Ontario, Canada-based cannabis firm Aphria Inc. will acquire Atlanta-headquartered craft beer company Sweetwater Brewing in a deal valued at $300 million. In a news release, Aphria said Sweetwater shareholders would receive $250 million in cash and roughly $50 million in stock.
It was a clean sweep for cannabis on Tuesday, as voters in five states approved marijuana legalization initiatives in a resounding win for marijuana industry stakeholders. Cannabis-related ballot measures in Arizona, Mississippi, Montana, New Jersey and South Dakota overwhelmingly passed. Americans now have access to medical marijuana in 35 states and adult-use cannabis in 15 states.
In a wide-ranging discussion with THCnet, Cresco Labs co-founder Joe Caltabiano discusses his departure from the Chicago-based cannabis firm, how he expects the industry to develop in the coming years, and why federal legalization might not come as soon as some hope.
Denver-based GrowGeneration continued its acquisition streak Monday, announcing plans to purchase The GrowBiz, the third-largest chain of hydroponic garden centers in the United States. Specific financial terms of the deal were not disclosed, but the acquisition will add $50 million in annual revenue to GrowGeneration’s books, according to a news release.
Los Angeles-based cannabis drinks company Cann today revealed that it has the backing of numerous well-known celebrities, including actress Gwyneth Paltrow and former NBA star Baron Davis, among many others. Rebel Wilson, Ruby Rose, Darren Criss, Tove Lo, Casey Neistat and Bre-Z also invested in the company.
Pacific Consolidated Holdings Group Inc. (PCH), a newly formed operating and holding company focused on cannabis and analogous vice industries, today announced a merger of Saucey, a leading alcohol delivery and logistics platform, and Emjay, a prominent California focused vertically-integrated cannabis delivery and retail platform.
Marijuana industry stakeholders will join attorneys from Burns and Levinson’s cannabis practice on October 29 for a half day conference on the state of the industry. Hosted virtually due to the ongoing COVID-19 pandemic, Burns and Levinson’s fourth annual event will feature panel discussions and presentations with several prominent cannabis industry figures.
Voters in four states will decide whether to legalize adult-use cannabis this election season, while individuals in a fifth state – Mississippi – will be given the opportunity to legalize the use of medical marijuana.
Adult-use dispensaries in Colorado sold more than $1.1 billion worth of cannabis products through the first eight months of the year but sales dipped slightly in August, recent data shows. According to the Department of Revenue’s Marijuana Enforcement Division (MED), recreational marijuana sales in The Centennial State eclipsed $176.5 million in August, down from $183 million in July.
Denver-based GrowGeneration (NASDAQ: GRWG) announced Monday the acquisition of Phoenix’s largest indoor and outdoor garden center, Hydroponics Depot, for an undisclosed sum. The purchase adds to GrowGen’s expanding national footprint of Hydroponic gardening stores, which now includes 29 locations across 11 states.