Cannabis Briefs for August 22, 2023

•Tilray is acquiring Truss Beverage Co. from Molson Coors Canada for an undisclosed sum. Truss was launched as a joint venture between Molson Coors and Hexo in 2020; its brands include Veryvell, House of Terpenes, Little Victory, Mollo, and XMG, the latter having risen to account for 25% of the total cannabis beverage market in Canada. Tilray announced it would acquire Hexo earlier this year for $56 million. Now the Hexo beverage portfolio will follow, as Molson Coors distances itself from the industry, having unwound the U.S. CBD portion of the joint venture last December.

•Minneapolis, Minnesota-based Indeed Brewing Company is adding two new flavors to its Sparkling THC lineup. The brewery was one of the first companies in the state to launch cannabis drinks following legalization of THC food and drink prior to full legalization when it launched Two Good, a lavender lemon sparkling seltzer containing 2mg of THC and CBD. Now it’s adding to its High Fiver level (5mg of THC and CBD) with the new flavor Pistachio Cream Ale and launching Double High Fiver Pink Burst (10mg of THC and CBD). Indeed’s THC lineup is available at its Minneapolis taproom and at retail across the state.

•The latest update on the roadblocks to retail rollout in New York brings mixed news. The state and its regulatory agency were recently sued again, this time by a group of veterans objecting to their exclusion from preferential treatment in the retail licensing selection. Another injunction has been issued that freezes licensing until regulators open the application process to the general public in the fall, at which point the lawsuit will be contesting a moot point. In the meantime, regulators will be allowed to continue granting approval to prior licensees left in limbo while awaiting the final go-ahead to open their doors.

•A three-judge panel in Florida sided with cannabis review and e-commerce site Leafly in a recent lawsuit. Ruling on a case brought by Leafly against Florida’s Department of Health for banning third-party services, the judges found that regulators must establish a rulemaking process before having the ability to block operators from using services like Leafly. The ruling allows Leafly and its competitors to immediately resume business in the state, allowing consumers to view dispensary inventory and place orders through its website.

•Canopy Growth has found a buyer for its Hershey Drive facility in Ontario as it continues to transition to a simplified, asset-light operating model. Once its flagship of operations, the converted Hershey Chocolate factory will be sold back to Hershey Canada for approximately C$53 million ($39m) in cash. Canopy Growth will retain its nearby post-harvest manufacturing facility. Upon completion of the transaction, Canopy will have sold seven properties for a total of C$155 million since April 1, centralizing post-harvest manufacturing at its former beverage facility in Smiths Falls, Ontario and consolidating cultivation in two locations. In the most recent quarter, Canopy Growth’s net revenue was down 14% to C$87.5 million, and adjusted EBITDA showed a loss of C$95.6 million.

Tagged : cannabis

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