Cresco Labs co-founder and former president Joe Caltabiano is launching a $100 million SPAC (special purpose acquisition corporation) aimed at acquiring cannabis companies in the U.S., Canada or international markets. The so-called blank check company, Choice Consolidation Corp., today filed a 137-page preliminary prospectus with Canadian Securities Administrators.
Cannabis sales in Colorado eclipsed a record $2 billion in 2020, state records show. According to the Department of Revenue’s Marijuana Enforcement Division (MED), adult-use cannabis shops throughout the Centennial State raked in nearly $1.6 billion year-to-date through November. Meanwhile, medical marijuana dispensaries sold more than $405 million worth of products during the 11-month period.
Rhythm recently expanded its line of CBD-infused seltzers to include a third variety: Recover. Formulated with natural lemon and ginger flavors, 15 milligrams of broad-spectrum hemp extract, and turmeric root extract, Recover is fresh and inviting.
Andrew Kline, who served for two years as the director of public policy at the National Cannabis Industry Association (NCIA), has departed the Denver-based trade group for a role with multinational law firm Perkins Coie.
Molson Coors is now officially competing in the increasingly crowded U.S. market for CBD drinks. In a news release, the multinational beverage company said its line of non-alcoholic sparkling waters infused with cannabidiol (CBD), called Veryvell, were now being sold across Colorado.
In a pair of news releases issued last week, Australis Capital said it would wholly acquire Nevada-based Green Therapeutics — a cannabis company founded by former MedMen president and Australis interim CEO Duke Fu — and purchase a 51% stake in greenhouse design company ALPS, formerly known as Aurora Larseen Projects.
It took nearly two years, but Minneapolis-based Vireo Health International has finally closed its acquisition of four cannabis licenses in Nevada. In a news release, Vireo said the purchase would permit the multistate operator it to cultivate and produce cannabis products for both medical and adult-use.
New York Gov. Andrew Cuomo on Wednesday announced a renewed push to legalize adult-use cannabis in the Empire State. This is the third straight year that Cuomo has called for establishing a regulated recreational marijuana market and it comes at a time when the state is facing an estimated $63 billion budget shortfall over the next four years as a result of the coronavirus pandemic.
Illinois cannabis dispensaries sold more than $1 billion worth of products in 2020, state records show. According to data from the Illinois Department of Financial and Professional Regulation, adult-use cannabis sales eclipsed $669 million during the first year of legalization. Year-to-date sales of medical marijuana also surpassed $331 million through November.
Colorado-based Keef Brands has acquired an equity position in Canada’s BevCanna Enterprises, a manufacturer of cannabis-infused drinks. The deal builds on an earlier licensing arrangement that enabled both companies to expand production and distribution in their respective countries.
Canopy Growth Corporation has agreed to give up its stake in Canopy Rivers, the company’s namesake venture capital firm, in a deal valued at approximately $297 million. The global cannabis giant said Monday it would pay $115 million and trade 3.75 million common shares to retire its 27% stake in the VC firm. in exchange for additional shares of TerrAscend and subsidiary Vert Mirabel.
Following a six-month search for a new CEO, New York-based cannabis firm Acreage Holdings announced Friday that former Pfizer North America president Peter Caldini would join the company on Dec. 21. Caldini, who takes over for interim CEO Bill Van Fassen, most recently led Bespoke Capital Acquisition Corp., a blank check company focused on buying cannabis businesses.
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