Cannabis Briefs for March 1, 2022March 1, 2022
•Las Vegas, Nevada-based cannabis retailer The Source+ announced it will begin carrying Travis Barker’s CBD product line, Barker Wellness. Barker, a member of the band Blink-182, launched the brand in February of last year. The four Source+ locations in Nevada are now offering Barker Wellness CBD Recovery Tincture, CBD Pain Relief Cream, and CBD Recovery Snap Packet Tincture, with additional products from the brand available at The Source+ in Henderson, Nevada. In addition to outside product lines like Barker Wellness, The Source+ produces the proprietary brands Camp, 8 Fold, and Onederful.
•Toronto, Ontario-based distributor of cannabis and cannabis accessories Humble & Fume announced financial results for the quarter ended December 31, in which consolidated net revenue totaled $16.9 million. That figure was basically flat compared to a year ago, which the company attributed to ongoing efforts to improve gross profit through higher margin products and expansion of the company’s sales agency business. During the quarter Humble & Fume brought on Jakob Ripshtein, previously of Aphria and Diageo, as chairman. It also signed a deal to distribute top-performing U.S. edibles brand Wyld in Canada.
•Toronto-based Flora Growth acquired 100% of Just Brands and High Roller Private Label, the joint owners of the JustCBD brand and its associated operations. Flora Growth will pay $16 million in cash and $17 million worth of shares for JustCBD’s product line as well as a manufacturing facility and distribution center in Fort Lauderdale, Florida. Flora Growth expects JustCBD’s distribution network to boost its other brands, which include Vessel, Tonino Lamborghini, and Mind Naturals, and expects its database of 300,000 customers to increase its own customer base to 500,000.
•Gatineau, Quebec-based Hexo parted ways with four members of its board following pressure from Adam Arviv and his fund Kaos Capital. Chairman of the board John Bell and co-founder Adam Miron are leaving the company, along with Emilio Imbriglio and Vincent Quan. The company’s new board is composed of seven independent directors, chaired by Mark Attanasio, cofounder of Crescent Capital Group and principal owner of the Milwaukee Brewers. Hexo saw revenues climb 53% to C$123.5 million ($100m) in its fiscal year through July. The cannabis group is partnered with Molson Coors on the Truss joint venture dedicated to beverages.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.
Tagged : cannabis, Flora Growth, Hexo, High Roller Private, Humble + Fume, Just Brands, the Source
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