Hexo announced annual losses of $82M and a $57M Q4 loss (adjusted to $43.7M), tripling analysts' average prediction of a $13.2M loss.
MJ Biz Daily, Bloomberg
Hexo has a five-year supply agreement with Quebec, under which it was to provide the SQDC with 20,000 kg of product in the first year. However CEO Sebastien St-Louis said Hexo had only delivered half that amount. Given the slow retail rollout in the province, St-Louis said "We don't think it would be responsible to demand (that Quebec buy) 20 tonnes."
Hexo partner Molson Coors announced it was laying off 500 workers worldwide.
Québec Solidaire party leader Gabriel Nadeau-Dubois accused the CAQ of "acting like a doddering old uncle ['un vieux mononcle'] who believes he knows better than young people do what's best for them."
Journal de Montreal—In French, My Translation
When the CAQ government tabled the bill this winter, I noted in a Leafly article that then-MP François Legault said during the 2018 election, "Young people from 18 to 21 will go on the black market to buy cannabis, but I don’t want, as premier of Quebec, to send the signal that it’s normal to consume cannabis below the age of 21."
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Canopy said it believes a standard THC serving is between 2mg and 2.5mg. The company aims to reach new users with low-dose products.
Auxly CEO and Canopy co-founder Chuck Rifici expects Health Canada will soon scrap the 10mg per-package limit on cannabis ingestibles. He also expressed surprise at the slow growth in micro licensing.
MJ Biz Daily
Aphria referred to THC distillate as "liquid gold" as it prepared to bring its line of vape pens onto the market. It predicted vape pens would follow pre-rolls and dried flower as "the next big thing."
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A Canaccord Genuity analyst predicted in a research note that 2020 revenue from the Canadian legal cannabis sector will be $3.16B, thanks to continued retail rollout and 2.0 products.
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The Cannabis Council of Canada (C3), representing the country's largest LPs, pressed Ontario premier Doug Ford to take drastic action to increase the number of REC stores in the province.
MJ Biz Daily
Windsor's first REC store pushed its opening day back a month due to delays resulting from the eventually rejected class-action lawsuit by 11 disqualified REC lottery winners.
Scrapping tight limits on REC retail licensing, the Saskatchewan Liquor and Gaming Authority announced plans to "move forward with an open market" for REC retail in two phases over an 11-month period.
Saskatchewan has seen REC sales stagnate compared with continually increasing sales in other provinces, and most believe that's due to the limit on stores.
MJ Biz Daily
The decision angered private liquor store owners, whose stores face limits of no more than 40 per city of 275,000, and no more than one for small communities with more than 500 people.
Alberta Gaming, Liquor and Cannabis has now approved license applications for 306 REC stores provincewide, and predicted it would have 500 REC retailers province-wide within three years.
After 10 months of delays, BC Cancer continues to wait for Health Canada approval on a $1M randomized, double-blind, placebo-controlled study on the effects of cannabis on cancer-related symptoms.
A group of more than 10 medical officers and medical directors largely from Canadian LPs wrote to the British Medical Journal to protest an editorial recommending against "prescription of unlicensed cannabis based products to patients on the NHS."
University of British Columbia researchers published a study charting the structures and chemical outputs of cannabis trichomes.
More than any other age group, Canadians over the age of 65 have increased their consumption of cannabis since legalization.
The Canadian Association of Retired Persons will give its 300,000 members a 20% discount on MED.
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