Canopy Rivers Inc. ("Canopy Rivers") (TSX:RIV) (OTC:CNPOF) today provided an update on the progress three of its portfolio companies are making in U.S. markets. These updates come only weeks before the U.S. election, where six U.S. states will vote on cannabis legalization initiatives and the potential power shift at the federal level could lead to more progressive policies for the cannabis industry. These updates include:
- TerrAscend Corp. ("TerrAscend") commenced sales from its newly expanded State Flower cultivation facility in San Francisco. Since acquiring State Flower in 2019, TerrAscend has expanded the facility from 5,000 to 20,000 sq. ft., enabling it to significantly increase the supply of State Flower's premium cannabis products to California's wholesale market and to TerrAscend's Apothecarium dispensaries.
- High Beauty, Inc. ("High Beauty") introduced canBE, a new line of natural, aloe-based products combining hemp seed oil, organic plant oils, essential vitamins, antioxidants, and bioflavonoids. canBE is now available on Walmart.com and in 1,760 CVS locations across the U.S. High Beauty has also signed a contract to sell canBE in Kohls in early 2021. This is in addition to High Beauty's High brand, which is available in more than 25 retailers, totalling over 600 stores, in Canada, the U.S., and Europe.
- Headset, Inc. ("Headset") launched its competitive intelligence tool, Headset Insights Pulse, in Massachusetts. The complimentary service helps potential cannabis business owners, investors and media professionals to compare markets over time and contextualize industry data at various category levels. Headset's co-founder and CEO Cy Scott believes that data on the Massachusetts market may influence the business and investing behaviours of other east coast states on the cusp of legalization. Headset Insights Pulse is now available in nine states and territories, including California, Colorado, Nevada, Oregon, Michigan and Washington, as well as the Canadian provinces of Alberta and British Columbia.