Pot stocks plunge in October
It was a month to forget for Canada’s cannabis industry. Sure, Canada legalized the drug mid-month, but investors weren’t cheering. They took the opportunity to “sell the news,” pushing the Toronto Stock Exchange’s Health Care sector down by about 22 per cent, the biggest fall among the exchange’s 11 industries. In the broader cannabis market, the Horizons Marijuana Life Sciences Index tumbled by about 21 per cent in the month, while The Green Organic Dutchman led the cannabis industry with a 46 per cent plunge. The pot industry’s biggest names weren’t immune from the declines, as Aurora Cannabis, Canopy Growth and Aphria moved 29 per cent, 18 per cent and 9 per cent lower, respectively.
Molson to launch pot drink next year: CEO
Molson Coors Brewing wants first-mover advantage when it comes to cannabis-infused drinks. Molson CEO Mark Hunter told analysts during a conference call on Wednesday that it expects to launch a drink with cannabis as a main ingredient along with its pot partner Hexo next year. The companies launched Truss, a joint venture, earlier this month, which will be the brand name that will develop the beverages for the Canadian market following legalization sometime after October 2019. Molson should expect some competition in the cannabis-drink space as Canopy and Constellation are likely to produce a beverage, while other smaller players have made announcements signaling their intention of entering the lucrative “ingestible” market.
Over 500 people work in Manitoba’s pot industry
Getting pot into consumers’ hands is inevitably a laborious task – and it’s leading to a hiring blitz in one Canadian province. The Winnipeg Free Press reports that about 500 people are now directly employed by Manitoba’s legal cannabis industry. The jobs are mainly in the horticulture or retail segments of the pot industry, but as the market evolves, more positions in ancillary areas as well as uniquely skilled roles such as lawyers and accountants will be needed. The province’s biggest cannabis employer is Delta 9 Cannabis with 153 people on the payroll, mostly in its east Winnipeg office.