Cannabis Briefs for June 22, 2021
June 22, 2021•Trait BioSciences, the cannabinoid technology company helmed by former Diageo executive Peter McDonough, has completed a C$31 million ($25m) financing round led by Btomorrow Ventures (BTV), the corporate venture unit of British American Tobacco (BAT), and supported by Gotham Green Partners (GGP) and additional investors from Trait’s earlier fundraising rounds. The new funding is expected to accelerate the research and development necessary to commercialize Trait’s proprietary 2XGLY Water Soluble Cannabinoid technology, which McDonough says “will be a catalyst for developing safer and higher quality CBD infused beverages and other consumer products.”
•Denver, Colorado-based Charlotte’s Web has appointed former Canopy Growth executive Tim Saunders to its board of directors. Saunders was Canopy Growth’s CFO for four years before leaving in May 2019. More recently, he was CFO for Collective Growth Corp., a SPAC that ultimately merged with Innoviz Technologies, a company outside the cannabis sector. Charlotte’s Web is a leader in CBD products, with placement in more than 14,000 retail locations.
•The province of British Columbia has given all recreational cannabis retailers to the go-ahead to begin delivery services, beginning next month. The Ministry of Public Safety will allow the change beginning July 15. While customers will have to provide their name and signature to the delivery driver, they do not need to be a resident at the delivery address.
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