Canopy Growth Corp.’s chief executive said the company has made management changes and parted ways with some staff as it continues to review its BioSteel business after uncovering “material misstatements” in the sports drink unit’s previous financial filings.
“Based on the results of the review, we’ll be implementing several remedial actions to strengthen our controls for the BioSteel business,” David Klein, chief executive of the Smiths Falls, Ont.-based cannabis company, said on a Thursday call with analysts.
“We felt it was important to act swiftly to provide stability to the business at this pivotal time, so to this effect, we have exited several members of the BioSteel leadership team and are considering all legal remedies available to us including litigation to recover damages and costs associated with and resulting from the findings of the BioSteel review.”
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His remarks came after Canopy promised in May to refile three of its past quarterly financial statements because of misstatements linked to BioSteel, a brand of dietary supplement products targeting athletes.
The misstatements were in its first-, second- and third-quarter filings from 2022 and included sales information from that period which Canopy said in regulatory filings “should no longer be relied upon.”
It discovered the misstatements when it was preparing its financial results for the financial year ended March 31, and determined on May 4 that there were errors in its filings after a review of BioSteel results with independent external counsel and forensic accountants.
Canopy now says the sales misstatements found are linked to BioSteel’s “timing and amount of revenue recognition.”
The company revealed new details about the misstatements as it released its fourth-quarter and full-year results Thursday. Canopy’s fourth-quarter net loss amounted to $648 million, $59 million more than the loss it incurred a year earlier.
It attributed much of the loss to $164 million in asset impairment and restructuring costs, but says those costs were partially offset by improved gross margins.
The corrected numbers for BioSteel resulted in a decrease of roughly $10 million in net revenue for the company’s 2022 financial year, or about two per cent of its total net revenue.
For the nine months ended December 31, 2022, Canopy said the correction resulted in a decrease of about $14 million in net revenue or four per cent of total consolidated revenue.
“Despite this, we have great confidence in the BioSteel brand, which saw a 101 per cent revenue increase in fiscal (2023),” Klein said.
Canopy also noted that BioSteel is continuing to gain market share in Canada, especially through NHL partnerships.
Meanwhile, Canopy is continuing with a transformation plan for its overall business that included the departure of 800 workers — roughly 35 per cent of its workforce — in February.
At the time, it also planned to wind down 1 Hershey Dr. in Smiths Falls, Ont., its flagship facility where chocolate company Hershey once had a factory, and move post-production flower activity to a building across the street.
Canopy said it would cease to source flower from its Mirabel, Que., facility, which is owned and operated through Les Serres Vert Cannabis Inc., a joint venture partnership between the company and Les Serres Stephane Bertrand Inc., a tomato greenhouse operator.
Canopy previously purchased pot from the joint venture, but will cease that activity and now move to a more flexible sourcing strategy to ensure Quebec-grown products are brought to consumers in the province.
Consolidation was also planned for its Kincardine, Ont. and Kelowna, B.C. sites.
Canopy’s net revenue for the period ended March 31 totalled $88 million, 14 per cent lower than the revenue reported a year prior.
Canopy’s adjusted loss for the quarter was $96 million, a $36 million improvement from its negative adjusted earnings before interest, taxes, depreciation, and amortization a year earlier.
Toronto — The Alcohol and Gaming Commission of Ontario is considering amending regulations that require cannabis stores to ensure pot can’t be seen from the exterior of their shop.
The provincial body that oversees the licensing of pot shops says it is collecting feedback on the visibility of cannabis to respond to safety concerns.
It says in an email to The Canadian Press that it will be collecting feedback until July 11 and it will notify stores at a later date should it decide to make changes to the regulations.
Restrictions limiting the visibility of cannabis from the exterior of stores are meant to ensure minors are not enticed by weed or pot accessories.
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Most stores comply with the regulations by covering their doors and windows or building an interior wall that blocks the view of people passing by the exterior of the store.
A significant rise in robberies prompted Alberta’s cannabis regulator to allow stores to take down window coverings last summer.
The legalization of cannabis in Canada has had a notable effect on the interaction between young citizens and law enforcement, as per recent data released earlier this spring. The findings, published in the “Drug and Alcohol Dependence” journal in April, revealed that the country’s marijuana legislation, which has been in place for five years, resulted in a significant decrease in reported cannabis-related offenses among individuals aged 12 to 17, regardless of gender.
