Delta, Kelowna, BC – August 2, 2021 (Investorideas.com Newswire) www.Investorideas.com, a global news source covering leading sectors including marijuana and hemp stocks and its potcast site,
www.potcasts.ca
release today’s podcast edition of cannabis news and stocks to watch plus insight from thought leaders and experts.
Listen to the podcast:
Investor Ideas Potcasts #591, Cannabis News and Stocks on the Move; (CSE: GTII) (OTCQX: GTBIF), (CSE: EASY), (TSX: VLNS) (OTCQX: VLNCF), (NASDAQ: CGC) (TSX: WEED)
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Today’s podcast overview/transcript:
Good afternoon and welcome to another episode of Investorideas.com “Potcast” featuring cannabis news, stocks to watch as well as insights from thought leaders and experts.
In today’s podcast we look at a few public company announcements.
After three years of a successful joint venture, Houseplant and Canopy Growth Corporation (
NASDAQ:CGC
) (
TSX: WEED
)
have mutually agreed to end their relationship
. The Canadian cannabis market has evolved substantially during this period, and the parties believe the time is right for the Houseplant brand to develop independently while Canopy advances its focus on wholly-owned brands for the Canadian market.
The relationship between Houseplant and Canopy started in 2018, well ahead of Canadian legalization. Since that time, Houseplant and Canopy worked together to pave the way in defining a premium cannabis experience in a new market.
During the course of their relationship, Houseplant has become a popular consumer brand in Canada and is currently a top 10 brand in the premium cannabis market in Ontario. Beverages are a highlight of the brand’s success, with Houseplant Grapefruit notably attaining the top-selling cannabis beverage spot in Canada (measured by units sold) in its launch year. More than one million cans of Houseplant beverages were sold in Canada within the last year.
“The recent launch of Houseplant in the United States has given us a clear benchmark for what Houseplant stands for, and how we plan to bring the brand to life globally,” says Michael Mohr, Co-Founder and CEO, Houseplant. “While our collaboration with the Canopy team has been fruitful and we continue to hold similar views on the opportunities ahead, we believe the time is right for us to focus on Houseplant independently.”
“We’re proud of our collaboration with Houseplant. Together, we’ve delivered high quality and innovative products to Canadian consumers and played a critical role in defining the premium cannabis category in Canada,” said Rade Kovacevic, President and Chief Product Officer, Canopy Growth. “As we move forward, Canopy will advance our focus on our wholly-owned brands for the Canadian market and we wish the Houseplant team the best in their future endeavors.”
In Canada, some Houseplant cannabis products will continue to be available to retailers through the end of September 2021. Houseplant plans to relaunch in the Canadian market in the future with products more consistent with its US offerings.
“Canada is where it all started – for us as people, and for the brand,” says Houseplant Co-Founder Seth Rogen. “This is not an exit from the Canadian market, but a chance for us to evolve the brand.”
The relationship between Houseplant and Canopy did not extend into the US and, as a result,this announcement will have no impact on the business in that market. Houseplant launched a line of premium homewares and cannabis products in the United States in March 2021 and has quickly become a cultural and industry leader.
The Valens Company Inc. (
TSX: VLNS
) (
OTCQX: VLNCF
), a leading manufacturer of cannabis products,
announced
that it has signed a two-year agreement with Harvest One Cannabis Inc. to become the white label manufacturer and provincial sales partner of cannabis-infused topicals for their leading brand LivRelief. Harvest One, a global cannabis infusions CPG leader that distributes premium health, wellness and selfcare products, successfully launched their cannabis-infused portfolio of LivRelief products in 2020. Since then, it has grown the product line to become the number one selling cannabis-infused topical brand in Ontario – Canada’s largest market.
LivRelief is a growing line of cannabis-infused topical creams created using natural ingredients which utilize a proprietary transdermal delivery system, allowing cannabinoids to reach targeted areas and designed for deep penetration. The cannabis-infused topical creams are now available in three formats, including the CBD-only formulation containing 250mg of CBD, 1:1 formulation with 125mg of THC and 125 mg of CBD, and the newly launched extra strength CBD formulation containing 750mg of CBD, all of which will be manufactured and distributed across Canada by Valens. Currently, the LivRelief line of cannabis-infused topical creams is available nationally through the Medical Cannabis by Shoppers marketplace, and in various provincial and private retailers in Alberta, British Columbia, Manitoba, New Brunswick, Ontario, and Saskatchewan. Together, Harvest One and The Valens Company will seek to expand distribution and increase consumer awareness and brand loyalty across Canada. First shipments of products out of the Valens facilities are forecasted at the beginning of fiscal Q4 2021.
“The LivRelief cannabis-infused topical brand has established itself as a premium and reliable provider of cannabis-infused topicals with a leading-edge proprietary transdermal delivery system that took years of research, innovation, and dedication to develop,” said Tyler Robson, Chief Executive Officer, Co-Founder and Chair of The Valens Company. “We are proud to manufacture these top-selling creams in partnership with Harvest One and provide both new and experienced consumers the comfort to engage with cannabis-infused topicals. Valens already manufactures the number one selling bath product in Ontario and now adds the number one selling cannabis-infused topical brand to its portfolio, making it a clear leader in both the topicals and health and wellness verticals in Canada.”
