VANCOUVER, British Columbia–(BUSINESS WIRE)–Wellbeing Digital Sciences Inc. (“Wellbeing” or the “Company”) (NEO: MEDI) (OTC: KONEF) (FRA: SQ2), an evidence-based mental healthcare company focused on the development and implementation of innovative clinical solutions, including psychedelic medicine and digital therapeutics as supported by clinical research, announces that its wholly owned subsidiary KGK Sciences Inc. (“KGK”) has opened their new Clinical Research Center in London, Ontario, wit
Cresco Labs Names Former Molson Coors Marketing Executive Greg Butler Chief Commercial Office
ILLINOIS: Cresco Labs, one of the largest vertically integrated multi-state cannabis operators in the United States, today announced a high-profile leadership hire to support its steadfast commitment to building the most important cannabis company in the U.S. Greg Butler joins Cresco Labs as its first Chief Commercial Officer. Greg brings to Cresco Labs a strong background in driving brand growth for top-tier CPG companies including Pfizer, Johnson & Johnson and Molson Coors, wellness retail execution for Walgreens, and business growth and capital management strategic advising for leading private equity portfolio companies.
In this newly created position, Greg is responsible for demand and commercial strategic planning, bolstering Cresco Labs’ sales and marketing teams with top talent, leading the launch of all new products and innovation, brand M&A and integration, and driving enterprise strategies to deliver on the company’s vision to be the most important cannabis company in the U.S. among patients, customers, consumers and industry stakeholders.
“One of the key components of our success is the ability to strategically curate a leadership team with both institutional expertise and the highest caliber of subject matter experts across different industries—from retail to healthcare to beer to CPG,” said Charles Bachtell, CEO of Cresco Labs. “Greg has a remarkable general management pedigree and an impeccable reputation from his work driving growth for the world’s most iconic brands. Cannabis is an industry where his background in patient marketing, wellness retail, corporate planning and traditional CPG brand building are all necessary to deliver growth, and I couldn’t be more pleased to add these capabilities to our arsenal for driving long-term value. Greg’s addition strengthens an already accomplished team that’s well positioned to usher in the next generation of normalized and professionalized cannabis.”
After a year serving as Operating Partner at MNML Ventures, an affiliate of Cresco Labs, Greg has stepped into a full-time CCO role to continue to execute the long-term growth plan that has already delivered significant results. He led the creation of a pioneering occasion-based portfolio strategy, relaunched seven cannabis brands with new brand positionings, identities and packaging design, oversaw the creation of a multi-year innovation pipeline, and drove the concepting and launch of the national Sunnyside* retail brand. He also helped reshape Cresco Labs’ robust marketing, retail operations and sales teams that are made up of notable hires from Apple, Starbucks, PepsiCo and Red Bull.
“The results of Greg’s leadership speak for themselves,” says Tom Manning, Chairman of the Cresco Labs Board of Directors. “He oversaw the Miller portfolio and developed a commercial strategy for the billion-dollar Miller Lite brand, delivering 13 quarters of sustained growth after years of declining sales. He also has launched innovation consumer campaigns for global brands that drove share growth and has won a wide range of awards from the Cannes Lions International Festival of Creativity to the Effie Awards.”
Greg graduated from Queen’s University and received his MBA from Harvard Business School.
“Throughout my career, I’m most energized by the opportunity to support the entrepreneurism of small companies in hyper-growth mode with the discipline and proven strategies of large CPG brands. After my first conversation with Charlie about his vision for Cresco Labs, I knew the opportunity to help navigate its strategic growth was the perfect fit,” said Butler. “Cresco Labs is reimagining the way consumers and patients look at the cannabis industry, and I’m excited to be part of its extraordinary mission and enhance the impact the company has already made.
The Arcview Group Launches First Member-Based Fund
Cannabis-Focused Investor Network Announces The Arcview Collective Fund; Members to Participate in Investment Decisions
CALIFORNIA: The Arcview Group, the leading cannabis investment and market research network, announces the launch of its first member-based fund: the Arcview Collective Fund. Arcview members will have exclusive access to the fund led by Arcview Ventures Chief Investment Officer, Jeanne M. Sullivan and its CEO, Jeffrey Finkle. Their deep experience in the cannabis sector, professional investing and venture capital uniquely position them to lead Arcview Ventures and this first member-based fund.
