Shiny Health & Wellness Corp. has reported a decrease in sales to CA$ 4.3 million ($3.2m million) for the three months ending October 31, 2023, down from CA$ 7.46m the previous financial year. The decline was attributed to market trends in the Ontario cannabis retail sector throughout the period, the pharmaceutical company said. Shiny Health also closed underperforming adult-use cannabis dispensaries and sold a number of larger stores. The Toronto-based firm recently inked an agreement with Karan S. Holla for his chain of 10 adult-use cannabis retail outlets, Stash & Co. CEO Meris Kott said Shiny Health was gradually building its brand presence in Ontario. The pharma company revealed that it made a CA$ 6m net loss for the quarter, an uptick from the CA$ 1.75m loss in the corresponding period the year before.
Colombian medical cannabis company Clever Leaves has been granted Good Manufacturing Practice (GMP) certification by the Australian Therapeutic Goods Administration (TGA). The certification allows Clever Leaves to manufacture cannabis products for patients in Australia. GMP certification ensures the quality and safety of pharmaceutical products by safeguarding against issues such as contamination, compound variations, product mix-ups, and incorrect labelling. The certification is a prerequisite for manufacturing and commercialising cannabis products in the Australian market. According to TGA data, 325,000 new Australian patients commenced cannabis treatment in the first half of 2023, with 320,000 new patients in 2022 and 150,000 in 2021. Clever Leaves already distributes finished cannabis products in Australia through its partners.
Blueberries Medical, a Latin American licensed producer of medicinal cannabis and cannabis-derived products, has announced a non-brokered private placement, to raise approximately CA$1.9m ($1.4m). The company announced the sale of 180,716,00 common shares at CA$0.011 per share. The net proceeds from the sale will be used to repay existing debt and for general corporate and working capital purposes. The offering was led by Terraflos, a Latin American company founded and controlled by Facundo Garreton, who serves as Blueberries' chairman, CEO, and director. Terraflos is exploring opportunities in Argentina, Mexico, and Brazil and plans to expand into those markets in the near future.
The issuance of licenses for medical cannabis businesses in Alabama has been temporarily halted by a judge. Montgomery Circuit Judge James Anderson issued a temporary restraining order on Thursday, preventing the Alabama Medical Cannabis Commission (AMCC) from granting licenses for dispensaries. The order followed a legal battle brought by a group of medical cannabis operators against the AMCC. The operators accused the commission of procedural violations and failing to follow its own grading and ranking guidelines when awarding licenses. The AMCC had previously granted 20 licenses for the production and distribution of medical marijuana on 1 December, part of an attempt to establish a medical cannabis industry in the state. However, Anderson's ruling upheld a request by Yellowhammer Medical Dispensaries to halt issuance of licenses in the dispensary category.