Second Cup parent company eyes 30 pot shops by 2022, plans infused beverage lineup
Second Cup Coffee's parent company is doubling down on its cannabis ventures, announcing plans to open as many as 30 pot shops across Canada by 2022 while developing branded infused products for the recreational market. The company's chain of pot shops, Hemisphere Cannabis, opened its second Toronto location on Friday, with its initial outlet ahead of sales and profitability projections, Aegis Brands CEO Steven Pelton said in a statement. Aegis also said it’s in early stages of securing a partner to co-produce a branded line of cannabis products, which may include THC and CBD beverages featuring Second Cup flavours and branding.
U.S. west coast cannabis cultivation at risk of permanent destruction due to wildfire threat
More U.S. west coast cannabis cultivation facilities are at risk of being destroyed amid the ongoing wildfire threat that has plagued Oregon, California and Washington, MJBizDaily reports. The website reports that cannabis farmers are beginning to believe that they are operating under a "new normal" given the frequency of wildfires that occur in the region every year. While the impact on the U.S. cannabis sector isn't immediately known, farmers are concerned of how smoke, ash or containment chemicals may potentially contaminate cannabis crops. The Oregonian newspaper previously reported that about 20 per cent of the state’s licensed marijuana companies are located in areas that are currently being evacuated due to wildfires.
Decline seen in U.S. banks servicing cannabis industry, Treasury department finds
There has been a decline in the number of U.S. financial institutions that provide services to marijuana-related businesses, according to a release from the U.S. Treasury Financial Crimes Enforncement Network. The agency said 695 banks and credit unions actively provided services to cannabis-related businesses in June, down 10 from 705 in the prior month. The total hit a high of 747 observed by the agency in November 2019. The decline is attributed to some banks being closed due to government-imposed quarantine restrictions, while reduced staffing in some financial institutions may also have contributed to delays in filing notices to authorities.
One man's legal battle to claim founder status at GTI remains ongoing
A California man is in the midst of a lengthy legal battle against U.S. cannabis operator Green Thumb Industries (GTI) to claim some credit for founding the company, according to Monterey County Weekly. Cary Neiman is looking for $500,000 in damages, along with further relief following an ownership dispute with Benjamin Kovler, the private-equity investor who founded the company in 2014. The newspaper reports that Neiman and Kovler met in April 2014 to launch a new cannabis operator in Illinois whose name was based on one of Neiman's tattoos - a hand, drawn in green, making the thumbs-up sign. However, Neiman told the paper that Kovler pushed him out of the company shortly after that.
Cannabis Canada is BNN Bloomberg’s in-depth series exploring the ongoing growth of the Canadian recreational cannabis industry. Read more here and subscribe to our Cannabis Canada newsletter to have the latest news delivered directly to your inbox every day.