.
Choom has a CA$6 million secured debt owing to Aurora.
On July 8, 2021, Choom completed a debt restructuring in which Aurora agreed to extinguish the principal of CA$20 million and interest accrued worth approximately CA$2.2 million.
In return, Choom issued to Aurora a convertible debenture worth CA$6 million and maturing Dec. 23, 2024.
Among other things, the debt restructuring agreement entitled Aurora to a “restructuring fee” equal to 1.25% of Choom’s net retail revenue.
The CCAA protection expires May 2, when an extension of the CCAA protection will be sought.
Ernst & Young has been appointed monitor.
Crystal ball Happy. Pumping per excellence. Too lazy for DD.
Great pumping! Data shows otherwise but.
Doomed!
And that cemetary lot will cost you dearly.
Dying can be expensive...
"If you're such an incredibly rich guy why are you dealing with cartels and dirty hedge funds trying to stop a runaway train? It's fruitless."
Your "runaway train" nerver left the station.
Lol
You are doomed but you just don,t know it, yet.
Matt Lamers ????
@matt_lamers
·
7h
Sundial CEO's letter to shareholders: "I expect to see massive (cannabis) store closures in Canada, with the toll likely closer to 1000 than 100"
wow
"You are so focused on the legacy market you are blind to the future."
Wrong again~
My focus is on stock market bunk weed Ponzi that is going nowhere fast.
"Canopy’s main customers do not even know it exists yet."
And it show in each and every Q. Bunk weed = no sales.
Hard to make a living with something you do not understand.
We asked Klein " What is you favorite C.G.C. strain?" Got crickets.
You seem to be confused Happy...
Bunk weed will never be a succes with stoners.
No matter how may cgc shares you can pile-up collecting.
So, what is your favorite c.g.c. strain Happy?
folks want to get stone
good luck with you drinks
catering to newbs is your down fall
an iphone is what i use
nimble and ready
computer are too heavy to carry around
I,d be worried about the stock market bunk weed cartel if i was you.
They will pump your ass like there is no tomorrow.
Problem is they cannot deliver the goods.
Too incompetent at growing, and they do not understand the culture.
World market is overcrowded and your bunk has nowhere to but down.
Bunk weed is not in demand.
Legacy is making money. I was millionaire at 30.
Hold that bag Book.
Lol
and still in the red...
Doomed with nowhere to go but down.
Freaks know better than buying from incompetent growers.
"Challenge to see which will be the winners"
No challenge if you know what your doing...
Bunk is not wanted.
Makes for a great souvenir but.
"If outdoor and micro licences were offered initially, Canada would not have seen billions (of dollars) wasted on large-scale cannabis facilities, whose cost of production is too high for the quality of product being produced."
—Av Singh, co-founder,Flemming & Singh Cannabis
27/4/2022
Matt Lamers ????
@matt_lamers
·to bonno
After Hexo's stock tanked, the company told investors there was “a significant positive total cumulative return”, which they then used to justify huge pay increases for execs.
About 847 people have been put out of work at $HEXO since 2020
mjbizdaily.com
Marijuana producer Hexo touts 'significant' shareholder return despite tumbling stock price
Cannabis producer Hexo Corp. is trumpeting “a significant positive total cumulative return” for its shareholders despite falling stock prices.
Matt Lamers ????
@matt_lamers
·
3h
Back in 2018, the "capacity" scam emerged as key driver of cannabis stonk valuations
PWC poured fuel on the raging fire of bullshit.
Cannabis business multiples "focused on production capacity ... may be more useful for analysis & comparative purposes"
pwc.com
A candid review of cannabis multiples
With the legalization of cannabis in Canada on October 17, 2018, we decided to take stock of the valuation multiples of publicly traded companies operating in this space.
Matt Lamers ????
@matt_lamers
·
3h
They even called it "A candid review" LOL
Candid would have been: "It's too early to know which of these companies will be successful. Do not make decisions based mainly on the production capacity of any company in any industry, including cannabis, because that would be crazy"
Matt Lamers ????
@matt_lamers
·
3h
Having the capacity to make a product doesn't give you the competence to do it well.
Firms like PWC and Deloitte only added to cannabis #stonk hysteria, contributing to misallocated capital. The industry, investors, workers etc are still paying the price.
Matt Lamers ????
