Dec 24, 2019 (Baystreet.ca via COMTEX) -- 2019 was a big year for marijuana. The Marijuana Opportunity Reinvestment and Expungement (MORE) Act passed the House. Presidential candidates are embracing reform. Illinois just became the 11th state to legalize, with many more states likely to legalize it in 2020. Two-thirds of Americans are for legalization. And, as we move into 2020, we’re likely to see more efforts for legalization with higher approval ratings among Americans. As excitement builds, it’s creating opportunity for companies including The Yield Growth Corp. /zigman2/quotes/202014329/delayed CA:BOSS -11.76% /zigman2/quotes/200119040/delayed BOSQF -3.92% , Canopy Growth Corporation /zigman2/quotes/202205609/delayed CA:WEED -6.68% /zigman2/quotes/200603886/composite CGC -7.22% , The Supreme Cannabis Company Inc. /zigman2/quotes/209645734/delayed CA:FIRE -3.90% /zigman2/quotes/203819708/delayed SPRWF -6.82% , and Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT +5.49% /zigman2/quotes/203840062/delayed CA:NEPT +6.67% .
The Yield Growth Corp. /zigman2/quotes/202014329/delayed CA:BOSS -11.76% (otcqb:BOSQF) BREAKING NEWS: The Yield Growth Corp. just announced that Urban Juve’s Hydrating Body Oil appears in this month’s holiday issue of Vanity Fair UK, which features RuPaul on the cover, photographed by Annie Leibovitz. The magazine highlights Urban Juve’s Ayurveda-inspired Hydrating Body Oil in “The Vanity Box,” along with a range of other handpicked luxury beauty products, selected for the publication’s sophisticated and highly affluent readers. The Canadian-made Hydrating Body Oil is one of Urban Juve’s most popular products. Powered by hemp seed oil, avocado oil and ginger oil, Hydrating Body Oil helps revive the skin, while cinnamon and cardamom invigorate the senses. Urban Juve has been featured several times in Vanity Fair UK and other high-quality beauty and lifestyle publications, such as British Vogue and Elle Canada.
“We are expecting our products to be widely distributed throughout Europe and South America in 2020,” says Penny White, CEO of Yield Growth. “In Europe alone, the skin care market is expected to grow at 3.9% CAGR between 2016 and 2022, according to KVB Research, so we are positioning Urban Juve, along with our other brands, to capitalize on the opportunity.” In celebration of the holiday season, Urban Juve is offering 40% off the entire Urban Juve Collection from December 26th-29th, 2019. Shop urbanjuve.com with code “BOX2019” during our Boxing Weekend Sale!
Other cannabis-related developments from around the markets include:
Canopy Growth Corporation /zigman2/quotes/202205609/delayed CA:WEED -6.68% /zigman2/quotes/200603886/composite CGC -7.22% just announced that effective January 14, 2020, David Klein has been appointed as the Company’s Chief Executive Officer. David brings a wealth of expertise to this role, having served in a number of senior leadership capacities over the past 14 years at Constellation Brands. His capabilities include extensive CPG and beverage alcohol industry experience, strong financial orientation, and experience operating in highly regulated markets in the U.S., Canada, Mexico and Europe. David is an experienced strategist with a deep understanding of how to build enduring consumer brands while leveraging operational scale across a dispersed production footprint. He is a strong leader with a proven track record of developing diverse and high performing teams. In his current role as executive vice president and chief financial officer at Constellation Brands, David oversees all aspects of the company’s finance operations, all mergers and acquisitions, as well as the company’s information technology function. He is widely respected among members of the U.S. investment community, earning recognition as a top CFO by Institutional Investor magazine the past three years. David serves as a member of Constellation Brands’ executive management committee. He has served on the Canopy Growth Board of Directors for over a year and is presently Canopy Growth’s Board Chair. This familiarity with the Company’s current leadership team and strategy will allow David to integrate quickly, a major benefit in the fast-moving cannabis sector.
The Supreme Cannabis Company Inc. /zigman2/quotes/209645734/delayed CA:FIRE -3.90% /zigman2/quotes/203819708/delayed SPRWF -6.82% announced today that select brands will be available in Québec and Newfoundland and Labrador, expanding Canadian distribution to all ten provinces. The Company entered into a letter of intent with Société Québécoise du Cannabis to supply 7ACRESproducts to retail stores across Québec. On November 21, 2019, the Company also entered into a formal agreement to supply the Newfoundland and Labrador Liquor Corporation with 7ACRES high -end cultivars. “With increased packaging capacity we are pleased to have the recreational supply necessary to serve new consumers in Québec and Newfoundland and Labrador. As we enter two new provinces, we continue to benefit from the strength of our experienced sales team,” said Navdeep Dhaliwal, CEO of Supreme Cannabis. “In anticipation of our 7ACRES brand entering these priority provinces, we specifically launched strains with east coast consumers in mind.” With the addition of improved bottling capacity at 7ACRES and both internal and third-party pre-roll manufacturing capacity, the Company looks forward to providing a steady supply of premium cannabis products to both markets. As Supreme Cannabis transitions to 100% recreational sales, it is well positioned to successfully supply all ten Canadian provinces.
Neptune Wellness Solutions Inc. /zigman2/quotes/207537677/composite NEPT +5.49% /zigman2/quotes/203840062/delayed CA:NEPT +6.67% has entered into an amended and restated processing agreement with Canopy Growth Corporation. Canopy and Neptune mutually decided to review the terms of their processing agreement. The parties have agreed to an amended schedule of processing volumes committed to Neptune by Canopy. In addition, the parties agreed to remove certain preferential rights previously granted to Canopy with respect to Neptune’s capacity and pricing. Effective June 30, 2020, volume and pricing will be negotiated between the two parties based on market conditions. The 3-year term of the agreement remains unchanged and expires on June 30, 2022. Canopy continues to be an important customer for Neptune and both parties are looking forward to maintaining and capturing more business opportunities as the market evolves. As a result of the revised terms, Neptune expects to reduce its client concentration risk and diversify its customer base.
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