Fresh off securing $217 million in debt financing, Chicago-based Green Thumb Industries announced Monday plans to enter the Virginia cannabis market via the acquisition of Dharma Pharmaceuticals. Specific financial details were not disclosed, however the deal is expected to close in the second half of 2021.
North American cannabis firm TerrAscend will double its dispensary footprint in Pennsylvania via the acquisition of KCR Holdings. The $63 million cash-and-stock transaction includes $36 million in stock, $20.25 million in cash and a $6.75 million note. It is expected to close in the second quarter of 2021.
One month after launching its CBD-infused beverage line Quatreau in the U.S., Canadian cannabis firm Canopy Growth Corporation announced that alcohol wholesaler Southern Glazer’s Wine & Spirits (SGWS) would distribute its CBD drinks throughout the U.S.
A new study conducted by market research firm YouGov found that one in four Americans over the age of 21 used cannabis over the last 12 months. Commissioned by Illinois-based cannabis company Cresco Labs, the study asked 5,000 Americans about their cannabis use and purchasing behaviors. 25% of respondents said they had tried cannabis in the past year.
One day after announcing plans to spend at least $100 million to acquire Nature’s Remedy in Massachusetts, Florida-based Jushi Holdings said it had signed a definitive agreement to purchase one of 34 licensed cannabis cultivators in Ohio. In a news release, Jushi said it would buy OhiGrow, LLC, which operates a 10,000 sq. ft. facility on 1.35 acres of land in Toledo.
Jushi Holdings will enter the Massachusetts cannabis market via the acquisition of Nature’s Remedy, a vertically integrated operator with two adult-use retail dispensaries and a 50,000 sq. ft. cultivation and processing facility. The cash-and-stock transaction is valued at $110 million, and includes a $40 million cash payment, $55 million in stock and a $5 million promissory note.
Boston-based cannabis delivery startup Zip Run has secured $2.3 million in funding in a seed round led by Mollitiam Capital. In a news release, Zip Run co-founder and CEO Gabe Vieira said the raise “accelerates the product development of our consumer-friendly e-commerce platform and advances our mission of helping social equity companies gain ownership in the cannabis industry.”
Cannabis data and analytics company Headset predicts that U.S. cannabis sales will eclipse $28 billion next year. According to the firm, which this week announced the launch of a comprehensive long-term forecast for the U.S. and Canadian markets, U.S. cannabis sales are expected to grow around 24% in each of the next two years.
To help fund its national expansion, California-based Connected Cannabis Co. has raised $30 million from a group of new and existing investors. The debt and equity round included existing investors Navy Capital and One Tower group, as well as new investors Emerald Park Capital and Presidio View Capital.
California-based cannabis firm Glass House Group will go public on Canada’s NEO exchange in a SPAC deal valued at more than $1 billion. The transaction, announced last week, includes over 500,000 sq. ft. of existing cultivation space, four dispensaries, and a robust wholesale business.
Earlier this year, extraction device manufacturer Magical Brands closed a multimillion-dollar revenue-based financing deal with Decathlon Capital. THCnet recently caught up with Magical Brands chief operating officer Craig Snyder to discuss the recent fundraising round, and the company’s plans for growth.