Adam JacksonJune 1, 2023
This isn't the first instance where a company has faced issues with a Marley-branded cannabis product.
Tilray Archives - Green Market Report
Adam JacksonJune 1, 2023
Debra BorchardtMay 4, 2023
Tilray Brands, Inc. (NASDAQ: TLRY) subsidiary SweetWater Brewing Company announced a new partnership with Mercedes-Benz Stadium and the opening of two new branded bars at Atlanta’s premier sports and entertainment venue, which is home to the NFL’s Atlanta Falcons and Atlanta United of Major League Soccer. With this new partnership, sports fans and concertgoers can now enjoy SweetWater beers throughout the stadium and at the new flagship SweetWater bars located on levels 100 and 300.
“This is another exciting new partnership as we continue our coast-to-coast expansion and serve our great beer to sports fans across the country,” said Ty Gilmore, President, of U.S. Beer, at Tilray Brands, SweetWater’s parent company. “SweetWater has deep roots in Atlanta, and serving our beer at the city’s premiere entertainment destination is one of the exciting new ways we’re engaging with the community. We’re thrilled for more of Atlanta’s football and soccer fans, as well as the community at large, to sip their favorite SweetWater beers while taking in the fun at Mercedes-Benz Stadium.”
Tilray CEO Irwin Simon has noted that diversification from cannabis has helped the company as the U.S. takes longer than expected to federally legalize cannabis. During the company’s latest earnings call, he noted that the company built a strong and profitable U.S. beverage alcohol business, including repositioning SweetWater into the #1 craft brewer in Georgia, the #2 craft brewer in the Southeast, and the 10th largest craft brewer in the U.S. At the time he said, “When federal cannabis legalization does occur, we will leverage these U.S. businesses into beverage alcohol and wellness, including their distribution and marketing networks to capture new expansive opportunities across the U.S. and throughout the creation of a broad set of cannabis-infused CPG brands.”
Local Brew
SweetWater’s partnership with Mercedes-Benz Stadium, which has hosted more than 260 events and 230 million guests since opening in 2017, creates an authentically local experience at the world-class venue. SweetWater was founded in Atlanta in 1997, and the brewery’s award-winning craft beer quickly developed a cult following and helped shape the vibrant craft-beer scene that exists in the city today
“We are excited to partner with our hometown brewing company, Sweetwater, “says Vice President, Partnerships, AMB Sports and Entertainment, Dana Harple. “We are purposeful in bringing local Atlanta businesses inside Mercedes-Benz Stadium, not only to support locally owned businesses, but to expose guests from all over to the best of what Atlanta has to offer, Sweetwater is a premier example of Atlanta’s finest, and we are proud to have them in the family.”
John SchroyerApril 10, 2023
Tilray is looking to beverages - cannabis and traditional - and Europe to grow its top line.
StaffMarch 6, 2023
The Daily Hit is a recap of the top financial news stories for March 6, 2023.
On the Site
Investor Sues Tilray for False Claims on Inventory, ABG Deal
It’s been a minute since Tilray (Nasdaq: TLRY) went public, but investor Michael Hudson is suing the company for what he claims are “ breaches of fiduciary duties, unjust enrichment, and waste of corporate assets, and violations of the Securities Exchange Act of 1934.” Read more here.
Conservative Politics Still Shutting Down New State Market Opportunities
Political wrangling over legalizing both medical and recreational marijuana in various U.S. states continues as it does every year, but thus far in 2023, at least five states have formally defeated various attempts at creating new cannabis markets. Read more here.
ICYMI: Oklahoma to Vote on Adult-Use Cannabis Tomorrow
The state already has one of the loosest MMJ industries in the nation, with low barriers to entry for entrepreneurs, a liberal allowance of cannabis for essentially any medical ailment, and thousands of businesses that have sprung into existence since the market launch in 2018. Read a summary of the measure here.
Missouri Cannabis Sales Top $100 Million in February, Localities Weigh Adding Taxes
Missouri surpassed the $100 million mark in marijuana sales for the month of February, its first month ever of selling both medical and recreational cannabis after adult use launched on Friday, Feb. 3. With such a strong start to the Missouri market, dozens of municipalities and county governments are now considering adding local taxes to recreational marijuana sales. Read more here.
Your Take: 3 Things to Know About New York’s Retail Cannabis Rollout from an Applicant
Scott Mazza is the co-founder and chief operating officer of Vitality CBD in Buffalo, New York.
New York’s recreational cannabis rollout is going from bad to worse. Last November, an out-of-state lawsuit stopped conditional adult-use retail licenses in five regions. Then, in January, a federal court upheld the injunction. All the while remaining retail applicants have been left in the dark amidst a thriving gray market. Read more here.
In Other News
Altria Group
Altria Group Inc. (NYSE: MO) entered into a definitive agreement to acquire NJOY Holdings Inc. for approximately $2.75 billion in cash payable at closing. The transaction terms include additional $500 million in cash payments that are contingent upon regulatory outcomes with respect to certain NJOY products. Read more here.
