canna BUZZ
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Aurora Cannabis Closing Flagship Greenhouse
In a bid to slash costs and become profitable , Aurora Cannabis is closing its flagship Aurora Sky facility in Edmonton , Alberta , as well as shuttering an outdoor farm in British Columbia and the company ’ s prized Anandia testing and genetics division . The Canadian producer also acknowledged the pending sale of its Sun facility in Medicine Hat , Alberta , for $ 36 million , well below the more than $ 190 million Aurora had put into the huge greenhouse . The deal has not yet closed . The company says the moves are part of a plan to cut up to $ 132 million in annualized costs by the first half of its next fiscal year . “ Simply put , our business is bigger than what we need , and we must position ourselves to better secure our path to profitability and ultimately be successful in this industry in the long term ,” says CEO Miguel Martin in a video message to employees .
New Zealand Gov ’ t Hands Out MMJ Grant
A medical marijuana cannabis farm in New Zealand is a getting a nice boost from the government in the form of a $ 13-million grant . Piro , a specialist cannabis grower , will also receive an additional $ 19 million from private investors . New Zealand Agriculture Minister Damien O ’ Connor says the “ weird and wacky ” grant would kickstart the organic medicinal cannabis industry in New Zealand . He added one of the main reasons for the investment was to diversify the agriculture industry to combat climate change . Recreational cannabis is still illegal in New Zealand , but MMJ became legal in April 2020 . Puro Managing Director Tim Aldridge says that “ the grant is a gamechanger that will provide New Zealand patients with greater access to locally grown and manufactured medicine and pave the way for international export success .” Up to 200 jobs will be created in the Kaikōura and Marlborough regions as part of the project .
Oklahoma Considering Moratorium on MMJ Licenses
While Oklahoma has the “ most accessible medical marijuana industry in the U . S .,” rapid implementation of MMJ did not allow for developing a proper regulatory framework , prompting the Legislative Office of Fiscal Transparency ( LOFT ) to call for a moratorium on MMJ licenses . A moratorium is typically used in response to markets with too much illicit activity or too much supply . Oklahoma now has the most patient licences of any state where medical marijuana is legal . Nine percent of Oklahoma ’ s population has a patient licence . The next closest state to that number , Maine , sits at just five percent . The numbers support a moratorium . In 2018 , there were only 1,314 growers , 818 dispensaries , and 343 processors in Oklahoma . By 2021 , that number had grown to 8,534 growers , 2,249 dispensaries , and 1,541 processors for a state with only 3.9 million people . It ’ s like the Wild West in Oklahoma , where patients don ’ t need qualifying conditions needed to obtain a licence .
Retail Cannabis Prices Declining
U . S . and Canadian cannabis retailers are discounting their products more and more , forgoing billions of dollars in revenue since the launch of adult-use markets in recent years . And the experts are saying the reason for the discounting is the rapidly growing number of brands and products flooding the market , according to Krista Raymer , the founder of Toronto-based retail cannabis consulting firm Vetrina Group . This has left retailers with a growing number of product options and rising inventories of unsold goods at a time when recreational sales have slowed in several markets . In response , retailers are relying on a variety of promotions , discounts , and markdowns to boost sales and shrink bulging inventories — this at a time when overall consumer inflation is surging , having jumped 8.6 percent annually in May . Raymer believes the cannabis discounting will continue until the industry has more experience and data to make better informed decisions about managing products , prices , and inventories .
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