The Daily Hit is a recap of the top cannabis business stories for June 29, 2022.
ON THE SITE
CannaRegs Lawsuit Comes to a Quiet End
The cannabis tech firm CannaRegs announced that a lawsuit that was filed against it has been dismissed. CannaRegs is a technology platform that provides users enhanced access to all state and municipal cannabis rules and regulations. It was acquired by Fyllo in January 2020. Fyllo is another cannabis tech firm whose CannaBrain marketing technology ingests and interrogates billions of data points, allowing brands to safely build and execute advertising campaigns while also enabling publishers to create and monetize compliant ad inventory. At the time of the acquisition, Amanda Ostrowitz, CannaRegs’ founder and CEO, joined Fyllo as its Chief Strategy Officer reporting to CEO Chad Bronstein. Read more here.
Law Could Allow Cannabis Ads on Local TV, Radio
Broadcasters have been notorious for their refusal to air cannabis ads. Even in states where the product is legal, advertisers found themselves being turned down as the Federal Communication Commission (FCC) took the stance that a federally illegal product could not be advertised. Read more here.
Summer Trends See Sales Spike on Long Weekends, Holidays
If predicted trends prove to be true, this Thursday, June 30, may be the busiest cannabis retail sales day for summer 2022, as Americans in legal states get ready to celebrate the long 4th of July weekend. Cannabis consumers are likely to celebrate independence by indulging in their favorite flower and other products that enhance a day at the beach, backyard BBQ with friends, or summer vacation in some legal destination. Read more here.
IN OTHER NEWS
Red White & Bloom Brands Inc.
Red White & Bloom Brands Inc., (CSE: RWB) (OTCQX: RWBYF) provided this update on the status of a management cease trade order granted on May 3, 2022 by the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Order. On May 3, 2022, the Company announced that, for reasons disclosed in the news release, there would be a delay in the filing of its financial statements and accompanying management’s discussion and analysis for the fiscal year ended December 31, 2021, beyond the period prescribed under applicable Canadian securities laws. Read more here.
Tilray Brands, Inc.
Tilray Brands, Inc. (Nasdaq: TLRY; TSX: TLRY), a global cannabis-lifestyle and consumer packaged goods company, announced that its medical cannabis division, Tilray Medical, has expanded its medical cannabis offerings in the United Kingdom. Tilray Medical now offers the broadest portfolio of cannabis flower in the UK market today, including a differentiated range of high THC products, cultivated at its EU-GMP-certified facility in Portugal. Read more here.
Decibel Cannabis Company Inc.
Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF), a cannabis producer, announced that is has received its certification to export its cannabis products internationally. “This is a very important milestone for the outlook of the Company as this certification unlocks untapped markets for Decibel. The opportunity allows the Company to provide its high-quality craft cannabis products internationally, while also setting the stage for the Decibel brands to develop international recognition and additional consumer exposure,” said Paul Wilson, Chief Executive Officer. Read more here.
Sugarbud Craft Growers Corp.
Sugarbud Craft Growers Corp. (TSXV: SUGR, SUGR.WT, SUGR.WS, SUGR.WR, SUGR.DB) (OTCQB: SBUDF) announces that it has entered into shares for services agreements with certain arm’s length service providers, pursuant to which Sugarbud will issue a total of 665,020 Shares at a deemed price of $0.35 per Share in satisfaction of amounts owing to such persons in the aggregate amount of $232,757. The Shares to be issued in connection with the Transaction will represent approximately 10.2% of the issued and outstanding shares of Sugarbud on a post-transaction basis. Read more here.
CEA Industries Inc., Merida Capital Holdings
CEA Industries Inc. (NASDAQ: CEAD, CEADW), a controlled environment agriculture (CEA) systems engineering and technologies company, announced it has entered into an agreement with Merida Capital Holdings in which Merida agrees to use the company as its sole provider of certain products and services for Merida’s indoor cultivation facilities. Read more here.
Allied Corp. (OTCQB: ALID) announced that it has completed the first shipment of commercial dried cannabis from Colombia to an international market. On April 01, 2022, Colombia enacted the new legislation allowing for the legal export of dried cannabis produced in Colombia. In April 2022, Allied submitted several applications for export approvals. After many levels of regulatory inspections, analyses, discussions and questions, Allied’s first export approval came in June 2022. Read more here.