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Cannabis Briefs for December 22, 2020

December 29, 2020

•Canopy Growth is parting ways with its own investment arm. The company has signed a deal to sever its attachment to Canopy Rivers, which it established in 2017 as a venture capital firm for cannabis investments. Under the terms of the arrangement, Canopy Growth will pay Canopy Rivers C$115 million ($89.5m) in cash along with 3.75 million common shares of stock in exchange for an increased stake in fellow cannabis group TerrAscend (from 13% to 21%) and greenhouse joint venture Vert Mirabel (from 41% to 67%). As part of the transaction, Canopy Growth will fully retire its ownership interest in Canopy Rivers.

•New York-based Acreage Holdings has appointed Peter Caldini as its new CEO, effective yesterday. Caldini joins from Bespoke Capital Acquisition Corp., where he was CEO and raised funds to invest in cannabis companies. He has extensive experience in the pharmaceutical sector, having worked at Pfizer where he was president of North America consumer healthcare. Prior to his time with Pfizer he held similar senior leadership roles at Bayer Consumer Health and Wyeth Pharmaceuticals.

•Aurora Cannabis laid off approximately 200 employees and cut production at its main greenhouse in Edmonton, Alberta. The facility is now operating at around 25% of its 100,000-kg annual capacity. The move follows the full, indefinite shutdown of another of its greenhouses late last month. Aurora’s brand portfolio includes its namesake label as well as Aurora Drift, San Rafael ’71, Daily Special, AltaVie, MedReleaf, CanniMed, Whistler, and Reliva CBD.

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