You are here

Home 🌿 Marijuana Business News 🌿 Troubled weed producer Bonify winds down operations 🌿

Troubled weed producer Bonify winds down operations

Twitter icon
Submitted by Marijuana News on Wed, 08/18/2021 - 14:50
marijuana leaf

Bonify, a Manitoba cannabis producer that ran afoul of regulators is now calling it quits.

Back in 2019, the company was stripped of its status by Health Canada after obtaining 200 kilograms of illicit cannabis and selling it into the legal market, just months following the country’s legalization of pot. It then managed to get its licence reinstated but was unable to sell its crop for months.
 
In an emailed note on Aug. 12, the company’s chief executive officer Pierre Morris told shareholders that they begun winding down operations a few days prior. He said the closure will conclude in the coming weeks.

Morris wrote that while the company has had access to almost $1 million in gross sales since its licence was reinstated, it wasn’t enough to keep it in business.

The note was first reported by news website StratCann, then obtained by MJBizDaily.

Bonify "stabilized internal processes, increased production and significantly cut its operational costs," Morris wrote in the note. "Unfortunately, these changes were not sufficient to achieve profitability or positive cash flows and Bonify continued to suffer operational losses through 2019, 2020 and 2021."

The Liquor, Gaming and Cannabis Authority of Manitoba and Manitoba Liquor and Lotteries Corporation suspended the sale of all products produced by Bonify in early 2019. It had since allowed the sale of those products to resume.

e-mail icon Facebook icon Twitter icon LinkedIn icon Reddit icon
Rate this article: 
Authored By: 
Winnipeg Free Press
Article category: 
Marijuana Business News
Regional Marijuana News: 
Manitoba

420 Intel is Your Source for Marijuana News

420 Intel Canada is your leading news source for the Canadian cannabis industry. Get the latest updates on Canadian cannabis stocks and developments on how Canada continues to be a major player in the worldwide recreational and medical cannabis industry.

420 Intel Canada is the Canadian Industry news outlet that will keep you updated on how these Canadian developments in recreational and medical marijuana will impact the country and the world. Our commitment is to bring you the most important cannabis news stories from across Canada every day of the week.

Marijuana industry news is a constant endeavor with new developments each day. For marijuana news across the True North, 420 Intel Canada promises to bring you quality, Canadian, cannabis industry news.

You can get 420 Intel news delivered directly to your inbox by signing up for our daily marijuana news, ensuring you’re always kept up to date on the ever-changing cannabis industry. To stay even better informed about marijuana legalization news follow us on Twitter, Facebook and LinkedIn.