Article by BNN Bloomberg
Pot becoming a major agricultural product in Canada, latest farm cash receipts show
Cannabis is now a major cash crop in Canada. Statistics Canada said that cannabis accounted for about $2.3 billion in farm cash receipts in 2019, up from $564 million the prior year. Cannabis farm receipts are now about one-quarter of what farmers receive for canola, the country’s largest crop. An iPolitics report said that cannabis sales helped to increase farmers’ realized net income for the first time in three years, and there are now concerns from agricultural advocates that legal pot be stricken from industry calculations as agriculture usually consists of food and fibre products.
TGOD shares decline after reporting $73.4M net loss in Q1
Shares of The Green Organic Dutchman plunged Wednesday after the company reported a first-quarter net loss of $73.4 million while booking a $55.8-million impairment charge. TGOD also netted about $3 million in revenue during the quarter, down slightly from the $3.2 million made in the prior quarter. The company’s burgeoning recreational cannabis business only accounted for $664,000 of those sales. The company also lowered its global general and administrative (G&A) expenses by 27 per cent in its Q1 as it attempts to reduce its G&A costs to $8 million per quarter. TGOD also sold its Jamaican business for a “nominal” amount and took a $3.1 million impairment loss on that asset.
Tilray nabs another EU-GMP certification for Portugal, to close Leamington greenhouse
Tilray said its Portugal facility received a Good Manufacturing Practice certification from Portuguese officials, in a statement released on Wednesday. The company said the certification – its third EU-GMP credential – will allow it to make its own cannabis extracts on-site to export across Europe while adding more lab capacity. The announcement comes a day after Tilray said it would close its Leamington, Ont. greenhouse within the next six weeks, helping the company save about $7.5 million annually.