News

Canadian cannabis operator Canopy Growth Corporation has entered a definitive agreement to acquire cannabis edibles maker Wana Wellness for $297.5 million, which will go into effect upon federal legalization of THC in the U.S.

During an investor presentation on Thursday, Hormel Foods highlighted opportunities for expansion in categories like on-the-go snacking and plant-based meat as the company continues to evolve from its roots as a commodity-driven meat-focused platform to a “global branded food company.”

In this week’s distribution roundup: Undercover Snacks onboards with United Airlines, Stryve gains more ground in convenience and retail, AYO Foods expands presence nationwide and Jersey Tomato Co. sauces reach new shelves.

Caffeine is perhaps the original functional ingredient, with coffee and tea battling sleep-derived mornings and afternoon slumps for generations. Over recent years, demand has continued to surge, with the rise of RTD coffee and highly caffeinated energy drinks and shots making it even easier for consumers to get their caffeine fix. Food brands are trying to get in on this energy action, taking cues from beverage companies and stepping up their use of caffeine as an ingredient.

The FDA issued voluntary guidance today aimed at incrementally reducing sodium levels in processed foods. The guidance comes five years after the action was first proposed in draft legislation and urges the food industry to decrease the average sodium levels found in products by about 12% over the next two and a half years.

Blended meat brand Misfit Foods may not have ultimately walked away from the television show Shark Tank with an investment deal, but it did garner some invaluable product feedback. The result of this insight debuted this week: a new Smoked Cauli Chicken Brat.

After facing financial challenges that led to layoffs and a pivot in manufacturing, plant-based meat brand No Evil Foods yesterday announced it had secured bridge note financing from Big Idea Ventures’ New Protein Fund I. The brand plans to use the capital to execute a previously announced switch from self-manufacturing to co-packing and to launch new innovations. The amount of the loan was not disclosed.

Episode 44 of Elevator Talk features leaders from Essential Candy, GnuSante Creations, Beyond The Equator, Oomame and Meepo. Watch founders and CEOs introduce their brands and provide a recap of recent news and updates. Our co-host is Bloom CPG founder Sarah Nathan.

Clio Snacks is shaking up its executive team, bringing aboard CPG veteran John McGuckin as its new CEO.

Icelandic sugar-free food brand Good Good last week closed a $2 million funding round which the company said will support a planned expansion beyond alternative sweeteners and into a number of new food categories, starting with a pancake and waffle mix launching this month.