Canopy Growth Posts Big Loss in Quarter of Losses – LPC
Canopy Growth Corp. posted a $1.3 billion loss in the first quarter despite record production. In a scenario similar to Tilray’s announcement the day before, cannabis profits were put aside for expansion and growth.
“Our recent harvests are proof that our focus on operational excellence is working,” said interim CEO Mark Zekulin. “We look forward to showing both our Canadian and U.S. customers what we’ve been working on behind the scenes.”
Zekulin took over as interim CEO after Bruce Linton was fired from Canopy in July. It’s widely believd parent company Constellation Brands was becoming impatient with Canopy’s lack of profits.
Tilray dropped about 10% of its value the day after announcing its loss.
Cannabis Banned in Almost 50% of Canadian Workplaces, But Is It Legal? – LPC
Senior researcher Monica Haberl released a study that showed 48 per cent of 163 employers in Canada have a no-cannabis-anytime policy. However, Haberl said, that likely wouldn’t be held up in court outside of “safety sensitive” industries including transportation.
“With legalization, there are people trying it for the first time. There’s certainly opportunities for education, especially with edibles coming onto the market soon,” said Haberl. “A zero-tolerance policy would not hold up legally in non-safety-sensitive workplaces. This is based mainly on legal precedent and not on legislation.”
Cannabis Chic Coming to California Restaurant – LPC
A new cannabis restaurant in West Hollywood claims to be the first to serve a gourmet-level meal along with cannabis. Like sommeliers, budtenders pair cannabis strains with meals.
“A kush is a little more pungent, so it pairs better with a stew, or something like a beef or a meat product. A lighter lemon profile goes nicely with a fish,” said Chef Andrea Drummer.
However, there is a catch. California cannabis law prohibits dispensary-type operations selling anything but cannabis. To get around this, the restaurant offers two separate areas – and two separate bills. Patrons can eat in the restaurant and then move to the lounge, the 21st-century version of the after-dinner cigar room.
Drummer expects one big hurdle will be to get food critics to try her pairings. If it works though, “we’ll get all the stars,” she said.