This is the Daily Hit recap of the day’s top business stories in the cannabis industry for March 22, 2022.
On The Site
SLANG Worldwide Inc. (CSE: SLNG) (OTCQB: SLGWF) issued a letter to its shareholders from its Interim CEO and Chairman of Slang, Drew McManigle outlining the company’s reduction in operating costs. Four months ago, Slang overhauled its C-suite tossing CEO Chris Driessen and appointing McManigle as interim CEO and Chairman. McManigle also succeeded Peter Miller as Chairman of the Board. McManigle is the Founder and Chief Executive Officer of MACCO Restructuring Group, LLC and he planned on tapping Macco’s resources for rapid strategic reviews and business plan implementation. Read more here.
The Westchester Business Journal reported that the planning board in the Town of Wawarsing in Ulster County has approved plans for Valley Agriceuticals LLC, whose parent company is Cresco Labs (OTC: CRLBF), to build 380,000-square-foot marijuana cultivation, manufacturing and distribution facility. The Business Journal said it was advised that passage of the approval resolution means that the developer can move forward with building the project. Once completed, the facility could end up employing over 300 people and Cresco has said it could be a $50 million investment for them. Read more here.
NeonMind Biosciences Inc. (CSE:NEON)(OTCQB:NMDBF) has filed a new patent application with the United States Patent and Trademark Office (USPTO) related to a novel mechanism of weight loss targeted to specific fat subtypes. The provisional patent application includes data derived from NeonMind’s recent preclinical animal study, incorporating novel findings which indicate, in addition to reiterating weight modulation effects of psilocybin seen in previous studies, that the targeted reduction of specific fat subtypes may have beneficial effects on metabolic and cardiovascular health. Read more here.
In Other News
Miss Grass, a female-founded and community-driven cannabis brand, announces that it has partnered with Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, to distribute its line of premium THC to Massachusetts and Illinois. The partnership comes on the heels of Miss Grass’ full-scale rebrand launched earlier this month. Through this partnership, Miss Grass products will be produced and initially distributed at Ascend retail locations beginning in Massachusetts today, March 22, with Illinois to follow this year. This partnership advances Miss Grass’ mission to educate, equip and empower consumers with the resources to consume consciously and live vibrantly by expanding access to their carefully curated, effects and terpene-driven Mini pre-rolls to a broader community across the United States. Read more here.
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) (dba Canndoc)and Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, today announced the execution of exclusive multi-year cultivation, marketing and distribution agreement. Over the term of the Agreement, InterCure will have access to Clever Leaves’ high-THC medical cannabis flower to serve several medical cannabis markets, including the Israeli market. As part of the partnership, Clever Leaves will cultivate InterCure’s high-quality strains to launch InterCure’s EU-GMP compliant branded products within the EU, UK and South American markets.
TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF) announced the company expanded its leadership team by hiring Lynn Ricci as VP Investor Relations and Corporate Communications. Ms. Ricci joined TILT in March 2022, bringing her deep investor relations and corporate communications expertise and cannabis industry knowledge to the team. Prior to joining TILT, Ms. Ricci was head of investor relations and communications and led ESG and DEI initiatives at Trulieve Cannabis Corp.