Two weeks after legalization, news on cannabis and cannabis stocks continues to mount. We carefully filter all of the stories and select the ones that should mean the most to you as a Canadian investor.
1. Ontario’s ombudsman is now fielding a growing number of complaints from cannabis buyers waiting on legal—but delayed—pot deliveries.
Global News reports dozens of complaints have been filed with the provincial watchdog about how the Ontario Cannabis Store has handled the rollout of marijuana sales. That online supplier will remain the only legal sales channel in the province until April 1, 2019.
While rotating Canada Post strikes have impacted deliveries, the online store says it continues to ship thousands of orders daily. It also has a plan for alternative delivery options.
At this point, the ombudsman has yet to announce a formal investigation.
More than 150,000 orders were made in the first week of legalization.
2. Hiccups in the distribution of legal cannabis—especially deliveries from the Ontario Cannabis Store—may significantly hurt sales for licenced producers, says one stock-market analyst.
“It becomes increasingly clear that recreational cannabis sales in 2018 will be much lower than previously expected,” writes GMP Securities analyst Martin Landry Monday. “The extremely limited distribution network in many provinces, fulfillment challenges in Ontario, inventory shortage in Quebec … may take several months to be resolved.”
While Canopy Growth, CannTrust and Aurora Cannabis, among others, will report earnings in the second week of November, those numbers won’t include legal recreational sales after Oct. 17, 2018.
In addition to weaker sales due to distribution challenges, earnings results for some producers may be negatively impacted by their decision to limit the number of cannabis strains offered in key markets.
3. China and Japan have now joined South Korea in cautioning their citizens against cannabis use while visiting Canada.
Like South Korea, Japan is holding out the possibility of arrest for those who return home having used marijuana while here. China’s caution centres around a possible health risk for its citizen taking advantage of Canada’s move to legalize recreational cannabis on Oct. 17, 2018.
“Avoid contact with and use of marijuana for the sake of ensuring your own physical and mental health,” reads a statement issued by China’s Toronto consulate.
Under South Korean drug laws, growing, possessing, transporting or consuming marijuana remains a criminal offense. Indeed, citizens can face up to five years in prison or a fine of up to 50 million won (about U.S.$44,000).
4. U.S. cannabis retailer Curaleaf Holdings Inc. fell Monday on its first day of trading on the Canadian Securities Exchange (CSE). That drop came after the company raised $400 million through a private placement.
The firm, which owns 28 dispensaries, 12 cultivation and 9 processing sites in 12 U.S. states, plans to add 13 stores by the end of the year. It aims to increase that number by another 26 before 2021.
Curaleaf opened trading Tuesday at $8.70 a share—down 24.0% from its initial offer price of $11.45.
Both the TSX and major U.S. exchanges have rejected listing requests from cannabis producers focused on sales in the U.S.
Their decision is meant to comply with U.S. federal law. It still prohibits the use and distribution of cannabis. Their compliance also helps smaller exchanges, like CSE, that are willing to list U.S.-focused cannabis sellers.
5. A U.S. lawsuit alleges a cannabis cultivation site—more specifically, the odour it produces—has lowered the property value for its neighbour.
The federal case, brought forward by a Colorado couple, could set a precedent for producers legally operating under state law. It also hints at the possible conflict awaiting Canadian producers and their neighbours as cultivation sites expand to meet rising demand.
The U.S. suit mirrors the kind of legal action hog farmers continue to face over odors that cross property lines.
The Colorado plaintiffs argue the neighbouring marijuana grow operation produces “pungent, foul odors.” In court filings, they say those smells have done more than substantially lower the value of their property: they have also interfered with their ability to enjoy it.
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