Organigram reports 419% surge in first-quarter revenue

Organigram reported fiscal first quarter results Monday with $12.4 million in revenue, up 419 per cent from the same quarter a year prior. The revenue increase was mainly attributed to new sales from adult-use recreational cannabis. Organigram sold 1,700 kilograms of cannabis in the quarter, nearly 10 times what it sold a year earlier. The Moncton, N.B.-based company also said it generated $2.9 million in positive free cash flow. With the company now almost two months into its second quarter, it now expects net revenue to be at least twice that of its first quarter.

TGOD confirms talks with Greek officials on cannabis growing facility

The Green Organic Dutchman confirmed in a release Monday the company has been in talks with Greek officials to invest in a 34-acre property in Thebes. The statement comes several days after the Greek government issued its own release detailing TGOD’s potential involvement in the country’s development of the pharmaceutical hemp and cannabis sector. The total size of the investment is estimated to be about $74 million. Greece recently emerged as an ideal market to grow legal cannabis, thanks to the nation’s favourable labour rates and ideal climatic conditions.

Minnesota lawmakers propose bill to legalize recreational pot

Two Minnesota lawmakers have proposed legislation that would legalize recreational cannabis in the state, saying that their bill focuses on establishing a regulatory framework for legal sales and taxation of the drug starting in 2022. Democrat Senator Melissa Franzen and Democrat Representative Mike Freiberg introduced the bill in their respective chambers. Both lawmakers say their aim is to at least start hearings on the issue.

Israel approves medical cannabis exports

Israel could become the next global cannabis powerhouse after its government approved medical cannabis exports to the booming legal market over the weekend. The move could open the floodgates to lower-cost medical cannabis into countries that accept legal pot imports, such as Germany and Poland. It could also impact Canadian-based pot producers which have established subsidiaries in European countries but cultivate a more expensive medical product. There are currently eight companies cultivating cannabis for medical purposes in Israel, according to the Jerusalem Post.

Germany looks to curb pot imports with domestic production tender 

Meanwhile, Germany is looking to develop domestic cannabis production to reduce its reliance of imports and ensure a high-quality native supply is readily available. Bloomberg reports that Germany is seeking grower contracts for 10,400 kilograms of pot over the next four years and the government aims to make a decision from 79 bids from growers by the end of June. Germany has relied on imports from the Netherlands and Canada since it legalized medical marijuana in March 2017.