Canopy expands in Europe with acquisition of U.K. skin-care brand

Canopy Growth has agreed to buy British skin-care company This Works for US$54 million in cash, in the company’s latest move to grow its footprint in Europe. Canopy said Wednesday the purchase will allow the Smiths Falls, Ont.-based cannabis producer to launch a new range of skin and sleep products infused with CBD, the non-psychoactive ingredient in marijuana. This Works – which sells its products across Europe, the U.S. and China – was founded in 2004 and is best known for a sleep-aiding pillow spray. It doesn’t currently make CBD-infused products. 

Horizons launches new leveraged and inverse cannabis ETFs

The creator of the first marijuana exchange-traded fund is expanding its portfolio of pot-investing products with leveraged and inverse offerings. Horizons ETF Management said Wednesday its new higher-risk funds – the BetaPro Marijuana Companies 2x Daily Bull ETF (HMJU) and BetaPro Marijuana Companies Inverse ETF (HMJI) – will provide leveraged and inverse exposure, respectively, to the North American MOC Marijuana Index and are more appropriate for “sophisticated investors.” The ETFs will begin trading Friday on the Toronto Stock Exchange.

Acesco launches dissolvable, CBD-infused drink tablets

Acesco Hemp, the wholly-owned subsidiary of Denver-based Dixie Brands, has unveiled a line of CBD-infused drink tablets called Fizz Tabs. The company said it hopes to “set the pace” within a growing market, citing projections that the CBD industry will be worth US$45 billion by 2024. It said the tablets offer users a way to consume CBD on the go. The company says each tablet contains 10 milligrams of broad-spectrum hemp and the effects last for approximately four to six hours. At US$22, the Fizz Tabs come in three flavours and are packaged individually in a box of 20. The company ships to the U.S. and most countries in the world where the import of CBD products are allowed.

DAILY BUZZ

$3.50 per gram
-- The wholesale price that cannabis producers can expect over the long term, down from about $5 per gram today, according to Scotia Capital analysts Oliver Rowe and Ben Isaacson

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