News Hit:

Aleafia Health’s product gets high-jacked

Apparently, there is a black market for legal weed. On Friday (Dec. 20), Aleafia Health sent out a press release announcing a truck carting its cannabis products had been stolen.

The irony of the whole heist is the product was stolen out from under the noses of a former Ontario Provincial Police commissioner (Julian Fantino) and former RCMP deputy commissioner (Raf Souccar)—both heads of Aleafia’s board of directors.

The news comes shortly after an early December announcement of a supply deal with an unnamed a Canadian licensed producer (LP) estimated to generate $7.1 million in revenue. Under the terms of the Agreement, Aleafia will sell 2,840 kilograms of dried cannabis flower at a price per gram of $2.50.

In the release, the Canadian LP stated its “third party product shipping partner”, also unnamed, was en route to provincial distributors when the vehicle was apprehended by thieves.

As per protocol, the incident has been reported to Health Canada, the respective authorities, and Aleafia’s insurance holders.

The release also states the value of the stolen goods are “not material”.

In 2018, Aleafia was named the 2019 Toronto Stock Exchange Venture 50 top performing company of the year with share price growth of 107 per cent, and individual shares hitting a high of $4.70. The list covers five industry sectors with 10 companies in each and it was the first time that a cannabis company has taken the top spot. In 2019, however, shares of Aleafia last traded at $0.56 on the TSX.

This article is available under a Canadian Creative Commons licence.