Glacier FarmMedia COVID-19 & the Farm

Global Markets: Possible shortage of Canadian cannabis due to licensing concerns

By MarketsFarm

WINNIPEG, July 8 (MarketsFarm News) – The following is a glance at the news moving markets in Canada and globally.

– Canadian cannabis producer CannTrust Holdings Inc. has warned of a temporary product shortage, due to Health Canada cracking down on unlicensed growing rooms in its greenhouse facility in Pelham, Ont. Health Canada ruled the greenhouse was “non-compliant regarding the growing of cannabis in five unlicensed rooms,” and claimed the company provided inaccurate information to the federal agency. Health Canada has placed a hold on approximately 5,200 kilograms of dried cannabis that was produced in the unlicensed rooms. Additionally, CannTrust placed a voluntary hold on about 7,500 kilograms of dried cannabis.

– The United Kingdom has contacted the United States Government to apologize and express regret for the leaked confidential memos that described U.S. President Donald Trump’s administration as “dysfunctional” and “inept”. The confidential memos from Kim Darroch, ambassador to Washington, were published in a Sunday newspaper. “We don’t really believe this Administration is going to become substantially more normal; less dysfunctional; less unpredictable; less faction driven; less diplomatically clumsy and inept,” Darroch wrote in one memo. This strained relationship between the two countries comes as the United Kingdom is attempting to cozy up to allies whilst leaving the European Union. The current exit date is October 31.

– Turkey’s lira fell dramatically on Monday after President Recep Tayyip Erdogan fired the country’s central bank governor, allegedly over disagreements on interest rate cuts. Interest rates are expected to be cut in coming weeks as this move raises concerns over the independence of the bank and government. Independent economists have said Turkey should have higher interest rates, though the country’s president has pushed for cuts.


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