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Canopy Development Corp. reported fiscal first-quarter results that beat analyst expectations, in spite of suffering a decrease in recreational cannabis sales in Canada due to COVID-19 and increased competitors.
Canopy, the world’s largest cannabis company by market valuation, said that its medical cannabis company outshined in its three-month duration ending June 30, while also seeing profits gains from its German pharmaceutical subsidiary and its topical cream products.
On the other hand, the business’s leisure marijuana organisation saw an 11- per-cent decline in earnings to $442 million as COVID-19 impacted Canopy’s retail operations across the nation. Increased competitors led to a decrease in dried flower market share, the business stated.
The Smiths Falls, Ont.-based company reported first-quarter profits of $1104 million, up 22 percent from the same quarter a year earlier, while posting a loss of $1283 million, a 34 per cent enhancement from in 2015.
Analysts anticipated Canopy to report $981 million in profits in the quarter while posting a loss of $1513 million, according to Bloomberg.
In a phone interview with BNN Bloomberg, David Klein, Canopy’s president, explained the previous year as being rife with modification as the business pursued profitability.
” We’re going through a process where we’re re-thinking whatever,” Klein said. “We’re believing how we connect with the customer, how our items leave our facilities and the sort of items we produce.”
Canopy’s better-than-expected outcomes end a recent streak of frustrating quarters that were eclipsed by the business’s current moves to reorganize its operations under the guidance of Klein, who officially took on the CEO role in January. Ever since, the company shed hundreds of personnel over the past several months while revealing it would shut down cultivation operations in Canada and the U.S. to include spiraling expenses.
Canopy said Monday it reduced its staff count by about 18 percent from the beginning of the year. The business said it had 4,434 overall workers at the end of March, according to recent filings.
Preliminary reports from Ontario’s marijuana wholesaler showed Canopy’s share of the leisure pot market has actually faced pressure from its peers such as Aphria Inc. and Aurora Marijuana Inc. Experts approximate Canopy has about 15 percent of the Canadian leisure pot market, below about 20 percent from the start of the year.
Canopy executives likewise shared their strategies throughout a discussion to financiers in June to cut the number of items it sells to the leisure market by one-third in order to avoid confusing consumers with a lot of offerings. They also stated that sales were harmed from early April to late May by the COVID-19 pandemic avoiding clients from shopping in retailers as well as lower order from provincial wholesalers.
Klein said he’s concentrated on recovering lost market share by making sure the company’s items aren’t out of stock and are of high quality, while not overproducing more cannabis in a market already overloaded with existing stocks.
” We’re doing a good job on those things however it didn’t manifest itself in this quarter,” he stated.
Canopy also seems in the early days of a broad-based U.S. technique focused on securing a leading area in the blossoming CBD market. The company just recently signed NFL all-star Patrick Mahomes to an endorsement offer for its Biosteel sports nutrition subsidiary, launched an online sales website for its U.S. CBD brand, and restructured its offer to obtain U.S. pot manufacturer Acreage Holdings Inc. once it is federally allowable to do so.
Klein stated the business is moving “as rapidly as we can” to expand its U.S. operations under the limitations of just having the ability to compete in the CBD area. The launch of Canopy’s CBD partnership with lifestyle icon Martha Stewart is anticipated to take place next month, he included.
In spite of its various concerns, Canopy continues to cast an influential shadow over the cannabis sector. The company preserves the largest cash position in the sector with about $2 billion on its balance sheet, the same from the prior quarter.
” While we are concerned with the price quotes for Canopy, we do believe the business’s balance sheet strength warrants a premium in the present environment, especially if further Canadian [licensed producers] go bankrupt,” stated RBC Capital Markets expert Douglas Miehm, in a report to clients last month.
