Latest news with #medicalcannabis
Globe and Mail
8 hours ago
- Business
- Globe and Mail
Apollo Capital Warns MediPharm Shareholders Current CEO David Pidduck is Looking for an Exit
CEO David Pidduck has Stated Desire to Cash Out at Current Levels Pidduck and Current Board Do Not Have Conviction in MediPharm or its Long-Term Value Creation Strategy Apollo Capital has a Plan to Increase MediPharm Share Price from $0.07 to Over $1.00 in Three Years, Restoring Medipharm's Position as a Leading Global Medical Cannabis Company. TORONTO, June 03, 2025 (GLOBE NEWSWIRE) -- Apollo Technology Capital Corporation ("Apollo Capital"), one of MediPharm Lab's largest investors, today warns all Medipharm shareholders that CEO David Pidduck is looking to sell the Company to cash out his shares based on credible information available to the investor. If shareholders support MediPharm's current slate of directors, shareholders can expect to be heavily diluted while top executives take up to $5M in change in control payments. In 2025, a current Board member told Apollo Capital directly that CEO Pidduck was looking to sell the company to trigger his change in control awards. That Board member expressed their concern that the transaction was excessively dilutive and undervalued for shareholders. Since that time, multiple sources have come forward to confirm Pidduck and the current Board's plans to pursue a transaction which would fire sell Medipharm's assets at a discount. A sale of MediPharm would only benefit Pidduck and the current Board, not its shareholders. Between October 2024 and April 2025, Apollo Capital & Pidduck had multiple negotiations about Apollo Capital's desire to make an investment in Medipharm in order to bolster its ability to pursue an aggressive growth strategy. In these negotiations, Pidduck was clear that he wants to cash out his shares, which were not bought, but instead granted to him by MediPharm. In 2025, a written offer to invest $3.4M in a private placement at the then-current market price with no discount or warrant coverage and to invest an additional nearly $3.5M to acquire shares from CEO Pidduck and President Stachan. As part of the significant cash investment, Apollo Capital would acquire 2 board seats to help guide a strategic growth strategy that the Company still lacks. Apollo Capital's offer was rejected. 'Our offer represented a way for MediPharm to capitalize the Company without selling key assets. Our goal was to preserve value for all shareholders. We saw our investment as a critical step towards rebuilding value at MediPharm. If our offer was accepted, we would have avoided a proxy contest and the cash balance would be millions higher than it is today. We would already be well on our way toward achieving our goal of a 10x increase in the stock price,' said Regan McGee, CEO of Apollo Capital. Apollo Capital asks: If Management's plan is working, why would they want to sell the Company at the current valuation? Why would the CEO want to sell his shares in Medipharm if he believed in its long-term strategy? Where would the share price be today if management had accepted Apollo Capital's offer, choosing to work with rather than against its largest shareholder in the interest of all shareholders? Why We Have Invested: Apollo Capital has invested in MediPharm and nominated director candidates to order to drive the urgent change needed to put the Company back on the right path. We see a clear opportunity to revitalize the business, reposition MediPharm as a market leader, and unlock value over the long term, with the potential to increase the share price to over $1.00. Apollo Capital's goal is to build a Company for the long term that creates lasting value for all shareholders. It is NOT to acquire the Company, as MediPharm's current management has falsely claimed. Since the start of the proxy contest, which management forced at great expense to MediPharm, Apollo Capital has not purchased, sold, shorted, or been involved in any transactions involving the Company's stock. We are here to be long-term investors and to rebuild MediPharm into a leading medical cannabis company. Apollo Capital's strategic five-pillar plan for MediPharm has been made available in detail at With shareholder support, we can turn MediPharm around and transform it into the world's leading medical cannabis company. Apollo Capital urges shareholders to vote for change by voting the GOLD CARD by June 13, 2025. Shareholders are urged NOT to sign or return the green proxy cards sent by the Company. Contacts For Shareholders: Carson Proxy North American Toll-Free Phone: 1-800-530-5189 Local or Text Message: 416-751-2066 (collect calls accepted) E: info@ For Media: CureMediPharm@ Legal Disclosures Information in Support of Public Broadcast Exemption under Canadian Law The information contained in this