It’s time for your Daily Hit of cannabis financial news for June 17th, 2020.
On the Site
Napa Valley’s Only Portfolio of Infused Beverages Debuts Saka WHITE
Today, the producers of Saka PINK, the world’s first alcohol-free, Napa Valley cannabis-infused beverage made from a single-vineyard, announced today the much-anticipated expansion of their portfolio of luxury Vinfusions™. Saka WHITE, the world’s first vinfusion made from exclusively Napa Valley-grown Chardonnay will launch on June 9, 2020 on Ganjarunner.com and Budee.org.
High Tide Delivers Solid Quarter
High Tide Inc. (OTCQB: HITIF) reported its financial and operating results for the second quarter of fiscal 2020 ending April 30, 2020 with revenue increasing by 197%, to $19.57 million from $6.60 million for the same quarter last year. The company delivered a net loss of $5 million for the quarter versus a net loss of $3.3 million for the same time period in 2019. The company reported a loss per share of $0.02, which was flat from last year’s second quarter.
Self-care Giant Perrigo Enters the CBD Business
Perrigo Company plc (NYSE: PRGO), a global provider of affordable over-the-counter health products is entering the cannabidiol (CBD) market through a strategic investment in and long-term supply agreement with Colorado-based Kazmira LLC. Perrigo reported $1.3 billion in sales in the company’s last quarter.
New Data Sparks Hope in Using Medical Cannabis for Autism
Zelira Therapeutics Ltd (OTCMKTS: ZLDAF) could be changing the way we approach autism. Newly released data shows that the majority of the surveyed group reported significant improvement when they used THC:CBD tincture to ease their child’s most frustrating symptoms.
In Other News
Black Tie CBD Sues High Times Over Canceled Hemp Cup
Black Tie CBD is the primary sponsor of the Hemp Cup, and they have filed a lawsuit against High Times and its parent company for making misleading statements in their press release stating refunds would be given in response to the canceled Hemp Cup. Sponsors and attendees were advised to contact their sales representative to receive a refund, but when they contacted them they were told no refunds would be given. Black Tie is suing to receive not only the fees paid for the event, but additional costs and damages.
MedMen Co-Founder Steps Down as a Member of Board of Directors / Company Announces Resolution of MMMG-MC Litigation
Adam Bierman, co-founder of MedMen, has stepped down as a member of the company’s board of directors. Andrew Modlin, the other co-founder, has also stepped down as an observer to the company’s board of directors.
In addition, MedMen announced that a settlement has been reached to resolve the litigation between MedMen and an early investment group claiming that senior execs profited unfairly off of shareholders.
BevCanna Signs Agreement to Acquire Exceler Holdings
“On closing, the ability to sell through Exceler’s extensive distribution network is intended to quickly accelerate our expansion into the EU market,” said John Campbell, Chief Strategy Officer at BevCanna. “We anticipate that the BevCanna lines of CBD beverages will soon be available to consumers across the continent.”