Innovative Industrial Properties (IIP) has inked yet another deal. IIP, a publicly traded real estate investment trust (REIT) focusing on the cannabis sector, announced Tuesday the acquisition of a cannabis facility in Michigan.
Columbia Care’s planned acquisition of Colorado’s The Green Solution (TGS) is set to close on September 1, 2020, the cannabis firm announced Wednesday. In a news release, the New York-based multistate operator said the deal — which includes 23 dispensaries and six production facilities — will make Columbia Care the largest cannabis company in Colorado.
The number of full-time equivalent (FTE) U.S. cannabis industry jobs could reach nearly 300,000, according to new figures from the 2020 Marijuana Business Factbook. Published by Marijuana Business Daily, a trade publication covering the cannabis industry, the Factbook includes information on industry trends as well as financial and operational data for cultivators, manufacturers and retailers.
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.