press release does not and is not intended to constitute a solicitation of a proxy within the meaning of applicable corporate and securities laws. Shareholders of the Company are not being asked at this time to execute a proxy in favour of Apollo Capital's director nominees or in respect of any other matter to be acted upon at the Annual Meeting. In connection with the Annual Meeting, Apollo Capital has filed a dissident information circular (the 'Circular') in compliance with applicable corporate and securities laws. Apollo Capital has provided in, or incorporated by reference into, this press release the disclosure required under section 9.2(4) of NI 51-102 – Continuous Disclosure Obligations ('NI 51-102') and the corresponding exemption under the Business Corporations Act (Ontario), and has filed the preliminary Circular, available under MediPharm's profile on SEDAR+ at The Circular contains disclosure prescribed by applicable corporate law and disclosure required under section 9.2(6) of NI 51-102 in respect of Apollo Capital's director nominees, in accordance with corporate and securities laws applicable to public broadcast solicitations. The Circular is hereby incorporated by reference into this press release and is available under MediPharm's profile on SEDAR+ at The registered office of the Company is 151 John Street, Barrie, Ontario, Canada L4N 2L1. SHAREHOLDERS OF MEDIPHARM ARE URGED TO READ THE CIRCULAR CAREFULLY BECAUSE IT CONTAINS IMPORTANT INFORMATION. Investors and shareholders are able to obtain free copies of the Circular and any amendments or supplements thereto and further proxy circulars at no charge under MediPharm's profile on SEDAR+ at In addition, shareholders are also be able to obtain free copies of the Circular and other relevant documents by contacting Apollo Capital's proxy solicitor, Carson Proxy Advisors Ltd. ('Carson Proxy') at 1-800-530-5189, local (collect outside North America): 416-751-2066 or by email at info@ None of Apollo Capital, any other 'dissidents' within the meaning of the Ont. Reg. 62 of the Business Corporations Act (Ontario), or any partner, officer, director and control person of such 'dissident', is requesting that Company shareholders submit a proxy at this time as the Company has yet to issue formal notice of the Annual Meeting and its management information circular. Once formal solicitation of proxies in connection with the Annual Meeting has commenced, proxies may be revoked in accordance with subsection 110(4) of the Business Corporations Act (Ontario) by a registered shareholder of Company shares: (a) by completing and signing a valid proxy bearing a later date and returning it in accordance with the instructions contained in the accompanying form of proxy; (b) by depositing an instrument in writing executed by the shareholder or by the shareholder's attorney authorized in writing; (c) by transmitting by telephonic or electronic means a revocation that is signed by electronic signature in accordance with applicable law, as the case may be: (i) at the registered office of the Company at any time up to and including the last business day preceding the day the Annual Meeting or any adjournment or postponement of the Annual Meeting is to be held, or (ii) with the chair of the Annual Meeting on the day of the Annual Meeting or any adjournment or postponement of the Annual Meeting; or (d) in any other manner permitted by law. In addition, proxies may be revoked by a non-registered holder of Company shares at any time by written notice to the intermediary in accordance with the instructions given to the non-registered holder by its intermediary. It should be noted that revocation of proxies or voting instructions by a non-registered holder can take several days or even longer to complete and, accordingly, any such revocation should be completed well in advance of the deadline prescribed in the form of proxy or voting instruction form to ensure it is given effect in respect of the Annual Meeting. The costs incurred in the preparation and mailing of any circular or proxy solicitation by Apollo Capital and any other participants named herein will be borne directly and indirectly by Apollo Capital. However, to the extent permitted under applicable law, Apollo Capital intends to seek reimbursement from the Company of all expenses incurred in connection with the solicitation of proxies for the election of its director nominees at the Annual Meeting. This press release and any solicitation made by Apollo Capital is, or will be, as applicable, made by such parties, and not by or on behalf of the management of the Company. Proxies may be solicited by proxy circular, mail, telephone, email or other electronic means, as well as by newspaper or other media advertising and in person by managers, directors, officers and employees of Apollo Capital who