CANNABIS CYBER ATTACK
Ontario Cannabis Store deliveries halted after cyberattack
An Aug. 5 cyberattack on Domain Logistics, the third-party distribution partner of the Ontario Cannabis Store (OCS), means the provincial wholesaler is unable to process or deliver orders to retailers or its online shoppers, per CP24.
The details
- New products scheduled for delivery this week are “delayed until further notice,” according to the OCS
- Retailer delivery fees will be waived until Sept. 30, as well as one $500 processing fee for an emergency order per store between Sept. 1 and March 31, 2023
- In May, it was discovered that the Ontario Provincial Police were investigating the “misappropriation” of confidential store sales data
- So far, it does not appear that consumer information was compromised
“However, out of an abundance of caution to protect OCS and its customers, the decision was made to shut down Domain Logistics’ operations until a full forensic investigation could be completed,” the OCS said in a statement.
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LENDING SUPPORT
Trulieve backs Florida adult-use legislative amendments
Florida-based MSO Trulieve is supporting a proposed constitutional amendment that was filed on Monday that would allow adult-use cannabis for anyone 21 years of age or older, per WUSF.
The company donated USD $5 million to get the issue on the 2024 ballot, and it’s likely that other MSOs will lend their support.
“It’s all about improving access,” Trulieve CEO Kim Rivers told The News Service of Florida in an interview. “We came into this with a mission to provide access to high-quality products that are safe and have an appropriate value proposition to give folks control over their — in the original days — medical journey. I don’t think that changes here. I mean, in effect we are at our core about expanding the opportunity for access to safe legal product, which is what this would allow us to continue to do.”
NEW HIRES
Curaleaf recruits former Jushi, Clever Leaves execs
Massachusetts-based Curaleaf Holdings is shaking up its executive with three new hires, per Benzinga.
- Ed Kremer is the new CFO—his former employer, Jushi Holdings, filed and settled a “tortious interference” lawsuit in response to his recruitment
- Former BTIG managing director Camilo Lyon is the new chief investment officer
- And former Clever Leaves head of M&A Mitch Hara is the new chief strategy officer
TTFN TA
Tel Aviv Stock Exchange eliminates cannabis index
As of Aug. 4, the Tel Aviv Stock Exchange has scrapped its TA Cannabis Index, which compiled Israel’s biggest cannabis stocks, per BusinessCann.
The index, which was two years old, is one of the worst performers in recent memory, decreasing by approximately 68%. But poor performance isn’t the only reason it may have been deleted—some believe it’s related to the 15% maximum weight on every company listed in the index, no matter its size.
The calculation was designed to prevent a single company from overly influencing the index. But as a result, index investors were “more exposed to loss-making and small companies and less exposed to the leading companies,” writes BusinessCann.
