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.
While many marijuana enthusiasts may have spent yesterday toking up in celebration of the cannabis community’s official-unofficial holiday, several 420-friendly politicians used their platforms to call for legalization and other pro-pot policies.
Charlotte Figi, the young Colorado girl whose debilitating condition led to the development of an eponymous cannabidiol (CBD) brand called Charlotte's Web, died on Tuesday at the age of 13. Figi suffered from a rare form of epilepsy called Dravet syndrome and used CBD oil to help treat frequent seizures.