Last week it was 4th of July, this week the industry celebrated Dab Day on July 7. Oil spelled looks like 710, see what they did there. Sales data shows that customers are happy to keep the party going.
CannTrust sent shockwaves through the industry after admitting the company grew plants in rooms that hadn’t received licenses. The licenses were pending and the company did eventually get the rooms approved, but the plants grown in those rooms were seized. Employees also lied to Health Canada officials. The company has since hired a compliance officer, but the stock took a beating on the news.
Rapper and husband to Beyonce, Jay-Z (Shawn Carter) signed a deal with California cannabis company Caliva. Jay-Z joins other rappers that have partnered up with cannabis companies. Carter announced online today that he will enter into a multi-year partnership with Caliva as Chief Brand Strategist. The statement said that he will play a crucial role in driving creative direction, outreach efforts, and strategy for the brand.
Green Growth Brands is buying Moxie Holdings in an all-stock deal valued at $280 million. Moxie is a California cannabis brand. Green Growth also announced that it is selling its CBD products in American Eagle stores.
Gotham Green ponied up another $30 million for MedMen bringing the company’s total commitment to the retailer to $280 million. So far $100 million of that has been funded.
KushCo announced quarterly net revenue of $41 million, but a net loss of $10.6 million. The company said it would focus on its big customers and customer financing opportunities in its future strategy. KushCo also filed to list at the NASDAQ citing Greenlane and Akerna’s successful bids to list at the exchange as a reason why they believe they will be successful.
In other earnings news, Radient Technologies reported an $18 million loss for its fiscal 2019 year. The company only made a little over $200,000 for the year.
Also this week, Bhang, known for its award-winning infused chocolates began trading on the CSE using the symbol BHNG.