Arizona-based cannabis firm 4Front Ventures, which has operations in five adult-use states, has completed the sale of three dispensaries in Maryland. In a news release, 4Front Ventures said the stores were dealt to Philadelphia-based Ethos Cannabis, another multi-state operator, for $5.5 million. The sale of the Maryland assets is part of a previously-announced $18 million transaction.
At long last, Vermont is on the verge of legalizing adult-use cannabis sales. On Tuesday, the Vermont Senate voted 23-6 in favor of legislation (S. 54) that would legalize, regulate and tax commercial cannabis sales.
Canopy Growth Corporation has inked another prominent endorsement deal for its Biosteel Sports Nutrition brand. Meanwhile, Cresco Labs is on the verge of opening its tenth dispensary in Illinois, while Harvest Health and Recreation has opened its 15th in Arizona. Curaleaf has also expanded availability of “Select” brand products to 3 more states.
Innovative Industrial Properties (IIP), a publicly traded real estate investment trust (REIT) focusing on the cannabis sector, has inked another sale-and-leaseback agreement with Surterra Wellness parent Parallel. Parallel, the second-largest medical marijuana company in Florida, has agreed to sell an indoor cultivation facility in Lakeland that is capable of being scaled to 220,000 sq. ft.
Cannabis sales in Colorado and Illinois reached record highs in July and August, data from both states reveals. According to the Colorado Department of Revenue, adult-use cannabis sales eclipsed $183 million in July and $954 million year-to-date.
A House vote on federal cannabis legalization has been put on hold, according to Politico. The Marijuana Opportunity Reinvestment and Expungement (MORE) Act, which would remove marijuana from the Controlled Substances Act, was originally scheduled to reach the House floor this month.
A new cannabis delivery service has launched in Massachusetts. Blackbird, a cannabis software company owned by TILT Holdings, has partnered with Commonwealth Alternative Care to give medical medical patients access to the dispensary’s products via an online marketplace.
Minneapolis-based Vireo Health International is rebranding four medical marijuana dispensaries in Minnesota to its existing chain of retail locations called Green Goods. The move, announced Tuesday, comes as the cannabis firm has changed the name of its subsidiary in Minnesota from Minnesota Medical Solutions (MinnMed) to Vireo Health of Minnesota.
Vermonters will soon be able to legally purchase adult-use cannabis without having to cross into neighboring Massachusetts. Late Tuesday evening, the Vermont House of Representatives and the Senate reached an agreement on a compromise bill that legalizes, regulates, and taxes retail sales for individuals 21 years and older.
New York-based cannabis firm Columbia Care has agreed to purchase California’s Project Cannabis in a deal valued at $69 million. In a news release, the multistate operator said it would trade as much as $57 million worth of stock and pay at least $12 million in cash to acquire the Los Angeles-based vertically integrated cannabis company.
At long last, Martha Stewart’s line of CBD products made in partnership with Canada’s Canopy Growth Corporation have arrived. In a news release, Ontario-based Canopy said the new line — which includes gummies, drop, softgels and forthcoming pet products — was “specially formulated by Martha Stewart, in collaboration with the cannabinoid scientists at Canopy Growth.”
It’s been seven months since Canada’s Aurora Cannabis (NYSE: ACB, TSK: ACB) began the search for a permanent chief executive officer. That search officially ended Tuesday when the firm named consumer packages goods veteran Miguel Martin as its next CEO.