Zenabis Global buddies up in cannabis beverage, extracts play
Vancouver-based Zenabis Global announced its Cannabis 2.0 strategy on Wednesday, headlined by an agreement with HYTN Beverages to produce cannabis-infused drinks. The company said it expects its sparkling water beverages to be released in the second quarter of 2020 and come in four flavours, including blood orange and rosewater lemonade. The company also provided an update on its vape business, saying its PAX Era pods have been made available in eight provinces. A company-operated extraction lab currently has a biomass capacity of 400 kilograms per month, and should be utilized to provide a refined product for its Cannabis 2.0 products, Zenabis added.
Pay to Play: U.S. pot brands putting up cash for store presence
Slotting fees are becoming more prevalent among California’s pot retailers. The process of brands ponying up anywhere from US$500 to US$1,500 per month for prime shelving real estate is already common in California, MJBizDaily reports. The industry trade site reports that one cannabis CEO says it’s time for governments to step in and regulate the practice. “In an early market, it’s a slippery slope because it can really affect the customers’ perception of a product’s quality,” Shane Terry, CEO of Las Vegas-based TapRoot Holdings, told the website. There may also be significant tax issues associated with slotting fees given the federal illegality of cannabis in the U.S., the website reported.
Minnesota lawmaker plans to file cannabis legislation bill within next two weeks
Minnesota is the latest U.S. state to come ahead with plans to legalize cannabis after a top state lawmaker said he’ll file legislation within the next two weeks, according to Marijuana Moment. The website said that Minnesota’s House Majority Leader Ryan Winkler will introduce the bill, which will aim to create the “best cannabis system in the country to date”. However, the state’s Republican-controlled Senate is unlikely to pass any pro-cannabis legislation given previous bills were rejected by the legislative body.
Co-founders behind Hamilton-based cannabis producer alleged to siphon $14M for personal use: Report
Founders behind a privately-held Canadian cannabis producer are facing allegations of misappropriated approximately $14 million, according to a report in the Financial Post. The newspaper reports that Hamilton, Ont.-based Green Relief co-founders Warren and Lyn Bravo allegedly siphoned millions of dollars for personal use – including paying for a new home, leasing vehicles and paying personal credit card bills – according to a video of a private shareholders’ meeting taken last month. The allegations, which were first reported by Midas Letter last month, were denied by the two co-founders after they were contacted by the Financial Post.
-- The amount of cannabis sales made in Colorado in 2019, according to the state’s Department of Revenue. Colorado has reported US$7.78 billion in cannabis sales since the drug was legalized in 2014.