Expect 'roadkill along the way' as pot firms navigate COVID-19: Gene McBurney
Method Man to see how high he can lift Black cannabis businesses with new venture
Wu-Tang Clan rapper Method Man is launching a new cannabis company that aims to support more Black ownership in the legal pot space. Method Man, born Clifford Smith Jr., is launching a company called Tical that will begin selling cannabis to four Black-owned dispensaries as soon as this weekend, Bloomberg News reported. The launch of Tical (the name of Meth’s debut record, and supposedly an acronym for ‘taking into consideration all lives’) comes amid growing awareness of race and inequality issues following the death of George Floyd in Minneapolis and the rising chorus to include more diversity in the cannabis sector. Method Man also isn't the first rapper to become associated with the legal cannabis industry, as Drake, Snoop Dogg and Post Malone have taken ownership stakes in pot-related companies.
Bay Street legend McBurney says pot sector ready for a comeback
Famed Canadian investment banker Gene McBurney remains high on the pot sector. In an interview with BNN Bloomberg to discuss his new appointment at Canaccord Genuity, McBurney said the pot sector is something investors may want to keep their eyes on. He believes the pot sector is going to come back “in a very strong way” but noted there will likely be “a lot of roadkill,” as only the strongest companies are likely to survive.
Herbs "R" Us gets court order to destroy advertising material in light of trademark violation
Herbs "R" Us Wellness Society is going to have to change its name, a B.C. court says. The name change comes after a ruling in favour of retailer Toys "R" Us which argued that the pot dispensary violated its trademark in a way that damages the goodwill attached to it, The Canadian Press reported. Herbs "R" Us, which appears to be an unlicensed cannabis dispensary in Vancouver, never responded to the court application, but will still have to destroy any goods, packages, labels and advertising material that violates the Toys "R" Us trademark.
Harvest amends deal with Hightimes for California dispensary sale
Harvest Health and Recreation said it is amending its agreement to sell some California pot shops to Hightimes Holdings, the company said in a statement on Friday. Harvest now intends to sell 10 licences for dispensaries in California for US$67.5 million, which includes up to US$1.5 million in cash, US$4.5 million as a one-year promissory note with 10 per cent interest, and US$61.5 million Hightimes stock. Altacorp analyst Kenric Tyghe said in a report that the amendment is reduced from an original sale of 13 dispensaries for a total of US$80 million.