Cannabis Professional’s daily roundup of industry news. View archive here.
Canopy Rivers says it will invest another US$10-million into TerrAscend; Neptune announces a strategic collaboration with IFF; and Canopy Growth is getting into the sports-drink business by buying a majority stake in BioSteel.
– Rob Gilroy
Canopy Rivers invest another $10-million in TerrAscend
Canopy Rivers Inc. said Wednesday it has completed a US$10-million in TerrAscend Canada Inc., a subsidiary of its portfolio company TerrAscend Corp. The investment includes the purchase of 13,243 units, with each unit consisting of one unsecured convertible debenture of TerrAscend Canada with a principal amount of CA $1,000, and 25.2 common share purchase warrants of TerrAscend exercisable until Oct. 2, 2024. “We think TerrAscend is uniquely positioned to meet the evolving consumer demands in the three largest cannabis markets worldwide,” said Narbe Alexandrian, president & CEO of Toronto-based Canopy Rivers. “We strongly believe in TerrAscend’s ability to execute on its global strategy, market a diversified brand portfolio, and build on its recent acquisitions, and this additional investment is an affirmation of that belief. TerrAscend Corp., meanwhile, said the Canopy Rivers investment was the first US$10-million of a US$25-million raise. The company says it intends to complete non-brokered private placement offerings through the issuance of units of each of TerrAscend and TerrAscend Canada Inc.
– Staff
Neptune announces strategic collaboration with IFF
Neptune Wellness Solutions Inc. said Wednesday that it is actively pursuing a product development collaboration with International Flavors & Fragrances Inc. to co-develop hemp-derived CBD products for the U.S. market. “IFF is a well-recognized leader and innovator in taste, scent, nutrition and ingredients and we could not be more excited at the potential of combining the resources of our two organizations to develop plant-based consumer products, including hemp-derived CBD products. The formulation and technological expertise that IFF cumulates will greatly benefit Neptune in accelerating its market penetration in the U.S. CBD market. This partnership aligns well with our growth strategy of expanding core customers and of supporting consumer packaged goods companies and fragrance houses’ expansion into the CBD market,” said Michael Cammarata, CEO of Laval, Que.-based Neptune.
- Staff
Canopy Growth buys majority stake in BioSteel
Canopy Growth Corporation announced Wednesday that it has completed an all-cash transaction to purchase a majority stake in Toronto-based BioSteel Sports Nutrition Inc., a leading producer of sports nutrition products. The company saysthe transaction will give it “a significant platform to enter the sports nutrition and hydration segment, and lays the groundwork for the adoption of cannabidiol [CBD] in future product offerings.” BioSteel, which produces sports drinks, has national organizational partnerships with USA Hockey, Canada Basketball, Athletics Canada and the Professional Hockey Players Association. “BioSteel has a reputation for being a best-in-class provider of natural sports nutrition products and all of its products are well positioned to benefit from the increasing trend of plant-based and all-natural products," said Mark Zekulin, CEO of Smiths Falls, Ont.-based Canopy Growth.
- Staff