Cannabis Morning Express: Tuesday, 11, Aug

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NFL Hall-Of-Famer Brett Favre Joins The CBD Industry

“We couldn’t think of anyone better to work with to mirror the ethos and mission of Green Eagle than Brett Favre, a tough guy who represents passion, endurance and perseverance,”  Green Eagle CEO and founder Joseph Smadja said.

NFL Hall of Famer Brett Favre has officially joined the CBD industry.

The long-time Green Bay Packers quarterback has signed on to be a brand ambassador for Green Eagle, a new CBD brand that makes creams, roll-ons, sprays, liquid capsules and salve sticks.

Uruguay eases hemp, marijuana exporting rules

Uruguay is making it easier to export marijuana and hemp by eliminating the requirement that plants be registered first as medicine.

But the change signed by President Lacalle Pou applies only to crops grown from 2018 to this year.

Deputy Secretary of the Presidency Rodrigo Ferrés announced the actions late last week.

Louisiana Medical Marijuana Program Expands

Louisiana’s path to a medical marijuana program has been a tortuous and frustrating one. State lawmakers passed a law instating a limited program in 2015, but cannabis products did not begin to reach patients at the nine approved pharmacies until August of last year. There are still fewer than 4,500 patients registered to access cannabis products under the law.

After what has been an agonizing delay for many patients, Louisiana’s legislature has finally taken moves to expand the program. 

The program will still allow only extracts, tinctures and other such preparations — not actual herbaceous cannabis, either smoked or vaped. And only two “agricultural centers” are permitted to cultivate and process — one at Louisiana State University and one at Southern University, both in Baton Rouge and the latter a historically Black university. LSU, partnering with the private Wellcana Group, finally produced enough cannabis to begin supplying the approved pharmacies a year ago, Associated Press notes. The Advocate, the state’s biggest newspaper, reported the happy news that Southern University, partnering with Ilera Holistic Healthcare, finally shipped out its first tinctures and other products last month.

And now, under a trio of new laws that were passed in June and went into effect Aug. 1, the ability of patients to access these products will be expanded. At last, the program seems poised for growth.

Spanish Cannabis Approved for Import to Germany

It is official. BfArM, the German version of the Food and Drug Administration and the federal agency with oversight of the national cannabis program, has approved Spanish medical cannabis imports into the country. Indeed, three German companies are now finalizing their paperwork to allow the transfer to be completed.

As Cannabis Industry Journalhas learned, at least one of the companies on the Spanish side of the equation is the ever-interesting Alcaliber (Linneo Health). So far, the privately funded company has made smart, strategic business moves through a challenging transition period. With one of the few EU GMP-recognized licenses in Spain, it is a logical choice for German distributors in search of foreign-produced, but up-to-snuff product.

This is a positive and widely predicted turn of events as Germany begins to institutionalize its cannabis program at the next level. As of this fall, three producers will begin to distribute domestically grown cannabis in Germany. However, there is a clear need for a vibrant import market here and there will be for a long time to come.

Domestically grown cannabis, by design at least so far, was never intended to serve the entire base of medical cannabis patients in Germany. And Spain has been, from the beginning of the discussion, along with Portugal, Greece, Poland, Eastern Europe and of course Italy, an attractive market to produce high quality cannabis for export to (at minimum) Germany.

Columbia Care Q2 Revenue Increases 8% from Q1 to $28.4 Million

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Columbia-care-logo

“Columbia Care had record results in 2Q and showed material improvements across all of its key financial metrics, demonstrating continued operational discipline and focus on creating shareholder value in spite of unprecedented market volatility, economic headwinds and global uncertainty caused by COVID-19,” said Nicholas Vita, CEO of Columbia Care. “The professionalism and dedication of our team enabled us to deliver the strongest results in our Company’s history. Being able to leverage a cohesive, national platform that includes a constantly expanding, diversified portfolio of Adjusted EBITDA generating markets will continue to be a material competitive advantage and allow us to deliver strong results. With sequential top line growth every month during the second quarter, the continued operational improvements we have made across our organization give us the conviction to reaffirm revenue, gross margin and Adjusted EBITDA guidance and convey confidence in the sustainability of the sequential gross margin and Adjusted EBITDA improvements we have seen, and expect to see going forward.

Tilray Q2 Cannabis Revenue Slips 2% From Q1 to $30.2 Million

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Tilray, Inc. Reports 2020 Second Quarter Results
  • Revenue Increased 10% to $50.4 Million (C$69.4 Million) versus Q2 2019
  • Cost Savings of $13.0 Million Realized in Q2 2020 – on Pace for Total Annualized Savings of Approximately $55 Million
  • Net Loss of ($81.7) Million increased $45.4 Million versus Q2 2019 Partially Due to Facilities Closure and Inventory Adjustments
  • Adjusted EBITDA Loss of ($12.3) Million Represents 32% Improvement compared to both Q2 2019 and Q1 2020
  • $137 Million Q2 2020 Ending Cash Balance and $250 Million Remaining on ATM

Texas Introduces New Hemp Product Licensing System, Rolls Out New Rules

AUSTIN, Texas – Texas regulators have enacted a framework of rules and introduced a new program to license hemp manufacturing and distribution within the state. The caveat is that while the program covers consumable products, it does not provide for products of the smoking or vaping variety.

House Bill 1325 paved the way for industrial hemp crops and products in Texas and for the new Consumable Hemp Program, which is housed within the Texas Department of State Health Services (DSHS).

The agency is accepting new applications for hemp product licenses and retailer registration. Applicants who secure the license ($258 per year) may manufacture, process, and distribute hemp within the state. Applications can be filled out online

Existing retailers that sell products containing hemp must register by October 2 to comply with the program. The cost of the license is $155 per year.

Influencer Marketing in the Cannabis Industry – Follow the FTC Guidelines

Influencer marketing is one of the most effective ways for cannabis businesses and cannabis-related businesses to get their brands in front of consumers, but like most marketing tactics, there are rules to follow when you invest in influencer marketing.

Most importantly, the Federal Trade Commission (FTC) has a set of rules published in the Code of Federal Regulations (CFR) that all businesses must adhere to when they provide something to a person or entity in exchange for a mention, review, endorsement, or anything else that creates a material connection.

Canopy reports CA$128 million loss as recreational cannabis revenue falls

Canadian cannabis producer Canopy Growth Corp. reported a net loss of more than 128 million Canadian dollars ($95.7 million) in the first quarter of its fiscal year, with total revenue improving slightly on a quarterly basis as the company continues its corporate transformation plan.

Marijuana Makes People Stupid, Hillary Clinton Implies In Dig At New York Times Columnist

Former Secretary of State Hillary Clinton played into the idea that consuming marijuana makes people do dumb things, writing on Saturday that the author of a widely criticized New York Times column may have been high when she wrote it.

The opinion piece reflected on past presidential campaigns and the historical lack of female candidates on major party tickets, noting the challenges that await presumptive Democratic presidential nominee Joe Biden may face when he announces his pick, who he has promised will be a woman.

Clinton took issue with a part of Maureen Dowd’s column that incorrectly claimed it has been 36 years since a man and a woman ran on the same national ticket, despite that fact that Clinton selected Sen. Tim Kaine (D-VA) as her running mate in 2016.

“Either @TimKaine and I had a very vivid shared hallucination four years ago or Maureen had too much pot brownie before writing her column again,” the former secretary of state tweeted.

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