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.
LifeAID is a functional beverage company that makes a range of drinks for fitness enthusiasts and those living an active lifestyle. The company’s “Hemp” SKU, first released in 2019, contains 20 milligrams of broad-spectrum hemp as well as rosemary and lemon balm adaptogens.
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.
Canopy Growth Corporation announced Thursday plans to acquire Toronto-based Supreme Cannabis Co. in a cash-and-stock deal valued at nearly $346 million (C$435). Under the terms of the deal, Supreme shareholders will receive 0.01165872 of a Canopy common share and $0.0001 in cash in exchange for each Supreme Cannabis share held.
A new advocacy group with ties to billionaire brothers David and Charles Koch has joined the fight to legalize cannabis. Announced Tuesday, the Cannabis Freedom Alliance (CFA) has a stated goal of ending the “prohibition and criminalization of cannabis in the United States.”
Illinois dispensaries are on pace to sell more than $1.5 billion worth of cannabis in 2021 after retailers across the state combined to sell nearly $145 million of adult-use and medical marijuana in March. According to data from the Illinois Department of Financial and Professional Regulation (IDFPR), adult-use cannabis dispensaries sold a record $109.1 million of recreational cannabis last month.
Curaleaf Holdings has completed its acquisition of Europe’s EMMAC Life Sciences and brought on a new minority partner in the process. In a news release, Curaleaf said it raised $130 million from an unnamed strategic institutional investor by selling a 31.5% equity stake in its newly established Curaleaf International Holdings business, which holds the EMMAC investment.
Florida-based Trulieve Cannabis Corp. announced Monday plans to purchase Pennsylvania dispensary chain Keystone Shops in a deal valued at $60 million. According to a news release, Trulieve will spend $20 million in cash and $40 million in subordinate voting shares to acquire three Keystone Shops from parent company Anna Holdings.
Greenlane Holdings and KushCo, two of the largest suppliers of cannabis accessories in the U.S., have agreed to merge in an all-stock transaction. Under the terms of the deal, announced on March 31, KushCo will become a wholly-owned subsidiary of Greenlane.
Hours after New York Gov. Andrew Cuomo signed an adult-use cannabis bill into law, lawmakers in New Mexico passed a bill that will legalize, regulate and tax marijuana for adults 21 and over. A separate bill which expunges arrest and conviction records for certain cannabis offenses also passed the New Mexico House and Senate on Wednesday. Both are headed to Gov. Michelle Lujan Grisham’s desk.