will not be specifically remunerated therefor. In addition, Apollo Capital may solicit proxies by way of public broadcast, including press release, speech or publication and any other manner permitted under applicable Canadian laws, and may engage the services of one or more agents and authorize other persons to assist it in soliciting proxies on their behalf. Apollo Capital has entered into an agreement with Carson Proxy Advisors ('Carson Proxy') for solicitation and advisory services in connection with the solicitation of proxies for the Meeting, for which Carson Proxy will receive a fee not to exceed $250,000, together with reimbursement for reasonable and out-of-pocket expenses. Apollo Capital has also engaged Gasthalter & Co. LP ('G&Co') to act as communications consultant to provide Apollo Capital with certain communications, public relations and related services, for which G&Co will receive a minimum fee of US$75,000 in addition to a performance fee of US$250,000 in the event that Apollo's nominees make up a majority of the Board following the Annual Meeting, plus excess fees, related costs and expenses. No member of Apollo Capital nor any of their associates or affiliates has or has had any material interest, direct or indirect, in any transaction since the beginning of the Company's last completed financial year or in any proposed transaction that has materially affected or will or would materially affect the Company or any of the Company's affiliates. No member of Apollo nor any of their associates or affiliates has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at the Annual Meeting, other than the election of directors. Cautionary Statement Regarding Forward-Looking Statements This press release contains forward‐looking statements. All statements contained in this filing that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the words 'anticipate,' 'believe,' 'expect,' 'estimate,' 'plan,' and similar expressions are generally intended to identify forward‐looking statements. These statements are based on current expectations of Apollo and currently available information. They are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements contained herein are made only as of the date hereof and Apollo disclaims any intention or obligation to update or revise any such forward-looking statements to reflect events or circumstances that subsequently occur, or of which Apollo Capital hereafter becomes aware, except as required by applicable law. Hashtags: #ShareholderActivism #CorporateGovernance #InvestorProtection #Investor Alert #Investor Fraud #FinancialRegulation #CorporateCrime #FinancialCrime #HomelandSecurity #DHS #OpioidCrisis #OpioidEpidemic #OpioidLitigation #OpioidVictims #BMO #DEA #ONDCP
Health Line
a day ago
- Business
- Health Line
Does Medicare Cover Medical Marijuana (Cannabis)?
Key takeaways Medicare does not cover medical cannabis because it's considered a Schedule I controlled substance federally, and doctors cannot legally prescribe it. Some Part D and Medicare Advantage plans may cover FDA-approved cannabinoid-based medications like cannabidiol (Epidiolex), dronabinol (Marinol, Syndros), and nabilone (Cesamet), but coverage can vary. As of 2023, 39 states and Washington, D.C., have approved the sale and use of medical cannabis, though it remains illegal at the federal level. More states are legalizing medical cannabis with each passing year. That may make you wonder whether Medicare will cover the cost of medical cannabis in your state. Federally, cannabis remains a controlled substance. It's illegal to possess or use the drug under federal law. However, individual states have passed laws allowing distribution and sale within their state boundaries. Medicare won't cover medical cannabis because it's considered a Schedule I controlled substance. In fact, doctors cannot even legally prescribe it. Some people may use medical cannabis to manage symptoms like: pain nausea seizures If you've received a doctor's recommendation and your state has legalized medical cannabis, read on to learn what you need to know about coverage, how and why it's used, and more. Why doesn't Medicare cover medical cannabis? Medicare doesn't cover drugs that are illegal according to the federal government. This includes cannabis for medical use. The Food and Drug Administration (FDA) has not cleared cannabis as a safe and effective treatment for any medical use. That's true even if you live in a state where it's medically legal. This is another reason Medicare won't cover medical cannabis. Learn what Medicare covers. What about Medicare prescription drug plans? Medicare Part C, or Medicare Advantage, is health insurance offered by private insurance companies that provides additional coverage beyond Original Medicare (parts A and B). Extra coverage may include: dental care vision