It was a busy week of dealmaking, as several top cannabis firms announced major deals in notable markets like Chicago, Pennsylvania and New Jersey.
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.
Does Green Thumb Industries (GTI) also grease palms in order to secure its highly coveted marijuana licenses? Not according to Ben Kovler, founder and CEO of the Chicago-headquartered company, which reported $556 million in revenue last year and ranks as the second largest cannabis firm in the U.S.
Start passing the joints. New York legalized cannabis today. Hours after the New York state legislature approved an amended version of the Marijuana Regulation and Taxation Act (MRTA), Gov. Andrew Cuomo signed the bill into law, paving the way for adult-use sales to begin sometime in 2022.
One of the country’s largest cannabis firms could be facing a federal investigation for engaging in so-called “pay-to-play” lobbying tactics, according to a stunning — albeit shaky — report from the Chicago Tribune.
New York is on the verge of joining 15 other U.S. states that have legalized the sale of recreational cannabis for adults 21 and older. After months of negotiation, legislation that would legalize, tax and regulate adult-use cannabis was finally introduced into the Senate on Saturday by lead sponsor Sen. Liz Krueger.
Chicago-based cannabis firm Green Thumb Industries last week reported impressive 2020 financial results, including 157% revenue growth and nearly 550% adjusted EBITDA growth. GTI founder Ben Kovler believes things are just getting started. We caught up with Kovler to learn more about his outlook on the U.S. cannabis market, and how he expects the sector to continue to develop in the coming years.
Less than a week after a bipartisan group of lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act into the House, the Senate has followed suit with its version. Refiled by Sens. Jeff Merkely (D-OR) and Steve Daines (R-MT) on Tuesday, the bill currently has 30 co-sponsors.
Global cannabis firm TerrAscend Corp. has fired CEO and executive chairman Jason Ackerman. Current board chair Jason Wild, the president of JW Asset Management and a lead investor in the company, has taken over as executive chairman and will lead TerrAscend while a new CEO is identified.
Curaleaf, the world’s largest cannabis company, has lifted the curtain on a new “THC-infused beverage enhancer” called Select Squeeze. Similar to liquid water enhancers like MiO, which consumers can purchase at the grocery store, Curaleaf’s new Select Squeeze product is intended be transform any drink into a THC-infused beverage.
Chicago-based multistate operator Cresco Labs announced Thursday plans to expand in Massachusetts via the acquisition of Cultivate in a deal valued at $90 million. The transaction, which is expected to close during the fourth quarter of 2021, includes $15 million in cash and $75 million worth of Cresco shares.
The Secure and Fair Enforcement (SAFE) Banking Act was officially reintroduced into the US House of Representatives on Thursday, giving American cannabis firms renewed hope for federally protected access to major banks and credit unions. The bipartisan bill was authored by Rep. Ed. Perlmutter (D-CO) and sponsored by Reps. Nydia Velazquez (D-NY), Steve Stivers (R-OH) and Warren Davidson (R-OH).
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