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May 19, 2019, 2:22 p.m. EDT

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

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By Benzinga.com

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Unicorn cannabis investment company Canopy Rivers Inc /zigman2/quotes/201002551/composite CNPOF -1.75% invested $1.5 million in Biolumic, creators of a sustainable UV crop yield enhancement system. This is Canopy River’s first investment in the AgTech sector. Canopy Rivers is the investment arm of Canopy Growth. Full story here.

Halo Labs Inc reported first-quarter financials, with first-quarter 2019 revenue of $8.7 million. From non-traditional beginnings running the company out of a backyard chicken coop using highly volatile extraction technology, Halo now ranks second among U.S. plant-touching cannabis stocks on a revenue growth basis. The corresponding revenue for the first quarter of 2018 was $2.16 million. Halo projects nearly $50 million in revenue and 332-percent organic growth over 2018.

Fintech company Promontory Interfinancial Network recently conducted a survey of bankers in the U.S. Results showed that 82 percent of respondents think the federal government should allow them to serve plant-touching cannabis businesses. This legislation is in Congress in the form of the SAFE Banking Act. Full story here.

Dip Devices released a limited-edition Rainbow Dipper. A donation of 5 percent of sales from every unit will be made to the Trevor Project, a national organization providing crisis intervention and suicide prevention services to young queer people.

Kush Marketplace, an anonymous platform that seeks to create a level playing field for cannabis and hemp buyers and sellers, is re-launching as Kush.com after having facilitated almost $11 million in wholesale transactions. Full story here.

Erica Daniels is the founder of Hope Grows for Autism, a nonprofit aimed at improving the lives of families affected by autism through research, education and the advocacy of medical marijuana. She's partnered with Ilera Healthcare for the launch of a new tincture, HOPE. 

This formulated medicine created by Ilera was designed for patients to improve their quality of life.

Ilera’s pharmaceutical development capabilities and formulation expertise are being combined with Daniels and her team’s significant experience with this patient population.

Cannabis dispensary operator iAnthus Capital Holdings unveiled its national retail brand at the Canaccord Genuity third annual Cannabis Conference: "Be." Full story here.

California cannabis brand Canndescent started selling cannabis oil concentrate products in Nevada. “We are thrilled to bring Canndescent to the Nevada market to ensure our retail partners and customers have access to uncompromising, high-quality cannabis products,” CEO Adrian Sedlin said in a press release.

“The sale of our premium oils has exceeded expectations in California and we are positive that connoisseurs and new customers alike will appreciate the experience our products deliver.”

CbdMD Inc /zigman2/quotes/201949781/composite YCBD +0.96% reported second-quarter results Thursday that arrived higher than expected and included a record sales figure. Full story here.

CNBC's Jim Cramer warned cannabis investors about overly promotional executives. Full story here.

Bank of America Merrill Lynch analyst Christopher Carey reiterated a Buy rating and CA$15 price target ($11) on Aurora Cannabis. 

“We see the strategy as reasonable; however, with so many companies also focused on these areas, and very few with the scale or capabilities to build advantages in untapped areas like beverages (with the exception of Canopy and Hexo), we wonder if Aurora could be ‘missing the boat’ on an area which could prove large as newer consumers wanting less pervasive, socially accepted product forms demand both psychoactive (THC-infused) and CBD beverages,” the analyst said. 

Blühen Botanicals, a hemp CBD company, opened its first retail wellness location in Knoxville, Tennessee. SOL Global Investments Corp /zigman2/quotes/205700781/composite SOLCF -12.31% recently announced a $30.06-million investment in Blühen as part of its plan to diversify into hemp-related businesses through HeavenlyRx Holdings.

SOL Global also announced its proposed acquisition of Northern Emeralds, a Humboldt County-based cannabis cultivation and production company, as well as the One Plant-branded dispensary chain. The acquisitions provide SOL Global with access to California, as it moves forward in the launch of its own multistate operator. The $120-million deal for Northern Emeralds gives SOL Global access to the NorCal company’s advanced cultivation and processing techniques as well as its library of flower strains.

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 /zigman2/quotes/202596755/composite TRLFF -0.27% , 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 and Organic Flower Investments Group 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 /zigman2/quotes/207572494/composite CLSH -19.45% 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.

CBD wellness brand Cultivate is set to debut its specialty line of lifestyle enhancement products at this year’s Oregon Hemp Convention June 7-8 at Portland’s Expo Center.

The following are some of the most interesting cannabis-related stories from this week.

Hannah Genig spoke about the opioid crisis at the SALT Conference with Nicholas Vita, vice chairman and CEO of the medical cannabis company Columbia Care.

Susan Ameel, co-founder and partner of Global Regulatory Risk Advisors, discussed all sorts of regulatory topics, from Florida to the DOJ, in her column, RegTalk.

