The U.S. House of Representatives last week passed an appropriations amendment that protects state-legal cannabis businesses from federal interference. Introduced by Reps. Earl Blumenauer (D-OR), Barbara Lee (D-CA), Tom McClintock (R-CA), and Eleanor Holmes Norton (D-DC), the bipartisan amendment to H.R. 7617 — the Department of Defense Appropriations Act of 2021 — was approved in a 254-163 floor
Denver-based edibles and extracts company Medically Correct has terminated its acquisition agreement with fellow Colorado cannabis firm Schwazze. In a statement, Medically Correct president Bob Eschino said his company notified Schwazze, which is also based in Denver and was formerly known as Medicine Man Technologies Inc., of the decision to rescind an acquisition extension agreement on Monday.
Less than a week after inking a $35 million agreement to purchase California-based cannabis company Platinum Vape, Toronto’s Red White & Bloom Brands (RWB) announced Monday plans to acquire Michigan’s PharmaCo Inc. In a news release, RWB said it had exercised its right to acquire 100% of PharmaCo via the company’s wholly owned MichiCann Medical Inc. subsidiary.
Vireo Health has named John Heller, the outgoing chief financial officer of fitness company Lift Brands, as its new CFO. Heller, who supplants Shaun Nugent as CFO of the multistate cannabis firm, will take over on July 6, 2020, according to an announcement. He's Vireo’s second CFO in the last seven months.
Sales of adult-use cannabis in Illinois hit a record high in May as the state’s recreational shops sold $44.3 million worth of legal marijuana products, state officials reported last week. According to the most recent data from the IDFPR, which oversees dispensary licensing and tracks sales, in-state residents purchased more than $34 worth of cannabis last month.
Hightimes Holding Corp. has amended a previously announced deal with Harvest Health & Recreation that includes the ownership transfer of several California cannabis dispensaries. Under the new agreement, Hightimes will acquire 10 operational and planned marijuana retail locations from the Arizona-based multi-state operator in a deal now valued at $67.5 million.
Aurora Cannabis Inc. yesterday announced its 2020 fiscal third quarter earnings, reporting higher than expected net revenue of more than C$78 million – an 18% improvement from the previous quarter. Aurora’s adult-use sales grew 24% versus last quarter, to C$41.5 million, driven by the launch of value brand Daily Special and a full three months of cannabis 2.0 sales.
Mark Dowley has resigned from iAnthus Capital Holdings’ board of directors, the company announced Friday. Dowley, and entrepreneur and marketer, joined the company’s board on December 5, 2019, as an independent director.
Chicago-based Cresco Labs (CNSX: CL) grew revenue 197%, to $128.5 million, in 2019, but the record growth wasn’t enough to keep the multistate cannabis operator out of the red. The cannabis firm’s net losses exceeded $65 million in 2019. Cresco also announced it would terminate a planned $282 million purchase of Tryke Companies.