Staff
The Daily Hit is a recap of the top cannabis business stories for April 13, 2022.
ON THE SITE
New Jersey
With the news that New Jersey was finally approving some cannabis companies to begin selling adult-use cannabis, investors began salivating over who would triumph. Cannabis stocks have been in a decidedly long bear market causing investors to lose great sums of money (on paper at least). As the process to begin these sales went through a series of starts and stops, the companies along with the investors were getting frustrated. Read more here.
Akerna
Cannabis tech company Akerna (Nasdaq: KERN) is predicting that U.S. cannabis shoppers will spend nearly $130 million on legal cannabis on April 20th, known as “420”, an unofficial but widely celebrated cannabis consumption holiday, which would become the largest sales day in legal cannabis history. Read more here.
Maturing Markets
As more states begin selling adult-use cannabis, some states are seeing sales decline or at least plateau. In the case of a mature market like Colorado, sales have actually dropped. Colorado was the OG of adult-use sales, creating an onslaught of canna-tourism. Now, many people can go to states closer to where they live. Read more here.
IN OTHER NEWS
Avicanna
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development and commercialization of plant-derived medical and pharmaceutical cannabinoid-based products, announced today that it has entered into an exclusive license and supply agreement with a South American pharmaceutical company to commercialize up to four of Avicanna’s proprietary cannabinoid-based pharmaceutical preparations. Read more here.
ACS Labratory
ACS Laboratory, a hemp and cannabis testing facility in the eastern U.S., has created a certificate of authenticity (COA) verification process in partnership with Blockticity (https://blockticity.io/), a provider of guaranteed certificates of authenticity. The platform allows any cannabis or hemp COA authenticated by Blockticity to be available for anyone to review for themselves in the blockchain. Read more here.
Geocann, Averix Bio
Global cannabis organization Geocann today announced a strategic partnership with Averix Bio that will bring U.S.-produced API phytocannabinoid ingredients and clinically proven bioavailable formulations to the global marketplace. The alliance is focused on South America, as Geocann has established a sales, distribution, and marketing infrastructure to support leading human and animal nutrition brands. Read more here.
Cantourage
European medical cannabis company Cantourage has received two British government licences that authorise the company to import medical cannabis into the UK. The company has also received the required regulatory registration to prescribe medical cannabis products to clients via a new facility, Cantourage Clinic. Read more here.
