On Tuesday, Hightimes Holding Corp. said it would acquire two marijuana dispensaries in the Golden State for a combined $500,000 in cash and 15 million shares of Hightimes common stock. That announcement came just days after the company struck a nearly $26 million licensing arrangement with Toronto-based Red, White & Bloom Brands.
Cresco Labs is set to name National Basketball Players Association executive director Michele Roberts to its board of directors this month. The Chicago-based cannabis firm, which currently owns 29 retail licenses and operates in nine states, will ask shareholders to elect Roberts and nine other directors to its board at an annual shareholders meeting on June 29 2020, according to a public filing.
Denver, Colorado-based cannabis firm Schwazze, formerly known as Medicine Man Technologies, today announced plans to acquire 14 new locations throughout the Centennial state. The cash-and-stock deal, which is expected to close in the third quarter of 2020, is valued at approximately $118 million and includes 13 front-range dispensaries as well as one cultivation site owned by the Starbuds Group.
Do higher executive compensation packages lead to better performance amongst publicly traded cannabis companies? Not exactly. A recent review of 96 cannabis firms by Bedford Consulting Group, a Canada-based executive search firm, found that organizations with well-compensated executives actually unperformed against the Bloomberg Intelligence Global Cannabis Index, Bloomberg noted.
New York City-based multi-state cannabis firm Acreage Holdings has announced plans to raise $60 million, the majority of which will come via the sale of class A subordinate voting shares to an unnamed institutional investor.
Dozens of cannabis businesses across the U.S. sustained costly damages over the weekend when demonstrations over the death of Minneapolis man George Floyd turned violent and widespread vandalizing and looting in several major cities began.
Canopy Growth Corporation today announced its full year and fiscal 2020 fourth quarter financial results, reporting a net loss of C$1.3 billion ($946 million) for the three-month period ending March 31, 2020. A majority of the eye-popping losses stemmed from previously announced impairment and restructuring charges, which totaled C$743 million.
MedMen Enterprises yesterday announced its 2020 fiscal third quarter earnings, reporting just 4% revenue growth compared to the previous quarter. In a press release, the embattled Los Angeles-based cannabis firm said revenue totaled $45.9 million in Q3, representing growth of 41% year-over-year.
Chicago-based Cresco Labs has agreed to purchase four medical marijuana dispensaries in Ohio from Verdant Creations, LLC, the vertically integrated cannabis firm announced Tuesday. In a press release, Cresco said the acquisition would allow it to go deeper in a key market where it currently has just one retail shop.
Earlier this year, Boston became the first major East Coast city to permit the opening of an adult-use cannabis dispensary. After years of planning, Pure Oasis opened its doors in early March, only to suddenly be forced to close after Massachusetts Governor Charlie Baker ordered all “non-essential” businesses to temporarily shutter in response to the global coronavirus pandemic.
Hightimes Holding’s deal to acquire California-based cannabis cultivator Humboldt Heritage Inc. has gone up in smoke. In a May 15 SEC filing, Hightimes – which owns the eponymous "High Times" pot publication – said it had mutually agreed to terminate the transaction, which was first announced on March 27, 2020.
Canada's Aurora Cannabis is making its foray into the U.S. cannabis market with the acquisition of Natick, Massachusetts-based cannabidiol (CBD) products company Reliva, LLC. Announced late Wednesday, the all-stock transaction is valued at $40 million and includes a potential earn-out of $45 million payable in Aurora shares, cash or a combination of the two. It is expected to close in June.