The Daily Hit is a recap of cannabis business news for Sept. 28, 2022.
ON THE SITE
How the Company Behind Berner’s Cookies is Anti-MSO
TRP is a vertically integrated cannabis holding and operating company behind brands like Berner’s Cookies, B Real’s Dr. Greenthumb’s and Insane brands. It is also one of the largest privately held cannabis companies in the U.S. Despite its size, its founders still strive to be “anti-MSO.” Green Market Report’s Adam Jackson sat down with the team to find out what they mean. Read more here.
Ascend Wellness Appoints Interim Co-CEO’s in Wake of Battery Charge
The chief executive of Canadian cannabis company Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH), Abner Kurtin, stepped aside from the helm of the business Wednesday, and a pair of interim co-CEOs were installed in his place. Read more here.
Cann Ventures Into CBD Beverages, But Looking Beyond CBD
Low-dose cannabis beverage maker Cann has acquired Canadian CBD-infused drink brand Sweet Reason, but the company isn’t exactly buzzing about the CBD. In fact, the co-founder sees a “dwindling” market for the category. Read more about Cann’s plans for Sweet Reason.
British American Tobacco Acquires Minority Stake in German Cannabis Business, Leads $38 Million Raise
Tobacco giants are keeping a close eye on the burgeoning cannabis industry, and as further evidence of that interest, London-based British American Tobacco (BAT) just acquired a minority stake in German marijuana company Sanity Group and led the company to what it claims is the largest capital raise in European cannabis history. Read more here.
ACT Labs Expands Northeast Footprint, Agrees To Buy CDX Analytics
Cannabis testing company ACT Laboratories agreed to acquire another testing lab for an undisclosed price tag to support its expansion and beef up its scientific leadership. ACT Labs said closure of the deal with CDX Analytics LLC, which is based in Salem, depends on regulatory approval in the Commonwealth of Massachusetts. Read more here.
IN OTHER NEWS
Green Dragon Adds Six Medical Cannabis Dispensaries in Florida
Green Dragon, a multistate cannabis operator and subsidiary of Eaze Technologies, announced the opening of new Florida medical cannabis dispensaries in Fort Pierce, Orange Park, Pensacola, Palatka and Tallahassee, continuing its rapid expansion in the Florida market with the goal of opening 30 locations by the end of the year. Read more here.
Schwazze Opens New Cannabis Dispensary in New Mexico
Schwazze (OTCQX: SHWZ) (NEO: SHWZ), a vertically integrated multistate cannabis company, opened a new adult-use dispensary, R.Greenleaf, located in Ruidoso, New Mexico. This store opening kicks off Schwazze’s deliberate expansion throughout the state of New Mexico. This new store in Ruidoso brings R.Greenleaf’s number of New Mexico retail dispensaries to 11. Read more here.
cbdMD Launches Line of CBD Products with Wegmans Food Markets
cbdMD (NYSE American: YCBD), widely recognized producer of CBD, announced an agreement with regional grocery retailer Wegmans Food Market. The initial launch will feature five SKUs from cbdMD, making Wegmans the first major grocer to include ingestible cbdMD products as a part of their in-store selection. Read more here.
iPower Reports Fiscal Fourth Quarter and Full Year 2022 Results
IPower’s total revenue in the fiscal fourth quarter of 2022 increased 50% to $22.1 million compared to $14.7 million for the same period in fiscal 2021. The increase was driven by greater demand for iPower’s non-hydroponic product portfolio, including commercial fans, shelving products and chairs, among others. iPower’s non-hydroponic portfolio accounted for approximately 54% of revenue in the fiscal fourth quarter. Read more here.