Bhang
Bhang Inc. (CSE: BHNG) (OTCQB: BHNGF) signed a letter of intent to acquire 1352135 B.C. Ltd. to obtain access to minor-cannabinoid, cannabis, THC, and psychedelic-related patents and intellectual property pivotal in building Bhang’s portfolio beyond chocolate and edible cannabis brands. Read more here.
New Leaf Ventures
New Leaf Ventures Inc. (CSE: NLV) (OTC: NLVVF) received approval from the Washington State Liquor Cannabis Board for the sale of the license holder’s cultivation license to the third-party asset management company. This solidifies NLV’s sale of cultivation-related assets, through its wholly owned subsidiary New Leaf Equipment Co., providing an infusion of capital into current operations. Read more here.
Debra BorchardtMarch 6, 2023
Tilray says the claims are without merit and similar to other cases already pending.
Debra BorchardtJanuary 9, 2023
Tilray warns of Canadian consolidation.
Adam JacksonNovember 7, 2022
Montauk Brewing brings additional scale to Tilray's coast-to-coast craft beer segment.
StaffNovember 2, 2022
The Daily Hit is a recap of cannabis business news for Nov. 2, 2022.
ON THE SITE
Green Thumb Beats on Record Revenue, Circle K Stores Remain in Question
Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) posted positive results that beat analysts’ expectations, with record revenue showing the demand for cannabis even as profits shrink industrywide. Green Thumb reported third-quarter revenue of $261.2 million, up 2.7% sequentially and up 11.8% from the prior-year period. This beat the Yahoo Finance average analyst estimate of $257.3 million. Read more here.
The Parent Company Sells Off Extraction Division
In yet another sign that the licensed California cannabis market is struggling, San Jose-based TPCO Holding Corp. (NEO: GRAM) (OTCQX: GRAMF) announced Wednesday that it had sold off its entire extraction division, a subsidiary called SISU Extraction LLC, for an undisclosed sum. Read more here.
Tilray Inks Distribution Deal with Charlotte’s Web Ahead of Health Canada Review
Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has inked a partnership with U.S.-based CBD giant Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) to sell hemp extract products in Canada. Under the agreement, Charlotte’s Web’s full-spectrum CBD products will be reach dispensary shelves through Tilray’s distribution network. Previously Charlotte’s Web products were only available in Canada to those that qualified for a special access medical exemption through Health Canada for specific need-states. Read more here.
Scotts Sales Drop 33% in Fourth Quarter, More Than Forecast
The Scotts Miracle-Gro Company (NYSE: SMG) announced in its financial results for the fourth quarter that ended Sept. 30, 2022, that sales fell by 33% to $493.6 million reflecting decreases in both major business segments. This missed the Yahoo Finance analyst estimates for sales of $519 million. Read more here.
Treez Acquires Payment Company Swifter
Cannabis cloud commerce platform company Treez is buying the payment solutions company Swifter. The value of the transaction was not disclosed. However, it does follow Treez Series C funding round of $51 million in April 2022. At the time the company said it would use the new funds to expand its footprint, pursue market expansion opportunities, and invest in partnerships that would connect each link in the supply chain. Read more here.
India Globalization Revenue Rises as it Shaves Losses
India Globalization Capital Inc. (NYSE American: IGC) posted rising revenues and cut losses as it reported its second fiscal quarter 2023 financial results. Revenue was roughly $202,000 for the second quarter, versus $56,000 during the same time last year. The company said that the rise in revenue is due mostly to growing sales of its CBD-based products and services, which increased 345% over last year. Read more here.
IN OTHER NEWS
Heritage Cannabis
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) has entered into an equity line of credit agreement with Obsidian Global Partners LLC whereby Obsidian proposes to purchase common shares in the capital of Heritage for the aggregate gross proceeds of up to $20 million by private placement, at Heritage’s discretion. Read more here.
Cansortium Inc.
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF), a vertically integrated cannabis company operating under the Fluent brand, has agreed with certain of its directors to issue an aggregate of 1,048,386 common shares to such directors in exchange for the cancelling $162,500 of owed director fees. Read more here.
Adam JacksonNovember 2, 2022
Tilray Brands Inc. (Nasdaq: TLRY) (TSX: TLRY) has inked a partnership with U.S.-based CBD giant Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) to sell hemp extract products in Canada.
Under the agreement, Charlotte’s Web’s full-spectrum CBD products will be reach dispensary shelves through Tilray’s distribution network. The company said that its products had previously only been available to those that qualified for a special access medical exemption through Health Canada for specific need-states.
“Partnering with Charlotte’s Web, the market leading CBD brand, opens new opportunities for Tilray Brands in Canada as we evolve our distribution channels from the dispensary model to natural wellness retail channels and eventually mass retail opportunities,” Tilray Canada president Blair MacNeil said.
