New York Gov. Andrew Cuomo on Wednesday announced a renewed push to legalize adult-use cannabis in the Empire State. This is the third straight year that Cuomo has called for establishing a regulated recreational marijuana market and it comes at a time when the state is facing an estimated $63 billion budget shortfall over the next four years as a result of the coronavirus pandemic.
Illinois cannabis dispensaries sold more than $1 billion worth of products in 2020, state records show. According to data from the Illinois Department of Financial and Professional Regulation, adult-use cannabis sales eclipsed $669 million during the first year of legalization. Year-to-date sales of medical marijuana also surpassed $331 million through November.
Colorado-based Keef Brands has acquired an equity position in Canada’s BevCanna Enterprises, a manufacturer of cannabis-infused drinks. The deal builds on an earlier licensing arrangement that enabled both companies to expand production and distribution in their respective countries.
Canopy Growth Corporation has agreed to give up its stake in Canopy Rivers, the company’s namesake venture capital firm, in a deal valued at approximately $297 million. The global cannabis giant said Monday it would pay $115 million and trade 3.75 million common shares to retire its 27% stake in the VC firm. in exchange for additional shares of TerrAscend and subsidiary Vert Mirabel.
Following a six-month search for a new CEO, New York-based cannabis firm Acreage Holdings announced Friday that former Pfizer North America president Peter Caldini would join the company on Dec. 21. Caldini, who takes over for interim CEO Bill Van Fassen, most recently led Bespoke Capital Acquisition Corp., a blank check company focused on buying cannabis businesses.
Canadian marijuana firms Tilray and Aphria confirmed on Wednesday plans to merge in an all-stock transaction that will create the world’s largest cannabis company by revenue. Under the terms of the transaction, Aphria shareholders will receive 0.8381 shares of Tilray for each Aphria common share, giving them control of 62% of the combined company.
Chicago-based cannabis firm Verano Holdings confirmed Tuesday plans to go public on the Canadian Securities Exchange (CSE) via a reverse takeover (RTO) of Majesta Minerals Inc., a dormant mining company. The transaction includes the previously announced deal for Alternative Medical Enterprises (AltMed), which has operations in Florida and Arizona, and values the combined companies at $2.8 billion
Cannabis e-commerce platform Weedmaps announced Thursday plans to go public in deal valued at an eye-popping $1.5 billion. In a news release, Weedmaps parent company WM Holding (WMH) said it would merge with Silver Spike Acquisition Corp. (SSPK), a blank check company formed by investment management firm Silver Spike Capital.
In its continued pursuit of profitability, Canada’s Canopy Growth Corporation (TSX:WEED, NYSE: CGC) is once again trimming costs. The vertically integrated cannabis giant announced Wednesday plans to close several production facilities across Canada in a move that will impact more than 200 employees.
Lori Ajax, the outgoing chief of California’s Bureau of Cannabis Control (BCC), has been named the new executive director of the California Craft Brewers Association (CCBA). The Dec. 4 announcement comes about two weeks after Marijuana Business Daily confirmed that Ajax would step down from the BCC on Dec. 2, 2020.
History was made on Friday when the Democratic-controlled U.S. House of Representatives passed a landmark bill that would end the federal prohibition on cannabis by a vote of 228-164.
Cannabis delivery is getting the official go-ahead in Massachusetts after regulators adopted revised regulations that will enable consumers across the Commonwealth to purchase adult-use marijuana without ever leaving their homes. During a virtual meeting on Monday, the Massachusetts Cannabis Control Commission voted 3-1 in favor of creating two classes of adult-use marijuana delivery licenses.
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