Cannabis Briefs for April 28, 2020April 28, 2020
•Canadian bank CIBC Capital Markets has drastically reduced its 2020 forecast for the country’s adult-use market, which it now expects to generate revenue of C$2.5 billion ($1.8b), down from its previous forecast of C$3.4 billion ($2.4b). Last year, Canada’s adult-use sales totaled C$1.2 billion ($860m). CIBC said Covid-19 could significantly slow the expected surge of new store openings in Ontario, Quebec, and British Columbia, heightening challenges for the nascent industry. Still, the bank expects adult-use sales to climb to C$4.1 billion ($2.9b) in 2021 as the crisis recedes.
•Alaska has instituted curbside pickup for cannabis businesses in response to the current health crisis. As in other states, the change will allow customers to place orders over the phone or online for pickup, in order to keep people from having to enter the store. The curbside designation also allows customers to pick up products from an exterior window similar to a drive-through—something that a number of other states explicitly ban. Dispensaries that wish to enact curbside pickup must still apply for a license to do so. The emergency order that allows these changes is set to last for 120 days.
•Canadian cannabis producer Sundial Growers has recalled 30,000 pre-roll units in Manitoba, Alberta, and British Columbia due to incorrect labeling. The company’s Top Leaf Strawberry Cream pre-rolls were erroneously labeled as containing 1.09 mg of THC per gram when they actually contained 10.9 mg per gram, a huge difference. The product was sold by the province-run dispensaries from March 13-24, but so far authorities have received no complaints or reports of adverse reactions stemming from the incorrect dosage information on the label.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.