Exclusive news and research on the wine, spirits and beer business

Cannabis Briefs for June 9, 2020

June 9, 2020

•Aurora Cannabis is dumping its investment in Canadian retailer Alcanna. The retailer has long operated wine and spirits stores in Canada and, since 2019, has opened 31 cannabis dispensaries, mostly in Alberta. Aurora originally paid C$138 million ($103m) for a 23% stake in August of 2018, but will only see gross proceeds of C$27.6 ($20.5m) from its sale. The move marks yet another effort by Aurora to reach profitability this year.

•Cresco Labs co-founder Joe Caltabiano has resigned from the board of directors of the Chicago-based company, effective immediately. Caltabiano resigned his position as president in March but had remained on the board. He said at the time that his vision for the cannabis industry could not be pursued at Cresco. His departure from the board marks a full exit from the company, which he co-founded in 2013. In addition to its cannabis production, Cresco also owns and operates the multi-state Sunnyside chain of dispensaries.

•Truss Beverage, the Toronto-based joint venture between Molson Coors and Hexo Cannabis, has partnered with Quicksilver Scientific on Truss’s new line of Verywell Drops. The drops are water soluble blends of THC and CBD meant to be added to beverages. The line currently contains three expressions: Exhale, which is CBD dominant; Tingle, which is equal parts CBD and THC; and Yawn, which is THC dominant. Quicksilver also recently hired David Durkee from Molson Coors Brewing Co. as vice president of new ventures.

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