@matt_lamers
·
3h
I can't repeat this enough: Even if Canada converted 100% of the underground market to regulated sales on day 1 of legalization—which obviously was impossible and not expected—there was never enough demand to justify financing and building these cultivation/production facilities
Too late now as canna customers stay away from lps bone dry bunk weed.
The word as been out for a long time now.
You are doomed.
Canna naive "analyst" are in the business of pumping stock for suckers...
Too lazy for dd?
You are doomed!
Lol
Cannabis retailer Fire & Flower posts revenue decline, cites competition
April 26, 2022 - Updated April 26, 2022
Bonno
Toronto-headquartered cannabis retail chain Fire & Flower Holdings reported declining sequential retail revenue for the fourth quarter of its fiscal year, citing heightened retail competition.
Read : overgrowned in a overcrowded market with nowhere to go.
Revenue for the quarter ended Jan. 29 was 42.7 million Canadian dollars ($33.3 million), down 6% from the previous quarter and 1.2% from the same quarter the previous year.
The company attributed its quarter-over-quarter revenue decline “to increasing competition from new (retail) licenses issued and pricing pressures in the retail market.”
The technology-focused retail chain reported annual revenue of CA$175.5 million, up 37% over the previous fiscal year.
Fire & Flower’s quarterly net loss was CA$19.5 million, with an annual net loss of CA$63.6 million.
The company opened 32 stores during the fiscal year, with 105 locations operating as of the end of January.
Fire & Flower also acquired Canadian cannabis delivery service Pineapple Express as well as marijuana websites PotGuide and Wikileaf.
More than 420,000 Canadians are signed up for the Fire & Flower loyalty program, the company said in a presentation to investors.
Major Fire & Flower investor Alimentation Couche-Tard recently announced plans to increase its stake in the retailer to 35%.
Shares of Fire & Flower trade on the Toronto Stock Exchange as FAF, and the retailer plans to list its shares on the Nasdaq exchange.
Stamping "Snoop" or "Martha" on bunk weed won,t turn it into fire.
It will fool shareholders, but won,t fool a head.
Customer is always right.
Time to load up folks, before prices go down.
Pot company Canopy Growth to lay off 243 workers as it moves to cut costs
By Tara Deschamps to Bonno
The Canadian Press
Tue., April 26, 2022
1 hrs ago
Canopy Growth Corp. says it will lay off more than 200 workers as part of a new cost reduction strategy that will make cannabis cultivation more affordable and uncover supply chain efficiencies, though it didn’t offer a target date for profitability.
Brenna Eller, vice-president of media and communications for the Smiths Falls, Ont. pot company behind the Tweed, Tokyo Smoke and Doja brands, said Tuesday that the 243 affected workers span Canada, Europe and the U.S., with the Canadian portion located mainly in Ontario.
Their job cuts are a key piece of the cost-cutting plan that will also see the company retool its facilities, review procurement strategies, implement flexible manufacturing processes and reduce third-party professional and office fees.
Canopy anticipates the moves will create between $100 and $150 million in savings within a 12-to-18 month range and — like a series of other cannabis companies who have embarked on overhauls recently — help it reach profitability by better aligning supply with demand.
“To realize profitability and power growth, we are taking critical actions to further evolve Canopy Growth into an agile organization with a clear focus on the areas where we have the greatest potential of success,” Canopy CEO David Klein said in a news release.
“These necessary changes are being implemented to ensure the size and scale of our operations reflect current market realities and will support the long-term sustainability of our company.”
When it reported its most recent quarterly results, Klein warned market headwinds could hamper the company’s ability to be profitable in Canada, even after it spent months uncovering $85 million in cost savings.
Canopy previously predicted it would be profitable in the second half of its fiscal 2022, but reassessed that goal last November.
At the time, the company did not provide a new timeline, but announced that reaching its past goals will take longer than expected because of market share challenges and a slower-than-expected U.S. launch of its BioSteel products.
Canopy did not announce a new profitability timeline Tuesday with the unveiling of its cost reduction plan, but said it expects lowering per-gram cultivation costs through facility improvements to generate between $30 and $50 million in savings and reduce expenses by $70 to $100 million over the next year and a half.
The overhaul will result in between $250 and $300 million in charges in Canopy’s fourth quarter and between $100 and $250 million in non-cash impairment charges, largely driven by goodwill and intangible asset impairments.
