News

Quick Hits: Cannabis news in brief

Published on May 2, 2025 by Pat Bulmer

Photo: Contributed

Cannabis news in brief: Avant’s global sales; Canopy top of class(action); Community Savings wants clients; Massive California grow; Union wants safer space

Strong international sales

International sales were good for Kelowna cannabis producer Avant Brands’ bottom line, the company revealed in its first quarterly financial report of 2025.

“Gross revenue increased 8% to $9.7 million, and net revenue increased 7% to $8.6 million as compared to Q1 2024. These increases reflect the strong international demand for premium cannabis,” the company said in a news release that accompanied the numbers.

“Export wholesale revenue reached $4.7 million, representing a 41% increase over Q1 2024. This reflects increased global demand for Avant’s premium flower, driven by market growth in Australia, Germany, and Israel.”

Financial experts pay big attention to EBITDA (earnings before interest, taxes, depreciation and amortization), and Avant reported an “achieved adjusted EBITDA of $1.7 million, marking the fifth consecutive quarter of positive adjusted EBITDA.”

Recreational revenue was down 16% to $2.8 million.

“Recreational revenue declined following a strategic realignment to focus on high-performing SKUs (labels). This strategic realignment is expected to improve profitability in the long term,” the company said.

Avant’s brands include blk mkt, Tenzo, Cognōscente, flowr and Treehugger.

More class action action

Another law firm is looking for clients to join a class-action lawsuit against Canopy Growth.

Pomerantz LLP said in a news release the class action has been filed in New York.

The Smiths Falls, Ont.-based company is accused of misleading investors in a recent financial report about the effectiveness of its cost-cutting measures.

“The complaint alleges that, throughout the class period, defendants made materially false and misleading statements regarding Canopy’s business, operations, and prospects,” the law firm says in a news release.

Another New York firm and a law firm out of San Diego previously announced they were seeking investors to join class-action suits.

Quick Hits

🤡 Burning Issue: Canada’s excise stamps are a self-inflicted absurdity (The Future Economy)

🥤 Buy Canada: What to replace American booze? Cannabis drinks, the ultimate Canadian beverage (Globe and Mail)

🍭 Teen use: Teen use of cannabis edibles increases 43% after legalization in Canada, study finds (CNN)

🪴 Your own supply: Manitoba legislation lifting ban on homegrown recreational cannabis into effect May 1 (CBC)

💨 What are ‘penjamins’? Disguised cannabis vapes are gaining popularity among young people (The Conversation)

Credit union seeks cannabis business

A B.C. credit union is aggressively courting the cannabis business.

Community Savings is launching a new campaign: “Not Your Usual Banking Joint.”

“Legal cannabis entrepreneurs have been overcharged, overregulated, and overlooked,” said Mike Schilling, president and CEO, in a news release. “Over the last six years, we’ve made sure our cannabis members have the same banking privileges as any other industry.”

Community Savings says it is the only institution to offer pre-approved credit cards to cannabis businesses. “To date, 38 credit cards have been provided.”

The credit union has provided $22 million in commercial lending and working capital to the industry, it says.

“Community Savings now supports 233 legal cannabis businesses in B.C. In just two years, it has grown its cannabis banking portfolio by 70%.”

The credit union says it removed fees other banks still charge to cannabis firms. “This is revolutionary in a space where traditional banks are charging cannabis retailers up to $7,500 just to open a chequing account — often refusing service outright or imposing fees that are 1,500% to 5,000% higher than those for other retail businesses. At Community Savings, the account opening fee is $0.”

“The cannabis industry is run on a pay-to-play model, where cash is often the only option, even for placing orders to BCLDB. This creates major barriers for retail businesses like ours looking to expand into new markets and open more storefronts,” Community Savings quotes Randy Tingskou, president of A Little Bud, as saying. “Community Savings actually fought to get us access to credit. Now we’ve shifted to credit payments for everyday expenses. This has been a game-changer in streamlining our operational costs and freeing up cash flow for growth.”

A Little Bud is opening its fourth location in Duncan in July.

Giant farm planned in California

A 1,900-acre ranch in California is slated to become one of the largest cannabis farms in the world.

In a news release issued from Vancouver, California-based LEEF brands said it is planting 65 acres of cannabis this spring.

“The company plans to expand operations to 187 acres of cannabis cultivation by 2027. LEEF also holds a 100-acre hemp permit for the property, which it is strategically evaluating for optimal implementation,” the release said.

Salisbury Canyon Ranch will have harvests in the summer and fall.

“The summer harvest will primarily be used for distillate production, and the fall run will add strains optimized for hydrocarbon and solventless extraction,” the company said.

Union pushes for safer staffing

A union that represents budtenders is urging Vancouver to adopt a safe-staffing bylaw for cannabis retailers.

The bylaw would require two staff members be on duty at all times.

“The City of Victoria has already recognized this need and passed a similar safe staffing bylaw in 2019,” UFCW 1518 said on its campaign page.

“Last year, workers fought hard for this to be written into Canna Cabana’s new contract, and now we’re asking Vancouver City Council to take the next step, and extend this right to all cannabis stores in the city,” the union said.

Shower Thoughts

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