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Cannabis Briefs for December 31, 2019

December 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.

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