The Daily Hit is a recap of cannabis business news for August 25, 2022.
ON THE SITE
Aurora Buys $45 Million Majority Stake in Bevo Farms
Bevo will take over the shuttered Aurora Sky facility as part of the completed deal. Aurora Cannabis (Nasdaq: ACB, TSX: ACB) acquired a majority stake in grow giant Bevo Farms in a bid to consolidate and offload one of its largest greenhouses. Read more here.
New York Opens Adult-Use Retail Application
OCM said that it would distribute up to 150 conditional adult-use retail dispensary permits. New York’s Office of Cannabis Management is now accepting applications for those directly affected by the war on drugs in a first-round distribution of state adult-use retail licenses. Read more here.
SLANG Forms M&A Division as Revenues Rise
SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) revenues rose in the second quarter as the company looks toward snapping up new opportunities through a new M&A commission. The cannabis consumer packaged goods company released financial results for the second quarter ending June 30, 2022. Read more here.
Feds Agree to Create Task Force to Help Psychedelics Development
The task force would address issues associated with the approval and rollout of medical psychedelics to treat mental health disorders. Earlier this month, the U.S. government took a significant step toward legitimizing psychedelics as a therapeutic treatment by announcing the formation of an interagency task force around the issue. Read more here.
IN OTHER NEWS
POSaBIT Systems Corporation
POSaBIT Systems Corporation (CSE: PBIT, OTC: POSAF), the leading provider of payments infrastructure in the cannabis industry, today announced its financial results for the three months ended June 30, 2022. Read more here. Read more here.
Blueberries Medical Corp.
Blueberries Medical Corp. (CSE: BBM) (OTC: BBRRF) (FRA: 1OA), the Canadian parent of Blueberries S.A.S., a Latin American licensed cultivator and producer of medicinal cannabis and medicinal-grade cannabis extracts, reported its financial results for the quarter ended on June 30, 2022. Read more here.
Cannabis Global, Inc.
Cannabis Global, Inc. (OTC: CBGL), a licensed Los Angeles-based manufacturer and distributor in the cannabis sector, today made comments on expected corporate growth and unique products launching into the California Cannabis marketplace. For the fiscal year ending on August 31, 2022, the company expects to report strong growth, driven by new product introductions and multiple new distribution partnerships. Read more here.
Far & Dotter
Far & Dotter, the inclusive cannabis dispensary franchise model from Curio Wellness, has announced its intentions to support entrepreneurs applying to enter New York’s complex cannabis industry. Read more here.
Abaca, Pacific Valley Bank
Abaca, a financial platform for cannabis operators, and Pacific Valley Bank (OTC Pink: PVBK), are partnering to expand access to cannabis banking in the California market. Read more here.
Cannabix Technologies Inc.
Cannabix Technologies Inc. (CSE: BLO) (OTC PINK: BLOZF), developer of marijuana breathalyzer devices for law enforcement and the workplace, reports it continues to successfully test a supplemental version of its FAIMS technology for detection of ∆9-tetrahydrocannabinol (THC) and related analytes in human breath in new comprehensive multi-analysis study of subjects under the influence of marijuana in the southern United States. Read more here.
Ascend, Teamsters Local 25
Workers at Ascend in Boston voted overwhelming this week to join Teamsters Local 25, becoming the first cannabis dispensary in New England to organize with the union. Read more here.
Optimi Health Corp.
Optimi Health Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based company licensed by Health Canada to produce natural, scalable, and accessible psychedelic and functional mushrooms, announced that it has finalized three new Canadian retail and e-commerce distribution agreements for its Optimi Life nutraceutical mushroom products. Read more here.