care some prescription drugs Medicare Part D is medical insurance that's also offered through private companies and covers prescription drugs. It doesn't, however, cover medical cannabis. Parts C and D could cover the cost of cannabinoid medications that have been approved by the FDA and are available without restriction. This is where some flexibility exists. Cannabinoid medications may be covered by Medicare drug plans for their intended uses because they're approved by the FDA. These can include: Epidiolex dronabinol (Marinol, Syndros) nabilone (Cesamet) If you're unsure what your plan covers, contact your Medicare prescription drug plan directly. They can help you understand whether you have coverage for any cannabinoid medication and how to fill a prescription. What is medical cannabis used to treat? Some people recommend medical cannabis to ease symptoms like: nausea from chemotherapy loss of appetite inflammation anxiety pain epileptic seizures muscle stiffness Medical cannabis is often suggested to treat the symptoms of stage 3 HIV or cancer. Research suggests it can boost appetite and reduce nausea associated with certain health conditions. If you have multiple sclerosis (MS), medical cannabis may help ease pain and reduce muscle stiffness. Cannabinoid-based medications Dronabinol (Marinol, Syndros) can be used to ease nausea and vomiting from cancer treatment and increase appetite in people with stage 3 HIV. Nabilone (Cesamet) can improve appetite and weight maintenance in people with stage 3 HIV. Epidiolex can help prevent seizures and is used as a treatment for epilepsy. The FDA has approved these medications for these uses. The federal government considers cannabis illegal and holds strict control over it and any cannabinoid-based products. That means research on the possible benefits or even the side effects of cannabis use is limited. Without data from clinical research, the FDA won't be able to update its position on the safety or effectiveness of its medical uses. State medical cannabis laws As of 2023, 39 states and Washington, D.C., have approved the sale and use of medical cannabis. Some of those states have also approved cannabis products for recreational use. In states where only medical cannabis is legal, you're required to get a medical cannabis card. The rules and steps for getting a medical cannabis card may vary from state to state, but here are the basics: Make an appointment with your primary healthcare professional: Your doctor will likely give you a full physical exam and review your medical history. If your doctor thinks medical cannabis might help, they may approve you for a medical cannabis card. Renew your cannabis card annually: This may require follow-up visits. Ask your doctor if there are any other additional steps you'll need to take. Most cannabis cards are registered with the state government. Your doctor can't prescribe cannabis products directly: Federal law prevents doctors from prescribing substances that are illegal. Cannabis remains illegal under federal law. Instead, your doctor may suggest you may benefit from it. Even though all types of cannabis are illegal at the federal level, the federal government hasn't taken steps to prosecute those who use it within a state with legal cannabis trade. However, it's still possible to face prosecution under federal law under certain circumstances. What's the difference between medical cannabis and CBD? Cannabis contains several dozen active chemicals. The two most well known are cannabidiol (CBD) and delta-9-tetrahydrocannabinol, also known as THC. CBD's potential benefits include: improved relaxation pain reduction lowered anxiety THC is the chemical responsible for the psychoactive effects of cannabis. In recent years, CBD has been isolated from THC and is sold even in states that don't allow medical cannabis. In states where medical cannabis is legal, both CBD and THC products are available for a variety of health issues. Like medical cannabis, individual states have their own legislation regarding legal levels of CBD. Check your state's legislation for specific information, and be mindful of other state laws when traveling with CBD. How medical marijuana may affect the opioid crisis Limited research suggests the use of cannabis is reducing the use of opioids and pain medications with high addiction potential. Because cannabis may help relieve some of the same symptoms as opioids, doctors may not prescribe pain medications if cannabis is an option. How do I use medical cannabis? With better processing equipment, medical cannabis producers and distributors have created a variety of cannabis-infused products. Common forms of consumption include: smoking vaping eating (in foods or drinks made with cannabis) spraying under the tongue tinctures topical applications, like oils and creams Talk with