Fire & Flower to launch private-label CBD product in Saskatchewan 

Canadian cannabis retailer Fire & Flower is getting into the CBD business. The company announced Tuesday it is partnering with WeedMD to launch its own private-label CBD brand dubbed Revity. WeedMD will manufacture, package and ship the CBD products for Fire & Flower which will sell the product through its own private distribution business. The products will be available in Saskatchewan later this week. Fire & Flower isn't the first retailer to slap its brand on a cannabis product; Superette announced plans last month to launch a branded vape product through a deal with Fume Labs. 

Auxly goes green with new e-waste service for vape pens

Auxly Cannabis Group launched a new service for Canadian cannabis retailers to help recycle vape pens, cartridges and batteries, the company announced on Tuesday. The initiative aims to help reduce the amount of unused items, which would typically be headed for a landfill. The company is working with Greentec, a certified e-waste company, to help properly dispose and recycle unused vape items. The recycling program will be available at most Canadian cannabis retailers.  

Harvest reports US$55.7M in Q2 revenue but still posts US$18.3M net loss

U.S. operator Harvest Health & Recreation reported second-quarter results late Tuesday, posting US$55.7 million in revenue, an increase of 109 per cent from the same quarter a year earlier. The revenue figure was better than the US$49 million that analysts were expecting. Harvest also recorded a net loss of US$18.3 million for the second quarter, an improvement from a loss of US$25.5 million a year ago. The company provided an update to its outlook for the rest of the year, stating it expects to generate US$215 million-to-US$220 million in revenue, up from the prior target of approximately $200 million. 

Neptune Wellness' Q2 revenue slightly ahead of analyst expectations 

Cannabis extraction firm Neptune Wellness Solutions reported fiscal first-quarter results late Tuesday, recording $21.3 million in revenue while posting a $11.4-million loss. That compares to $4.3 million in revenue and a loss of $6.5 million a year earlier. Analysts expected Neptune to report $20.9 million in revenue in the quarter. The company attributed the higher loss in the quarter to increased selling, general and administrative expenses and net finance costs "to support future growth." Neptune added that it expects to report between $28 million and $32 million in revenue in its next quarter. 
 

DAILY BUZZ

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