Charlotte’s Web will sell the same core hemp extract products it has in the U.S., with Tilray handling licensing, manufacturing, quality, marketing, and distribution.
“This underscores our strategic expansion into international markets with leading domestic partners by leveraging well-established infrastructure, co-production, and route-to-market capabilities,” Charlotte’s Web CEO Jacques Tortoroli said in a news release.
The company expects Charlotte’s Web CBD products to be widely available in Canadian dispensaries by early next year.
Hemp-derived CBD falls under the same regulatory framework in Canada as cannabis, so Canadians for now can only purchase CBD products legally through a licensed cannabis retailer or through prescription by a doctor.
However, with Health Canada signaling a move toward simplifying CBD’s legal status, the company said that establishing Charlotte’s Web’s supply chain and distribution in the country also prepares for the possible introduction of natural health products regulations and potential ability to sell CBD products through traditional retailers.
Cory Pala, director of investment relations at Charlotte’s Web told Green Market Report in August that the company — which is based in the U.S. — is “particularly excited” about Health Canada’s inquiry to make CBD more accessible.
Charlotte’s Web cannot export its products to Canada under current law, “which is sort of ironic” considering it is federally legal in both countries, he said, so it has mapped out a plan to partner with cultivators in the country instead.
“In the U.S., we have 2,500 different competitors that have similar products,” Pala said. “But in Canada, we have maybe half a dozen, if that. And so it’s really, really compelling to us as a market opportunity. This is big for multiple reasons.”
Charlotte’s Web has been focused on expanding its presence in the U.S. and abroad. Last month, the company also became the “official CBD of Major League Baseball” after the two organizations struck a lucrative sponsorship deal.
StaffOctober 19, 2022The Daily Hit is a recap of cannabis business news for Oct. 19, 2022.
ON THE SITE
Circle K Owner Doubles Down on Cannabis Bet in Florida
Florida medical marijuana patients might soon have the option to buy their medicine from a gas station next year. Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) said on Wednesday that it struck a deal with Alimentation Couche-Tard Inc. to start selling cannabis via Circle K convenience stores. Read more here.
Tilray Bullish on Alcohol as Cannabis Profits Shrink
As the cannabis sector hangs by threads, one company is riding the ethanol tide in search of higher margins. Tilray Brands Inc. (Nasdaq: TLRY) said its Breckenridge Distillery will partner with Anheuser-Busch-owned Breckenridge Brewery on a barrel-aged beer and beer-aged whiskey under the banner Buddy Pass. Tilray executives said that they remained bullish on the alcohol sector, as the business segment generated $20.7 million, rising 34% versus the prior year quarter. Read more here.
Leafly Cuts 21% of Staff in Quest to Cut Costs
Leafly (Nasdaq: LFLY), an online cannabis information resource and marketplace, announced Tuesday that it would cut 21% of its workforce as part of new cost-saving measures. Overall, annual cash savings are expected to be $16 million beginning in 2023, primarily due to reduced headcount. Read more here.
Layoffs Mark Next Stage of Cannabis Industry Cutbacks
As of January 2022, cannabis supported 428,000 full-time jobs in America. That equates to more than 107,000 jobs added in 2021, according to the 2022 Jobs Report from Leafly. While that marks the fifth year of industry job growth above 27%, 2022 might break that trend, as cannabis companies have been shifting gears and tightening budgets to boost bottom lines – including cutting staff. Read more here.
Local Modiv Fights Back Against Jersey City Denial
A legal battle is heating up in Jersey City, New Jersey after the applicant Local Modiv was denied a cannabis license. Both Local Modiv and Jersey City filed briefs filed last week in Hudson County Superior Court according to Law 360. In its brief Local Modiv claimed that the CCB (Cannabis Control Board) abused its authority by reviewing Plaintiff’s application for “proof of local support” based on factors that it claimed were completely inapplicable. Read more here.
IN OTHER NEWS
Green Organic Dutchman/BZAM
The Green Organic Dutchman (OTC: TGODF) shares popped on the news that it bought privately owned Canadian-based BZAM Holdings (BZAM) in an all-stock deal. BZAM shareholders will end up holding roughly 49.5% of the combined company. The deal is expected to close on Nov. 8, 2022. Read more here.
NewAge Inc. (formerly known as New Age Beverages Corp.)
The Securities and Exchange Commission filed charges against Brent David Willis, the former chief executive officer of NewAge Inc. (formerly known as New Age Beverages Corp.), alleging that Willis engaged in a multiyear fraud by disseminating numerous false and misleading press releases and making false public statements concerning NewAge’s business dealings. Read more here.
AmeriCann Inc.
AmeriCann Inc., a cannabis company that develops state-of-the-art cultivation, product manufacturing, and distribution facilities, reported a significant increase in year-over-year revenue, climbing more than 44% for the fiscal year ending Sept. 30, 2022, compared with the prior year. Read more here.
Get the latest cannabis news delivered right to your inbox
Unpack the industry with the daily cannabis newsletter for business leaders.