your doctor if you're not familiar with how to use medical cannabis or aren't sure which method of consumption might work best for your condition. They can help connect you with resources for understanding proper usage. How much does medical cannabis cost? Medical cannabis cards aren't usually free. Cards generally cost about $50 or more when you first apply. You may also have to pay annual renewal fees. If medical cannabis is approved in your state, check your state government's website for specific cost information. For each renewal, you'll visit your doctor to discuss whether you still need medical cannabis for your condition. This office visit may or may not be covered by your particular Medicare plan. Contact your plan ahead of time to find out if: the visit will be covered there's a copay and, if so, how much it is you'll need to pay the full bill out of pocket In some states, a medical cannabis card gives discounts on cannabis products you purchase. Discounts may cover the cost of the card, depending on the frequency and amount you use. Your Medicare prescription drug plan may cover FDA-approved cannabinoid-based medications like dronabinol (Marinol, Syndros), nabilone (Cesamet), and Epidiolex, at least in part. Prices vary. Check with your doctor for availability and pricing options. You can check your plan's list of covered medications, called a formulary, before filling a prescription or contact your plan directly to ask about coverage. Takeaway Medicare won't cover the cost of medical cannabis because it's federally illegal and not approved by the FDA. However, Medicare may pay for cannabinoid-based medications. You must obtain a medical cannabis card before you can buy cannabis products, even in states where it's available recreationally. A medical cannabis card may provide discounts. If you're curious whether medical cannabis is an option for you, talk with your doctor. Together you can review your symptoms and look for alternatives if your doctor doesn't think cannabis products are the right choice for you. The information on this website may assist you in making personal decisions about insurance, but it is not intended to provide advice regarding the purchase or use of any insurance or insurance products. Healthline Media does not transact the business of insurance in any manner and is not licensed as an insurance company or producer in any U.S. jurisdiction. Healthline Media does not recommend or endorse any third parties that may transact the business of insurance.
Yahoo
4 days ago
- Business
- Yahoo
Canopy Growth Corp (CGC) Q4 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
Canada Net Revenue: $40 million in Q4, up 4% year-over-year. Canada Medical Sales Growth: 13% increase versus last year. Canada Adjusted Gross Margin: 11% in Q4; adjusted cash gross margin at 23%. International Markets Sales Decline: 35% decrease in Q4 fiscal '25 compared to Q4 fiscal '24. Storz & Bickel Revenue: $17 million in Q4, down 23% year-over-year. SG&A Expenses: Declined 28% year-over-year. Q4 Adjusted EBITDA Loss: $9 million, an improvement from a $15 million loss a year ago. Free Cash Flow: Outflow of $36 million in Q4; full year outflow of $177 million. Cash and Short-term Investments: $131 million as of March 31, 2025. Total Principal Debt Balance: $316 million as of March 31, 2025. Canopy USA Annualized Revenue: Approximately USD 210 million. Cost Reduction Target: At least $20 million over the next 12 to 18 months. Warning! GuruFocus has detected 4 Warning Signs with CGC. Release Date: May 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Canopy Growth Corp (NASDAQ:CGC) has unified its global medical cannabis businesses to improve speed, scalability, and market responsiveness, leading to a 13% growth in the Canadian medical business. The company has streamlined its Canadian adult-use business by removing low-performing SKUs and focusing on high-margin products, which has strengthened relationships with key accounts. Canopy Growth Corp (NASDAQ:CGC) has established a centralized global operations function to enhance supply and demand planning, resulting in improved fill rates from mid-80s to mid-90s. The company has identified $20 million in cost reductions, with 80% of savings already identified and over 50% executed, creating financial flexibility for reinvestment. Canopy Growth Corp (NASDAQ:CGC) has made a USD100 million early prepayment on its senior secured term loan, reducing annual interest expenses by approximately USD13 million. Q4 fiscal '25 results fell short of expectations due to lower revenue in Storz & Bickel, Poland, and Australian medical businesses. Free cash flow was an outflow of $36 million for Q4, compared to an outflow of $23 million a year ago, due to higher capex and increased working capital. International markets cannabis sales declined 35% in Q4 fiscal '25 compared to Q4 fiscal '24, with significant drops in Poland and Australia. Storz & Bickel experienced a 23% year-over-year revenue decline in Q4, with continued softness into Q1 fiscal '26 due to decreased vaporizer demand. Acreage's performance was negatively impacted by liquidity challenges and underperformance in the Ohio adult-use cannabis market, affecting Canopy USA's revenue expectations. Q: Can you provide more color on near-term opportunities versus long-term actions to achieve positive adjusted EBITDA? A: Luc Mongeau, CEO: We're focusing on cost reductions and growth, particularly in our medical business, which is performing well in Canada. We've streamlined operations and are focusing on high-potential areas like Canadian REC and medical cannabis in Europe and Australia. Our goal is to capitalize on near-term opportunities with the highest potential returns. Q: What makes the current streamlining and cost-saving initiatives different from past efforts? A: Luc Mongeau, CEO: The current actions are about fundamentally transforming the organization into focused, streamlined business units with centralized core capabilities. We've eliminated layers of management to speed up decision-making and empower teams, which is a significant cultural shift from past approaches. Q: What factors have contributed to Acreage's underperformance, and what is the outlook for Canopy USA? A: Judy Hong, CFO: Acreage's challenges stem from liquidity issues and underperformance in Ohio, which hasn't fully opened as an adult-use market. This has impacted their ability to invest in other core markets. Despite these challenges, we remain optimistic about the long-term potential of the US market. Q: How are you addressing supply chain inconsistencies, especially for international markets? A: Luc Mongeau, CEO: We've centralized our supply chain and sales operations to improve decision-making and resource allocation. This restructuring allows us to better manage cultivation and distribution, ensuring consistent supply without needing significant new investments. Q: Can you provide insights into the Canadian medical cannabis market and Canopy's performance? A: Judy Hong, CFO: The Canadian medical market is declining slightly, but we've outperformed with a 16% growth, gaining market share. Our focus is on high-value patients and providing excellent customer experiences, which we aim to leverage in international markets as well. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
4 days ago
- Business
- Yahoo
Canopy Growth Corp (CGC) Q4 2025 Earnings Call Highlights: Navigating Challenges with Strategic ...
Canada Net Revenue: $40 million in Q4, up 4% year-over-year. Canada Medical Sales Growth: 13% increase versus last year. Canada Adjusted Gross Margin: 11% in Q4; adjusted cash gross margin at 23%. International Markets Sales Decline: 35% decrease in Q4 fiscal '25 compared to Q4 fiscal '24. Storz & Bickel Revenue: $17 million in Q4, down 23% year-over-year. SG&A Expenses: Declined 28% year-over-year. Q4 Adjusted EBITDA Loss: $9 million, an improvement from a $15 million loss a year ago. Free Cash Flow: Outflow of $36 million in Q4; full year outflow of $177 million. Cash and Short-term Investments: $131 million as of March 31, 2025. Total Principal Debt Balance: $316 million as of March 31, 2025. Canopy USA Annualized Revenue: Approximately USD 210 million. Cost Reduction Target: At least $20 million over the next 12 to 18 months. Warning! GuruFocus has detected 4 Warning Signs with CGC. Release Date: May 30, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Canopy Growth Corp (NASDAQ:CGC) has unified its global medical cannabis businesses to improve speed, scalability, and market responsiveness, leading to a 13% growth in the Canadian medical business. The company has streamlined its Canadian adult-use business by removing low-performing SKUs and focusing on high-margin products, which has strengthened relationships with key accounts. Canopy Growth Corp (NASDAQ:CGC) has established a centralized global operations function to enhance supply and demand planning, resulting in improved fill rates from mid-80s to mid-90s. The company has identified $20 million in cost reductions, with 80% of savings already identified and over 50% executed, creating financial flexibility for reinvestment. Canopy Growth Corp (NASDAQ:CGC) has made a USD100 million early prepayment on its senior secured term loan, reducing annual interest expenses by approximately USD13 million. Q4 fiscal '25 results fell short of expectations due to lower revenue in Storz & Bickel, Poland, and Australian medical businesses. Free cash flow was an outflow of $36 million for Q4, compared to an outflow of $23 million a year ago, due to higher capex and increased working capital. International markets cannabis sales declined 35% in Q4 fiscal '25 compared to Q4 fiscal '24, with significant drops in Poland and Australia. Storz & Bickel experienced a 23% year-over-year revenue decline in Q4, with continued softness into Q1 fiscal '26 due to decreased vaporizer demand. Acreage's performance was negatively impacted by liquidity challenges and underperformance in the Ohio adult-use cannabis market, affecting Canopy USA's revenue expectations. Q: Can you provide more color on near-term opportunities versus long-term actions to achieve positive adjusted EBITDA? A: Luc Mongeau, CEO: We're focusing on cost reductions and growth, particularly in our medical business, which is performing well in Canada. We've streamlined operations and are focusing on high-potential areas like Canadian REC and medical cannabis in Europe and Australia. Our goal is to capitalize on near-term opportunities with the highest potential returns. Q: What makes the current streamlining and cost-saving initiatives different from past efforts? A: Luc Mongeau, CEO: The current actions are about fundamentally transforming the organization into focused, streamlined business units with centralized core capabilities. We've eliminated layers of management to speed up decision-making and empower teams, which is a significant cultural shift from past approaches. Q: What factors have contributed to Acreage's underperformance, and what is the outlook for Canopy USA? A: Judy Hong, CFO: Acreage's challenges stem from liquidity issues and underperformance in Ohio, which hasn't fully opened as an adult-use market. This has impacted their ability to invest in other core markets. Despite these challenges, we remain optimistic about the long-term potential of the US market. Q: How are you addressing supply chain inconsistencies, especially for international markets? A: Luc Mongeau, CEO: We've centralized our supply chain and sales operations to improve decision-making and resource allocation. This restructuring allows us to better manage cultivation and distribution, ensuring consistent supply without needing significant new investments. Q: Can you provide insights into the Canadian medical cannabis market and Canopy's performance? A: Judy Hong, CFO: The Canadian medical market is declining slightly, but we've outperformed with a 16% growth, gaining market share. Our focus is on high-value patients and providing excellent customer experiences, which we aim to leverage in international markets as well. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Yahoo
4 days ago
- Business
- Yahoo
Two new Nebraska medical cannabis regulators approved over opposition from patients, families
Nebraska advocates for medical cannabis have worked for more than 12 years, and continue to wait, for a safe, regulated system in Nebraska, after winning voter approval in November. Pictured are many longtime advocates for the effort. (Photos courtesy of Nebraskans for Medical Marijuana) LINCOLN — Lawmakers approved the governor's two appointees to the Nebraska Medical Cannabis Commission on Friday over opposition from long-term advocates that the new members could delay or derail the rollout of the voter-approved medicine. In separate votes, the Legislature approved the six-year commission appointments of Dr. Monica Oldenburg of Lincoln, an anesthesiologist, and Lorelle Mueting of Gretna, prevention director for Heartland Family Service. Oldenburg's confirmation vote was 34-11. Mueting's was 27-16. Committee advances Nebraska Medical Cannabis Commission appointees The two appointees needed at least 25 votes to be confirmed. Had one or both been rejected, Gov. Jim Pillen could still appoint someone else in the interim, without a legislative vote until 2026, or the same person if he chose. Much of Friday's debate on the confirmations, about 30 minutes for each nominee, revolved around whether the personal views of each woman could be separated from their new professional roles. For multiple years, Mueting and Oldenburg have opposed medical cannabis legislation at the State Capitol, including Mueting earlier this year. Those legislative efforts were often supported by Nebraskans for Medical Marijuana and other long-time advocates who, in November, succeeded after a decade of pushing to legalize and regulate the medicine, often facing pushback from top state officials. The 71% voter approval for legalization and 67% for regulations also created the new state regulatory commission that Mueting and Oldenburg will now join. They will serve with the three commissioners on the Nebraska Liquor Control Commission, per the ballot measure. Those commissioners are Bruce Bailey of Lincoln and Kim Lowe of Kearney, with one vacancy still to be filled by Pillen to represent Nebraska's 2nd Congressional District. State Sen. Rick Holdcroft of Bellevue, the chair of the Legislature's General Affairs Committee that advanced Oldenburg 5-2 and Mueting 5-3, called the two candidates highly qualified. He said Oldenburg's extensive experience, combined with deep concern for the health, safety and overall well-being of Nebraskans through her 18 years of medical service, would shine. Holdcroft added that Mueting had a strong record of promoting public health issues while thoughtfully balancing public health goals with public safety considerations. Multiple senators, including State Sen. Jared Storm of David City, said the two would make a great team and keep Nebraska focused on medicine, not recreational marijuana. 