Troubled weed producer Bonify winds down operations
Advertisement
Read this article for free:
or
Already have an account? Log in here »
To continue reading, please subscribe:
Digital Subscription
One year of digital access for only $205*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*First annual payment billed as $205.00 + GST for one year. This annual subscription will automatically renew at $233.00 + GST every 52 weeks (10% off the regular annual price of $259.35). Offer available to new and qualified returning subscribers only. Cancel any time.
To continue reading, please subscribe:
Add Free Press access to your Brandon Sun subscription for only an additional
$1 for the first 4 weeks*
- Enjoy unlimited reading on winnipegfreepress.com
- Read the E-Edition, our digital replica newspaper
- Access News Break, our award-winning app
- Play interactive puzzles
*Your next Brandon Sun subscription payment will increase by $1.00 and you will be charged $17.95 plus GST for four weeks. After four weeks, your payment will increase to $24.95 plus GST every four weeks.
Read unlimited articles for free today:
or
Already have an account? Log in here »
Hey there, time traveller!
This article was published 18/08/2021 (1799 days ago), so information in it may no longer be current.
Bonify, a Manitoba cannabis producer that ran afoul of regulators is now calling it quits.
Back in 2019, the company was stripped of its status by Health Canada after obtaining 200 kilograms of illicit cannabis and selling it into the legal market, just months following the country’s legalization of pot. It then managed to get its licence reinstated but was unable to sell its crop for months.
In an emailed note on Aug. 12, the company’s chief executive officer Pierre Morris told shareholders that they begun winding down operations a few days prior. He said the closure will conclude in the coming weeks.
Morris wrote that while the company has had access to almost $1 million in gross sales since its licence was reinstated, it wasn’t enough to keep it in business.
The note was first reported by news website StratCann, then obtained by MJBizDaily.
Bonify “stabilized internal processes, increased production and significantly cut its operational costs,” Morris wrote in the note. “Unfortunately, these changes were not sufficient to achieve profitability or positive cash flows and Bonify continued to suffer operational losses through 2019, 2020 and 2021.”
The Liquor, Gaming and Cannabis Authority of Manitoba and Manitoba Liquor and Lotteries Corporation suspended the sale of all products produced by Bonify in early 2019. It had since allowed the sale of those products to resume.
Morris declined to comment by press time.
temur.durrani@freepress.mb.ca
Twitter: @temurdur
