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Cannabis companies eye Ontario growth

Published on December 6, 2024 by Pat Bulmer

Photo: Contributed

A Quebec cannabis producer has signalled its intention to expand into Ontario.

The appointment of Taylor Matthews as vice president of sales is part of the company’s plans for expansion to Ontario, Saint-Lucien-based Bleuh said in a news release.

“Matthews brings a wealth of experience in trade marketing and sales leadership across Canada,” the company release said. He was formerly director of trade marketing at Cronos Group and trade marketing manager at Jamieson Wellness.

Matthews will oversee the development of sales strategies for Ontario, focusing on collaboration with retail partners and consumer awareness, the release said.

“The Ontario cannabis market represents an incredible opportunity, and I’m thrilled to lead Bleuh’s efforts in this vibrant region,” said Matthews.

Bleuh’s products are available throughout Quebec, “and soon elsewhere in Canada,” the release said.

Another Quebec company has similar intentions.

Montreal-based The Good Shroom Co. announced it has had a profitable year.

While the company is focused on the Quebec market, it is eyeing growth nationally, a news release said.

“The Good Shroom Co. Inc. is one of the rare emerging cannabis companies that is profitable,” the company said. “The company primarily operates in Quebec’s cannabis market while pursuing a national expansion.”

Net revenue increased by 23% year over year to $3.89 million and net profit for the year was $40,000, compared to a $452,000 loss the previous year.

In addition to cannabis products, Good Shroom produces non-cannabis wellness drinks.

November was also a financial reporting month for other cannabis companies, which, of course, all try to put a positive spin on the numbers.

Ontario’s Greenway Greenhouse Cannabis Corp. reported a 52% increase in revenue to $1.8 million, compared to the same quarter a year ago.
Quarterly earnings were in the red, however, at $253,000.

The company sold “1,484 kilograms or kilogram equivalents … in the period, compared to 1,226 in the same quarter in the previous year, a 21% increase,” a news release said.

Sales of its MillRite brand pre-roll are doing particularly well, the company said.

MTL Cannabis reported revenues were up for its latest financial reporting periods.

Revenues were $52 million for the most recent six-month period, up 27% over the previous year,

All other financial benchmarks were also up, the company reported.

“We are immensely proud of our record-breaking results this quarter, “said Michael Perron, CEO, in a news release.

MTL owns licenced growers in Ontario and Quebec.

In other corporate news, Canopy Growth, based in Smiths Falls, Ont., announced Luc Mongeau will be its next chief executive officer.

Mongeau, who has been a CEO in various industries, will start his new job on Jan. 6.

“Since joining the board as an observer in early 2023 and as a board member in February 2024, Mr. Mongeau has played a key role in shaping the company’s strategy.”

Current CEO David Klein will stay on until August as an adviser.

Tokyo Smoke has come out of creditor protection. TS Investments Inc., the sole shareholder of Tokyo Smoke’s parent company, was the winning bidder.

(Or to explain it another way: Fred Trump gives son, Donald, money to start a company, but then Daddy Trump must come in and bail his son out when Donald’s business starts going under.)

“The majority of Tokyo Smoke’s retail locations were unaffected by the restructuring,” the company said in a statement.