This past week, a US beverage maker with cannabis aspirations announced a new hire to oversee its efforts in the sector.
In the cannabis space this week, a popular beverage maker hired a new executive in hopes of pursuing opportunities in the cannabis drink industry.
Meanwhile, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced a fresh acquisition agreement for a partner designed to boost its presence in a potentially available US adult-use cannabis market.
Keep reading to find out more cannabis highlights from the past five days.
Jones Soda creates position, angles for cannabis opportunity
The company explained this position was set up as a way to respond to the expected increase in visibility from the company’s new cannabis-infused beverage and edibles section, which was set up in July.
“(Blair) has extensive experience with brands of all sizes, the proven ability to make an impact on a limited budget, and an enthusiasm for helping us leverage our unique brand personality to achieve success in the cannabis space,” Mark Murray, president and CEO of Jones Soda, said in a statement.
The company wants to “introduce the flavor and fun that’s missing from the (cannabis) sector now.”
Jones Soda confirmed its intentions to join the cannabis industry by way of a partnership agreement with SOL Global Investments (CSE:SOL,OTCQ:SOLCF).
Canopy buys US-based edibles brand
Canadian cannabis producer Canopy Growth announced an agreement to buy Wana Brands, a US-based cannabis edibles maker, for US$297.5 million.
The deal is pending since the company is restricted from engaging with adult-use opportunities in the US market given the unregulated status of the drug at the federal level.
“The right to acquire Wana secures another major, direct pathway into the US THC market upon federal permissibility, and in Canada we’ll be adding the top-ranked cannabinoid gummies to our industry-leading house of brands,” David Klein, CEO, Canopy Growth, said.
Wana currently has cannabis products available across 12 states in the nation.
“We have met many partners along the way over the past 11 years, but none have felt like the best and right fit until today,” Nancy Whiteman, CEO and co-founder of Wana Brands, said in a statement.
Cannabis company news
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) shared its financial results for Q3 of its 2021 fiscal year, which ended on August 31. “Our innovative product launches have driven growth in provincial listings and we are only just beginning to see the resulting financial impact with provincial sales net revenue growing 20 percent quarter over quarter,” CEO Tyler Robson said.
- Columbia Care (NEO:CCHW,CSE:CCHW,OTCQX:CCHWF) informed investors it will expand the availability of a California cannabis product brand, Classix, into five new state markets: Arizona, Delaware, Illinois, Massachusetts and New Jersey.
- Cresco Labs (CSE:CL,OTCQX:CRLBF) announced it will increase its presence in the Pennsylvania market by way of a US$80 million acquisition plan. “This acquisition will provide Cresco Labs with immediate incremental cultivation capacity, simplify our ability to expand production capacity further, and add six additional retail dispensary permits in the state,” said CEO Charlie Bachtell.
- Heritage Cannabis Holdings (CSE:CANN,OTCQX:HERTF) confirmed a partnership with a Canadian advocacy association for seniors. The agreement will see the company target and appeal to a specific Canadian demographic and will add a special discount for branded products.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.