By examining police records from Jan. 1, 2015, to Dec. 31, 2021, researchers affiliated with the Center for Addiction and Mental Health in Toronto discovered a substantial decline in daily incidents for both young males and females. Among young females, there was a notable 62.1% reduction, equating to 4.04 daily incidents. In the case of young males, the daily offenses decreased by 53% to 12.42.
Canada’s Cannabis Act, which officially took effect in October 2018, legalized the recreational use of marijuana for adults aged 18 and above. The researchers concluded that the impact of the Cannabis Act on diminishing marijuana-related offenses among young individuals persists over time, aligning with the act’s primary goal of reducing criminalization associated with cannabis use among youth and its subsequent effects on the Canadian justice system.
The researchers also observed that the legalization of cannabis showed no discernible link to patterns of property crimes or violent offenses.
NORML, in its report, quoted the researchers as stating that the Cannabis Act had led to substantial and consistent reductions of approximately 50% to 60% in cannabis-related criminal incidents reported by young males and females over a span of about three years following legalization.
The researchers asserted that these findings demonstrate the benefits associated with implementing the Cannabis Act, given the negative social and individual-level consequences of young people’s involvement with law enforcement and the criminal justice system due to cannabis-related offenses.
Additionally, the researchers had previously reported that the Canadian Cannabis Act of 2018, which allowed youth to possess up to 5 grams of dried cannabis or its equivalent for personal use or sharing, resulted in a short-term (76 days) reduction in police-reported, cannabis-related crimes among youth.
These findings align with another study published in “Drug and Alcohol Dependence,” which demonstrated that the legalization of recreational marijuana use and cannabis sales in Canada did not contribute to an increase in motor vehicle accidents.
Similarly, a 2021 study produced analogous results, revealing no significant changes in traffic-related injuries or emergency department visits among drivers, including youth, following the implementation of the Cannabis Act.
The concerns about the possibility of cannabis legalization leading to increased crime rates or higher rates of incidents between the youth and police seem largely unfounded as the studies above show. Attitudes about marijuana are likely to improve even more once the THC-formulations by companies such as IGC Pharma Inc. (NYSE American: IGC) hit the market after obtaining the approval of the FDA.
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CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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Enema has become a dirty word in today’s antibacterial, hand-sanitizer society.
Despite the bad rap bestowed by orthodox medicine, the coffee enema is one of the oldest medical procedures used to cleanse the liver and lower GI tract and is still in use today. Think of an enema as a liver and colon dialysis method to enhance detoxification.
Enemas were known in ancient Sumeria, Babylonia, India, China, and Greece. The Egyptians of 1500 BC performed enemas for three days each month. During the millennia before that, the Pharaoh had a “guardian of the anus,” a doctor who administered the royal enema.
More recently, coffee enemas have been used for at least 150 years. The medicinal benefits were known as early as 1917 as a detoxification tool to cleanse these organs. Coffee enemas were widely accepted as a stimulant and as a treatment for shock in medical and nursing textbooks in the 1900s. The Merck Manual listed the coffee enema through the 11th Edition, published in 1966.
The May/June 2021 Journal Alternative Therapies highlights two physicians well known for their use of the coffee enema in the alternative cancer world. They are Drs. Max Gerson and William Donald Kelley. Both doctors found that coffee enemas rid the body of metabolic wastes by increasing the flow of bile from the liver and gallbladder. Dr. Max Gerson went on to develop The Gerson Therapy using the coffee enema for Tuberculosis and cancer with remarkable effects.
Toxic Soup Means Toxic Poop
Within the chemical soup environment we live today, we are exposed to toxic heavy metals and chemicals in the form of GMO foods, pesticides, injections, and EMFs on a daily basis. They appear in our food water, medications, and in the air we breathe. Our bodies accumulate toxins and pass them, in utero, to our children. Over four-hundred chemicals are known to be present in cord blood.
Heavy metals and synthetic chemicals cause inflammation and congestion in the blood and organ systems, clogging the liver, the filter of the body, and the colon, to cause constipation. Held in the body, toxins recirculate in the blood to cause damage at the cellular level.
Nature heals, the physician is only nature’s assistant.– Hippocrates
Wake Up to The Benefits
Not only does the enema stimulate the enzyme, glutathione-S-transferase, to stimulate the production of bile in the liver and gallbladder, but it also has paradoxical calming effects and pain reducing effects. Patients may be able to stop their pain medications.
stimulates dilation of blood vessels and relaxation of smooth muscle, which further increases bile flow; this effect does not happen when the coffee is consumed orally.
