Quick Hits: Canopy Signs Endorsement Deal with DeAndre Hopkins; Cresco and Harvest Health Announce New Dispensaries
Canopy Growth Corporation announced Tuesday the signing of a multi-year endorsement deal with NFL wide receiver DeAndre Hopkins, who will become an “investor” and ambassador for the Canadian cannabis firm’s Biosteel Sports Nutrition business.
Hopkins, a four-time Pro Bowler who recently signed a $54.5 million contract extension with the Arizona Cardinals, is the second major NFL star to team up with Biosteel in recent weeks.
In early August, Canopy – which owns a 72% stake in the sports hydration company – announced a similar partnership with Kansas City Chiefs quarterback Patrick Mahomes.
In explaining their motivation for backing the brand, both Mahomes and Hopkins said they had used Biosteel products “for years.”
“As a businessman and equity partner in the company, I see this collaboration as an opportunity to expand the brand as it continues to redefine the sports hydration industry,” Hopkins said via a news release.
For its part, Canopy said Hopkins would help Biosteel reach “health-conscious consumers and aspiring athletes.”
“Authenticity is everything to us as we continue to grow our brand,” co-founder and CEO Michael Cammalleri said via the release. “We’re excited to announce and partner with someone like DeAndre who is a strong believer in the product, to help amplify our story and accelerate our growth.”
Biosteel products are also endorsed by NFL running back Ezekiel Elliot and cornerback Jalen Ramsey, among other professional athletes.
Cresco Labs to Open Naperville Dispensary
Chicago-based Cresco Labs has received initial approval to open its tenth Sunnyside cannabis dispensary in Illinois, the firm announced Tuesday.
In a news release, the vertically integrated multistate operator said the new adult-use store was “located in one of the busiest shopping areas in Naperville.”
Cresco currently operates four Sunnyside locations in Illinois that sell only recreational cannabis products, and four others that also sell medical marijuana offerings. A ninth Sunnyside dispensary located in Buffalo Grove sells only medical cannabis products, according to the company’s website.
Cresco co-founder and CEO Charlie Bachtell said his company has deliberately selected “high traffic areas in traditional retail environments" for its dispensaries.
“Our approach of meeting the consumer where they are and providing a normalized cannabis shopping experience is allowing our dispensaries in Illinois and all Sunnyside stores nationwide to outperform industry averages,” he said.
Cresco is still waiting for final approval from state officials to commence sales at its Naperville location. Once the site is open, the company will operate the maximum number of dispensaries allowed in the state.
Harvest Health and Recreation Opens 15th Dispensary
Arizona’s Harvest Health and Recreation has opened its 15th medical marijuana dispensary in Arizona.
Located in Phoenix, the new store is open seven days a week between 8:00 am -- 10:00 pm, according to a news release. It offers medical cannabis patients access to several products, including flower and edibles, its website notes.
"We are pleased to open our fifteenth location in our home state of Arizona and one of our core markets," CEO Steve White said via the release. "We look forward to serving patients and providing quality products at this new location in Phoenix."
Founded in 2011, Harvest is headquartered in Tempe, Arizona and has over 950 employees. In addition to its Arizona locations, the company boasts 21 more retail stores across six other states: Arkansas, California, Florida, Maryland, North Dakota, and Pennsylvania.
Harvest generated $55.7 million in revenue in the second quarter of 2020.
Curaleaf Expands Availability of “Select” Brand Offerings in 3 States
The largest multistate cannabis company in the U.S. has launched its “Select” brand in New York, and expanded availability of certain products in California and Nevada.
Massachusetts-based Curaleaf announced Tuesday that its Select Elite cannabis oil cartridges would be available at medical dispensaries throughout New York, including the company’s own retail locations in Carle Place, Queens, Hudson Valley, and Plattsburgh.
"Select undergoes the most stringent and progressive oil testing standards in the industry, and we are excited to offer that consistent quality and experience to our medical patients in New York," Curaleaf president Joe Bayern said via a release.
The Select brand is current sold in 13 states, including Arizona, California, Colorado, Connecticut, Florida, Maryland, Michigan, New York, Nevada, Oklahoma, Oregon, Massachusetts, and Maine.
A foray into the Ohio medical market is expected this month, and sales in New Jersey, Illinois, Pennsylvania and Utah are also expected to begin “in the coming months.”
On Monday, Curaleaf launched Select Nano Gummies in California, and Select Elite Live cartridges in Nevada.
The Live cartridges – which are made by refining fresh frozen flower to maintain a higher terpene content -- contain broad-spectrum THC oil and live-resin extract.
According to the company, each cartridge is “formulated to represent the plant's full profile as much as possible, allowing consumers and patients experience true-to-strain flavors and effects.”
The Nano Gummies, meanwhile, are infused with water-soluble cannabinoids that “allow for faster, more efficient cannabinoid consumption when compared to traditional edibles,” Curaleaf claims.
The company’s Nano Gummies are currently sold in Arizona, California, Maine, Massachusetts and Nevada, while its Live cartridges are sold in eight states.
Curaleaf said it would bring its Select Nano Gummies to Colorado and Maryland, and its Elite Live cartridges to Illinois, Pennsylvania and Utah before the end of 2020.
"The latest product expansion of Select in California and Nevada speaks to Curaleaf's commitment to providing both medical patients and adult-use customers with accessibility to innovative, high-quality cannabis products," Bayern said. "We are thrilled to bring Select's scientifically formulated Nano Gummies and Elite Live to both states as we expand our portfolio and provide entry points for new consumers."