Harborside Inc. (CSE: HBOR) (OTCQX: HBORF), the California-centric cannabis company, announced via a press release on Tuesday that the company will propose new nominees to be directors of Harborside at the company's upcoming annual and special meeting of shareholders scheduled for November. The change comes after recommendations from company shareholders, including their largest shareholder, according to a statement.
The hope is that a new board will help to maximize shareholder value and refocus the strategic vision. Under a new board of directors, chaired by Matthew Hawkins, Harborside will create a committee tasked with identifying a new Chief Executive Officer. According to a statement, “the committee will conduct a comprehensive review of potential candidates and is seeking a sophisticated and experienced executive based in California. Peter Bilodeau will remain as interim Chief Executive Officer of the Company during this search process.”
"The opportunity in the legal U.S. cannabis market is immense, and it is time to implement positive changes at Harborside to leverage its iconic brand and high-quality products to drive long-term growth," said Matthew K. Hawkins, Board member and incoming Chairman of Harborside, in a statement. "With legalization accelerating across the country, we must focus our attention on our strategic vision and capitalizing on transformative M&A targets. Together with Harborside's strengthened management team, the newly refreshed Board and I look forward to delivering strong shareholder value creation through a renewed focus on execution."
Neptune Wellness secures supply agreement with Ontario Cannabis Store
On Tuesday, Neptune Wellness Solutions, Inc. (NASDAQ: NEPT) (TSX: NEPT) announced a new supply agreement with the Ontario Cannabis Store, which is the province’s sole online retailer for recreational cannabis. The new deal calls for OCS to sell Neptune’s new proprietary recreational product line, labeled Mood Ring.
Neptune has secured other similar deals through its wholly-owned subsidiary 9354-7537 Quebec Inc. Earlier this year, in September, the company dealt with British Columbia Liquor Distribution Branch as well.
"This is yet another landmark moment in the cannabis movement, and will allow Neptune to bring the Mood Ring brand — affordable, sustainable and premium cannabis products — to the millions of people who live in that province," said Michael Cammarata, Chief Executive Officer and President of Neptune in a statement.
Mood Ring product consists of High CBD Oil, High CBD Capsules, Classic Hashish, and Legacy Hashish and uses Neptune's proprietary cold ethanol extraction process technology.
Turning Point invests in dosist
Turning Point Brands, Inc. ("TPB") (NYSE: TPB), a company that deals in branded consumer products with active ingredients, announced a $15 million deal with a cannabinoid company called dosist. It includes an exclusive co-development and distribution agreement of a new national CBD brand.
"The cannabis market is exploding and now is the opportune time to invest in the space and significantly expand our addressable market," said Larry Wexler, CEO of Turning Point Brands, in a statement.
He continued: "With its leadership in results-oriented plant-based formulas and dose control technology, global recognition, consumer trust and scalability, dosist was the clear choice to be our new partner in this critical growth market. We couldn't be more pleased to enter into this agreement with dosist, to not only help fuel its exciting new business and co-create a completely new CBD brand for our retail partners, but also to leverage their expertise as a marketing powerhouse to help build the future of both our companies."