The Arcview Collective Fund will uniquely and effectively allow Arcview cannabis investors to collaborate on investment decisions, providing exposure to a portfolio of diverse companies in this exciting space.
“Starting a member-based fund is a natural, logical step for us,” remarked CIO Jeanne Sullivan. “For years, Arcview has been introducing its members to viable investment opportunities in the cannabis space. In that time, members have asked for a way to combine their individual resources into something more substantial – a fund which enables them to be both diversified and dedicated to the cannabis sector.”
“This is the cannabis fund best positioned to source and evaluate early stage deals because every member is highly motivated to find the best. I’m so pleased that Arcview members have already responded so positively to this opportunity,” said Troy Dayton, Founder and Chief Strategy Officer of The Arcview Group.
“This new fund gives investors the benefit of an experienced team guiding a member-led investment process,” commented CEO Jeffrey Finkle. “I have been involved with this structure for a few years now and have seen how successful it can be. The Arcview Collective Fund is a great way for cannabis investors to put money to work in this emerging industry.”
Please reach out to info@arcviewventures.com for more information.
ManifestSeven Acquires The People’s Kush, Further Expanding Retail Reach
Cannabis delivery service provides access to broader Sacramento market
CALIFORNIA: ManifestSeven, California’s first integrated omni-channel platform for legal cannabis, today announced the acquisition of The People’s Kush, a legal cannabis delivery service based in Davis, California.
The People’s Kush will be integrated into M7’s retail arm Weden, which has storefront and delivery operations across the state, and will help drive operational expansion into areas ranging from Napa Valley in the southwest to the Greater Sacramento area in the northeast.
“M7 sees tremendous growth potential in The People’s Kush, especially when it comes to serving surrounding population centers and tourism destinations,” said Pierre Rouleau, Chief Operating Officer of ManifestSeven. “We are committed to reaching every corner of the state, and this highly-scalable operation connects our retail footprint with a concentrated local population and tourism base.”
The People’s Kush has been in operation since 2017, building a loyal customer base by serving the communities of Davis, Woodland and areas of Yolo County, but has not yet established a presence in larger nearby markets, which will provide significant growth opportunities for its operations.
“We are excited to be a joining a market leader in M7, allowing user to reach a broader, under serviced part of Northern California with greater efficiency,” said Ishar Dhaliwal, Founder of The People’s Kush. “Integrating into this powerful omni-channel platform will also create a more seamless environment for our customers in accessing the highest quality legal cannabis products. We are grateful to our community for its ongoing support and look forward to continued growth with M7.”
Cresco Labs Recieves Adult-Use Approval For All Five Existing Illinois Dispensaries
ILLINOIS: Cresco Labs, one of the largest vertically integrated multi-state cannabis operators in the United States, today announced that it has received Early Approval Adult-Use Dispensing Organization Licenses for all five of its existing Illinois medical cannabis dispensaries. Cresco received approval for adult-use cultivation on September 30th making it the only company approved for both adult-use cultivation and adult-use dispensary operations in the state.
“Illinois is Cresco’s home state and with the transition to a legal adult-use market in January of 2020, the state is expected to produce between $2 – 4 billion in sales at maturity (BDS Analytics)i, making this one of the single largest opportunities in the U.S. cannabis space today,” said Charlie Bachtell, Cresco Labs CEO and Co-founder. “Cresco is well-positioned to capture a significant share of this revenue opportunity for shareholders. We have 25% wholesale share of the current medical market, a portfolio of recognized brands and three cultivation facilities that can represent 630,000 square feet at completion, in what is expected to be a supply-constrained market.”
Mr. Bachtell added, “Illinois has put forth a model that will make it one of the most intelligently regulated states in the U.S. and we hope this blueprint will serve as a path for states transitioning over the next few years. Illinois was the first large state to legalize cannabis through legislative processes instead of through referendum. One of the primary reasons the government was able to achieve this was due to its focus on social equity, which is directly aligned with Cresco’s core values and approach to the market.”
