During the past trading week (September 30 to October 4), a technology payment company announced it would begin making its popular services available to the US cannabidiol (CBD) market.
Also making headlines was the latest acquisition from a Canadian cannabis giant, as well as the way the Canadian marijuana industry is impacting the overall gross domestic product (GDP) of the country.
Here’s a closer look at some of the biggest cannabis news over the last week.
Novelty payment platform adopts cannabis stance
Last Thursday (October 4), Square began accepting cannabis business in the US by way of payment services, payment tracking and inventory management.
A report from Bloomberg indicated the technology company is only making these services available to operations selling CBD products.
“We saw this as an opportunity to make our tools available to (CBD) sellers,” Square said.
Canopy makes sports brand acquisition
The Canadian marijuana firm did not disclose the specifics of the transaction but did indicate it represented an all cash deal. After it’s completed, Canopy Growth will own 72 percent of the sports company. BioSteel holds endorsement deals with Dallas Cowboys running back Ezekiel Elliott, Connor McDavid of the Edmonton Oilers, Canadian pro golfer Eugenie Bouchard and National Hockey League (NHL) hall-of-famer Wayne Gretzky.
“We view the adoption of CBD in future BioSteel offerings as a potentially significant and disruptive growth driver for our business,” Canopy Growth CEO Mark Zekulin said.
In related Canopy Growth news, its biggest shareholder, alcohol maker Constellation Brands (NYSE:STZ), issued its latest earnings report and shifted its sentiment on the cannabis investment. The firm expressed excitement for the upcoming launch of edible and infused products in Canada.
“Overall, we’re pleased with the progress of the Canopy team and what they have done in the last few months,” Bill Newlands, CEO of Constellation Brands, told analysts and investors during a quarterly call, according to a report from Canadian Press.
However, the results from Constellation Brands took a hit due to Canopy Growth’s recent performance. The beer maker recognized a US$839 million loss in fair value of its investment of the Canadian firm.
On Monday (September 30), the Bank of New York Mellon (BNY Mellon) confirmed it would soon stop accepting positions or trading activities from investors regarding marijuana stocks operating in the US.
“BNY Mellon continues to monitor trends in CRB (cannabis-related business) transactions and may impose additional restrictions or require additional information in the future,” the bank said in its note.
According to new data from Statistics Canada, the marijuana industry has added a significant C$8.26 billion to the country’s GDP for July.
Fire & Flower Holdings (TSX:FAF) credited its retail expansion across Western Canada for its uptick in revenue for its latest earnings report. The Canadian cannabis retailer recently obtained an investment deal from Alimentation Couche-Tard (TSX:ATD.A) for the development of its global expansion plans.
This past trading week, Canopy Rivers (TSX:RIV,OTC Pink:CNPOF), the venture capital investment arm of Canopy Growth, told Canadian Press it is planning an investment for biosynthetic development of cannabis.
This synthetic production of cannabis derivatives is being developed by a variety of players in the market looking to refine the production of standardized cannabinoids.
Don’t forget to follow us @INN_Cannabis for real-time news updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
As investors continue to prioritize cannabis opportunities in the US, market watchers expect mergers and acquisitions (M&A) to play a role in the future for Canadian companies.
A consolidation trend has been expected in the Canadian cannabis space for some time now based on the size of the market compared to the number of operations in the country.
BioHarvest Sciences Inc. Unveils the Unique Polyphenolic Content of Its Upcoming Olive-Based Nutraceutical
The product will include polyphenols known to have significant health benefits.
BioHarvest Sciences Inc. (CSE: BHSC) (“BioHarvest” or the “Company”) has reached an important milestone in its development program of additional Nutraceuticals. The olive-based Nutraceutical product scheduled for market availability in the second half of 2022 will contain the following unique matrix of polyphenols: hydroxytyrosol, trosol, and verbascoside. These compounds are the major polyphenols in naturally grown olives and are responsible for the high antioxidant activity of olives and olive oil. Importantly, the BioHarvest olive-based Nutraceutical product will provide all the benefits of olives and olive oil with a low calorie count per serving.
Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco” or the “Company”), one of the largest vertically integrated multistate cannabis operators in the United States, announced today that it will report financial results for the fourth quarter and full year ended December 31 st , 2020 on Thursday March 25 th , 2021 before the market opens.
The Company will host a conference call and webcast to discuss its financial results and provide investors with key business highlights on Thursday March 25 th , 2021 at 8:30am Eastern Time (7:30am Central Time).
Canopy Growth to Participate in BofA Securities Virtual Consumer & Retail Technology Conference on March 11, 2021
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) (“Canopy Growth” or “the Corporation”) announced today that EVP & CFO Mike Lee will be participating in a fireside chat at the BofA Securities Virtual Consumer & Retail Technology Conference on Thursday, March 11, 2021 at 9:30am ET .
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”). The Company announces that further to its press release dated March 2, 2021, it has obtained TSX Venture Exchange approval to extend the closing date of its previously announced private placement of units (“Units”) until April 7, 2021. Each Unit is comprised of one (1) common share and one (1) warrant, exercisable for one common share at price of $0.11 per share, for a period of three (3) years from the date of Closing. The Company applied to extend the date of closing to allow a greater number of interested investors to participate.
For more information regarding the Company or the offering, please contact firstname.lastname@example.org, or