Happy Monday.
Tune in to Cultivated LIVE at 10 AM today where we’ll be chatting with Aurora Cannabis CEO Miguel Martin about the company’s recent quarter, President Trump’s rescheduling order, and more.
Watch it on our LinkedIn, Youtube, or Jeremy’s X page (and give us a follow while you’re there).
-JB, JR, ZH
Today’s newsletter is 520 words or about a 4-minute read.
📣 Quotable
“I was a little surprised that every cognitive measure that demonstrated a significant effect showed better performance among cannabis users,” Dr. Anika Guha, a clinical psychologist at the University of Colorado Anschutz Medical Campus.
“It goes against your default assumptions,” she continued, “because I think a lot of research out there has shown cannabis is associated with worse cognitive function, at least acutely.”
⏩ Quick hits
The New Jersey Cannabis Regulatory Commission implemented a statewide Administrative Hold in track-and-trace provider Metrc for packages connected to the license Mollitiam, over allegations that the cannabis was produced at a “non-sanctioned” grow site.
🧑⚖️ Lawsuits
Ohio Attorney General Dave Yost accused nine cannabis firms including Cresco Labs, Curaleaf, and Green Thumb Industries in a lawsuit of “engaging in anti-competitive conduct to reduce product choice and keep prices artificially high,” his office said. The complaint alleges the companies deliberately reduced product choice and quality.
💰 Earnings roundup
Canopy Growth reported a $63 million net loss on $90.4 million of revenue for the third quarter. The company said net losses narrowed by 49% year-over-year. The company’s net cannabis revenue increased 4% sequentially. Full results here. $CGC ( ▼ 0.46% )
Aurora Cannabis reported a $1.7 million net loss on $94.2 million of revenue, up 7%, in Q3 compared to a $28.1 million of net income the year prior. Full results here. $ACB ( ▲ 0.14% )
🤝 Deals, launches, partnerships
Willie Nelson’s THC beverage brand, Willie’s Remedy+, raised a $15 million Series A funding round from investors including Left Lane Capital and Second Sight Ventures. The Austin, Texas based brand says it has sold more than 400,000 bottles and is preparing for a national retailer roll-out in Total Wine, Lowe’s, Binny’s, and more stores this year, leveraging distribution partner JuneShine’s network. It’s a bold bet on hemp-derived THC as ban goes into effect in November.
👀 In case you missed it
Friday’s This Week in Cannabis LIVE was a good one.
We talked the Highrise and Sen. Gillibrand’s comments about New York’s cannabis market, The Cannabist forbearance, THC drinks, and much more.
Watch it here:
🔬 Science & research
A new study published in the Journal of Studies on Alcohol and Drugs found that cannabis use in older adults aged 40 to 77 is associated with greater cognitive function and larger volumes in several brain regions. Study participants answered questions about their cannabis use, underwent MRI scans, and completed cognitive tests. Full study here.
🧳 People moves
Matthew Richman is the new CEO of Mello Cannabis, he said on LinkedIn. He was previously the CFO.
📰 What we’re reading
N.F.L. Careers Scarred Their Brains. Could Mushrooms Provide Relief? | The New York Times
Cannabis drinks may cut alcohol consumption, study finds, as Missouri weighs hemp THC rules | Missouri Independent