MedMen Enterprises yesterday announced its 2020 fiscal third quarter earnings, reporting just 4% revenue growth compared to the previous quarter. In a press release, the embattled Los Angeles-based cannabis firm said revenue totaled $45.9 million in Q3, representing growth of 41% year-over-year.
Chicago-based Cresco Labs has agreed to purchase four medical marijuana dispensaries in Ohio from Verdant Creations, LLC, the vertically integrated cannabis firm announced Tuesday. In a press release, Cresco said the acquisition would allow it to go deeper in a key market where it currently has just one retail shop.
Earlier this year, Boston became the first major East Coast city to permit the opening of an adult-use cannabis dispensary. After years of planning, Pure Oasis opened its doors in early March, only to suddenly be forced to close after Massachusetts Governor Charlie Baker ordered all “non-essential” businesses to temporarily shutter in response to the global coronavirus pandemic.
Hightimes Holding’s deal to acquire California-based cannabis cultivator Humboldt Heritage Inc. has gone up in smoke. In a May 15 SEC filing, Hightimes – which owns the eponymous "High Times" pot publication – said it had mutually agreed to terminate the transaction, which was first announced on March 27, 2020.
Canada's Aurora Cannabis is making its foray into the U.S. cannabis market with the acquisition of Natick, Massachusetts-based cannabidiol (CBD) products company Reliva, LLC. Announced late Wednesday, the all-stock transaction is valued at $40 million and includes a potential earn-out of $45 million payable in Aurora shares, cash or a combination of the two. It is expected to close in June.
The Consumer Brands Association (CBA) yesterday announced the formation of coalition dedicated to advocating for stronger enforcement of the CBD industry. In a press release, CBA said the group – which includes top law enforcement, retail and consumer watchdog organizations – would work to advocate for “uniform federal policies around cannabidiol.”
Acreage Holdings is continuing to trim back its operations. On Monday, the New York-based multistate operator announced the sale of additional non-core assets in South Dakota and Massachusetts as it seeks profitability.
Recreational cannabis shops in Massachusetts will reopen on May 25, two months after they were deemed non-essential and ordered to close amid the coronavirus pandemic. On Monday, Massachusetts Governor Charlie Baker announced a four-phase reopening plan that will enable some of the state’s currently shuttered businesses to resume operations.
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.
Language from the cannabis industry’s long-sought banking reform bill, the SAFE Banking Act, has been included in the House Democrats’ new $3 trillion coronavirus aid package. Unveiled Tuesday, the Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act includes protections for financial institutions working with state-approved marijuana businesses.
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.
Stormy Simon’s time as CEO of Hightimes Holding Corp. has come to an end after just four months. Simon will be replaced by Peter Horvath, a former Victoria’s Secret and American Eagle executive, but continue to serve on the Hightimes board of directors.