Alberta
Canopy Growth sees $42M net loss in Q1 as cost reduction efforts continue
SMITHS FALLS, Ont. — Canopy Growth Corp. says it recorded an almost $42 million net loss in its most recent quarter as it reduced its costs by $47 million.
The Smiths Falls, Ont., cannabis company says its first-quarter net loss compared with a net loss of roughly $2.1 billion a year ago.
The net loss for the three months ended June 30 amounted to a loss of about seven cents per basic and diluted share compared with a loss of $5.24 per basic and diluted share a year ago.
Revenue in the quarter amounted to $121.1 million, up from $118.7 million in the first quarter of the prior fiscal year.
The pot company attributed the increase to higher revenues within its BioSteel business and growth in its Stroz & Bickel brand and the Canadian medical cannabis market.
It says these wins were offset by lower international medical cannabis sales due to bulk sales in Israel and decreased Canadian adult-use business-to-business revenue.
This report by The Canadian Press was first published Aug. 9, 2023.
Companies in this story: (TSX:WEED)
The Canadian Press
Alberta
Business owners receive court approval to proceed with COVID lawsuit against Alberta gov’t
From LifeSiteNews
A judge ruled that businesses impacted by COVID lockdowns are allowed to claim compensation for harm and losses incurred due to the provincial chief medical officer’s illegal orders.
A class-action lawsuit on behalf of dozens of Canadian business owners in Alberta who faced massive losses or permanent closures due to COVID mandates has been given the go-ahead to proceed by a judge.
Lawyers representing businesses from Alberta-based Rath & Company announced in a press release on October 30 that it was “successful in its application for certification on behalf of Alberta business owners impacted by Covid-19 restrictions and closures imposed through Chief Medical Officer of Health (“CMOH”) Orders.”
“Justice Feasby of the Court of King’s Bench of Alberta released his decision today certifying the class action in Ingram v Alberta, 2024 ABKB 631,” Rath & Company said.
Lead counsel Jeffrey Rath said the Alberta government has been placed on notice for its actions against businesses during the COVID lockdown era.
The Rath lawsuit proposal names Rebecca Ingram, a gym owner, and Chris Scott, a restaurant owner, as “representative plaintiffs who suffered significant financial harm due to (former Alberta Chief Medical Officer) Dr. (Deena) Hinshaw’s Public Health Orders.”
According to Rath, the class action seeks to certify that “affected Alberta business owners who suffered losses due to the CMOH orders, which were found to be ultra vires — outside legal authority and therefore unlawful — under Alberta’s Public Health Act (“PHA”).
“As a result, the Court Certified multiple claims, including negligence, bad faith and misfeasance in public office. The Court allowed affected businesses to claim compensation for harm and losses incurred due to the illegal CMOH Orders including punitive damages,” Rath said.
Any business operator in Alberta from 2020 to 2022 who was negatively impacted by COVID orders is now eligible to join the lawsuit. Any payout from the lawsuit would come from the taxpayers.
The government’s legal team claimed that the COVID orders were put in place on a good faith initiative and that it was Alberta Health Services, not the government, that oversaw enforcement of the rules.
The Alberta Court of King’s Bench’s Ingram v. Alberta decision cast into doubt all cases involving those facing non-criminal COVID-related charges in the province, allowing the class action to get this far.
As a result of the court ruling, Alberta Crown Prosecutions Service (ACPS) said Albertans facing COVID-related charges will not be convicted but instead have their charges stayed.
Thus far, Dr. Michal Princ, pizzeria owner Jesse Johnson, Scott, and Alberta pastors James Coates, Tim Stephens, and Artur Pawlowski, who were jailed for keeping churches open under then-Premier Jason Kenney, have had COVID charges against them dropped due to the court ruling.
Under Kenney, thousands of businesses, notably restaurants and small shops, were negatively impacted by severe COVID restrictions, mostly in 2020-21, that forced them to close for a time. Many never reopened. At the same time, as in the rest of Canada, big box stores were allowed to operate unimpeded.
Alberta
Alberta introduces bill banning sex reassignment surgery on minors
From LifeSiteNews
Alberta Conservative Premier Danielle Smith followed through on a promised bill banning so-called ‘top and bottom’ surgeries for minors.
Alberta Conservative Premier Danielle Smith made good on her promise to protect kids from extreme transgender ideology after introducing a bill banning so-called “top and bottom” surgeries for minors.
“It is so important that all youth can enter adulthood equipped to make adult decisions. In order to do that, we need to preserve their ability to make those decisions, and that’s what we’re doing,” Smith said in a press release.
“The changes we’re introducing are founded on compassion and science, both of which are vital for the development of youth throughout a time that can be difficult and confusing.”
Bill 26, the Health Statutes Amendment Act, 2024 “reflects the government’s commitment to build a health care system that responds to the changing needs of Albertans,” the government says.
The bill will amend the Health Act to “prohibit regulated health professionals from performing sex reassignment surgeries on minors.”
It will also ban the “use of puberty blockers and hormone therapies for the treatment of gender dysphoria or gender incongruence” to kids 15 and under “except for those who have already commenced treatment and would allow for minors aged 16 and 17 to choose to commence puberty blockers and hormone therapies for gender reassignment and affirmation purposes with parental, physician and psychologist approval.”
Alberta Minister of Health Adriana LaGrange, the bill’s sponsor, said the province’s legislative priorities include “implementing policy changes to continue our refocusing work, position our health care system to respond to pressures and public health emergencies, and to preserve choice for minors. These amendments reflect our dedication to ensuring our health care system meets the needs of every Albertan.”
Earlier this year, the United Conservative Party (UCP) provincial government under Smith announced she would introduce the strong pro-family legislation that strengthens parental rights, protecting kids from life-altering, so-called “top and bottom” surgeries as well as other extreme forms of transgender ideology.
With Smith’s UCP holding a majority in the provincial legislature, the passage of Bill 26 is almost certain.
About the proposed law, Smith said that her government believes it is “vitally important to preserve the time” kids have as a “youth.” She added that she believes this is so kids can “gain sufficient amount of knowledge, experience, and perspective so that you can fully understand who you are, who you want to be and what opportunities you may want to have as an adult before making permanent life-altering decisions related to your body.”
While Smith has done far more than predecessor Jason Kenney to satisfy social conservatives, she has been mostly soft on social issues such as abortion and has publicly expressed pro-LGBT views, telling Jordan Peterson that conservatives must embrace homosexual “couples” as “nuclear families.”
This weekend, thousands of UCP members will gather for the party’s annual general meeting, where Smith’s leadership will be voted on along with many other pro-freedom and family policy proposals from members. Smith is expected to pass her leadership review vote with a large majority.
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