This week Senator Mitch McConnell asked the FDA issue guidance on the sale of hemp CBD products. The FDA had been suggesting it could take 3-5 years to set up its rules and regulations, but the industry is pushing for a faster turnaround.
Shopify said this week that it will open up for CBD sales and has some payment processors that will work with CBD merchants.
Cannabis software delivery company Eaze is fighting back against the scandalous things that DionyMed has said about the company/ Eaze filed suit last week claiming DionyMed had breached its contract and had engaged in dirty tricks to try to steal Eaze’s business through its own platform called Chill. DionyMed has poached Eaze employees and created a similar product, except that Chill only accepts cash. DionyMed had a rough week, because, in addition to the Eaze suit, its stock was halted for trading as the company announced it had to restructure its debt and lost ts COO. The stock reopened after two days of not trading and plunged over 30%.
Cresco Labs is buying Tryke companies known for its Reef Dispensaries in Las Vegas, Phoenix, and Utah for $282 million. The acquired company is expected to generate $70 million in revenue per year.
iAnthus is expanding its footprint in Nevada with an acquisition of Sierra Well for roughly $27.6 million. Sierra Well has two dispensary locations and six licenses. The company has annualized revenue of approximately $16 million and positive net income.
Superstar John Legend teamed up with PLUS Products for the company’s hemp-derived CBD launch. PLUS just released three new products called Balance, Sleep and Uplift that can be purchased online.
Supreme cannabis company reported net revenue of $19 million for the fourth quarter a 90% increase sequentially and a 443% increase over last year.
Flower One sold its cultivation and production facility to Treehouse real estate for $20 million and will engage in leaseback situation with the company.
CannTrust had its license suspended. It was a combination of a partial suspension for cultivation and a full suspension for standard processing, medical sales, and drugs & research. You’ll recall the company ran into trouble this summer over growing plants in rooms that had no official license.