High Tide Inc. (“High Tide” or the “Company”) (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA), a leading retail-focused cannabis company with bricks-and-mortar as well as global e-commerce assets, announced today that its Canna Cabana retail cannabis store located at 5628 Dunbar Street in Vancouver, British Columbia, will begin selling recreational cannabis products and consumption accessories for adult use today at 4:20 PM. This opening marks High Tide’s 141st Canna Cabana branded retail cannabis location in Canada, fourth in British Columbia and third in Vancouver. This is the first Canna Cabana location in Dunbar Village, Vancouver, located around the corner from a major national grocery chain and a popular Vancouver liquor store. It is also a short drive from both the University of British Columbia and Langara College, which collectively have a student population of over 80,000.
“I am pleased to announce the opening of our third Canna Cabana location in Vancouver, which is the epicentre of world-famous BC bud. Vancouver is an important market to expand our Canna Cabana brand into due to its large population, popularity with tourists and favourable municipal distance requirements between Cannabis stores, yielding greater returns over other markets. Through the opening of this Dunbar Village store, we are further expanding our innovative discount club model, which provides a large assortment of high-quality cannabis and cutting-edge consumption accessories at unbeatable prices”, said Raj Grover, President and Chief Executive Officer of High Tide. “Our other three locations in BC, which include Fort St John in Northern British Columbia as well as Yaletown and Olympic village locations in Vancouver, continue to see increasing customer counts and sales. This Dunbar location is the second organically built retail store for High Tide in British Columbia and, combined with recent acquisitions of Choom and Jimmy’s Cannabis stores, brings us close to ending the 2022 calendar year with 8 stores in the province, the maximum currently permitted for any entity,” added Mr. Grover.
WSWA Announces Commitment to Federal Legalization and Regulation of Adult-Use Cannabis
Wine & Spirits Wholesalers of America (WSWA) today announced a commitment to advocating for the federal legalization and regulation of adult-use cannabis by applying regulations similar to those implemented for alcohol, making them the first alcohol industry trade association to do so. In a letter shared yesterday with members of Congress, the association presented a comprehensive and robust federal regulatory framework along with warnings that addressing the issue in a “piecemeal manner” will result in de facto federal legalization that does nothing to address product safety, trade practices, or interstate sales and enforcement.
“The time has come for Congress to legalize and regulate adult-use cannabis at the federal level,” said WSWA CEO and President Francis Creighton. “The success of our alcohol regulatory system offers a proven model for cannabis regulation, one that will promote public health and safety as well as a fair and competitive marketplace.”
WSWA’s framework is built on four principles drawing on long-established federal laws governing the alcohol industry. With an emphasis on public safety and accountability, this system will provide a transparent and effective framework for adult-use cannabis production, testing, distribution and tax collecting. First released in 2021, the association updated its Principles for Comprehensive Federal Legalization and Oversight of the Adult-use Cannabis Supply Chain, alongside the announced commitment to actively advocate on the issue.
WSWA’s Principles for Comprehensive Federal Legalization and Oversight of the Adult-use Cannabis Supply Chain are rooted in four pillars:
- The federal permitting of cannabis producers, importers, testing facilities and distributors.
- The federal approval and regulation of “cannabis products and product labels”
- The efficient and effective collection of federal excise tax.
- Effective federal measures to ensure public safety.
“States have successfully regulated the alcohol market for their citizens for nearly 90 years — they should retain the authority to regulate cannabis in the manner that best suits their local needs, including being able to choose not to legalize the product in their state,” said Creighton. “Federal regulation of cannabis should focus on issues of public health and safety and interstate commerce, such as standard potency measurements, labeling and marketing guidelines, the licensing of producers, testing facilities and distributors, collecting excise taxes, and properly funding impaired driving prevention and enforcement.”
“Efforts that fail to include these critical regulatory provisions risk exposing consumers, communities, and industry businesses nationwide to the widening negative impacts of legalization already being seen in the marketplace without adequate federal oversight,” added Creighton.
WSWA is actively briefing members of Congress and staff on the importance of a strong regulatory structure based on the alcohol industry regulatory framework as the model of public safety, responsible distribution and retail practices.
As reported by POLITICO’s Natalie Fertig, “What WSWA feels they can bring to the conversation — besides the strength of their lobbying experience and network — is knowledge of how the Alcohol and Tobacco Tax and Trade Bureau regulates an industry producing and selling an intoxicating product. Most proposals for cannabis decriminalization, like Senate Majority Leader Chuck Schumer’s Cannabis Administration and Opportunity Act, divide oversight and regulation of the industry between the Food and Drug Administration and the TTB, which is part of the Treasury Department.”
Those interested in joining WSWA as a coalition partner as well as to stay up to date on the latest policy news should visitwww.wswa.org/cannabis-legalization-regulation.
CANOPY GROWTH ANNOUNCES US$150 MILLION REGISTERED DIRECT OFFERING
Canopy Growth Corporation (“Canopy Growth” or the “Company“) (TSX: WEED) (NASDAQ: CGC) announced today that it has entered into an agreement (the “Agreement“) with an institutional investor (the “Institutional Investor“) for the purchase and sale of up to US$150,000,000 aggregate principal amount of senior unsecured convertible debentures (the “Convertible Debentures“).
