Cannabis Briefs for March 21, 2023

•New bills have been filed in Congress that would regulate CBD and bring clarity around its use as a food and beverage additive. Introduced by the bipartisan duo of Republican Morgan Griffith of Virginia and Democrat Angie Craig of Minnesota, the two bills are titled the Hemp and Hemp-Derived CBD Consumer Protection and Market Stabilization Act and the CBD Product Safety and Standardization Act. Earlier versions of the two sat on the docket in the previous Congress but advocates are hopeful that the legislature may be spurred to act by the FDA’s recent decision that it was lawmakers’ job, not theirs, to devise a regulatory framework for hemp and CBD. The first of the two bills would legalize hemp-derived CBD as a dietary supplement, while the second mandates the development of safety standards like dosage maximums.

•Calgary, Alberta-based High Tide reported results for its fiscal quarter ended January 31, in which revenue increased 9% sequentially to C$118.1 million ($86m) and adjusted EBITDA rose to C$5.5 million ($4m), up 10% sequentially. The retail-focused company now commands 9% of Canadian cannabis retail market share, having grown that figure consistently for more than a year. Same-store sales grew 4% sequentially while new locations put High Tide at 151 retail outlets. The company says it has also found success with Elite, a customer loyalty program that now numbers close to 10,000 paying members.

•Venice Beach, California-based Day One Beverages is launching a packaging redesign of its CBD Sparkling Waters line. Day One’s CBD seltzer water, which comes in flavors including grapefruit, lemon, and lime, is now available in slim can format. The new cans also include a colored ring around the top designating each flavor. Each can contains 20mg of CBD, with no added sugar and zero calories. Day One slim cans are available for $3 each or $36 a 12-pack on the company’s website and in select retail locations nationwide.

•Oakland, California-based edibles maker Kiva Confections is expanding into Missouri’s recreational market. Kiva is partnering with Ann Arbor, Michigan-based multi-state operator C3 Industries to bring the brand to Missouri via an exclusive licensing agreement. Kiva’s Camino and vegan Camino Sours Gummies in flavors including Midnight Blueberry 5:1 CBN, Watermelon Lemonade, Citrus Punch, Wild Berry, and Watermelon Spritz will roll out at select retailers across the state beginning this month, with their microdosed Petra Mints arriving throughout the remainder of the year. Missouri is the twelfth state for Kiva, with others including California, Illinois, and Michigan.

Tagged : cannabis, Day One Beverages, High Tide, Kiva Confections

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