This summary of TDR News Highlights from the last 24 hours (January 26, 2024) highlights key updates in the cannabis industry, including store openings, market performance, and strategic acquisitions by High Tide Inc., Cronos Group Inc., Tilray Brands, and Verano Holdings Corp. It also covers a significant financing move by Seelos Therapeutics, Inc. in the psychedelics sector, aimed at advancing therapy development for CNS disorders and rare diseases.
Cannabis
HighTide (NASDAQ:HITI, TSXV:HITI)
High Tide Inc. is opening its first Canna Cabana store in Fort McMurray, Alberta, at the Timberlea shopping plaza on January 27, 2024. This location is High Tide’s 163rd in Canada and is expected to cater effectively to the area’s significant oil and gas industry workforce. The company, led by CEO Raj Grover, emphasizes the store’s strategic placement and potential for success. High Tide’s operations span various cannabis sectors, including retail, e-commerce, and wholesale, and the company continues to expand its presence in the Canadian market.
Cronos Group (NASDAQ: CRON, TSX:CRON)
Cronos Group Inc. reported that its Spinach® brand finished 2023 as the leading flower brand in Canada, rising from fourth in 2022 to a 6.9% market share in the fourth quarter. It was also the second top cannabis brand nationwide, performing strongly across various product categories. In 2023, Spinach® introduced new products, notably winning an award for its pre-roll at the Grow Up Awards. Company leaders Jeff Jacobson and Mike Gorenstein acknowledged the brand’s domestic growth and its entrance plans for future growth into markets like Germany and Australia. Cronos credits its breeding techniques and product development for these achievements.
Tilray Brands (NASDAQ:TLRY, TSX:TLRY)
#1 – Breckenridge Brewery, part of Tilray Brands Inc., has launched Juicy Oasis Fruited Hazy IPA, a beer with Pineapple, Passionfruit, agave nectar, and a 9.6% alcohol content. The product, meant to cater to a range of beer drinkers, joins the brewery’s lineup of Hazy IPAs. Available in Colorado, the beer suits various settings and activities. Breckenridge Brewery continues to offer a diverse selection of beers, operating from its original location in Breckenridge and a larger production site near Denver.
#2 – Tilray Brands has finalized its purchase of Truss Beverage Co. from Molson Coors, aiming to enhance its position in Canada’s cannabis beverage market. The company consolidated its beverage production in London, Canada, and plans to use Truss’s Belleville facility for product development. With this acquisition, Tilray intends to strengthen its already substantial market share and expects regulatory changes to broaden market access. The company’s portfolio includes various well-known cannabis brands.
Verano Holdings (CBOE CA: VRNO, OTC:VRNOF)
Verano Holdings Corp. has launched Zen Leaf Abington, its largest dispensary, in Philadelphia. This site offers a spacious environment, ample parking, and is the first in Pennsylvania to introduce large ordering kiosks. It’s part of Verano’s 17 dispensaries in the state and operates with extended weekly hours. The opening event included a ribbon-cutting and special promotions. As a multi-state operator, Verano runs dispensaries and cultivation facilities across 13 states. Zen Leaf Abington aims to enhance the shopping experience for medical patients, offering a broad range of cannabis products and improved service facilities.
Psychedelics
Seelos Therapeutics (NASDAQ:SEEL)
Seelos Therapeutics, Inc. has initiated a financing arrangement for around $4.0 million through the sale of shares and warrants, with closure expected by January 30, 2024. This move, facilitated by a shelf registration statement, is intended to support the company’s corporate functions and the advancement of its therapy development for CNS disorders and rare diseases. The portfolio includes projects targeting conditions such as Major Depressive Disorder and ALS. The funds are also allocated for managing the company’s existing debts.
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