On this week's WeedWeek Podcast, Alex, Donny, and I discussed attempts last month by Toronto authorities to shut down plucky illicit dispensaries by blocking their doors and windows with stacks of 4,000-pound concrete blocks. This week, authorities brought the blocks back with a vengeance.
The day after the concrete blocks were installed, CAFE's Harbord-Street location hired a crane to remove them, removing blocks from in front of the door, while decorating remaining blocks with photos of their patio.
While the ownership structure of CAFE is obscure, the chain is owned by two partners, one of whom is a former wrestling champ who drives a Lamborghini. He described himself on Instagram as, "I ain't as famous as Dan Bilzerian, but I'm trying."
CBC Toronto, Twitter
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As stores continue to climb across the country, May sales figures jumped to $85M, up $11M from April.
The CannTrust scandal threatens the still-fragile mainstream legitimacy of the cannabis sector, with insiders wondering what changed the company from strictly compliant to willing to flout regulations.
Globe and Mail, Bloomberg
The Ontario Securities Commission's enforcement team is reviewing a complaint that CannTrust harmed investors by not disclosing its lack of compliance. Meanwhile, the number of law firms launching class-actions climbed from 9 to 14.
Mackie Research Capital ended coverage of CannTrust, saying, "We have lost faith in management."
"The frenzy is heating up again!" warned lawyer Trina Fraser. "Would-be cannabis retailers in Ontario, I hope you are working hard on your bank letters and offer to lease!"
Chief Wiindawtegowinini Isadore Day of Serpent River First Nation in Ontario is a visible and confrontational activist Chief who has challenged the government of Canada on many fronts (including attempting to force his way through a group of Mounties and into the House of Commons during the 2013 Idle No More Indigenous rights protests). Chief Day has been adamant that First Nations should consider cannabis an economic engine for sovereignty in their communities.
Aboriginal People's Television Network
48North was at the head of the pack of LPs applying for outdoor growing licences, and received the second such license in mid-May. This week they announced they'd completed planting 10 cultivars over 100 acres and will have two harvests, in late August and mid-October.
NewsWire, Market Exclusive
Organigram reported a surprising $10.2M Q3 net loss, following Canopy, Cronos, and Supreme in falling short of earnings expectations. However, Organigram's EBITDA was positive for the fourth consecutive quarter.
CTV News, Bloomberg
A gathering of the country's premiers—the majority Conservative—called on Ottawa to fix supply issues (though it's hard to say how much those still exist, and how much they remain a talking point for Conservatives attacking the federal Liberal government).
Extraction powerhouse Valens GroWorks reported its Q2 revenue increased to $8.8M, surpassing analyst expectations. Valens' gross profits were $5.1M and the company posted a net loss of $10.5M.
Canada's newest micro-cultivation licence holder, Joël Lacelle, said it took him nine months from application to the license he needed to get his company Hearst Organic Cannabis Products up and running.
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