Flow Kana the latest cannabis firm to cut workforce
California-based marijuana and distributor Flow Kana is laying off about 20% of its workforce, the latest example of cannabis companies letting employees go during a tough stretch for the industry. In a statement to The Sacramento Bee, Flow Kana co-founder Mikey Steinmetz described the layoffs as a “strategic workforce reduction” as well as a “difficult but necessary choice.”
Canadian marijuana giant Canopy reports revenue jump, net loss
Canada’s biggest cannabis company, Canopy Growth, on Thursday reported net revenue of 76.6 million Canadian dollars ($57.8 million) in its fiscal second quarter 2020, a 229% increase from the same period a year ago. Canopy, which trades on the New York Stock Exchange as CGC, also reported a net loss of CA$374.6 million, a 13% year-over-year increase from the quarter that ended Sept. 30.
Alaska’s top cannabis regulator is ousted by board
The board that regulates Alaska’s legal marijuana industry voted to fire Erika McConnell as director of the Alaska Alcohol and Marijuana Control Office. McConnell, who has been on the job since March 2017, contends her ouster was not justified. The Marijuana Control Board voted 3-2 to fire McConnell after the Alcoholic Beverage Control Board voted last month to dismiss her. McConnell’s removal was subject to both boards agreeing.
– Associated Press
Adult-use marijuana sales kick off in Michigan on Dec. 1
Michigan regulators are allowing medical cannabis operators to transfer up to half their inventory to equivalent adult-use facilities effective Dec. 1, setting the stage for the beginning of recreational marijuana sales. The program’s spokesman, David Harns, told Marijuana Business Daily that the state estimates that up to a dozen companies might be licensed and eligible to sell recreational products by Dec. 1. “It’s better to have product available through the regulated market than people going through the illicit market,” he said of the state’s decision, adding that it also ensures enough medical cannabis products remain available.
– Jeff Smith
Georgia appoints medical cannabis commission members
Georgia officials, including Republican Gov. Brian Kemp, made seven appointments to the state medical marijuana commission, a key step toward implementing a law designed to increase patient access. Commission members include several doctors, a professor, a police chief and a small business owner.
– Associated Press