Cresco Labs currently has five medical dispensaries in the state of Illinois, including: Phoenix Botanical; MedMar Lakeview; MedMar Rockford; PDI Medical; and FloraMedex. Each of these dispensaries has received approval for adult-use sales. As an existing medical cannabis dispensary operator, the Company will receive an additional adult-use license for each of its current medical dispensaries, which will bring Cresco Labs’ total adult-use footprint to 10 total retail dispensary locations. In July, Cresco Labs announced the formation of a new national retail brand Sunnyside*, a wellness-focused retailer designed to build trust, education and convenience for both existing and new cannabis consumers. All of the Company’s Illinois dispensaries will transition to this new retail concept.
The Company’s three cultivation licenses located in Joliet, Kankakee and Lincoln, can represent a total combined cultivation space at completion of 630,000 square feet per Illinois state regulations.
Eaze Partners With Fairmont Miramar Hotel & Bungalows Santa Monica And Recreational Embassy To Debut Eaze Hospitality
CALIFORNIA: Eaze, California’s leading cannabis delivery marketplace, announced a new partnership with Recreational Embassy, an elemental curator of cannabis and hemp solutions for the luxury hospitality market, to bring high-touch cannabis experiences to luxury hotel guests with the launch of Eaze Hospitality. The Eaze Hospitality concierge service will debut at the Fairmont Miramar Hotel & Bungalows Santa Monica, marking a first-of-its-kind intersection of tourism and the cannabis industry.
“The partnership with the Fairmont and Recreational Embassy is another proof point that cannabis is normalizing,” says Sheena Shiravi, Senior Director of Marketing at Eaze. “Offering adults in-hotel access to safe and legal cannabis at California’s luxury tourism destinations reinforces how beneficial it is to incorporate cannabis into every aspect of your life.”
Eaze Hospitality is designed to meet the needs, tastes, and lifestyle of the luxury cannabis consumer. Features include a concierge service that serves as a resource for guests’ questions and supports a positive cannabis experience. Eaze Hospitality is committed to educating both new and existing customers about the benefits of cannabis and the innovative products available to them.
“Hotels should have a safe, legal and thoughtful approach to meet the needs of the modern luxury hotel customer,” says Fairmont Miramar Hotel & Bungalows Director of Sales and Marketing, Rebecca Huetter. “By partnering with Recreational Embassy, we are able to provide the contemporary level of hotel amenities our guests have come to expect.”
“Being present is what the new modern luxury travel experience is all about, and cannabis is the key wellness product to help you get there,” said Lauren Rogers, Chief Executive Officer of Recreational Embassy. “As we guide the hospitality industry along this fresh customer journey with integrity, Eaze Hospitality reinforces the overlap between the new cannabis consumer and the modern luxury traveler.”
The Fairmont Miramar Hotel & Bungalows in Santa Monica, California is the first property to leverage Eaze Hospitality to facilitate access to legal, compliant and brand-aligned hemp and cannabis products and services. Guests aged 21+ will have access to customized in-room menus that feature low-dose and non-inhalation hemp and cannabis products. Through Recreational Embassy, the hotel will also offer bespoke CBD products including a custom scented fig CBD-infused bath bomb inspired by the property’s signature fig tree.
The potential to holistically reshape the signature elements of a luxury property hotel-stay by integrating hemp, cannabis and CBD products offers an unprecedented opportunity for hotels to drive incremental revenue. “We bridge the gaps between both those experienced with cannabis and those we call ‘canna-curious’ who are interested to learn more,” says Brian Applegarth, Chief Education Officer of Recreational Embassy. “The most common questions we hear from visitors are about how to get cannabis products and where to enjoy them. Our goal is to minimize confusion for hotels and their guests while maximizing on-property experiences and driving incremental value.”
Canterbury Group Launches Jamaican Brew House, All Natural Cannabis Beverage Company
CAYMAN ISLANDS: Canterbury Group, a global investment firm with $6 billion of assets under management and custody, announced today the launch of Jamaican Brew House, a Jamaican-based cannabis beverage company that produces all-natural products for the health-conscious consumer who wants the benefits of CBD and THC.
