Welcome to Cultivated, our weekly newsletter where we’re bringing you a within take a look at the offers, trends, and characters driving the multibillion-dollar global marijuana boom.
Pleased Friday everyone,
We have a truly good slate of stories for your lunch break reading this week.
Initially, I spoke to Canopy Growth’s David Klein, who talked about how he hopes to turn things around at the marijuana giant. He told me he’s going to cut costs at the company– he’s expecting more headcount decreases– and he also forecasted the US federal government would have a “federally permissible” course for the marijuana market by 2022, enabling Canopy to close on its deal to take over US marijuana company Acreage Holdings.
I invested an excellent portion of my week considering the small role that marijuana legalization can play in lowering the out of proportion police violence versus my black and brown buddies and colleagues.
We’ll have a story on that front next week. If there’s anybody you believe I need to consult with on that, please do reach out.
Here’s what we wrote about:
Cannabis giant Canopy Growth’s new CEO told us he’s reining in the business and strongly cutting costs after a challenging quarter
David Klein, the previous CFO of Constellation Brands, took control of the top task at Canopy Growth in January. His first quarter leading one of the world’s biggest marijuana companies was a hard one: Canopy lost over $1 billion and the stock has actually tumbled.
In an extensive interview, Klein told Company Expert he’s refocusing Canopy’s business on recreational marijuana and taking out of some global markets to cut expenses.
A Canadian investment bank that took advantage of the cannabis rush is now looking towards a new market. Satisfy the very first expert covering the burgeoning psychedelics market.
8 Capital’s Ammar Shah generally follows biotech and health care companies and is now the very first analyst at an investment bank to cover the psychedelics market. Shah started protection of Mind Medicine in April in a note entitled “Taking a trip into advertising psychedelic medicine.”
In an interview with Business Insider, Shah forecasted that more psychedelics companies would go public in the coming years and said he anticipated more gains in psychedelics-based mental-health treatments.
From officers to budtenders, over 3,100 individuals have lost their tasks in marijuana. We’re monitoring all the cuts across the market here.
Marijuana business have actually been hit with a wave of layoffs, amounting to well over 3,100 jobs lost throughout both startups and public companies.
The job cuts come amid a broader decline in the sector, and the coronavirus pandemic has just exacerbated the problem.
Leading cannabis experts share why they’re getting more bullish on the market and name 4 companies that must excite financiers now
Despite a difficult year for the industry, followed by the larger financial recession as an outcome of the coronavirus pandemic, analysts said they’re positive about the marijuana market today.
The top 7 law firms in cannabis, according to investors, start-ups and significant business in the thriving industry
Cannabis has been a growing market for both big and shop law firms in recent years.
Business Expert asked some of the top VCs, startups, and multi-state operators in the cannabis market who their picks for finest law practice were. They came back with dozens of names. Here are the top 7 firms that were pointed out one of the most.
- Hemp business One World Pharma names former Detroit Pistons star, Toronto Raptors founder, and erstwhile Michael Jordan nemesis Isiah Thomas as its new CEO Thomas takes over from Craig Ellins, the business’s creator.
Deals, deals, offers
- Tabula Rasa, an endeavor firm hunting for deals in the nascent psychedelic medication area, released what it says is the first official incubator program for psychedelic startups The very first class consists of companies like Toronto-based Speak AI, Berlin-based PsyX, and two others for its full-time 3-month program.
- Marijuana company Clever Leaves said it would note on the NASDAQ stock exchange, through a non-binding letter of intent with Schultze Special Function Acquisition Corp, a SPAC. Canaccord Genuity and EarlyBird Capital are advising the offering. Find Out More here for the big functions SPACs are playing in the marijuana industry
- Medical cannabis business FSD Pharma has actually been granted approval to look for a scientific trial for a COVID-19 drug that resembles an endocannabinoid– the molecules found in marijuana. The company’s stock shot up over 300%on the news, reports The Philadelphia Inquirer.
- Philadelphia-based Ethos Marijuana received a license from Pennsylvania to partner with the Sidney Kimmel Medical College at Thomas Jefferson University for scientific research study.
What we read
What’s developing at Province Brands?(WeedWeek)
Important cannabis sellers are an excellent company for their proprietors(Wall Street Journal)
Cannabis discovered in ancient Israeli temple called ‘innovative’ discovery(New York City Post)