Cannabis Briefs for June 2, 2020June 2, 2020
•Canadian cannabis producer CannTrust has announced that one of its shuttered facilities has been reinstated by Health Canada. The company has been inoperative since last summer, when it was found to have engaged in unlicensed production, leading regulators to revoke its cultivation licenses. Following remediation efforts, the company’s Fenwick cultivation facility, one of two, has now been approved to reopen and begin operations. CannTrust’s flagship facility in Vaughan, Ontario remains closed, though the company notes that the paperwork for its reopening was submitted at a later date than Fenwick’s.
•Chicago, Illinois-based Green Thumb Industries has opened its eighth Rise dispensary location in Illinois. Located in Niles, Illinois, it is the third adult-use-only store the company has opened in the state this year. The new location marks Green Thumb’s 45th store nationwide. In addition to its Illinois retail footprint, the state also is host to two Green Thumb manufacturing facilities, in Rock Island and Oglesby, for the company’s brands including Dogwalkers, Incredibles, Rythm, and The Feel Collection. Illinois’ cannabis sales topped $37 million in April.
•Canadian producer Tilray will close one of its greenhouses in Leamington, Ontario as a cost-cutting measure. The company estimates that the closure will save approximately $7.5 million annually. Tilray acquired the facility just over a year ago, when it paid C$35 million to acquire Natura Naturals. Tilray saw quarterly revenue grow 11% sequentially in its latest earnings report, but its net loss ballooned to $184.1 million.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.