Unlike others cannabis beverage companies that use a synthetic method to add in THC or CBD to existing products, Jamaican Brew House is the first and only company to use a patent-pending botanical process to naturally create a neutral base that offers both therapeutic benefits and delicious flavor. The base is produced from cannabis that is locally harvested and refined in Jamaica.
“We are excited to officially announce the launch of Jamaican Brew House and introduce our proprietary new botanical process to the beer industry,” said Erin Winczura, Founder and CEO of Canterbury Group, Jamaican Brew House’s parent company. “We saw a need in today’s current marketplace to create a great tasting and natural cannabis product that could also be commercially distributed.”
Backed by a leadership team with over five decades of beverage experience, Jamaican Brew House’s cannabis beverages will include both alcoholic and non-alcoholic beers, ciders and seltzers. Jaime Jurado, industry veteran and former International President of the Master Brewers Association of the Americas, serves as Jamaican Brew House’s brewmaster, leading product development.
With test production underway, Jamaican Brew House plans to release cannabis-infused beers, ciders and seltzers through commercial distribution in Canada, Jamaica and other international countries where it is legal by early 2020. Jamaican Brew House will create two different blends, one with CBD made from hemp, which contains only 0.3% THC, and one made from marijuana plants, which has a higher concentration of THC.
Jamaican Brew House is a portfolio company of Canterbury Group. For more information about Canterbury Group, please visit canterburygroup.ky.
FSD Pharma Appoints Former Member Of U.S. Congress To Its Board of Directors, Announces Share Consolidation
CANADA: FSD Pharma announced the appointment of former U.S. congressman Stephen Buyer to the Company’s Board of Directors. The Company also announced that it will complete a consolidation of its class A multiple voting shares and its class B subordinate voting shares each on a 1 to 201 basis.
“In welcoming Steve Buyer to the FSD Pharma Board of Directors and announcing a share consolidation, the Company has made an immense positive stride forward” said Raza Bokhari, MD, Executive Co-Chairman and CEO. “Steve’s addition has further strengthened the independence and profile of the FSD Pharma Board of Directors; his broad leadership experience and pharmaceutical industry relationships will help enhance our visibility, especially among U.S. Institutional investors and on U.S. Capitol Hill. The share consolidation or reverse split of our stock is timed to advance our strategic plan to raise the profile of our company in the U.S. capital markets, which includes listing on a major U.S. stock exchange in the near future” continued Dr. Bokhari.
“I’m pleased to be joining the FSD Pharma Board of Directors. The opportunity to participate in FSD’s growth at this stage is exciting. Unfortunately, auto immune diseases have clustered in my wife’s family. I am attracted by FSD’s medical research to tame and define the unknown by challenging the edges of medical science to provide relief to people suffering from fibromyalgia and other serious illnesses,” stated Mr. Buyer.
Stephen Buyer was a member of the United States House of Representatives, serving nine consecutive terms from January 1993 to January 2011. During Congressman Buyer’s long tenure in the Congress, he served on the Committees on Veterans Affairs, Armed Services, Judiciary, Energy and Commerce Committees and also served on the Military Compensation and Retirement Modernization Commission. He is presently the Managing Partner of the 10-Square Solution, LLC, focusing on business development, mergers and acquisitions, and representation before the federal government.
Congressman Buyer served as Chairman of the Committee on Veterans Affairs for the 109th Congress, as well as the Ranking Minority Member for the 110th and 111th Congresses. He centralized the VA’s IT architecture and was named to the Federal IT top 100. Congressman Buyer also served on the House Armed Services Committee from 1993 to 2001, including as Chair of the Subcommittee on Military Personnel in the 105th and 106th Congresses. He founded and co-chaired the National Guard and Reserve Components Caucus. He created the renewable energy portfolio for the Department of Defense and Veteran Affairs. He was the architect of TRICARE For Life and authored the U.S. military’s pharmacy redesign. His other Congressional assignments included service on the Health, Energy, and Technology subcommittees of the Committee on Energy and Commerce from 2001 to 2010, where he assisted in creating Medicare Part D, authored the electronic pedigree pharmaceuticals distribution system, served as a House Conferee on the Telecommunications Act of 1996, and lead the Congressional effort to reorganization of the U.S. Olympic Committee. He also served the House Committee on Judiciary from 1993 to 1999.
