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Cannabis Sector Weekly Roundup

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·6 min read
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Key Takeaways:

  • Columbia Care introduced the California adult-use brand, Classix, into five additional states.

  • Canopy Growth will pay $297.5 million for the right to buy edibles company Wana Brands.

  • Cresco Labs is paying $80 million to buy a vertically integrated clinical registrant in Pennsylvania.

  • Curaleaf Holdings introduced Select Snooze Bites, an edible with THC and CBN.

  • Trulieve reopened several former Harvest Health and Recreation dispensaries in Florida and added a new one, leaving it with 97 in the state.

  • Awakn is currently conducting the first-ever study of ketamine for gambling addiction.

On Wednesday, September 29, Columbia Care Inc. (OTCMKTS: CCHWF) reported that the Company had received approval from the New York State Department of Health to commence cultivation and processing operations at its new 34-Acre facility in eastern Long Island, New York.

This week Columbia Care, one of the largest and most experienced cultivators, manufacturers, and providers of cannabis products in the US, was on the headlines again. On October 13, Columbia Care announced that the Company had expanded the launch of Classix (a heritage California product brand) in five additional markets – Arizona, Delaware, Illinois, Massachusetts, and New Jersey.

Jesse Channon, the Chief Growth Officer of Columbia Care, said, “Classix is a timeless lifestyle brand that has built an amazing following in California. As the newest member of our national brand portfolio, we are so excited to bring another trusted, high-quality product to consumers across the country.” Classix is now available in all five new markets with 3.5g whole flower and a five-pack of pre-rolls, with plans to launch across additional markets in 2022 with a wider variety of products.

Cresco Labs Inc. (OTCMKTS: CRLBF)

On Thursday, October 14, Cresco Labs announced the execution of a definitive agreement to acquire 100% of the outstanding equity interests in Laurel Harvest Labs, LLC, a Pennsylvania Clinical Registrant, for a closing consideration equal to US$80 million. The Transaction is expected to close in Q4 of 2021.

The Transaction will include a newly constructed indoor cultivation facility in Lancaster County, allowing for new cultivation capacity, the foundation to expand the facility further, and another strategic point of distribution complementary to Cresco Labs’ cultivation facility in Brookville. As part of the acquisition, Cresco Labs will also acquire the real estate of Laurel Harvest’s cultivation facility and Scranton dispensary.

Canopy Growth Corporation (NASDAQ: CGC)

With its subsidiaries, Canopy Growth Corporation engages in the production, distribution, and sale of cannabis and hemp-based products for recreational and medical purposes, primarily in Canada, the United States, and Germany. The Company’s global medical brand, Spectrum Therapeutics, sells a range of full-spectrum products using its color-coded classification system and is a market leader in Canada and Germany.

On October 14, 2021, Canopy Growth announced that they had entered into definitive agreements that will provide the Company with the right to acquire 100% of the outstanding membership interests of Wana Brands, which is the leading Cannabis edibles brand in North America.

Wana Brands manufactures and sells gummies in the US state of Colorado and licenses its intellectual property to partners. These partners manufacture, distribute, and sell Wana-branded gummies across the US, including California, Arizona, Illinois, Michigan, and Florida, giving Wana Brands a total footprint of 12 US states. Wana Brands expects to have license agreements in place in more than 20 US states, including in future adult-use markets in New York and New Jersey, before the end of the calendar year 2022. The acquisition deal is worth US$297.5 million.

Curaleaf Holdings, Inc. (OTCMKTS: CURLF)

Curaleaf started the month with a bang by announcing that the Company had completed the previously announced acquisition of Los Sueños Farms and its related entities. Los Sueños is the largest outdoor cannabis grower in Colorado.

A week after completing the acquisition of Los Sueños Farms, Curaleaf was on the headlines again. On Wednesday, October 13, the Company announced that it had expanded its suite of innovative products with the addition of Select Snooze Bites, which are rolling out in several markets across the US this fall. Through the combined power of THC: CBN, this fast-acting platform is a true disruptor as an efficacious nighttime product.

Snooze Bites combine a unique 1:1 ratio of fast-acting THC and long-lasting CBN. The scientifically developed formula incorporates 5mg of nano-encapsulated THC, which is made by creating tiny, water-soluble molecules from cannabis oil and is therefore quickly absorbed into the bloodstream with effects typically experienced within 15 to 30 minutes. When paired with 5mg of CBN (a cannabinoid commonly known for its relaxing and therapeutic qualities), users can expect a heightened combined experience.

The top reason why adults choose to consume edibles is to sleep better. Demand for CBN sleep products has surged in the US, and it is reportedly generating $43 million in sales across California, Colorado, Nevada, and Oregon in the first two quarters of 2021.

Trulieve Cannabis Corp. (OTCMKTS: TCNNF)

Last week, Trulieve expanded access to medical cannabis by reopening multiple dispensaries across various states in the US. The Company began by announcing the reopening of a dispensary in North Port, Florida, then another dispensary in Kissimmee. The location of these dispensaries was formerly branded as Harvest House of Cannabis.

This week Trulieve continued its expansion plans by announcing the reopening of more dispensaries; On Monday, October 11, 2021, the Company announced the reopening of a dispensary in Longwood, Florida. On Tuesday, Trulieve announced the reopening of four dispensaries formerly branded as Harvest House of Cannabis in Jacksonville, Gainesville, Kissimmee, and West Palm Beach, Florida. The locations joined the Company’s 94 medical marijuana dispensaries statewide. These reopenings follow the Company’s October 1, 2021 announcement of the Harvest Health and Recreation Inc. acquisition closure. During this time, all Harvest locations in Florida were closed for rebranding to Trulieve. The Company will continue to reopen locations in Florida throughout October.

Awakn Life Sciences Corp. (OTCMKTS: AWKNF)

Awakn is a biotechnology company with clinical operations, researching, developing, and delivering psychedelic medicine to treat addiction and other mental health conditions in the United Kingdom and Europe.

Last week the Company announced that they had acquired the exclusive rights to the data from the phase IIa Bristol Imperial MDMA in Alcoholism Study (BIMA) from Imperial College London. The data is intended to assist Awakn’s progress by enabling a better design and more efficient execution of its clinical program.

This week Awakn announced that the Company is currently conducting the first-ever study of ketamine for gambling addiction. This new research is one of its kind. It will aim to explore whether ketamine’s effect on human memory might be leveraged to break down the “superstitious thinking” that is common in gambling addiction and lessen the general habit or compulsive urge to gamble.

The study is being led by the internationally respected ketamine researcher Celia Morgan, a professor of psychopharmacology at the University of Exeter and Awakn’s head of ketamine-assisted psychotherapy for addiction.

The post Cannabis Sector Weekly Roundup appeared first on Market Exclusive.

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