Pursuant to the terms of the Agreement, the Institutional Investor purchased an initial US$100,000,000 of the Convertible Debentures and an additional US$50,000,000 of the Convertible Debentures will be purchased in the event that certain conditions outlined in the Indenture (as defined below) are satisfied or waived. As further described below, no cash will be payable by Canopy Growth in any circumstances in respect of principal, interest or any other amounts owing pursuant to the terms of the Convertible Debentures.
“Canopy Growth is executing a strategy focused on accelerating growth and profitability by transforming our Canadian operations and fast-tracking entry into the U.S. market,” said Judy Hong, Chief Financial Officer of Canopy Growth. “Building on other recent actions taken to enhance cash flow, this attractive capital immediately adds to Canopy Growth’s cash on hand and provides additional flexibility to continue advancing strategic priorities”.
The Convertible Debentures were purchased pursuant to a registration statement on Form S-3ASR with the United States Securities and Exchange Commission with respect to the offer and sale of the Convertible Debentures and the common shares of the Company (the “Common Shares“) underlying the Convertible Debentures. The Convertible Debentures were sold at US$1,000 per Convertible Debenture and bear interest at a rate of 5.0% per annum, payable in Common Shares at the earlier of (i) the time of conversion of the Convertible Debentures; or (ii) February 28, 2028 (the “Maturity Date“). No cash payment will be payable by Canopy Growth in any circumstances in respect of principal, interest or any other amounts owing pursuant to the terms of the indenture dated February 21, 2023 between the Company and Computershare Trust Company of Canada (the “Indenture“), as trustee, governing the Convertible Debentures. The Convertible Debentures are convertible into Common Shares at the option of the Institutional Investor at a conversion price equal to 92.5% of the three-day volume-weighted average price of the Common Shares ending on the trading day prior to conversion. On the Maturity Date, the principal amount of the Convertible Debentures, including any accrued but unpaid interest, will also be paid in Common Shares.
The Company intends to use the proceeds from the offering for working capital and general corporate purposes.
Additionally, the Company does not plan to list the Convertible Debentures on the NASDAQ, or any other securities exchange or other trading system.
ATB Capital Markets Inc. acted as sole placement agent in connection with this offering.
Mystic Medicinal in High Demand, Rapidly Becoming Oklahoma’s go-to Dispensary for True Topshelf Craft Cannabis
Since the switch was flipped for all dispensaries in Oklahoma to exclusively sell Metrc compliant medical marijuana, demand for Mystic Medicinal’s product has skyrocketed. Mystic flower can already be found in Tulsa, Norman, Broken Arrow, Sapulpa, Catoosa, Glenpool, Jenks, Del City, Muskogee, Hominy and Cleveland. Over 36 dispensaries and counting throughout Oklahoma now carry Mystic’s pungent as it is potent, sticky as it is stinky bud brand. Budtenders, dispensary owners, and patients alike have all fallen in love with Mystic Medicinal’s flower, calling it the best they’ve seen in the state.
“This is TRUE medicine.” Vance Young, Purchasing Manager and Processor, Barn 66 Dispensary, Catoosa, OK
Lemon Granita, Knuckle Sandwich, Pineapple Trainwreck, Grease Monkey, Papaya Punch, Purple Punch, Durban Poison, Blue Dream, and Kashmir Cookies were the first Mystic strains introduced. Chocolate Gelato, Sour Lemon Cake, and Super Silver Haze are all coming soon, with strain exclusivity partnership opportunities available for market-savvy dispensaries.
“I can’t wait for the Chocolate Gelato and Durban Poison. The Mystic Medicinal’s Knuckle Sandwich is the best Knuckle Sandwich that I’ve ever seen by a long shot!” Jared Pendergraft, Product Manager, Nature’s Kiss, Tulsa, OK
Between all of Mystic Medicinal’s sativa, sativa dominant hybrid, indica dominant hybrid, and hybrid strains, Mystic is giving dispensaries and patients what they want. Craft cannabis strains grown to their full potential, rare Mystic exclusive strains, old school favorite Mystic classic strains, and a large menu with a variety of strains to ensure a strain favorite for every medical marijuana patient’s distinct tastes and needs.
“Really enjoyed the bud structure, smell and terps.” Mel, Owner Exotic M&M Dispensary, Tulsa, OK
Labs have come back showing THC levels ranging from 32% to 18%, total cannabinoid weight from 38.5% to 22.2%, and terpene mass from 2.82% to 1.23%. A robust variety of terpene profiles are present throughout the lineup that include myrcene, limonene, terpinolene, linalool, caryophyllene, nerolidol, bisabolol, ocimene, pinene, humulene, and cedrene; and while THCA consistently remains the primary cannabinoid found in all Mystic strains, Δ9-THC, CBG, CBGA, and CBD are all strong secondary contributors.
“Mystic Medicinal has set the bar at my shop for quality and patient-driven products. The Durban poison is my personal favorite for daily use!” Stephanie Pate, Manager, 918 Elevate, Tulsa, OK
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