'I honestly don't know of two better people to be on this board,' Storm said Friday. Mueting had said last week that her goal as a prevention specialist for 24 years has been to prevent people from having substance use problems and that she's looked at medical cannabis from a '360-degree view.' 'Helping to guide the rulemaking process around the needs of the people it's intended to serve is my goal,' Mueting said. 'There's nothing about that goal that says we need to sacrifice public health and safety to attain it.' Oldenburg said last week that she is 'not a prohibitionist' of cannabis but is 'pro-research.' She said cannabis has 'a place in pain management' for certain ailments that cause suffering. 'Nebraska needs to seize the opportunity to be slow and deliberate in the manner in which we determine how best to designate appropriate conditions for medical cannabis and regulate those entities that will dispense medical cannabis in our state,' Oldenburg said. 'I look forward to working with various parties to ensure that we in the State of Nebraska get this right.' State Sen. Ben Hansen of Blair, who like Storm is a Republican, opposed Mueting but supported Oldenburg. Hansen brought Legislative Bill 677 earlier this year to set clearer medical cannabis regulations and guardrails with the backing of volunteers from the 2024 campaign. LB 677 fell 10 votes short of advancing on May 20, the opposition of which Storm led. Mueting testified against the bill in March. Hansen said he was concerned about Mueting's impartiality and that lawmakers shouldn't appoint someone who believes in prohibition to the Liquor Control Commission or someone who works for PETA to the Nebraska Brand Committee. He said the same goes for someone to the Medical Cannabis Commission who 'denies the legitimacy of medical cannabis to the very body tasked with implementing this regulation.' 'This isn't just about professional qualifications,' Hansen said. 'It's about trust. Trust in the will of the voters. Trust in the integrity of this new commission and trust that we are putting the right people in place to carry out a law passed and overwhelmingly supported.' State Sen. John Cavanaugh of Omaha, vice chair of the Legislature's General Affairs Committee, said that while both Mueting and Oldenburg might be nice people, he was worried about 'artificial hurdles.' He supported LB 677 partly because it would have set a path toward 'access.' The Medical Cannabis Commission is charged 'exclusively' with the power to regulate the control of the possession, manufacture, distribution, delivery and dispensing of cannabis for medical purposes in the state. Rules and regulations for medical cannabis dispensaries are due July 1 under the voter-approved laws. Licensing is supposed to begin by Oct. 1. LB 677 supporters and other advocates had voiced concerns that the Medical Cannabis Commission could craft regulations that prevent meaningful 'access.' Nebraska Attorney General Mike Hilgers has already vowed to sue the commission if it issues any medical cannabis licenses. He argues it is against federal law. Hansen said the public is paying attention, noting that the remaining dozens of gubernatorial appointments that lawmakers considered over the past five months, lawmakers had received 21 online comments. But for Mueting and Oldenburg combined, lawmakers had 208 online comments, Hansen said. Crista Eggers, executive director of Nebraskans for Medical Marijuana, said the Legislature again threw a 'wrench' in the will of Nebraska voters. She criticized senators who used the ballot measures as a reason to oppose Hansen's LB 677 but then voted to confirm appointees who 'will slow-roll access for patients in this state.' Eggers said the mission continues to be on patients, as it has been 'from day one,' despite what some legislative opponents say. 'The representatives in the state that have misrepresented our mission will see their day where the people hold them accountable. Mark our words,' Eggers said in a statement. 'The patients of this state may be weary, may be tired, but they stand strong and will hold lawmakers accountable for their votes. They have the blood of Nebraskans on their hands.' SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