The company halted operations at five facilities across the country, took $800 million in writedowns and laid off more than 200 workers in December 2020, while promising at the time the “difficult” decision would accelerate its path to profitability.
Companies in this story: (TSX:WEED)
Who,s your Daddy?
You were warned 7 years ago
Bonno
Saturday, April 04, 2015 5:34:41 AM
Re: Escabar post# 16651
Post#
16660
of 125870
LP's are doomed right from the start...
They don't need my help.
Anything HC puts together is jive and meant not to work.
Dude did,nt know how to play!
My son in law bought crappy growth at the beginning and sold at 50$.
One shot deal.
Bought a Bali 4G in Nasseau. Chartering it for more greens...
Dbrown was a newbie that got gready.
I was calling crappy a doomed Ponzi but he would,nt listen.
You don,t go to a cannabis market not knowing the ropes.
Obesity is like Tilray,s bunk weed.
Not popular.
Obsessed with fatness?
That is your dd sing-sing?
When?
For many years now, lp's have been shedding feathers...
So much so, that they can no longer fly.
This lps cartel wont last.
I welcome cannabis prices to be on par with tomatoes prices.
Overgrowing will make it happen.
Cannabis will be free at last.
As a souvenir...
https://mjbizdaily.com/canadas-pre-pandemic-recreational-cannabis-sales-stagnate-in-february/
https://mjbizdaily.com/cannabis-sales-decline-in-every-large-canadian-city-in-february/
https://mjbizdaily.com/canada-adult-use-cannabis-sales-continue-decline-in-february-to-ca336-million/
Dudes & Dudettes ... you can,t make money on lp,s cartels bunk.
If you cannot produce the DANK at dropping prices, your out.
Easy-Cheesy to make $ on weed if it,s fire.
In a sub-par quality market like Tilray/Crappy Growth? Not so easy Willie.
So LP,s are OVERGROWNED by most of 1000 plus other LP,s!
OVERGROWNED by 60,000 medical growers.
OVERGROWNED by legacy market.
So they are going down.
And yes, Biden won.
Biden is against weed.
Now is a good time to cop shares.
Best to wait for $0.05 in my opinion
Story for
@MJBizDaily
: Hexo closing Belleville cannabis facility, laying off another 230 workers
Brings total to approx 385 Hexo employees affected by facility closures in recent months.
mjbizdaily.com
Hexo closing Belleville cannabis facility, laying off another 230 workers
Struggling Canadian cannabis producer Hexo Corp. is closing its Belleville facility and transitioning its operations to other sites.
5:18 PM · Apr 21, 2022·Twitter Web App
Matt Lamers ????
@matt_lamers
·
14h
The large Canadian LP business model: Lose market share, buy competitors, lose more market share, fire everyone, hand out bonuses to top executives.
Matt Lamers ????
@matt_lamers
·
14h
Wouldn't be great if we could go more than a few months without major layoffs by Hexo, Tilray, Canopy etc? I'd love that.
NEW: Quebec-based cannabis producer $HEXO closing Belleville facility, affecting 230 of its workers
But says "The Truss Beverage Co. operations are not impacted by this transition and will continue to operate out of the Belleville facility"
Details to follow.
Hexo market share falling like a stone
Q3 2021: 12.1%
Q4 2021: 10.7%
Q1 2022: 9.6%
source: Cantor Fitzgerald
"In turn, it is likely that cannabis users will turn to the black market for their needs."
Dude they never left.
Time to buy more shares before prices DROP.
Sadly for Canopy Growth, the Fed Is on a Different Kind of High
CGC stock might see encroachment from the black market
1h ago · By Josh Enomoto
It has been a disappointing day, week, month and year so far for Canopy Growth (NASDAQ:CGC). No matter where you point your mouse on the charts recently, CGC stock seems to return a flush of red ink. Judging by its technical pattern, it is possible that the descent has slowed for the cannabis specialist. Nevertheless, that doesn’t mean stakeholders should expect a rousing comeback in the near term.
If anything, the narrative over the next few months have turned rather bleak. InvestorPlace’s Louis Navellier rates CGC stock as an “F,” which is quite a condemnation. Since Navelllier has a long track record of turning big, calculated risks into lifechanging returns, if an optimist like him doesn’t see the potential in Canopy, it is at least a warning to conduct further research.
