CULTIVATED: An inside take a look at Eaze– Cuts at Caliva– Disappointing incomes for Canopy Growth

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Delighted Friday everybody,

It’s been rather a hectic week here as I got my feet under me, returning back to my “normal” beat. I take pride in the work Yeji and I did– along with guidance from my editor Zach– on our deep dive into Eaze’s scaled-back ambitions from 2017 to now

The startup’s ups and downs over the past three years supply insight into the wild ride that cannabis startups, financiers, and workers have actually been on since US states began legalizing the drug.

The other huge piece of news this week was Canopy Growth’s depressing profits

” More stressing for us were remarks around the need to ‘comprehend what consumers want’.

That being stated, Canopy Development is still the biggest cannabis business. And with a deep-pocketed alcohol giant backing the business– together with a brand-new( ish) CEO, David Klein– it’s probably not time to count them out yet.

I’ll be talking to Klein later on this afternoon as well.

– Jeremy

Here’s what we wrote about:

An inside take a look at Eaze’s newest pitch deck reveals vastly downsized ambitions from the once-soaring marijuana startup

Internal files and interviews reveal Eaze’s vastly scaled-back aspirations. In 2017, Eaze– then a marijuana delivery service– predicted that it would sell $1 billion worth of marijuana on the platform and aggressively expand to brand-new states.

In 2020, under the guidance of a brand-new executive team and after a round of layoffs, Eaze has pared back that expectation to $190 million in sales.

We took a deep dive into the company’s financial forecasts from 2017 to today and published its complete 2020 pitch deck.

Cannabis startup Caliva laid off 20 employees consisting of a top retail exec as headwinds from the coronavirus pandemic upend the market

Marijuana startup Caliva laid off 20 workers from its corporate office on March 30, the company verified.

The cuts mostly affected workers in the retail management division and consisted of Elizabeth Cooksey, a senior officer who was generated to drive Caliva’s retail method in 2019

  • Red Light Holland, a CSE-listed psychedelics business that is planning to produce and offer branded “magic truffles” in the Netherlands, has actually appointed comic Russell Peters as its Chief Creative Officer Former Canopy Growth CEO Bruce Linton is the company’s advisory chair.
  • CSE-listed TerrAscend closed a $37 million personal placement on Friday. The deal was upsized from $30 million, and investors include Jason Karp, the creator of Tourbillon Capital Partners and CEO of HumanCo. TerrAscend reported earnings on Thursday with $348 million in net sales in Q1 2020.

Lavish parties, greedy pols and panic spaces: How the ‘Apple of Pot’ collapsed(Politico)

A surprise origin story of the CBD craze(New York City Times)

Prepare for pharmaceutical grade magic mushroom tablets(Vice)

Cannabis binge in quarantine raises expect federal legalization(Bloomberg)

Justice Department obstructs ‘necessary’ marijuana employees from insolvency security(Wall Street Journal)

Not so green on the other side: How a Russian magnate’s $165 Million U.S. marijuana bet failed(Radio Free Europe)

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