Marijuana Business Daily

Cannabis, alcohol firm SNDL loses CA$372.4 million in 2022

Published

1 year ago

April 24, 2023

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Calgary, Alberta-based SNDL reported a net loss of 372.4 million Canadian dollars ($275 million) for 2022, up substantially over 2021’s CA$226.8 million, due partly to asset impairments in its cannabis retail division.

SNDL, which operates separate cannabis and alcohol retail channels, as well as marijuana production, said noncash inventory and asset impairments amounted to CA$203 million last year, compared with CA$77 million one year earlier.

The company said that despite improving fundamentals for Nova Cannabis, a marijuana retailer it acquired last year, the share price declined by more than half since the acquisition, causing an CA$88 million noncash charge.

Full-year net revenue for SNDL was CA$712.2 million, up more than 1,100% over the previous year, thanks largely to its acquisition of Alcanna.

SNDL bought Edmonton, Alberta-headquartered Alcanna for approximately CA$320 million in cash and shares on March 31, 2022.

That deal included Alcanna’s 78 cannabis outlets

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Marijuana Business Daily

German cannabis imports rise to 34.6 tons as cultivators eye end of quota system

Published

19 hours ago

April 26, 2024

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Germany imported a record amount of cannabis for medical and scientific use in 2023, as international businesses looked for sales opportunities in Europe’s largest federally regulated medical marijuana market.

In 2023, Germany imported 31,398 kilograms (34.6 tons) of cannabis products, according to the newest data from the country’s Federal Institute for Drugs and Medical Devices (BfArM).

That’s a 26.2% increase over the 24,876 kilograms imported the previous year.

In previous years, Germany imported:

24,876 kilograms (27.4 tons) of cannabis in 2022, up 19.8% over 2021. 20,771 kilograms (22.9 tons) in 2021, a 77% surge over the previous year. 11,746 kilograms (12,8 tons) in 2020, 46% more than in 2019. 8,057 kilograms (8.9 tons) in 2019, which was 80% more than 2018’s total

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Why are US officials seizing regulated cannabis in New Mexico?

Published

5 days ago

April 22, 2024

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A New Mexico congressman is pressing the U.S. Department of Homeland Security to account for what regulated marijuana operators claim is a rash of seizures of state-legal cannabis at Customs and Border Protection checkpoints.

Six incidents of product loss totaling hundreds of thousands of dollars have been reported by licensed marijuana companies in New Mexico since February, when operators first alerted the state’s Cannabis Control Division about the situation, according to documents shared with MJBizDaily.

In addition to border crossings, Customs and Border Protection (CBP) maintains inspection stations along major highways in border states.

Between Feb. 14 and April 18, agents intercepted state-regulated marijuana products at the Alamogordo and Las Cruces stations operated by CBP, state documents show.

Products seized by CBP included

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Marijuana operators aim to mitigate 4/20 online outages this year

Published

1 week ago

April 18, 2024

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As the marijuana industry gears up for the biggest sales day of the year, retailers, point-of-sale (POS) and e-commerce service providers are working to avert another online disaster.

Operators nationwide have installed a series of measures – bolstering infrastructure, employee training, stress tests and other support mechanisms – to capture every retail dollar on Saturday, April 20, the most celebrated day of the year for cannabis enthusiasts and retailers alike.

Last year, a cascade of failures between Dutchie POS systems and their retail customers’ e-commerce menus led to widespread outages affecting hundreds, if not thousands, of stores in the United States and Canada.

Cannabis retail workers told MJBizDaily the outages knocked out online menus, prevented adult-use consumers and medical marijuana patients from placing

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