It’s time for your Daily Hit of cannabis financial news for May 6th, 2020.
On the Site
High Times Hires Another CEO
CEO Stormy Simon is out at Hightimes Holding Corp. after just four months. Former Green Growth Brands (OTC: GGBXF) Peter Horvath is in. This is the third CEO for the iconic publisher High Times in just 13 months as the company pivots away from events and news and instead heads towards the dispensary side of the industry.
The High Times press release notes that Horvath previously held leadership roles for companies such as L Brands (Victoria’s Secret, Bath & Body Works, etc. ), American Eagle Outfitters (American Eagle & Aerie), and DSW (Designer Shoe Warehouse) and that he was with DSW when it went public on the NYSE in 2005. It also mentioned that he formed Green Growth Brands and took it public on the CSE in November 2018.
Cannabis Technology House Scores $1 Million Investment
Private company Thought Leaders announced today the closing of the first stage of its phased Cannabis Technology House or CTH acquisition. CTH developed the patent-pending QUB (pronounced “cube”) Heat-not-Burn platform for vaping. The company is investing $1 million into CTH.
Data from BDS Shows California Strength and Nevada Weakness During Pandemic
New March 2020 point-of-sale data from BDS Analytics shows a divergence between states where cannabis sales are improving during the COVID-19 lockdown versus states whose business has declined. California sales jumped 11% year over year in March and 12% sequentially over February. The loss of the tourists in Nevada caused sales to decline 6% year over year and a 4% drop from February.
In Other News
Aphria Subsidiary Receives EU GMP certification
Canadian cannabis company Aphria has announced that its subsidiary ASG Pharma has officially been EU GMP certified. ASG Pharma is located in Malta and the certification was issued by the Malta Medicines Authority.