It’s time for your Daily Hit of cannabis financial news for August 19th, 2020.
On the Site
Cannabis E-Commerce Company Dutchie Raises $35 Million in Series B Round
E-commerce cannabis company, Dutchie, just completed a $35 million Series B funding round, bringing its total funding to $53 million to date.
Since it is still a private company, it has managed to fly below the radar but insiders were already jumping on board. Dutchie’s investors include: Snoop Dogg’s Casa Verde Capital, Kevin Durant’s Thirty Five Ventures, Thrive Capital, Gron Ventures, and Howard Schultz, Founder and Chairman Emeritus of Starbucks Coffee Company.
A Quick Comparison of Cannabis Tax Revenue by State
This article features an infographic explaining different tax revenues accumulated by various states that have legalized recreational marijuana.
California, for example, charges a 15% excise tax to cannabis distributors that is marked up by 80% to match the average market value, while Washington charges a 37% excise tax on all sales of marijuana products. The infographic also shows Colorado to have a lifetime marijuana tax revenue of $1.21 billion, with Oregon, Nevada, Alaska and Massachusetts having $275.2 million, $167.1 million, $39 million, and $6.7 million, respectively.
7 Marijuana Growing Tips Every Grower Needs to Know
This article goes into depth to explain the importance of growing quality cannabis and some tips to encourage that. The seven tips recommend strong genetics to start, always grow inside, have proper lighting, have strict bedtimes, take it phase-by-phase, be careful with what you feed your plants, and use high quality water.
In Other News
Mota Ventures Rebrands
Mota Ventures is a natural health e-commerce company that focuses on CBD and psychedelic medicine. They are rebranding and changing their name to Thoughtful Brands, Inc. The Vancouver-based company recently acquired direct-to-consumer brands Golden Path and Wild Mariposa and expanded into Europe.
The move reflects the company’s goals and recent milestones. The brand’s hemp e-commerce line, Nature’s Exclusive, generated more than $28 million in sales in 2019. “As our company embarks on a new chapter, the rebranding and new name represent our long-term commitment to success, as well as our multi-faceted expansion and evolution strategies moving forward,” said Thoughtful Brands, Inc. CEO Ryan Dean Hoggan. “The change also reflects our commitment to becoming a global leader in the natural products industry. We are already making pivotal progress in the space through our work in psychedelics research, as well as by making quality hemp-derived CBD products more accessible worldwide through our eCommerce technology platform—and yet we are just starting to scratch the surface.”
TILT Holdings Welcomes Dia Simms to their Board of Directors
The cannabis business solutions company announced Dia Simms as a member of their Board of Directors. Simms will replace Gary Smith, who is resigning from the board effective this month. Simms spent more than a decade serving as President of Combs Enterprises, the company founded by Sean Combs. Her role fueled the growth of CIROC to a retail value of more than $2 billion.
“Dia is a fantastic addition to our board at a time when TILT is moving into a new phase of growth,” said Mark Scatterday, CEO of TILT Holdings. “Her experience developing and reinvigorating global brands across cannabis, spirits and retail sectors brings a diverse and dynamic perspective to our management team as we seek to scale our products and services and drive shareholder value.”
Simms added, “It’s an honor to join this distinguished board at a leading publicly traded global cannabis company like TILT. I look forward to working with TILT’s board and management team to create value for TILT’s customers and shareholders while amplifying the Company’s impact on our industry.”