In future prestige dramas about the years surrounding this one, set designers will scatter evidence of CBD around apartment spaces as an easter egg for eagled-eyed viewers. “Did you notice how all of the products in the apartment said ‘CBD’ on them?” one such viewer will ask a friend. “It stands for cannabidiol, a chemical compound derived from hemp that, during that time period, everyone was eating and putting on their bodies and feeding to their dogs.” “Oh,” the friend will say. “No one knew why they were ingesting the CBD or putting it onto their skin or in their dogs, they just did it.” “Cool.” “They maybe thought it would enhance something.” “Okay.” “Or dehance it, so to speak, if that was the desired effect.” “Huh.” “Sigur Rós even made CBD products at one point.” “The Icelandic band Earth Grandma liked?” “Yeah.” “Huh.”
Yes, it’s true — Sigur Rós, in partnership with CBD-focused artist collective Vona, has released a duo of 1000mg broad spectrum CBD tinctures. The tinctures are called “Sleep” and “Wake” and are said to, respectively, “support your mind and body as you drift off into the ethereal” and “help you align with the physical world.” They are $58 separately, or $99.95 for the duo.
It of course makes sense that Sigur Rós would release a line of CBD tinctures. Their music, both in its post-punk and ambient forms, is the aural equivalent of CBD — or, more specifically, the aural equivalent of claims related to the anxiety reducing effects of CBD. (Though there are many CBD products claiming to do essentially anything you might want a product to do — ease your sore muscles, cure your cancer, make your hair shiny — only one has so far been approved by the FDA: a prescription drug used to treat two severe forms of epilepsy.) Yes, it is as natural a product and band pairing as, ah, if, um … Spoon sold spoons, or Ice Cube sold ice cubes, or Cake sold vibraslaps.
But does it work?
For the sake of background, I’d like to say that I have at points, primarily in high school, been an active fan of Sigur Rós. In fact, while CBD is non-psychoactive, the band led to one of my most naturally psychoactive high school memories. During sophomore year, I had music class on a rotating schedule with speech and art. It comprised not music but screenings of Amadeus and guided meditations during which the majority of the class fell asleep on the floor. I was a music obsessive who hated school in general and my school in particular, where I had no one to talk to about the music I loved. I deeply resented the musiclessness of “music class.”
During one music class, my teacher (who also taught speech and art) was talking about I don’t know what, when she brought up a band from Iceland she’d just heard of: “something … rose?”* From what I remember, the thought was tossed into the classroom contextless. For a moment the world stopped. My interior life and my exterior life collided with the level of intensity that if performed between two ultra-dense stars might result in a black hole. My vision narrowed. My breath caught in my chest. My heart pounded in my ears. “Sigur Rós?” I offered. Yes, that was it.
It was extremely insane. But let’s see how the CBD is.
I’d like to say immediately that these are the best tasting CBD products I have sampled, and I have sampled several. As a writer, PR companies sometimes reach out to me to see if I’d like to try out their CBD-related wares, and typically I do, because who am I to say no, save for the dog-related CBD products, which I uniformly refuse out of fear. I’ve tried several edible CBD tinctures, only one of which — labeled “EXTRA STRENGTH” — had a noticeable effect, when I accidentally took four times the recommended dose and later attempted to walk my dog. I thought I was dying. My legs were close to nonfunctioning. I was intensely sleepy.
Most of the tinctures taste like weed and dirt, or something like weed and dirt and mint. This one tastes a little like that, but mostly like rose and lemon, which is its stated flavor. A nice flavor for sleep. But, unlike the EXTRA STRENGTH brand of which I accidentally ingested a ridiculous amount, “Sleep” does not reliably make me particularly sleepy. I took each of the tinctures regularly for about two weeks, and the results of Sleep were mixed. Sometimes I felt sleepy; other times I felt restless.
It is nice, though, to have another step in the sleep routine. Oops, have to take my sleep oil! It’s good to give yourself little tasks, especially now. It’s also nice to have a small bit of hope that something might make anything even slightly better. This is, of course, why scams work. Unfortunately probably nothing will ever make anything better. This is, of course, life.
