MedMen CEO to step down in latest setback for U.S. cannabis retailer

Another day, another cannabis CEO resignation. This time, it’s MedMen’s Adam Bierman who is resigning from his role, effective Feb. 1. Bierman will be replaced by Chief Operating Officer Ryan Lissack on an interim basis. A committee will be formed by MedMen’s directors to find a suitable permanent replacement, the company said. MedMen has been one of the more notable companies in the cannabis space. It made a splash in May 2018 when it listed on the Canadian Securities Exchange through a reverse-takeover with a US$1.65-billion valuation. Since then, MedMen shares have declined by 94 per cent. Bierman is just the latest cannabis company CEO to step down in the past month. Similar moves took place at Sundial Growers, Supreme Cannabis and TerrAscend.

U.K.-based medical cannabis fund launched, aimed at investing in private market

A new U.K-based fund targeting the medicinal cannabis market was launched this past week, but locals wishing to take part may be out of luck. Bloomberg News reports that the new 100-million pound fund from JPD Capital will be unavailable to British investors as legislation there means any local participants could be breaching the law. The funds aims to invest in private cannabis firms instead of the likes of U.S. and Canadian cannabis stocks that underperformed last year. It has already raised 35 million pounds from mainly overseas investors.

Sports Illustrated to lend brand to new CBD-infused topical cream offering

Sports Illustrated isn’t just an award-winning magazine anymore – it’s also pegged to be the next big CBD brand. Authentic Brands Group, which bought the magazine last May from Meredith Corp for US$110 million, is taking the SI brand and partnering with Sentia Wellness to launch a series of CBD-infused topical products. The product will debut this week in a limited edition during various Super Bowl parties in Miami with a wider rollout later this year, according to a release. The “Sports Illustrated Limited-Edition Recovery Cream” comes with 500 mg of pure cannabidiol and will be sold by U.S. mall-kiosk retailer Seventh Sense this year.

Canada’s legal pot industry more than doubled GDP contribution since legalization: StatsCan

Statistics Canada said Friday that the cannabis industry contributed $7.44 billion to the country’s gross domestic product in November. The figure, which is seasonally adjusted, determined that the legal cannabis industry contributed $3.12 billion to Canada’s GDP, while the illicit market accounted for $4.28 billion. The StatsCan figures show Canada's legal cannabis industry has grown by 147 per cent since recreational pot was legalized in October 2018. The illicit cannabis market's contribution to Canada's GDP fell by 19% during the same period.



DAILY BUZZ

$6.38

-- The price of a gram of cannabis in Canada, down 3.5 per cent from the prior week, according to the Cannabis Benchmark’s Canada Cannabis Spot Index. This equates to US$2,209 per pound at current exchange rates.

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