Cannabis news and notes: Canopy drinks up, Kevin Smith votes, Green Thumb deals, and Maryland finally chooses
While President Trump and a growing number of Republicans report coming down with COVID-19 infections, the cannabis industry keeps pushing through, trying to remain vital as the pandemic pushes the country further into a recession. Yesterday, the industry’s most significant cross-country partnership between Canopy Growth (NYSE:CGC) and Acreage Holdings (OTC:ACRGF) announced plans to launch THC-infused beverages in the US.
According to a Motley Fool report yesterday, Canopy has already been shipping THC-infused beverages throughout Canada under its Tweed brand. The company began doing so this past spring. They have five of the top six performing products in that category and hop to match that success in the US.
Down in the states, Acreage Holdings operates 27 marijuana dispensaries and has licenses to operate 40 more. Such distribution potential could loom large for the THC-beverage industry. On top of the Acreage hopes to leverage Canopy’s relationship with Constellation Brands, itself, a vast distributor of alcoholic beverages.
Still, as of right now, the THC-infused beverage business hasn’t wielded too many profits for Canopy. According to Motley Fool, the company “lost 128 million Canadian dollars and reported just CA$110 million in revenue.”
Kevin Smith promotes New Jersey cannabis vote
Kevin Smith, the filmmaker, known for his Jay and Silent Bob line of movies, hopes to see weed legalized in New Jersey. He took to Twitter recently to press residents to vote yes for legalization in the Garden State.
“NEW JERSEY! It’s time to VOTE!” the Clerks director tweeted. “But I’m not here to influence your choice of President - I’m here to beg you to VOTE YES when you see State Public Question Number 1: Constitutional Amendment to Legalize Marijuana. Silent Bob says, “Only you can make the Garden State truly green!”
According to Marijuana Moment, this isn’t Smith’s first foray in drug advocacy. Last March, he and actor Jason Mewes, who plays Jay, recorded a spot where they asked California officials to allow digital signature gathering for a state ballot initiative.
Green Thumb deals in Ohio
Multistate operator Green Thumb Industries made an amended sale-leaseback deal for a facility in Ohio. According to Marijuana Business Daily, the deal is valued at over $32 million.
The transaction took place with San Diego-based Innovative Industrial Properties. According to MJBizDaily, it also calls for $25 million in additional funding. The additional funding is to construct a cultivation operation somewhere in Toledo.
Marijuana Business Daily notes that these deals are becoming more common in the industry for “well-run” cannabis businesses.
Maryland picks more cannabis companies
The Baltimore Sun reports that Maryland has finally chosen a new slate of cannabis companies to grow, cultivate, and sell cannabis after more than a year of delays. Those delays were due to logistical errors and allegations of impropriety, according to the report.
The new companies chosen were Viola Maryland, Herbiculture Cultivation, MAS Alliance, Herbiculture Manufacturing, Organic Remedies MD, Bouquet Labs, Element MD, AHI Group, Ceres Naturals, Marileaves Extractions, and Greener Good.