Cannabis Briefs for December 31, 2019December 31, 2019
•Canopy Growth has launched First & Free, a new line of hemp-derived CBD products, in the U.S. The First & Free portfolio includes softgels, oil drops, and creams, and will be sold only where legal under state law. The brand’s softgels retail at $15 a 10-pack of 25-milligram gels on its e-commerce website, while oil drops are at $40 per 30-ml. (25 grams of CBD per ml.), and creams will be released shortly.
•Canada’s Hexo Corp posted net revenue down 5.8% to C$14.5 million ($11.1m) in the three months through October compared with the previous quarter, even as volume increased slightly to 4,196 kilogram equivalents. Hexo’s loss from operations registered C$58.5 million ($45m), compared with C$60.7 million ($46m) in the prior three-month period. While Hexo said its shipped revenue per gram slipped 15% to C$4.82 ($3.69) during the quarter due to overall price compression, it noted that its premium Up label—selling at C$7.03 ($5.38) a gram—partially offset the decline. Meanwhile, the company has launched a value-end Original Stash brand aimed at countering the black market. Hexo is also targeting the cannabis beverage category through its Truss joint venture with Molson Coors.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.