Cannabis Briefs for January 21, 2020January 21, 2020
•Canopy Growth has delayed the launch of its cannabis beverages, as the company says it needs more time to scale up its production before putting the products on the market. Canopy received the license for its beverage facility from Health Canada in late November and says it has made meaningful progress toward launching its cannabis drinks, but acknowledged that “the scaling process is not complete.” The company did not provide a new launch date. The delay comes as initial sales of ingestible cannabis products appear to be robust in the Canadian market. The Ontario Cannabis Store reported that it sold out of cannabis edibles within a few hours of listing them for sale online last week, with its offerings including chocolates, gummies, soft chews, and teas, among them brands from Canopy, Aurora, and Auxly.
•High Times, known for its namesake publication, is expanding into cannabis retail with two flagship stores to be located in Las Vegas and Los Angeles. The company said it hopes to announce more locations in the coming weeks. Concurrently, High Times has named Paul Henderson as president. Henderson was previously CEO of California-based retailer and cultivator Grupo Flor. His appointment follows that of new High Times CEO Stormy Simon, formerly president of Overstock.com, which was also announced in recent weeks.
•California cannabis brand Nug is launching a line of live resin vape cartridges. Live resin is a high-end cannabis concentrate made in part by flash-freezing the plant shortly after harvest to separate the THC from accompanying organic compounds. In addition to preserving more terpenes to yield a product with more aroma and character, live resin can fill a vape cartridge without the need for any additives. Initial selections include indica-dominant Purple Reign, sativa-dominant Ancient Gorilla #4, and Chernobyl ($50 a 1-gram cartridge). The live resin line is now available at select California retailers and at Nug’s flagship stores in Sacramento and San Leandro.
•Canadian producer Tilray has appointed a new COO and CFO. New COO Jon Levin joins from Revlon, where he most recently was general manager, U.S. mass markets. New CFO Michael Kruteck is a Molson Coors veteran who held a variety of titles there that included vice president of corporate development and vice president of international finance. Tilray’s outgoing CFO Mark Castaneda will stay with the company, taking on a strategic business development role.
•Rock legend Carlos Santana has partnered with Santa Rosa, California-based Left Coast Ventures to develop cannabis and CBD brands. Santana has long been a cannabis advocate, and these yet-unnamed brands will incorporate strains that promote the ideas of spiritual consciousness that he attributes to cannabis. Planned for a launch this summer, the line will include flower and pre-rolls initially. Left Coast has existing partnerships with other musicians including Mind Your Head from the Grateful Dead’s Mickey Hart and Marley Natural, made in collaboration with the Bob Marley estate.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.