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).
Another day, another deal for Grow Generation (Nasdaq: GRWG). The Denver-based hydroponics retailer, which yesterday announced the purchase of growing medium company Char Coir, said Tuesday it would acquire Southern California’s 55 Hydroponics.
Cannabis technology platform Dutchie, which provides retail dispensaries with e-commerce solutions, has raised $200 million in a Series C and acquired a pair of cannabis software companies. The round was led by Tiger Global Management, and included investment from Dragoneer, DFJ Growth as well as existing investors Casa Verde Capital, Thrive Capital, Gron Ventures and Howard Schultz.
GrowGeneration (Nasdaq: GRWG) continued its acquisition streak Monday, announcing plans to purchase growing medium company Char Coir. Specific financial terms of the deal were not announced, but the Denver-based hydroponics retailer said Char Coir’s line of 100% biodegradable coconut coir will add $15 million to the company’s top line.
Zip Run, a Boston-based startup aiming to become the first adult-use cannabis delivery service in Massachusetts, is almost ready to launch. Founded in January 2020 by a group of young entrepreneurs, the company is taking a multi-pronged approach to cannabis delivery that it believes will also enable others to cash in on the so-called “green rush.”
Curaleaf founder Boris Jordan believes we’re in the midst of a “global paradigm shift” and that his company is at a key “inflection point.” After establishing itself as one of the most dominant players in an emerging U.S. cannabis market — growing revenue 184% to a record-breaking $627 million in 2020 — Curaleaf now has its sights set on Europe.