Cannabis Briefs for April 7, 2020April 7, 2020
•The province of Ontario has rescinded cannabis retail’s “essential business” status and ordered all shops closed for the next two weeks. The province’s dispensaries initially were allowed to stay open, but an updated emergency order reversed that decision. Cannabis producers, however, will be allowed to remain operational, on the reasoning that they provide a medical product. Massachusetts has also shut down all recreational sales, prompting an outcry.
•Acreage Holdings and Canopy Growth have both announced furloughs stemming from COVID-19. Canopy has temporarily laid off 200 retail staff members despite reopening some of its previously closed retail locations. Acreage, meanwhile, furloughed 122 employees, spread between field operations teams and its corporate office. Acreage also canceled its planned acquisition of Nevada-based Deep Roots Medical due to a failure to receive approval from Nevada authorities. Canopy has a deal in place to acquire Acreage pending U.S. federal legalization of cannabis.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.