Cannabis Briefs for May 31, 2022

•Cannabis retailers in New Jersey sold $24 million worth of recreational products in the state’s first month of sales. Since the first 13 stores opened their doors April 21 they’ve averaged about $5 million a week and conducted 212,000 transactions. The state also approved licenses for 21 new cultivators and 13 manufacturers in recent days, which should eventually increase cannabis supply for consumers in the state.

•Edmonton, Alberta-based Aurora Cannabis announced a new round of financing totaling $150 million. The bought deal financing scheme will see a syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets buy 61.2 million units of the company at $2.45 a unit. Each unit is made up of one common company share and one common share purchase warrant, exercisable for 36 months after closing. Aurora also closed its flagship cultivation facility in Edmonton in recent days, along with an outdoor farm in British Columbia.

•Wakefield, Massachusetts-based Curaleaf is entering the beverage category with a new line of seltzers. The drinks are called Endless Coast Cannabis-Infused Seltzers and launched over the long weekend in Massachusetts. The brand comes in four flavors: Lemon Ginger (2.5mg of THC), Orange Mango Jalapeno (5mg THC), Lime (5mg THC), and Grapefruit & Botanicals (2.5mg of THC and CBD each). Thanks to modern infusion techniques, consumers can expect to feel the onset of effects in 15-30 minutes. Endless Coast is available now at dispensaries across Massachusetts including Curaleaf’s four locations in the state.

•Phoenix, Arizona-based Item 9 Labs struck a deal to buy Sessions Cannabis, a Canadian cannabis retail franchise business for $12.8 million. Sessions has 43 stores throughout Ontario whose sales total more than C$70 million. Item 9 Labs is a vertically integrated operator and has made several acquisitions to expand into Colorado.

•Tilray has launched its new CBD brand Pollen on Amazon UK. Intended for a place in wellness routines, the product line consists of CBD gummies and drink drops in three varieties: Powerbank for energy, No Pressure for stress relief, and Soothe You for balance. The three each sport different flavor profiles as well, with Powerbank offering a mix of citrus flavors, No Pressure featuring grapefruit and blackcurrant, and Soothe You with chamomile and cherry. Pollen CBD gummies come in a pack containing 300mg of CBD total. The brand is available now on Amazon UK, with retail release planned.

Tagged : Aurora, cannabis, Curaleaf, Endless Coast, Item 9 Labs, New Jersey retail, Pollen, Sessions Cannabis, Tilray

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