Congressman Buyer, as an Army Reserve officer, served four years on active duty, including a tour of duty in Iraq during the first Gulf War (1990-91) where he was awarded the Bronze Star as an Operational Law Judge Advocate. Prior to JAG, he was a Medical Service Corps Officer for 4 years. Congressman Buyer, after 30 years of service, retired with the rank of Colonel in the U.S. Army Reserve Judge Advocate General Corps.
Prior to his tenure in the United States Congress, Congressman Buyer served as a Special Assistant United States Attorney, Indiana Deputy Attorney General, and engaged in a private law practice.
Congressman Buyer is a distinguished military graduate of The Citadel in 1980 with a B.S. degree, and received his J.D. from Valparaiso University School of Law in 1984. He is a member of the Indiana and Virginia state Bars.
In addition, FSD is pleased to announce that its Board of Directors has approved the Consolidation on a 1:201 basis. Effective October 16, 2019, with a record date of October 17, 2019, the Company expects to begin trading the Class B Shares on the Canadian Securities Exchange on a post-Consolidation basis under its existing name and ticker symbol. The new CUSIP and ISIN for the Class B Shares are 35954B206 and CA35954B2066, respectively.
The Company currently has 1,582,966,252 Class B Shares outstanding and the Consolidation will reduce the issued and outstanding Class B Shares to approximately 7,874,809 Class B Shares. The Consolidation was approved by FSD shareholders at the Company’s special meeting held on January 22, 2019, and will allow the Company to continue to pursue the listing of the Class B Shares on a major U.S. exchange.
The Company will not be issuing fractional post-Consolidation FSD Shares in connection with the Consolidation. Where the Consolidation would otherwise result in a shareholder being entitled to a fractional FSD Share, the number of post-Consolidation FSD Shares issued to such holder of FSD Shares shall be rounded down to the nearest whole number of FSD Shares. In calculating such fractional interests, all FSD Shares held by a beneficial shareholder shall be aggregated.
A letter of transmittal with respect to the Consolidation will be mailed to registered shareholders of the Company. All registered shareholders with physical certificates will be required to send their certificates representing pre-Consolidation FSD Shares along with a completed letter of transmittal to the Company’s transfer agent, Computershare Investor Services Inc. (“Computershare”), in accordance with the instructions provided in the letter of transmittal. Additional copies of the letter of transmittal can be obtained through Computershare. All shareholders who submit a duly completed letter of transmittal along with their pre-Consolidation FSD Share certificate(s) to Computershare will receive a post-Consolidation share certificate. Shareholders who hold their FSD Shares through a broker or other intermediary and do not have FSD Shares registered in their name will not need to complete a letter of transmittal.
The exercise or conversion price and the number of FSD Shares issuable under any of the Company’s outstanding warrants and stock options will be proportionately adjusted to reflect the Consolidation in accordance with the respective terms thereof. After the Consolidation, there will be approximately 1,033,782 stock options and warrants to purchase 576,499 Class B Shares outstanding.
The Class A Shares will also be consolidated on a 1:201 basis, such that post-Consolidation there will be 72 Class A Shares issued and outstanding, each Class A Share representing 276,660 votes on all matters. Based on the current issued and outstanding number of FSD Shares, the Class A Shares collectively represent approximately 72% of the voting rights.
Harvest Health & Recreation Acquires Only Licensed Dispensary In Casa Grande, Arizona
ARIZONA: –Harvest Health & Recreation, a vertically integrated cannabis company with one of the largest and deepest footprints in the U.S., announced today the acquisition of Arizona medicinal cannabis dispensary Leaf Life in a transaction that includes the only cannabis dispensary in Casa Grande. Leaf Life will be transitioned to operate under Harvest’s House of Cannabis stores, known for top operational standards, best-in-class experiences and products and expert teams in developing trusted, quality-driven retail stores with a focus on bettering the community.
“Arizona is the third largest medicinal cannabis market in the United States, yet too many in our communities still do not have adequate access to dispensaries that offer the high-quality medicinal products and expert staff required to improve patient education and treatment outcomes,” said Harvest Executive Chairman Jason Vedadi. “Harvest is committed to ensuring the strongest operational standards for our industry on a national scale, and we are particularly proud of this acquisition in our home state of Arizona because it enables us to further improve patient access to high-quality medicinal cannabis products.”
