Cannabis Briefs for November 12, 2019November 12, 2019
•Former Canopy Growth CEO Bruce Linton has been named executive chairman of Vireo Health. He will join the Minneapolis, Minnesota-based company’s board of directors and work with Vireo CEO and founder Kyle Kingsley to spearhead strategy, capital markets activity, and future partnerships. Vireo holds licenses in 11 markets that include Massachusetts, New York, and Arizona, among others. “I have taken this role because I share the company’s ambitious vision for the future of cannabis,” Linton said in a statement. “We are confident Vireo can become a top U.S. producer and distributor of high-margin, proprietary products within the next several years.”
•California has suspended just over 400 cannabis business licenses over the licensees’ failure to complete training related to the state’s cannabis tracking program. The state uses software to follow cannabis through the supply chain in an effort to prevent diversion to the black market—with more than 2,000 licensees using the system—but the affected companies had not completed an online training program and begun logging data. The suspended licenses include 63 retailers, 61 delivery services, 185 distributors, and a number of others. Their licenses will be reinstated upon completion of the training and participation in the system. For perspective, California has just fewer than 7,400 cannabis businesses total.
•Canopy Growth has partnered with the rapper Drake to launch a new cannabis brand called More Life. Based in Drake’s hometown of Toronto, More Life’s marketing will be centered around wellness, discovery, and overall personal growth, according to the company. Drake, whose real name is Aubrey Graham, holds a 60% ownership stake in Canopy’s More Life subsidiary, with Canopy retaining the other 40%.
•Colorado-based cannabis confectioner Azuca is launching CBD sugar sticks. Each sugar packet contains 25 mg. of CBD. A set of 6 packets (150 mg.) is available on the company’s website for $40, as well as in sets of 12 and 60 packets. While the sugar sticks are useful for easy infusion into coffee or the like, Azuca sugar can also be purchased in bulk, with a quarter-pound (1,135 mg.) going for $160 and a full pound (5,436 mg.) for $600.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.