Marijuana Business Daily

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

Published

2 years 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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MJBizCon panelists issue cannabis industry predictions for 2025

Published

1 day ago

December 4, 2024

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LAS VEGAS – Hearings to reschedule marijuana began only this week, but the cannabis industry should look for the U.S. Drug Enforcement Administration to reclassify the plant in 2025.

That’s the prediction that MJBizDaily political reporter Chris Roberts made Wednesday during the annual “State of the Industry” general session at MJBizCon, the world’s largest B2B cannabis industry event.

“I think rescheduling does happen – I think it happens sometime in 2025,” Roberts said on stage at the Las Vegas Convention Center.

Moving marijuana from Schedule 1 of the Controlled Substances Act – a category reserved for substances with no accepted medical use and high potential for abuse – to Schedule 3 would exempt regulated cannabis operators from the burdensome Section 280E of the Internal

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Florida approves 22 applicants for medical marijuana dispensary licenses

Published

1 week ago

November 26, 2024

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The wait is over for 74 applicants in Florida hoping to secure Medical Marijuana Treatment Center licenses.

The state’s Office of Medical Marijuana Use on Tuesday published the list of 22 companies that received “letters of intent to approve” their license applications.

In Florida, medical cannabis dispensaries are called Medical Marijuana Treatment Centers (MMTC).

The successful applicants were:

A Good Decision Alamanda Farms East Coast Packers FG Operating Florida Florida Sports Consultants (doing business as Belushi’s Farm Florida) Gates Housing Group Global Investment Group (dba Infinite Wellness) Green Point Research Healing Greene FL KCOF (dba Klutch Cannabis) King Palms O’Donnell Landscapes Pioneer Growers of Florida Pure Beauty Farms RAAB (dba Canna Direct) Star Buds Florida Statewide Property Holdings FL Stiiizy Florida

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Rejected applicants sue Minnesota over marijuana social equity licensing process

Published

2 weeks ago

November 22, 2024

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Two women are suing Minnesota’s cannabis regulator after being denied an opportunity to participate in the upcoming lottery for adult-use marijuana social equity business licenses.

Cristina Aranguiz and Jodi Connolly allege in a lawsuit they filed Thursday allege that Minnesota’s Office of Cannabis Management (OCM) made an “arbitrary and capricious decision” in denying their applications to participate in the lottery and offered no explanation, the Minnesota Reformer reported.

Earlier this week, the OCM announced that roughly two-thirds of the 1,817 social equity license applicants had been disqualified because they failed to complete the application process, turned in multiple applications or disguised the true investors in their companies.

The plaintiffs’ complaint – which also names the OCM’s interim director, Charlene Briner – alleges

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