In a move geared at increasing profits, a leading US-based cannabis multi-state operator (MSO) plans to exit exclusive distributor agreements for some branded products in California.

Meanwhile, the cannabis operator subsidiary of Village Farms International (NASDAQ:VFF,TSX:VFF) announced an international execution plan for the emerging Australian cannabis market.

Keep reading to find out more cannabis highlights from the past five days.


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Cresco Labs adjusts third party distribution deals

Cresco Labs (CSE:CL,OTCQX:CRLBF) told investors it will move ahead with a plan to exit its existing distribution agreements in the California state market. The reasoning behind this decision is related to the desire to “increase profitability and shift toward owned-brand distribution in the world’s largest and most competitive cannabis market.”

Charlie Bachtell, CEO and co-founder of Cresco Labs, said the California market has become a key component in the overall strategy for the MSO.

“As we continue to implement localization strategies tailored to each state’s market dynamics, this decision will enable us to put our full weight behind our rapidly growing owned-brand portfolio in California, while also expanding profitability margins for our overall business,” he said.

As part of this decision, the company will face a slight decline in its Q4 revenue. Cresco Labs now expects to earn between US$235 million and US$245 million in the last quarter of the year.

Village Farms displays cannabis subsidiary synergy

Pure Sunfarms said it has completed its first shipment of medical-grade cannabis to partner Altum International. The shipment is part of a three year agreement set between the two cannabis companies.

“For Pure Sunfarms, exportation of their  leading cannabis products represents a significant long-term opportunity to leverage their scale and position as the top-selling dried flower brand in three of Canada’s largest provincial markets for opportunities beyond the Canadian market,” Michael DeGiglio, CEO of Village Farms International, said in this week’s announcement.


Cannabis Market Could Reach $5.5B By End Of Year

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The executive added that this represents an example of the synergies forming between its subsidiaries. Village Farms has a minority interest in Altum.

“We are excited to supply dried flower for consumers internationally for the first time and look forward to supporting our partner, Altum, as they expand their product offerings going forward to build their own brand in the Australian medicinal market,” Mandesh Dosanjh, president and CEO of Pure Sunfarms, said.

Cannabis company news

  • Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) secured a commitment for a private placement worth US$350 million. CEO Kim Rivers said the capital will help pay some debt from the firm’s recent acquisition of fellow US cannabis company Harvest Health & Recreation.
  • Innovative Industrial Properties (NYSE:IIPR) issued a financial update for the Q3 period. The company confirmed that as of October 1, it had invested US$1.4 billion throughout its cannabis operations. The firm now owns 75 properties across the US cannabis marketplace.
  • Jushi Holdings (CSE:JUSH,OTCQX:JUSHF) confirmed an agreement to acquire a dispensary by the name of Apothecarium based in Las Vegas, Nevada. The company also has a cultivator in the state.
  • Ayr Wellness (CSE:AYR.A,OTCQX:AYRWF) announced the launch of a new THC-infused gummy lineup of products through its dispensary network in Florida. “We look forward to providing more exciting choices for our customers with additional flavors and form factors throughout our 42 open dispensaries in Florida,” Jon Sandelman, CEO of Ayr Wellness, said.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.


Cannabis Market Could Reach $5.5B By End Of Year

Experts Weigh In On Our Exclusive FREE Report. Can You Afford To Miss Out?

Ayurcann Holdings Corp. (CSE: AYUR) (FSE:3ZQ0) (the “ Company ” or “ Ayurcann ”) a Canadian cannabis extraction company specializing in the processing of cannabis and hemp for the production of oils and various derivative products, is pleased to announce that it has entered into a patient-referral agreement with The Herb Clinic (“ Clinic ”), providing Canadians guidance and access to managing discomfort with medicinal cannabis.

The Herb Clinic has over 4000 patients registered and is comprised of compassionate and knowledgeable service providers who are defined by their ability to provide exceptional patient care. They help educate and integrate cannabis into the patient’s medical treatment plans and partner with medicinal cannabis providers such as Ayurcann, to ensure their patients are getting top-quality advice with exceptional value.

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Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, announced today its “Summer of Social Justice” nationwide initiative raised over $250,000 for social justice-focused community organizations and supported the expungement process for over 1,000 individuals with cannabis-related criminal records.

This press release features multimedia. View the full release here:

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A middling Canadian cannabis producer announced an executive turnover plan this week after receiving a critical investor letter in September.

Meanwhile, a Canadian exchange-traded fund (ETF) company released lists of new additions to both of its cannabis funds as part of its quarterly rebalancing.

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  • The Cannabis Derivatives are derived from Avicanna’s cultivation and extraction infrastructure in Santa Marta, Colombia designed to supply partner companies and the manufacture of Avicanna’s own finished products.

Avicanna Inc. (” Avicanna ” or the ” Company “) (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing and commercialization of plant-derived cannabinoid-based products, is pleased to announce that, through its majority owned Colombian subsidiary, Santa Marta Golden Hemp S.A.S. (“ SMGH ”), it has completed a commercial exports of CBD Isolate and CBD full spectrum psychoactive cannabis resin (the “ Cannabis Derivatives ”) to a leading Chilean homeopathic and naturopathic pharmaceutical company.

The Cannabis Derivatives, branded as Aureus™, are cultivated, extracted, and manufactured by SMGH. In addition, for Avicanna’s global input needs, SMGH also supplies other pharmaceutical and cosmetics companies with cannabinoids including CBD, THC, and rare cannabinoids such as CBG in addition to supplying global cultivation companies with standardized and feminized seeds. This new export to Chile is a recurring order and part of on-going relationship with an established homeopathic Chilean company.

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Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX:WEED, NASDAQ:CGC) will release its financial results for the second quarter fiscal year 2022 ended September 30, 2021 before financial markets open on November 5, 2021 .

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