Beyond that point, though, I completely agree with Navellier that the legislation buzz is fading for CGC stock. As he pointed out, in late March, “the U.S. House of Representatives moved ahead with its pot legalization bill, known as the MORE Act.”
11 EV STOCKS THAT COULD 10X YOUR MONEY
Though a significant development, there is only a “slim chance this bill will make it through the U.S. Senate and to President Joe Biden, who would sign it into law.” Enough lawmakers oppose marijuana legalization at the federal level, making such bills a charade, similar to typing loudly and busily on your keyboard when the boss walks by.
But the other problem with CGC stock and the cannabis industry is inflation. Unless the Federal Reserve wants to take drastic action against surging prices, the cost of doing business the right way may become prohibitive for botanical retailers. In turn, it is likely that cannabis users will turn to the black market for their needs.
And honestly, why wouldn’t they?
Law enforcement officers have much bigger problems than chasing after folks indulging in an activity that an overwhelming majority of Americans believe should be legalized. Until this economic narrative changes, CGC stock may face continued "volatility".
On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
What Wayne is really saying ...
"lp,s weed is bunk and too expensive".
Yes Pete, they can,t compete!
Heeerre,s Johnny!!!
EXCLUSIVE: Why Canopy Growth's CEO Says US Cannabis Industry Can Reach 'Same Size As The Beer Industry'
by Wayne Duggan,
Benzinga Staff Writer
to Bonno
April 21, 2022 8:19PM | 3 min read
ZINGER BRIEF
Wana CEO and co-founder Nancy Whiteman discussed Wana's relationships with U.S. multistate operators that have their own product brands.
"On the retail side, I think most MSOs understand that their customers really want choice and they want access to the best products. So I would say that we have a good working relationship with most of the MSOs at this point," she says.
and Wana Brands are positioning themselves to be U.S. market leaders right out of the gate when cannabis is federally legalized, the cannabis companies' leadership said Thursday at the Benzinga Cannabis Capital Conference in Miami Beach.
Canopy's U.S. Presence: Wana Brands is a Colorado-based U.S. cannabis company that is the leading edibles company in North America. It was recently conditionally aquired by Canopy Growth.
Canopy is a leading Canadian legal producer, but CEO David Klein said Thursday the company has already established itself as a market leader in the U.S.
"We have the fully paid up right to buy Wana upon permissibility in the U.S., what we call a triggering event.
We have the same rights with [Acreage Holdings Inc ACRHF] and we have an ownership stake in [Terrascend Corp TRSSF]. So we already have a presence in the U.S. that continues to grow and build on itself, hopefully working with the various components of Canopy's business in the U.S.," Klein said.
Wana already operates in 14 different U.S. states and nine markets in Canada, and the company just launched in Puerto Rico as well.
Cannabis Collaboration Vs. Competition: Wana CEO and co-founder Nancy Whiteman discussed Wana's relationships with U.S. multistate operators that have their own product brands.
"On the retail side, I think most MSOs understand that their customers really want choice and they want access to the best products. So I would say that we have a good working relationship with most of the MSOs at this point," she said.
Klein said he believes it would be beneficial for the cannabis industry to collaborate more to jump-start the market as a whole.
"We have an opportunity to have an industry that's the same size as the beer industry in the U.S., and just think about the number of beer brands out there and beer retailers and beer on-premise organizations. I just think there's a lot more we can do if we focus on collaborations as opposed to just out-competing each other," he said.
Statista estimates the U.S. beer industry is worth about $121 billion in 2022.
Federal Legalization: Unfortunately, the Joe Biden administration and Democrat-controlled Congress hasn't made much meaningful progress on federal cannabis reform in the U.S.
"With the U.S. platform that we have inclusive of Wana and Acreage and some of our other investments in the U.S., those businesses continue to grow and innovate and compete in this marketplace prior to permissibility," Klein said.
He said both Wana and Acreage have appealing business models and are generating impressive growth, but investors don't see those numbers reflected on Canopy's financial statements.
"Upon federal permissibility, we can then consolidate everything, and so our business gets easier to explain to people," he said.
Yeji Jesse Lee, left, an Insider reporter, with Wana Brands CEO Nancy Whiteman and Canopy Growth CEO David Klein at the Benzinga Cannabis Capital Conference on Thursday. Photo by Dez Smith.