City View Green Holdings Inc. Exits Retail Cannabis Through Ownership in Budd Hutt & Announces Director Resignation

City View Green Holdings Inc., a Canadian company specializing in the manufacturing of cannabis-infused edibles, has announced its exit from the retail cannabis sector through its subsidiary, Budd Hutt Inc. According to a recent press release published on MarketScreener, Budd Hutt has relinquished its last two licenses and ceased operations in the Province of Alberta. The company was under intense regulatory scrutiny due to various compliance issues, which ultimately led to this decision.

Budd Hutt, a subsidiary of City View Green Holdings, was granted its first retail cannabis license by the Alberta Gaming, Liquor, and Cannabis Commission (AGLC) in October 2019. The company operated a retail store under the name "Budd Hutt Cannabis" in the city of Calgary. However, in March 2020, AGLC suspended the license due to non-compliance with the regulatory requirements.

Subsequently, in May 2020, the company was granted a temporary license to operate under specific conditions, which included the appointment of a new manager and the implementation of a comprehensive compliance plan. Despite these efforts, the company continued to face regulatory challenges, leading to the decision to exit the retail cannabis space entirely.

City View Green Holdings has not disclosed any further details regarding the reasons behind the decision to exit the retail sector or its plans for the future. The company's primary focus remains on its core business of manufacturing and distributing cannabis-infused edibles under various brands, including City View Confections, Bhang Chocolates, and CannaCraft.

The exit from the retail cannabis sector comes at a time when the industry is experiencing significant consolidation and regulatory challenges, with many companies shifting their focus towards more profitable areas of the value chain, such as cultivation, processing, and branding.

In other news, City View Green Holdings also announced the resignation of a director, Mr. David Loblaw, effective April 16, 2024. The company did not provide any reasons for his departure and stated that it would appoint a new director in due course.

Overall, the exit from the retail cannabis space and the resignation of a director mark significant changes for City View Green Holdings as it continues to navigate the evolving landscape of the Canadian cannabis industry.