Cannabis Briefs for August 10, 2021August 10, 2021
•Southern Glazer’s has expanded its portfolio with hemp-infused beverage brand Mad Tasty. Created by Ryan Tedder, lead singer of the band OneRepublic, Mad Tasty includes a sparkling water line infused with 20mg of broad-spectrum hemp extract in four flavors: Watermelon Kiwi, Unicorn Tears, Grapefruit, and Yuzu Citrus. It also has a 50mg broad-spectrum hemp extract Wellness Boost line, available in two flavors: Citrus Elderberry and Mango Ginger. Via a partnership with Drop4Drop, for every can of Mad Tasty sold, the company donates the equivalent of 12 ounces of clean drinking water to communities in need by building wells.
•Canada’s Cronos Group has posted net revenue up 54% to $28.2 million for its fiscal second quarter ended in June, with adjusted EBITDA showing a loss of $86 million, weighed down by increased costs and “the impact of strategic price reductions on various adult-use cannabis products in Canada,” according to the company. Revenue growth was primarily driven by the adult-use Canadian cannabis market and increased sales in the Israeli medical cannabis market. Cronos is also on the move in the U.S., where it recently agreed to take an ownership stake of about 10.5% in Chicago-based PharmaCann for approximately $110.4 million in an all cash transaction. The deal is expected to position Organigram well in the emerging East Coast cannabis market, where PharmCann is present across six states.
•Canadian cannabis company Organigram has named Beena Goldenberg as CEO, effective September 9. Goldenberg was previously president and CEO of The Supreme Cannabis Company, and prior to that held the same role at Hain-Celestial Canada, ULC. She will be based in Toronto. Organigram’s recreational cannabis brands include The Edison Cannabis Company, Indi, Bag o’ Buds, Shred, and Trailblazer.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.