Wake is also delicious, as far as CBD oils go. The flavor is “fresh citrus pine,” and it tastes like orange blossom. Again, it’s nice to pretend you’re in Alice In Wonderland and you have to take your little wake-up medicine to aliven yourself to the day. (Not that this is something that happened in Alice In Wonderland.) Cross it off of your to-do list. Ah yes, I’ve taken my dropper. But I was not able to record any noticeable effects. Sometimes I would feel energized and optimistic. Sometimes I would instead feel reality. The tincture did not seem to reliably alter my body or outlook.
Maybe it’s more like Peter Pan, and I just didn’t believe enough. Or maybe the world is too heavy to be lifted by the promises of CBD. But listening to Sigur Rós’s music in preparation for this piece did inspire a visceral experience within me, transporting me directly back to my early teen years. And I did in fact feel this in my body and mind. So maybe the tinctures are superfluous anyway.
I have since concluded that because this happened around the time of the release of ( ), NPR must have done a segment about them. Actually, after some Googling, I am willing to say she potentially heard this.
Aerial of Kooragang Island. Image via Flickr user Tim J Keegan, CC licence 2.0
As Lebanon reels in the aftermath of a catastrophic ammonium nitrate explosion, residents in the Australian port city of Newcastle are calling for their own stockpile of the chemical—four times the size of that which triggered the Beirut blast—to be moved away from the CBD and surrounding suburbs.
At least 100 people have been confirmed dead, nearly 4,000 are injured, and as many as 300,000 have lost their homes as a result of the explosion in the Lebanese capital, which officials have linked to a massive stockpile of 2,750 tons of ammonium nitrate that had been stored at the port for years.
Orica’s Kooragang Island plant in the Port of Newcastle currently stores between 6,000 and 12,000 tons of the stuff—up to four times the amount that wreaked citywide devastation on Beirut. It’s also located within 800 metres of residential housing and less than three kilometres from the city’s CBD.
“It’s a totally inappropriate place to have such a dangerous material produced and stored, and it’s something we’ve been complaining about for many, many years,” Keith Craig, one of 300 residents who has long called for the Orica plant to be either relocated or have its stockpiles drastically reduced, told the ABC. “Many people would be killed and injured if we had an accident at Orica.”
Explosives expert Tony Richards echoed those concerns, telling Fairfax: “if that went off, people in Sydney would say ‘what the hell was that?’ And the answer would be: ‘it used to be Newcastle’.”
In response, Orica—one of the world’s largest providers of commercial explosives and blasting systems—insisted there was no need to worry about their mass stockpile of ammonium nitrate. In a statement, the multinational corporation said that while thousands of tons of the highly explosive chemical is indeed stored at the plant on any given day, there are stringent practices in place to ensure its safe storage and handling.
“Ammonium nitrate storage areas are fire resistant and built exclusively from non-flammable materials,” they said. “There are no flammable sources within designated exclusion zones around these areas.”
It is believed that the Beirut blast was caused by a fire in a nearby port that spread to the warehouse where the ammonium nitrate was being stored. It is the latest in a number of similar explosions to have occurred over the past 10 years—including one incident in Texas that killed 15 people and destroyed an estimated 150 buildings in 2013, and another in France that killed 29 people in 2001. About 300 tons of ammonium nitrate was stored at both facilities.
It’s worth noting that plants used in the production and storage of ammonium nitrate and other explosive chemicals are not uncommon, and there are presumably thousands of facilities just like the ones in Beirut, Texas, and Paris all over the world. Ammonium nitrate is one of the world’s most widely used fertilisers, and in order for there to be a detonation there has to be a smaller shock, ie a firework explosion, to trigger it.
But Priyan Mendis, a professor of engineering and explosion expert from the University of Melbourne, pointed out that although the risk of an explosion at the Newcastle plant is low, it cannot be ruled out—and Orica is thus under an obligation to reassess its operations.
“I can understand the concerns of the residents in Newcastle, of course there is a risk,” he told the ABC. “The ammonium nitrate has to be triggered, something like a fire has to happen. But given the scale of the event in Lebanon I think Orica needs to review things and reassess what would happen here.”