“We are very pleased to partner with The Valens Company after a rigorous and strategic selection process of possible manufacturers and distributors in Canada,” said Gord Davey, President and Chief Executive Officer of Harvest One. “Our partnership with The Valens Company will accelerate national and global growth opportunities. Our innovative infused topical with its effective and differentiated delivery system has resonated very well with consumers and established itself as a leader in the Infused Topicals category. We are looking forward to partnering with The Valens Company, a leading expert in the cannabis space with a superior customer service approach, to advance the manufacturing of this product and its future extensions. We will utilize our experience in marketing and distribution to assist in the promotion of the brand and to increase the awareness of cannabis infused topicals across Canada.”
SpeakEasy Cannabis Club Ltd. (
CSE: EASY
), a holder of a federal licence to cultivate, process and sell cannabis under the Cannabis Act,
announced
a production and processing update on its initial 2020 harvest of 72,000 KG.
Last year was all about producing one of Canada’s largest outdoor harvests and finalizing a cultivation strategy to position itself for wholesale and retail sales. Our vision has always been to compete in a mature market by having on-site infrastructure to achieve some of the industry’s lowest cost of production.
As 2.0 products have proven to represent some of the largest growth categories, SpeakEasy’s low-cost of input material, combined with its on-site extraction lab and in-depth experience, is proving to be a winning formula for the Company.
2020 Harvest Update on Process and Sales:
- With the addition of infrastructure improvements and equipment testing completed, we started processing the 2020 harvest on a production level in March 2021 at a limited capacity.
- B-to-B sales increased above our internal estimated capacity. The products were priced at a premium in their respective categories with associated wholesale production costs of approximately $30 million, or an average gross margin of 70%.
- 75% of last year’s outdoor harvest continues to be processed into high-quality extract products and sold under sales contracts that are currently in place.
- SpeakEasy continues to process its remaining inventory from the initial 2020 outdoor harvest that will produce an estimated 2,225 kg of premium extracts. Our concentrates will be incorporated into consumer-packaged products under SpeakEasy’s brands and distributed into the Canadian retail market. These products currently have a retail values of approximately $115,000,000 when sold in retail stores across Canada.
“While many cannabis companies have raised significant amounts of capital to build luxurious infrastructures, SpeakEasy’s goal has always been focused on becoming cash flow positive through our lean farming principles. These principles protect our investors from dilutions while allowing us to control our own destiny. Our processes and achievements are allowing the Company’s dreams to come true. We have relied on tremendous experience and built a strong company culture to compete on the global stage very soon.” – Founder, Marc Geen.
Green Thumb Industries Inc. (
CSE: GTII
) (
OTCQX: GTBIF
), a leading national cannabis consumer packaged goods company and owner of Rise Dispensaries,
announced
that it has closed on the acquisition of Mobley Pain Management and Wellness Center (DE), LLC and Canwell Processing (Rhode Island), LLC, which both held contractual interests in Summit Medical Compassion Center, Inc., a non-profit corporation with vertically integrated cannabis operations in Rhode Island. The acquisition includes one of only three retail locations in the state.
“Entry into the Rhode Island cannabis market further strengthens Green Thumb’s position on the East Coast, a region that has embraced the freedom for adults 21+ to choose cannabis,” said Green Thumb Founder and Chief Executive Officer Ben Kovler. “This acquisition provides immediate scale within a limited license market and sits squarely in our enter, open, scale strategy to expand access to well-being through cannabis. We are ready to welcome the Summit team aboard Green Thumb’s front row seat to the Great American Growth Story.”
The acquisition includes entry into Rhode Island with management agreements for one of only three vertical licenses in the state including a production facility and dispensary, both located in Warwick. The state reported approximately $60 million in retail cannabis sales for the 2020 fiscal year-end.
With the acquisition, Green Thumb has cannabis operations to serve nearly 50% of the United States population, including in: California, Colorado, Connecticut, Florida, Illinois, Maryland, Massachusetts, Nevada, New Jersey, New York, Ohio, Pennsylvania, Rhode Island and Virginia.
This follows the company’s
previous announcement
that the Company will accept applications to its previously announced LEAP New Business Accelerator which began on August 1, 2021. The LEAP incubation program is intended to help social equity licensees not only operationalize their licenses but also ensure their success through mentorship and guidance from the Green Thumb team.
“We’re thrilled to see Green Thumb’s home state of Illinois take meaningful steps to pursue diversity and equity in the cannabis industry,” said Green Thumb Senior Vice President of Government Affairs Dina Rollman. “These social equity licensees not only endured the always-challenging application process but also COVID-19 and a protracted delay in license awards. Since we first started working with Illinois social equity applicants in September 2019, we’ve learned a lot about the unique barriers that social equity applicants face and how we can use our resources to advance equitable ownership in the cannabis industry going forward. We’re excited to extend our knowledge to those awarded licenses in the state.”
Between August 1st and August 31st, Illinois Craft Grower and Dispensary license-holders can apply to enter the incubator’s “Bake Off.” The Bake Off is a 10-minute opportunity to provide an overview of the new licensee’s business to Green Thumb’s leadership team.
Evaluation criteria for Green Thumb’s Bake Off will include, but not be limited to, each applicant’s:
- Business plan compatibility with Green Thumb infrastructure and knowledge base.
- Availability to commit time to interact with Green Thumb’s LEAP team for mentorship.
- Financial acumen and willingness to commit to LEAP loan terms.
- Participation in the prior licensing education and application phase of LEAP (a consideration, not a decisive factor).
- Authentic passion, heart and the X-factor for promoting well-being through cannabis.
Winners of the Bake Off will receive funding from Green Thumb and six months of in-house mentorship. The Company will select and advise at least one dispensary licensee and at least one craft grower licensee and focus on positioning them for success. Visit
www.gtigrows.com/LEAP
for more information.
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