The Daily Hit is a recap of cannabis business news for Oct. 13, 2022.
ON THE SITE
Charlotte’s Web Inks Sponsorship Deal With Major League Baseball
Charlotte’s Web Holdings (OTC: CWBHF) (CSE: CWEB) will become the “official CBD of Major League Baseball” after the two organizations struck a multiyear deal worth $30.5 million. The partnership, announced Wednesday, marks the first time a major U.S. professional sports league has formed a sponsorship deal with a CBD company. Read more here.
Former Oregon Regulator to Head New York City Cannabis Department
A former marijuana regulator from Oregon has been appointed to head up New York City’s brand-new cannabis department, Cannabis NYC. Dasheeda Dawson, chairwoman of Cannabis Regulators of Color Coalition and ex-director of the Portland, Oregon, cannabis program, was named founding director of Cannabis NYC. Read more here.
Valens Cuts Cash Burn, Extends Runway Ahead of Sundial Sale
Shares for The Valens Company (TSX: VLNS) (Nasdaq: VLNS) ticked up this morning as the company has managed to cut its losses, which had been far outpacing revenue over the past year. The company, which announced an acquisition deal with SNDL (Nasdaq: SNDL) in August, released its third quarter financial report card for the period ending August 31. Read more here.
Former Colorado Governor to Push for National Cannabis Task Force
U.S. Sen. John Hickenlooper plans to introduce a new bill to create a federal task force to examine possible regulations for the national cannabis market that will emerge after federal legalization happens. The one-time opponent of marijuana legalization has become one of the industry’s most high-profile converts. Read more here.
Planning for the ‘Golden Quarter’: Holidays a Boon for Cannabis Companies
The fourth quarter could be a boon for cannabis companies – if they’re prepared. “Consumers are in a buying mindset during the holidays, you just have to show them the right offer,” noted marketing data firm Surfside in a new report, “The Season of Green 2022: Cannabis Holiday Sales Trends and Strategies.” Read more here.
IN OTHER NEWS
The Office of Cannabis Management announced the Cannabis Compliance Training and Mentorship program on Thursday. The 10-week program has the goal of growing and diversifying the pipeline of farmers and processors that look to participate in New York’s adult-use cannabis industry. Applications open on October 20. Read more here.
Short on staff, the team within the Mississippi Department of Health that is tasked with overseeing the state’s medical cannabis program doesn’t have enough hands to issue disciplinary actions against those currently violating state law. Read more here.