Headset CEO Cy Scott shared a look back into 4/20 figures and wrote an opinion piece, “420 Cannabis Celebrations Growth Marks The End Of An Era Of Oppression, Incarceration And Shaming.”

Michael Miller, the new cannabis editor of LA Weekly and host of the CannaBusiness Podcast, shared his personal cannabis story and a look into the transition of cannabis from a substance to get high with to being one that gets you healthy.

Jeff Siegel published his “Bulls And Bud Of The Week” column, discussing Captiva Verde Land Corp /zigman2/quotes/202470220/composite CPIVF 0.00% ’s acquisition of Solargram Farms Corporation and cannabis science this week. 

Andrew Ward shared a look into veteran-owned cannabis businesses and cannabis use in pro wrestling.

Check out these and many other cannabis stories in our cannabis portal.

May 22: Greenhouse Ventures and the Philadelphia-Israel Chamber of Commerce are hosting Innovation In The Cannabis Industry, from Israel to USA at the Levitt Auditorium at University of the Arts. The event focus on transferring best practices of commercializing technology and research from Israel to the U.S., with a specific focus on implications for the the tristate (New York, New Jersey, Pennsylvania) region. 

For business operators and investors attending the event, host organization Greenhouse Ventures will provide insight into the launch of a new International Commercialization Incubator that aims to position Philadelphia and the tristate region as a landing pad for international startups seeking U.S. market entry. Companies selected to join the Commercialization Incubator will benefit from university research and corporate partnerships, discounted and pro-bono services, as well as assistance navigating complex barriers like banking, immigration, housing and marquee client acquisitions.  

May 23: The Hemp Industry Trade Association of Arizona (HITA-AZ) will host a monthly networking event open to the public at Modern Grove Views at OdySea in the Desert, in Scottsdale, Arizona. HITA-AZ is the first hemp-specific, non-governmental agricultural organization in Arizona.

May 28-June 1: The Cons is a gathering of three trade and fan shows — the Cam Con, the Cannabis Con and the Inked Con — all under one roof at the SLS South Beach Hotel in Miami Beach, Florida. The Cons 2019 will offer a variety of seminars with top industry panelist, networking parties and performance displays to benefit the industry’s content providers, models and affiliates. While these industries have differences, in many ways they overlap.  All three shows are model-driven because they are the true industry ambassadors, which is the core value of The Cons.

May 29: Ansell Grimm & Aaron's Cannabis Law Practice is hosting the CBD-A Conference. This seminar will focus on emerging issues and opportunities surrounding cannabis, blockchain, and capital raises using Regulation D and Regulation A. Find tickets on Eventbrite under the name "CBD-A Conference."

May 30-31: The Concentration Expo is coming to San Diego. Concentration is a cannabis extraction conference and event assembling the entire specialty cannabis extraction and analytical science spectrum in one connected space that’s focused on providing real solutions with proven success.

Attendees will connect firsthand with industry leaders offering tangible ideas and practical applications for all areas of cannabis extraction and analytical science. The conference is a two-day immersive event offering exclusive content and keynote seminars, alongside vetted exhibits and interactive experiences. 

June 7-9: The Women Grow 2019 Leadership Summit is coming to the East Coast. Dr. Chanda Macias, the CEO of the woman-focused organization, will welcome multitudes to her hometown of Washington, D.C., from June 7-8 for the largest cannabis event of its kind.

“We look forward to amplifying our message of cannabis legalization, inclusion and equality here in our nation’s capital,” Macias said. “Being steps away from the U.S. Capitol, where we have witnessed an influx of women assuming leadership positions, is sure to inspire our community as a whole to connect, educate and empower female leaders in this space.”

June 18: Martha Stewart will speak at the World Cannabis Congress in Saint John, New Brunswick, Canada. Stewart is an example of big brands and high-profile personalities that are entering into the cannabis space as outdated stigma gives way to mainstream growth opportunities.

“I look forward to sharing my knowledge and experience in the lifestyle space with this tailored audience,” Stewart said. “As I begin to collaborate on products for the CBD market, and as the demand for these types of product grows, I’m very interested in the conversations and connections at this event.”

Stewart will be joining Civilized publisher Derek Riedle and Bruce Linton, the founder, chairman and co-CEO of Canopy Growth onstage in a fireside chat June 18 to close the conference. Read more about it here.

June 25: MjMicro, an investor forum that seeks to connect “highly qualified investors with best-in-class and emerging publicly-traded cannabis companies” will debut in New York at the Westin Grand Central. The event is slated to be held four times a year, with future events scheduled for Beverly Hills, West Palm Beach and Seattle.

Photo by Javier Hasse.

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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