Kaitlin Domangue
It’s time for your Daily Hit of cannabis financial news for February 5th, 2020.
On the Site
Business Strategy For Psychedelic Companies
The Green Market Report hosted its first conference on Psychedelic Investing in New York City on January 24. This panel was titled “Business Strategy For Psychedelic Companies.
Journalist Jeremy Berke of Business Insider moderated this panel.
Atai Life Science CEO, Florian Brand, was on the panel along with Shlomi Raz, the founder of Eleusis. The two were joined by Dr. Terry Kelly, the CEO of Perception Neurosciences.
Tilray Restructures, Cuts Workforce, Stock Rises
Canadian cannabis producer Tilray (NASDAQ: TRLY) said it was restructuring and cutting roughly 10% of its workforce. The stock was moving almost 2% higher on the news in pre-market trading to $18.50.
“By reducing headcount and cost, Tilray will be better positioned to achieve profitability and be one of the clear winners in the cannabis industry, which will drive value for our investor and employee shareholders,” said Chief Executive Brendan Kennedy in a statement.
74% of CBD Buyers Own Pets
A new industry report from Nielsen (NYSE: NLSN) and cannabis data provider Headset has highlighted the impact of hemp-based cannabidiol (CBD) on the U.S. pet care market. According to the 2020 Pet Industry Green Paper by Nielsen and Headset, hemp-based CBD pet products will represent 3-5% of all hemp CBD sales within the U.S. by 2025.
Key takeaways:
- Pet products have logged over $9.4 million in sales at regulated adult-use cannabis retailers in California, Colorado, Nevada, and Washington combined (Q1 2018 through Q3 2019).
- To date, 24% of pet owners use hemp-CBD either for themselves, their pet(s), or for both.
In Other News
Aurora Cannabis to Cut Workforce By 10%
Cannabis company Aurora has announced they are cutting their workforce by 10%. Shares are down 1% after hours. This comes right after the announcement of Tilray’s plans to also cut their workforce by 10%.
