Canopy buys AgriNextUSA to further expand U.S. hemp plans 

Canadian cannabis producer Canopy Growth is buying U.S. hemp company AgriNextUSA for an undisclosed sum as it seeks to ramp up its expansion south of the border. Terms of the cash deal were not disclosed, but Canopy CEO Bruce Linton told BNN Bloomberg that “it’s not a huge cash transaction.” He added that familiarity with the company was key. “We really know who we’re dealing with here,” he said. “Think of it as a small company with a lot of clout, whose leader has been kind of the key voice on hemp for the better part of a decade.”

Curaleaf to supply 800 CVS stores with CBD-infused products

CBD is coming to CVS. The trendy, non-intoxicating hemp byproduct of the cannabis plant will find its way to more than 800 CVS pharmacy stores as part of a partnership with marijuana company Curaleaf Holdings. Curaleaf, which reported year-end revenue of US$77 million late Wednesday, operates more than 40 marijuana dispensaries across 12 states and has developed a slate of hemp-derived products including lotions, tinctures, vape pens and patches. The U.S. Farm Bill, passed in December, legalized the cannabis compound but the U.S. FDA has not approved CBD’s use in food or beverages. It will allow it for tinctures and other products.

Horizons mulls new cannabis ETFs with U.S., inverse options

Horizons ETFs Management Canada is expanding its cannabis roster with plans for U.S., leveraged and inverse offerings, the company’s CEO told Bloomberg. However, those offerings may not list on the Toronto Stock Exchange as the it prohibits the listing of companies that aren’t compliant with federal law where they operate. Horizons has not yet filed a prospectus for its U.S. marijuana ETF. It also has filed prospectuses for a leveraged ETF that aims to return double the daily performance of its existing marijuana index, as well as an inverse ETF that will return the opposite of the index using derivatives.

New Jersey governor still looking for support for recreational cannabis bill 

New Jersey may emerge as the next U.S. state to legalize recreational marijuana despite a current bill lacking enough support to become law, the state’s governor said. Governor Phil Murphy said he and legislative leaders will continue working to persuade holdout lawmakers ahead of an expected vote on March 25. Murphy promised legalized adult-use pot early in his first year but some of the state’s lawmakers, including his fellow Democrats, have objected to decriminalizing a drug that’s banned by the federal government. “We’re close -- we’re not there yet,” Murphy said.

Supreme adds more capacity to its Kincardine facility after HC approval

Toronto-based Supreme Cannabis said its wholly-owned subsidiary, 7ACRES, obtained Health Canada approval for six additional flowering rooms. The new space will total 60,000 sq. ft., nearly doubling the amount of production capacity at its Kincardine, Ont. facility. Along with the additional licensed space, Supreme Cannabis expects that with further production efficiencies potential capacity is anticipated to reach approximately 50,000 kilograms per year by mid-2019 from an existing 17,500 kilograms.

DAILY BUZZ

US$520 million
-  The amount of legal cannabis sales at dispensaries across Arizona, California, Colorado, Oregon, and Washington in January 2019, according to BDS Analytics. That’s up 31.4 per cent compared to January 2018. 

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formaton of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day