Marijuana connoisseurs are likely aware of how long flower will typically last and the factors that contribute to the degradation of cannabinoids and terpenes. But consumers buying cannabis for the first time are likely less familiar with shelf life expectancy. A desire to deliver fresher marijuana products to consumers is what drove Vireo Health to develop new packaging technology.
Sales of adult-use cannabis in Illinois hit a new record high last month, as recreational marijuana dispensaries sold more than $47.6 million worth of legal products – a 7.5% uptick versus the previous month. According to the IDFPR, which tracks sales at licensed adult-use shops, nearly $240 million worth of recreational cannabis has been sold in Illinois through the first half of 2020.
High Times' crowdfunding efforts may have stalled, but its dealmaking capabilities are moving ahead expeditiously as the popular pot publication continues its pivot toward a plant-touching business model. The magazine's parent company, Hightimes Holding Corp., has inked a deal for Sacramento, California-based marijuana delivery service Mountain High Recreation, Inc.
Vireo Health has named John Heller, the outgoing chief financial officer of fitness company Lift Brands, as its new CFO. Heller, who supplants Shaun Nugent as CFO of the multistate cannabis firm, will take over on July 6, 2020, according to an announcement. He's Vireo’s second CFO in the last seven months.
Aurora Cannabis (NYSE: ACB) Inc. co-founder and former chief executive Terry Booth has departed the company’s board of directors, the Canadian firm said Monday. Booth has spent the last few months linking up with several drug companies, including investing in a startup called Red Light Holland Corp. that plans to produce psilocybin mushrooms for the Netherlands market.
Hightimes Holdings, owners of the popular pot publication High Times, inched one step closer to becoming a bonafide plant-touching cannabis business this week. The Los Angeles-based media company announced Tuesday the initial closing of a deal to acquire 10 operational and planned marijuana dispensaries from Arizona-based multistate operator Harvest Health and Recreation.
Canada’s Canopy Growth Corporation has modified the terms of an agreement to purchase New York-based cannabis firm Acreage Holdings that was inked last year. On Thursday, the two companies jointly announced several revisions to a landmark deal that was struck in April 2019 and previously valued at $3.4 billion.
New York-based cannabis firm iAnthus Capital Holdings and wholly-owned subsidiary MPX Bioceutical has received a demand for payment on debt owned by Gotham Green Partners (GGP), a longtime investor in the multistate cannabis operator. GGP also provided iAnthus with a “Notice of Intention to Enforce Security,” meaning that it plans to force the sale of certain collateralized assets.
Canada’s Aurora Cannabis said Tuesday it would lay off hundreds of employees and shutter multiple manufacturing facilities as part of a massive turnaround effort aimed at cutting costs and achieving profitability in 2021. In a news release, the Edmonton, Alberta-based marijuana firm said headcount reductions would impact 25% of its corporate workforce, as well as 30% of its production employees.
Minneapolis-based Vireo Health today announced plans to sell its medical cannabis cultivation and processing operations in the Keystone State to Florida-based Jushi Holdings for $37 million. The deal for the Pennsylvania Medical Solutions (PAMS) subsidiary includes $16.3 million in cash and a $3.8 million unsecured seller’s note with 8% interest (payable quarterly) that matures in four years.