Since the enema is generally held for 10-15 minutes, and all the blood in the body passes through the liver every three minutes, ‘these enemas represent a form of dialysis of blood across the gut wall –Healing Newsletter, #13, May-June, 1986.
Ingredients Needed:
1/2 quart (about 16 oz or 2 cups) – Purified water /distilled water (not tap water) – for heating 1/2 quart (about 16 oz) – Purified water /distilled water- for cooling the heated water 2 Tablespoons – Organic medium roast caffeinated coffee (whole coffee beans) Coffee grinder Enema bag or bucket and kit Lubricant (coconut oil or olive oil) Old towels
It is beneficial to drink 16 oz of of green juice per enema to replenish minerals. As always, do your own research and compare notes. There is much information online.
Enema Effects
Your first enema may cause some nausea from the release of toxins entering the blood. This is a temporary effect. You can add a drop of peppermint essential oil to the enema to alleviate the sensation.
You can also drink a glass of water with 1 Tbsp of hydrated bentonite clay or take an activated charcoal supplement to help buffer detoxification.
The coffee enema is known to: relieve constipation, increase energy and boost the immune system, stops yeast overgrowth, helps remove parasites from the digestive tract, and help with weight loss.
Any procedure that opens an eliminatory system to remove toxins benefits health and self- healing. You do not need another gatekeeper to cleanse your body when you can do it yourself in the privacy of your own home. Future enemas will leave you feeling lighter.
Drinking Caffeine
It is best to avoid drinking caffeinated coffee, often. Caffeine flushes magnesium. Without magnesium there is no assimilation of calcium. Caffeine also negatively affects the adrenal (energy) glands, making you feel you need caffeine. Further, the coffee bean naturally contains a small amount of formaldehyde, which can be that is released during the high temperature roasting process.
Some people report the smell of formaldehyde or allergic reactions to some coffee brands. What is really in there? According to the August 2001 Healing Harvest Newsletter:
Though it is believed that coffee is no longer processed with formaldehyde in the US, though the FDA allows formaldehyde in present day vaccines and other food substances that convert to formaldehyde derivatives in the human body – such as aspartame, it is best to contact the company to know for sure what type of process they use. Water processes followed by ethylene acetate (naturally occurring in fruits and veggies) are more natural methods, and that is where the term “naturally decaffeinated” comes from.
Elias Shariff Falla Mardini from Pixabay” width=”300″ height=”199″>
Caffeine’s effects are much milder than amphetamines, cocaine, and heroin, but it manipulates the same channels. This is one of the factors that give caffeine its addictive quality.
Energy drinks with added sugar, caffeine, and other stimulants, should be avoided at all costs. According to a 2015 article the Journal Circulation, energy drinks lead to significant increases in blood pressure readings, which can increase cardiovascular problems, as well as cause anxiety after consumption.
The lasting benefit from the enema is a sense of confidence in taking personal responsibility for your liver health in a very easy, efficient and gentle way.
The cannabis industry exists in a precarious position. While dozens of states have legal and robust cannabis markets, the federal government still classifies cannabis as a controlled drug. This federal classification places significant restrictions on America’s state-legal cannabis industry, with cannabis marketing being the hardest hit. Cannabis businesses in most states have to contend with strict marketing limitations and can’t use most conventional advertising avenues such as social media to market their products.
Despite these barriers, businesses in the cannabis space can still optimize their marketing efforts by leveraging consumer data. Studying how different kinds of consumers approach cannabis use can help businesses tweak their marketing and attract more customers.
For instance, men and women deal with cannabis consumption differently. Women are more likely to avoid substance-use-like behaviors while men tend to engage in binge-like behaviors. In addition, according to a 2020 study from Canada, men tend to use cannabis to seek opportunities for intimacy with women while women are more selective.
Cannabis is a relatively new industry, and a lot of the consumer information companies are gathering is brand new. This data is an invaluable resource that can help businesses figure out consumers’ needs and wants and tailor their brands and marketing efforts to best meet these needs, industry experts say.
Aurora Cannabis, a medical cannabis provider headquartered in Edmonton, Canada, is one of the companies leveraging data aggregation to improve product development and ensure better customer experiences. The company recently partnered with the medical marijuana-use tracking app Stainprint to collect customer feedback. Stainprint allows medical marijuana patients to report things such as the symptoms they want to treat via medical cannabis and how the specific strains they took made them feel.
