Cannabis Weekly Round-Up: MLB and Charlotte's Web Sign CBD Deal

CBD maker signs deal with MLB

MLB's decision to adopt the SPORT lineup of CBD products from Charlotte's Web Holdings (TSX:CWEB,OTCQX:CWBHF) represents another major cornerstone for the visibility of CBD items.

In a statement, Noah Garden, chief revenue officer with MLB, said the company's products have met the “highest safety standards,” which means they can be promoted across league channels.

“We are excited about the possibilities this partnership offers as CBD becomes a more widely adopted part of the health and wellness regimen of our players and fans," Garden added.

This will be a multi-year partnership between the two organizations. Charlotte's Web will receive premier brand presence at all major MLB events, including All-Star Week festivities, the postseason tournament and the World Series.

Shares of Charlotte’s Web jumped over 20 percent in Toronto on Wednesday (October 12) and finished the day at C$0.99.

Fire & Flower's US strategy includes software expansion

Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) issued an update to shareholders indicating its strategy for the US market.

The company said it plans to launch its Hifyre technology platform in the US through its strategic arrangement partner Fire & Flower US Holdings. The technology will go into California and Colorado cannabis dispensaries.

The company made this announcement in the aftermath of US President Joe Biden’s decision to pardon all simple cannabis possession charges.

"Initiation of this review is a meaningful and welcome step forward towards US federal legalization of cannabis for adult use,” Stéphane Trudel, CEO of Fire & Flower, said.

Cannabis company news

• Halo Collective (NEO:HALO,OTCQB:HCANF) confirmed a delay to its share consolidation plan, with no new date mentioned. “The Company will continue to evaluate a potential share consolidation and will provide a further update in the event that the Company elects to proceed with a share consolidation,” the firm said.

• The Valens Company (NASDAQ:VLNS,TSX:VLNS) issued the financial results for its third fiscal quarter of 2022. The company reported a net revenue drop of 15.4 percent to C$20.3 million. “With the current market economic headwinds, we believe the pro forma company will be well positioned to capture market share while also providing our investors with exposure to one of the strongest balance sheets in the industry,” Tyler Robson, CEO of Valens, said in reference to SNDL's (NASDAQ:SNDL) pending acquisition of the company.

• PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) completed a second shipment of CBD isolate to Uruguay for pre-commercial testing.

• TerrAscend (CSE:TER,OTCQX:TRSSF) secured non-brokered senior secured term loans resulting in gross proceeds of approximately US$45.5 million with annual interest of 12.77 percent.