Less than 20 days before the Canadian recreational cannabis market opens, and all companies are intensifying their moves and plotting their game plans.
Canadian cannabis companies kicked it into a higher gear and are now adamantly working on improving their outlooks for when the recreational market opens up.
So far, several companies have taken all the limelight, especially Tilray and Aurora in the past few weeks, while others have been working tirelessly to move their product from one market to another.
Here’s what some of the biggest cannabis companies will be doing in the near future.
Tweed will have retail locations
Canopy Growth is perhaps the biggest licensed producer in the country, with the prospect of becoming one of the biggest in the world if nothing stands in their path.
So far, it looks like that is the way things are panning out for Canopy, as they just recently announced that one of their subsidiaries, Tweed, will be opening retail locations in Manitoba.
Tweed will open stores in a brick and mortar retail environment to accommodate Manitobans with up to 6,500 kilograms of cannabis products over the next 12 months.
MariCann to change its name
MariCann just recently announced that it intends to change its name to Wayland Group Corp, as a part of its strategy moving forward.
“The new name reflects the more expansive portfolio that we’ve built and the direction that we’re heading as a global cannabis company”, said Ben Ward, CEO of MariCann.
The company boasts a state-of-the-art production facility in Langton, Ontario, but it is also licensing product technologies such as VESIsorb®, a cannabidiol absorption technology.
Shareholders of MariCann are expected to vote upon this matter in the near future, which should just be a formality at this point.
Supreme shuffles leadership positions
Supreme Cannabis is one of the fastest growing cannabis brands, as last quarter they had a record sales quarter, with 71% quarter over quarter growth.
They also brought in $8.85M in revenue for the fiscal year 2018, which is a huge number for one of the oldest companies in this space.
Supreme also announced that they will be making a shift in the leadership positions so that John Fowler will assume the role of President, while Navdeep Dhaliwal is to assume the role of CEO.
The reasoning behind this move, as per the press release, is so that the company would be better aligned for global growth.
Shoppers Drug Mart just became an LP
Lastly, Shoppers Drug Mart, one of the biggest retail companies in Canada which is currently working in the pharmaceutical space just got approval for a cannabis production license.
This move by Health Canada made it so that the pharmaceutical giant can easily dispense medical cannabis to patients across Canada.
The approval took exactly two years, as Health Canada officials took their time, making sure that SDM is abiding by all federal laws and regulations.
The company currently has over 1250 locations all over Canada, and we can assume that a part of those will probably be dedicated to cannabis at one point in time.
Does this mean that the pharmaceutical giant is about to enter the recreational cannabis as well, and dominate with brick-and-mortar locations from coast to coast? Maybe in a few years, who knows.