The Week In Cannabis: Big Earnings Reports, Biden's Change Of Heart, New Report On Dispensaries

In the latest of its efforts to become the leading supplier of broad-spectrum hemp extract for the food, fragrance, cosmetic and CPG sectors, Socati Corp. announced it acquired Blue Marble Biosciences, a Montana-based company specializing in natural and sustainable compounds for companies in those industries.

Socati, which earlier this year announced $42 million in funding, plans to invest heavily in the Montana facility, growing its production capacity to 10 tons of biomass per day and nearly doubling the workforce.

"This acquisition positions Socati to capitalize on this meteoric growth through quality manufacturing, product development and innovation, setting the bar for product purity and consistency," said CEO Josh Epstein.

PanXchange announced the addition of Andy Bose, former chief product officer at S&P Global Platts, to its board of advisors. Bose will play a key role in the OTC physical commodity exchange’s continued growth. Based in Denver, PanXchange offers trading of a variety of commodities and offers industry-leading indices for frac sand and industrial hemp.

“Dummies” published the book Cannabis For Dummies, a guide to everything cannabis. Written by Kim Casey, the book covers topics surrounding marijuana, explaining the anatomy and chemistry of the plant and discussing the legal, political and cultural state of cannabis. The book covers buying, storing and using cannabis safely and responsibly and highlights the potential medical benefits of marijuana for both humans and pets.

For the more experienced, the book dives into growing and harvesting cannabis along with the business side, including working and investing in the marijuana industry.

True Leaf Medicine International Ltd TRLFF, a cannabis and hemp wellness brand for pets, announced that veterinarian and integrative pain management expert Dr. Conny Mosley has joined its veterinary advisory board. Mosley is a director and vice president of the Canadian Association of Veterinary Cannabinoid Medicine and brings more than 20 years of experience in veterinary medicine to True Leaf.

“We now have two of the foremost knowledge leaders on cannabinoid medicine for animals advising True Leaf,” said Darcy Bomford, TrueLeaf's founder and CEO.

“Veterinarians Dr. Katherine Kramer and Dr. Conny Mosley are working side-by-side with our team to develop a best-to-market CBD product line for pets. We’re developing proprietary veterinarian-formulated blends that will target specific pet health challenges such as calming support and hip and joint function."

ICC International Cannabis Corp WLDCF and Organic Flower Investments Group QILFF signed a definitive agreement with professional rugby team the Toronto Wolfpack to become the exclusive worldwide manufacturing and distribution partners for the team’s launch of its own branded line of athlete-focused CBD products. The Wolfpack becomes the first professional sports team to introduce its own line of proprietary CBD products, and planned products include CBD-infused topical creams, therapeutic relief balms, CBD-infused soaks and CBD-infused roll-ons and healing sticks, all developed with a focus on athlete wellness and recovery.

Root Engineers, the cannabis-focused division of ColeBreit Engineering, has partnered with Deschutes Labs to design and construct a 6,000-square-foot hemp processing facility in central Oregon. Root Engineers was brought onto a design team comprised of architects, structural engineers, general contractors and other consultants to design a code-compliant facility and provide a variety of mechanical, electrical, plumbing and fire protection design services. The design team included several Oregon-based companies that will continue to be involved as the Deschutes Labs project progresses.

"A cross-functional team like this one provides the perfect example of how cannabis businesses can streamline and create efficiencies from the beginning of the development process," said Laura Breit, managing principal of Root Engineers. "Our work with Deschutes Labs illustrates that the foresight in bringing together expert design and construction consultants can help cannabis facilities design safe, compliant and successful operations."

The Cannabis Trade Federation announced the creation of its Diversity, Equity and Inclusion Task Force comprised of a diverse mix of prominent national minority business and cannabis industry leaders. The CTF “believes that success for the cannabis industry means a thorough commitment to diversity, equity and inclusion.”

The DEI Task Force will work closely with CTF leadership to develop an industry-wide diversity, equity and inclusion policy to be adopted by the full CTF board, according to the organizer. 

Upon adoption, CTF member companies will have to agree to CTF’s DEI policy as a requirement of membership. The DEI Task Force will also develop benchmarks and goals to measure the industry’s progress and draft policy proposals for possible incorporation into future legislation.

“I’m honored to be named to the Cannabis Trade Federation’s Diversity, Equity and Inclusion Task Force to contribute to the important work of developing strategies to diversify and make the cannabis industry more equitable and inclusive,” said one of the members, Green Thumb Industries’s corporate counsel Akele Parnell.

K-Zen Beverages, a maker of cannabis-infused drinks, raised $5 million in seed funding from DCM, a global venture capital firm. The capital is being directed at continuous product innovation, retail partnerships and brand development to address changing consumer needs.

K-Zen Beverages is the second cannabis-related investment for DCM after Eaze, the on-demand cannabis delivery platform. The market for marijuana-infused beverages is massive and could hit $600 million in the U.S. by 2022, according to Canaccord Genuity.

CLS Holdings USA Inc CLSH reported its April 2019 results. CLS Holdings’ Oasis dispensary saw record April 2019 revenue of $652,500, an increase of 56 percent from April 2018. City Trees, the company’s branded product division, saw a revenue increase from $236,456 in April 2018 to $489,074 in April 2019.

Hemp entrepreneur Jennifer Babaian, founder and CEO of the hemp-wellness destination 7 Leaf Clover, is opening up shop in the Hamptons on May 24. 7 Leaf Clover’s third location will be opening at 760 Montauk Highway in Watermill, New York. This will be the first store of its kind to bring CBD and hemp products to the Hamptons.

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