“We chose to structure a sale with Harvest because we believe in their commitment to Arizona and their future success,” said Ricky Hendrickson, Leaf Life’s Vice-President . “As a testament to that belief we have agreed to a two-year lockup on the stock portion of our agreement and are confident we’ll be part of the Harvest family for the long-term.”
Arizona continues to be a priority market for Harvest with large scale growth projections this year. This transaction will expand Harvest’s industry leading position on operating licensing rights to include more than 210 retail and processing facilities in 17 states and territories across the U.S. Most recently in Arizona, Harvest opened Glendale’s first medical dispensary, and announced a six license acquisition from Devine Hunter, Inc. Harvest now has rights to operate up to 18 dispensaries and cultivation/processing facilities in the state, strengthening their leadership position as the largest operator in the market.
Tilray To Acquire Manitoba Harvest, The World’s Largest Hemp Food Company
Acquisition unites cannabis pioneer with leading natural food CPG company to create hemp and CBD-infused food and wellness products for North America
CANADA: Tilray, a global leader in cannabis research, cultivation, production and distribution, has announced it has entered into a definitive agreement pursuant to which Tilray will acquire all of the issued and outstanding securities of FHF Holdings, from Compass Group Diversified Holdings, LLC and other shareholders of Manitoba Harvest. Under the terms of the Agreement, Tilray will acquire Manitoba Harvest on a cash and debt-free basis, for an aggregate purchase price, including cash and class 2 Common Stock in the capital of Tilray of up to C$419 million pending the achievement of certain milestones after the closing of the Transaction.
Founded in 1998, Manitoba Harvest is the world’s largest hemp food manufacturer and a leader in the natural foods industry. It produces, manufactures, markets and distributes a broad-based portfolio of hemp-based consumer products, which are sold in over 16,000 stores at major retailers across the U.S. and Canada. Products in the Manitoba Harvest portfolio include: Hemp Hearts™, Hemp Oil™, Hemp Yeah!™ granola, Hemp Yeah!™ protein powder and Hemp Bliss™ milk. Manitoba Harvest has plans to launch a line of CBD containing Broad Spectrum Hemp Extracts as well as a line-up of Hemp Yeah! wellness bars this summer.
Together, Tilray and Manitoba Harvest plan to grow both companies’ revenue while bringing nutritious hemp foods and supplements to more households across the U.S. and Canada. The acquisition will expand Tilray’s product portfolio into the natural foods category and bring Manitoba Harvest expertise in working with cannabinoids, including cannabidiol (CBD). By leveraging Manitoba Harvest’s established distribution network, Tilray plans to accelerate its expansion into the U.S. and Canadian markets, where legal, for CBD products. Manitoba Harvest also brings to Tilray an experienced team and manufacturing capabilities, including the addition of two high quality BRC AA+ certified manufacturing facilities as well as significant sales and distribution capabilities.
“Tilray’s acquisition of Manitoba Harvest is a milestone for the cannabis industry. It builds on the strategic partnerships we have formed with consumer brand industry leaders and demonstrates our track record of disrupting the global pharmaceutical, alcohol, CPG, and functional food and beverage categories,” said Brendan Kennedy, Tilray President and CEO. “We’re excited to work with Manitoba Harvest to develop and distribute a diverse portfolio of branded hemp-derived CBD food and wellness products in the U.S. and Canada.”
“We are excited about being an important part of the growth strategy for Tilray,” said Bill Chiasson, Manitoba Harvest CEO. “By leveraging our combined strengths and capabilities, we will be able to accelerate our mission of transforming consumer health through the power of hemp.”
Upon completion of the acquisition, Manitoba Harvest will operate as a wholly-owned subsidiary of Tilray, leveraging the Tilray team’s global cannabis industry expertise and other strategic partners. Manitoba Harvest will continue to operate its seed-to-shelf supply chain model and leverage its retail relationships across North America. Tilray and Manitoba Harvest will also work together to develop innovative new CBD wellness products and hemp-based consumer food products.