Details on what kind of cannabis edibles and concentrates revealed with 17 new product types to be available

The second wave of cannabis products in Canada is set to explode when they become available this year. Canadians should expect a long list of cannabis-infused edibles, concentrates and other products to hit store shelves with 17 new product types likely to be added when the products become legal in Canada. Some of the items won't be a surprise such as chocolates and dealcoholized drinks. This is the first time a full product lineup has been disclosed ahead of Ottawa’s expected legalization of edibles and concentrates sometime in October. By expanding the product line fourfold from the products already available, the increase in new items should provide cannabis companies with new revenue opportunities and help level the playing field with their illicit counterparts.

Valens reports Q1 results; signs extraction deal with Hexo

Cannabis extractor Valens GroWorks reported first quarter results with $2.2 million in revenue generated and $850,000 in gross profit during the period. Valens also processed 1,796 kilograms of cannabis during the quarter, and reported it processed an additional 4,976 kilograms in the first 55 days subsequent to the end of its first quarter. Marijuana extraction companies are likely to be in high demand to process the dried cannabis needed to be infused in the various concentrates and edibles set to hit the Canadian legal market later this year. Valens also announced Thursday it signed a multi-year supply and extraction deal with Quebec-based Hexo Corp.

The U.S. cannabis industry may have netted as many as 300,000 jobs 

Legal pot has not only become big business, it’s also a significant job creator. While the U.S. Department of Labor doesn’t have fresh figures, ZipRecruiter estimates the number ofcannabis jobs nationwide at 200,000 to 300,000, the New York Times reports. A significant part of those jobs are on the lower end of the pay scale, consisting of rote agricultural work like plant trimming which could net workers US$10 to US$15 an hour and “budtenders” whose salary could fetch about US$25,000 a year. But there are also signs of strong demand for higher-paying jobs such as  chemists, software engineers, and nurses.
 
SOL Global to acquire Michigan pot operations for US$150 million

SOL Global Investments is now a U.S. multi-state cannabis operator. The company, run in part by controversial cannabis investor Andy DeFrancesco, said it will purchase Merida Capital Partners’ Michigan subsidiary for US$150 million in cash and stock. The subsidiary holds the rights to acquire two Michigan cultivation licenses, a processing license, and 3 fully licensed cannabis provisioning centers, according to a press release. SOL Global and Merida expect gross revenue from the Michigan business to generate in excess of US$61 million in calendar year 2019 and more than US$121 million in 2020. SOL Global also operates a chain of cannabis dispensaries and cultivation facilities in Florida and signalled in the release it is “finalizing negotiations to acquire an industry leading California cultivator and processor.”

DAILY BUZZ

US$425 million
-- The pre-tax loss on derivatives incurred by Altria from the tobacco company’s investment in Cronos Group

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.