Cannabis Briefs for April 21, 2020
April 21, 2020•Canopy Growth is continuing its cost-cutting efforts, exiting cultivation arrangements in Africa, Canada, Colombia, and the U.S. In Canada, Canopy will close its indoor cultivation facility in Yorkton, Saskatchewan, which it acquired three years ago for C$31 million ($22m at current rates). Canopy’s one-year-old venture into South Africa and Lesotho is also over; the company plans to transfer ownership of its operations there to a local company in the coming weeks. Approximately 40 people are being laid off as it ceases cultivation in Colombia as well at a facility acquired in 2018. In the U.S., Canopy is cutting production at its hemp farm in upstate New York, citing oversupply. In all, around 85 staff have been laid off.
•Los Angeles-based Rebel Coast is launching a number of new offerings in its line of cannabis drinks. Expanding from its original offerings of Sauvignon Blanc and Rose in 750-ml. bottles, Rebel Coast’s lineup is now available in 12-ounce cans and includes a line of sparkling seltzers in black cherry, lemon lime, and mixed berry flavors (all 10 mg of THC a can). Rebel Coast’s new seltzers will be available in California dispensaries starting in mid-May for a suggested price of $8 a can.
•Boulder, Colorado-based Wana Brands has partnered with I Heart Jane to facilitate online ordering. The partnership will allow the edibles powerhouse to showcase partner retailers directly on its website, expediting the sales process and allowing customers to order through Wana’s website and pick up their purchase at their local retailer. The partnership is initially launching in Colorado but will roll out to their other markets in the future. I Heart Jane’s retail platform powers more than 1,300 dispensaries and brands in 29 states.
•CBD brand Beam has added pro golfer Billy Horschel and race car driver Danica Patrick to its investors. Founded in 2018 by NHL veteran Matt Lombardi and MLB veteran Kevin Moran, Beam’s product range includes CBD oil “The One” ($60-$120), a CBD salve infused with organic lavender and eucalyptus called “The Fixer” ($60), nano-CBD powder blends for day and night called “Clarity & Dream” ($50-$95), a nano-CBD hydrogel called “Boost” ($70), and nano-CBD daily capsules called “Revive” ($70).
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