It’s time for you Daily Hit of cannabis financial news for December 9, 2019.
On The Site
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) named David Klein as the company’s Chief Executive Officer effective January 14, 2020. The company said that Klein has served in a number of senior leadership capacities over the past 14 years at Constellation Brands. His background includes extensive CPG and beverage alcohol industry experience, strong financial orientation, and experience operating in highly regulated markets in the U.S., Canada, Mexico and Europe. However, Klein has zero experience in the cannabis industry.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) has completed its first harvest from its expanded cultivation facility in Lincoln, IL. The state will begin sales of legal adult-use cannabis on January 1 and is projected to be a $2-4 billion dollar market once it has matured and is expected to be one of the largest cannabis markets in the country.
Cresco has an advantage in the marketplace as the only operator in the state with three cultivation facilities and currently has 25% of the share in the medical market. It has 35,000 square feet of cultivation space across the three facilities.
In Other News
Holistic Industries said it will make a $20 million investment in Madison Heights for its Michigan headquarters. The investment includes transforming the currently neglected property at 29600 Stephenson Highway, the vacant Fairlanes Bowling property, into a beautifully landscaped, environmentally friendly source of pride and an engine of economic development for the city and its residents.
Holistic Industries will soon break ground on the 65,000 square foot medical cannabis cultivation, processing and provisioning center. The facility will house Holistic’s flagship retail location, which will be a desirable destination for customers and patients from across the metro Detroit area and the state of Michigan.
Marijuana Company of America, Inc. (OTCQB: MCOA), an innovative hemp and cannabis corporation, today announced the resignation of Donald J. Steinberg as Chairman of the Board, Chief Executive Officer, and Treasurer. Going forward, Mr. Jesus Quintero will serve as the Principal Executive Officer and Chairman of the Board of Directors of the Company along with Board Members Robert Coale and Edward Manolos. Mr. Quintero was already the Chief Financial Officer of the Company.
The new focus and goal of the Company will be to enter strategic acquisitions with various operational cannabis and hemp companies that are distressed in order to expand the Company’s vertical model. Additionally, the Company intends to expand its hempSMART™ branded product lines and marketing channels as well as launch other CBD brands using a direct to consumer sales approach.
iCAN Israel-Cannabis and Tress Capital announced a strategic investment by Tress into iCAN.
Tress’s investment will align its mostly North American strategic cannabis investments with that of iCAN, an international cannabis incubator corporation based in Israel. The companies are working on joint strategic initiatives that create an unmatched global canvas of cannabis industry coverage and capabilities.