iAnthus Moves
ITHUF was up 26% on the day to $.23 yesterday after dropping over 50% earlier in October from $.40 to $.17. The stock dropped so dramatically due to a court decision on their recapitalization efforts initially announced in September. The judge reviewing the case stated the following: "the Outside Date in the restructuring support agreement has been and is extended to the date on which any regulatory approval or consent condition to implementation of the Plan is satisfied or waived." iAnthus has been reviewing the decision and considering an appeal to the decision which is due within 30 days.
Columbia Care/Pitbull
CCHWF is a USA Long.
Columbia Care announced its recent partnership with pop legend Pitbull. The new line will be called N2P and consist of CBD products. N2P stands for negative to positive, which is what the brand aims to shine a light on. In Pitbull's top song, Give Me Everything with Neyo, a line goes, "Took my life from negative to positive I just want y'all to know that." Pitbull also hosts a podcast called Negative to Positive, so this new line is just an addition to his brand. "We've partnered with Pitbull because of his passion for CBD and high-quality excellence. Together, we're working to introduce premium, full-spectrum CBD products for customers who are enthusiastic about health and wellness, but also for those who are curious about CBD and have been hesitant to try it – we want everyone to be able to change a negative to a positive" said Columbia's Chief Growth Officer. The product will be available in select dispensaries in Delaware, Maryland, and New York.
At launch, the N2P line includes:
- 3-pack of Pina Colada Lip Balms (150mg CBD, 50mg per balm)
- 2oz Relief Salve (250mg CBD)
- 1oz Star Fruit Tincture (1,000mg CBD, 33.3mg CBD per serving)
- 30ct. Gummies (750mg CBD, 25mg per gummy)
MA Tracker - What is going on?
Is the high-frequency sales data coming from Massachusetts giving us a preview of what sales may look like for the remainder of the country for October? For the week ending 10/08/21, sales were down 11% WoW, continuing a trend we have seen since the beginning of the summer. While YoY growth remains robust at 31.6%, the pace has slowed meaningfully from the 82% growth it averaged in June, July, and August. The annual run-rate for sales in MA is $1.46 Billion.
