Cannabis drink lobby group wants 'common sense regulations' to be associated with pot beverages

For those unhappy with the prospect of heavily-regulated cannabis-infused drinks in Canada, one lobby group is hoping to change a few things before products become available later this year. The Cannabis Beverage Producers Alliance launched on Wednesday with 10 member companies including the Molson Coors-Hexo Corp.-joint venture Truss Beverages. The group wants to be able to produce pot-based drinks in the same facilities where non-cannabis beverages are made as well as less stringent marketing rules that would allow companies to use terms related to alcoholic beverages, such as "wine" rather than “fermented grape juice”. However, industry giant Canopy Growth isn’t part of this alliance and it remains to be seen how big the cannabis drink market could become.  

Cresco Labs reports Q4 with 411% jump in revenue

Cresco Labs, fresh off its acquisition of Canadian-based Origin House, announced fourth quarter results on Wednesday, with revenue up 411 per cent from the same period a year ago. Cresco said it made US$17 million in its fourth quarter as well as an adjusted EBITDA of US$13.7 million, compared to US$3.3 million in revenue and an adjusted EBITDA loss of US$3.1 million a year earlier. The company currently operates in seven U.S. states, with binding transactions pending in New York, Massachusetts, and Florida and recently received approval to enter into the Michigan medical marijuana market.

Hexo Corp announces support of 38% of Newstrike shareholders ahead of deal vote 

Quebec-based cannabis producer Hexo Corp said it now has the support of about 38 per cent of shareholders of Newstrike Brands, the company it said it planned to acquire last month in a $263 million all-stock takeover deal. Under the terms of the agreement announced on Wednesday, Newstrike shareholders will be offered 0.06332 of a Hexo share for each share held. If the transaction is approved, Newstrike shareholders would own 14 per cent of the combined company. BNN Bloomberg previously reported that Newstrike was mulling a possible sale as far back as September.

Texas moves closer to liberalizing cannabis laws 

Texas, one of the most staunchly conservative U.S. states, may be close to decriminalizing cannabis. On Thursday, the state’s government plans to vote on a decriminalization bill titled “Relating to the civil and criminal penalties for possession of certain small amounts of marihuana and an exception to prosecution for possession of associated drug paraphernalia; creating a criminal offense”. Earlier this week, the Texas State House of Representatives passed a bill that would providing a regulatory and licensing framework for the cultivation and processing of hemp as well as hemp byproducts, including CBD. That bill still needs approval by the state’s Senate and Governor before becoming law.  

DAILY BUZZ

“We want to be good neighbours.”
-- Cam Battley, chief corporate officer of Aurora Cannabis, on the pot producer’s efforts to mitigate any pot odour wafting over to the Edmonton airport from its cannabis facility located nearby


Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formation 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.