According to Aurora Cannabis’s vice president of innovation and customer preference Lana Culley, the app also allows the company to collect demographic data. Culley said the company would integrate the data collected through Stainprint into its decision-making pipeline and use it to glean insights on the market.
The data has shown Aurora that THC is still a major seller regardless of age, sex, gender or location, and has given the company more incentive to keep focusing on its cannabis breeding program, Culley said. However, she notes that consumer data collection is still a new field in the cannabis market and the industry still doesn’t have enough “robust tools” to gather consumer data and learn consumer opinions of various cannabis products.
As cannabis companies get better at leveraging data in their efforts to advertise their products within the space available to them, sales could improve, thereby also increasing the business opportunities for cultivation equipment makers such as Advanced Container Technologies Inc. (OTC: ACTX).
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About CNW420
CNW420 spotlights the latest developments in the rapidly evolving cannabis industry through the release of two informative articles each business day. Our concise, informative content serves as a gateway for investors interested in the legalized cannabis sector and provides updates on how regulatory developments may impact financial markets. Articles are released each business day at 4:20 a.m. and 4:20 p.m. Eastern – our tribute to the time synonymous with cannabis culture. If marijuana and the burgeoning industry surrounding it are on your radar, CNW420 is for you! Check back daily to stay up-to-date on the latest milestones in the fast -changing world of cannabis.
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Last week, a federal health agency requested that studies into the influence of evolving laws on psychedelics in states and cities across the country be conducted. The National Institute on Drug Abuse (NIDA) issued a notice talking about how the psychedelic reform movement had spread and discussing the different approaches used by various jurisdictions, which included decriminalized, reduced penalties and legalization.
The notice of special interest also highlighted the historic win recorded in Oregon a little more than two years ago when voters in the state legalized psilocybin services. The state of Colorado followed suit soon after, establishing healing centers where psychedelics could safely be administered and legalizing an extensive range of these substances.
With more states and cities jumping on the psychedelic bandwagon, NIDA hopes to finance studies on the possible impact on public health and trends of consumption, among other outcomes.
The association between the use of dissociative and psychedelic drugs and public health outcomes, abuse potential and harms.
The association between the legalization or decriminalization of dissociative and psychedelic drugs and rates of use in different populations.
How the placement of centers administering dissociative and psychedelic drugs and retailers impact surrounding communities.
The long-term impact of supervised dissociative or psychedelic use in centers.
The differences and similarities between the use of dissociative and psychedelic drugs and their abuse potential in comparison to other products, including marijuana, tobacco or alcohol.
The impact of different regulatory frameworks on different incarceration and health outcomes.
In related news, NIDA announced last month that it was seeking proposals for study initiatives looking into how psychedelics could be utilized in the treatment of drug addiction.
During a Senate Committee hearing, NIDA Director Nora Volkow stated that there was emerging evidence that psychedelics held potential as therapies for a range of mental conditions, noting that researchers were greatly interested in the substances.
In 2022, Senators Cory Booker and Brian Schatz also called for federal officials to give an update on studies into the therapeutic potential of psychedelics, arguing that the prohibition of these substances had prevented research from progressing. Under federal law, psychedelics are still classified under Schedule I of the Controlled Substances Act. Substances under this classification are deemed to have a high potential for abuse and no accepted medical use.
In addition to psychedelics such as peyote and LSD, other drugs under Schedule I include cannabis, ecstasy and heroin. Several companies, including COMPASS Pathways PLC (NASDAQ: CMPS), are engaged in studying various psychedelics with a view to commercializing treatments from those substances.
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PsychedelicNewsWire (PNW) is a specialized content distribution company that (1) aggregates and distributes news and information on the latest developments in all aspects and advances of psychedelics and their use, (2) creates PsychedelicNewsBreaks designed to quickly update investors on important industry news, (3) leverages a team of expert editors to enhance press releases for maximum impact, (4) assists companies with the management and optimization of social media across a range of platforms, and (5) delivers unparalleled corporate communication solutions. PNW stays abreast of the latest information and has established a reputation as the go to source for coverage of psychedelics, therapeutics and emerging market opportunities. Our team of seasoned journalists has a proven track record of helping both public and private companies gain traction with a wide audience of investors, consumers, media outlets and the general public by leveraging our expansive dissemination network of more than 5,000 key syndication outlets. PNW is committed to delivering improved visibility and brand recognition to companies operating in the emerging markets of psychedelics.
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