Orica is licensed to produce up to 385,000 tonnes of ammonium nitrate a year, most of which is bought and used as an explosive by the mining industry.
In 2014 another mining and explosives chemicals manufacturer, Incitec Pivot, won approval for its own storage facility on the Port of Newcastle’s Kooragang Island, which would have the capacity for 30,000 tonnes of ammonium nitrate—more than ten times the amount that blew up in Beirut. It has not yet built the facility.
Following the Beirut explosion, Lebanese Prime Minister Hassan Diab condemned the failure to safeguard the dangerous stockpile that caused the blast as unacceptable, and promised harsh consequences for those found responsible.
“It is unacceptable that a shipment of 2,750 tonnes of ammonium nitrate has been present for six years in a warehouse, without taking preventive measures,” he said. A probe has been launched, with the investigating committee due to refer its findings to the judiciary within five days.
Diab further declared three days of national mourning, and appealed for international assistance.
“We are witnessing a real catastrophe,” he said in a televised address. “I make an urgent appeal to friendly and brotherly countries… to stand by Lebanon and to help us heal our deep wounds.”
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Boing shares these words from our sponsor Genuine Checked CBD
Keto is the dietary diet plan taking the health world by storm. Just way to make keto better? Add a little canna! Read on for a basic breakdown on making your own cannaflour to utilize in our Keto Pumpkin Loaf! In addition, more individuals are turning to CBD edibles, like Tribe CBD Gummies, for their dosage of daily CBD. If you would rather make your own cannaflour, feel free to follow the recipe below!
What is cannaflour and how is it made?
Not like butter or cooking oil infusions, cannaflour incorporates cooking with and consuming ground-up cannabis. Cannaflour is easy to prepare and is a core staple of cooking with marijuana. To properly prepare your cannaflour, make certain you are utilizing marijuana that has actually been decarboxylated marijuana (aka, heated up) ground really carefully. The preparation and storage of cannaflour is really essential, to make sure freshness and taste. To decarboxylate your cannabis, preheat oven to 200-250 degrees. On a big baking sheet, spread your marijuana and place in oven in between 40-60 minutes, turning the sheet or turning the marijuana throughout to make sure even heating. Get rid of from oven and allow to cool. Next grind your marijuana as carefully as possible, using a mixer or food mill.
Related: If you’re searching for a high-strength CBD tincture, take a look at Blue Ribbon Hemp’s 5,000 mg CBD tincture!
Next, integrate 1/2 cup finely ground cannabis with 1 cup flour of your choice for a cannaflour mixture.
Now that we have our cannaflour, let’s get down to the delicious goodness! Keep reading for a scrumptious and elevating Keto Pumpkin Loaf.
Cannaflour Keto Pumpkin Loaf
- Cannaflour 1 Tablespoon
- Almond Flour 1 1/4 Cups
- Coconut Flour 1 1/4 Cups
- Psyllium Husk 2 Tbsp
- Flaxseed 1/2 Cup
- Gaia Goldenmilk Mix or Turmeric 1 1/2 Tbsp
- Pumpkin Pie Spice 2 Tbsp
- Baking Powder 1 Tbsp
- Walnuts Chopped 1/4 cup
- Pumpkin Seeds 1/4 cup
- Eggs 3
- Demerara or Coconut Sugar 2 Tablespoon
- Unsweetened Apple Sauce 1/2cup
- Pumpkin Puree 15 oz
- Coconut Oil 4 Tbsp
- Ghee 1 Tablespoon
Mix all dry components in big bowl with a whisk. Integrate all damp components in separate bowl.
3. Fold together with dry components.
4. Bake in a greased loaf pan for about 50 minutes or till a toothpick comes out clean! 5. Attempt to let the loaf cool before slicing and enjoying with butter, whipped cream, cream cheese, or your favorite nut butter.
6. Stay stoney!
For more CBD dishes like this one, ensure to take a look at CBD Elders!
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