Cannabis Briefs for March 29, 2022March 29, 2022
•Southern Glazer’s will distribute B Great’s CBD Relax Shots and Focus Shots, as well as its Immune Support CBD Gummies in select locations across its footprint. B Great Relax Shots have 20mg of CBD and 5mg of melatonin in each 2-ounce acai berry-flavored shot. The Focus Shots are passion fruit-flavored and formulated with 15mg of CBD, while the company’s Immune Support CBD Gummies are infused with elderberry, zinc, and Vitamin C, are tangerine-flavored, and contain 10mg of CBD. The gummies are sold in 5-count and 30-count pouches.
•Aurora Cannabis has agreed to acquire TerraFarma Inc. for a total consideration of $38 million. TerraFarma is the parent company of Thrive Cannabis, which produces super-premium cannabis concentrates and dried flower, best known for its flagship brand Greybeard Cannabis Co. The transaction will be made of a combination of cash and Aurora shares, with two possible additional earnouts based on revenue targets for the two years following the transaction’s closing, expected in Aurora’s fiscal fourth quarter 2022.
•Toronto-based cannabis producer Cronos Group announced that CEO Kurt Schmidt is retiring, effective immediately. The company has appointed Mike Gorenstein to replace him. Gorenstein, who has been executive chairman of Cronos since September 2020, was previously president and CEO of the company for four years beginning in 2016. Gorenstein will be tasked with stabilizing Cronos’ finances following a 2021 performance in which the company lost nearly $400 million. He will focus on cutting costs and focusing investments on the highest returns, specifically those that can create incremental value as new markets open, while also developing and commercializing rare cannabinoids.
•Lawmakers in Denver, Colorado have given final approval to the city’s first cannabis lounge run by a social equity applicant. The Tetra Lounge now needs only to complete basic building inspections following the sign-off from the city’s Department of Excise and Licenses. Tetra Lounge’s approval comes after the city overhauled previous cannabis hospitality rules that limited smoking to outdoor areas and resulted in only one location opening, called The Coffee Joint. Two other social equity applicants are moving through the process toward opening consumption spaces of their own. No exact date has been given for Tetra’s opening.
•Former Diageo Canada president Jakob Ripshtein has been appointed executive chairman of YourWay Cannabis Brands, effective immediately. The Vancouver, British Columbia-based company markets three brands–Venom Extracts, Old Pal flower and pre-rolls, and Airo vapes–with sales and operations in Arizona and California. Ripshtein was previously elected as YourWay’s board chairman last year; he was also previously the president of Aphria before its merger with Tilray. In his newly created position as executive chairman, he will provide leadership in areas including governance, finance, M&A, and commercial strategy.
•Leading Canadian cannabis producer Tilray has launched Renew Moonlight CBN vape pens under its Solei brand. Designed for nighttime use as a sleep aid, the formulation is a ratio of 4:1 THC:CBN. The latter cannabinoid has grown in popularity and prominence over the past several years as it has been recognized for its usefulness in facilitating sleep. Featuring citrus and herbal aromas, Renew Moonlight is available now across Canada.
•Top U.S. edibles brand Wana has appointed Sandy Li as its CFO. Li has held a variety of finance positions, notably serving as vice president of finance, head of FP&A and treasury at Parallel, another cannabis company, for two years. At Wana Brands, she will oversee all financial operations including financial strategy, reporting to CEO Nancy Whiteman. Last October Wana Brands struck a deal to be acquired by Canopy Growth, pending federal legalization in the U.S.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.
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