The co-founders of Los Angeles-based cannabis retailer MedMen are no longer involved with dispensary chain after vacating their board positions, the company announced Wednesday. In a news release, MedMen said co-founder and former CEO Adam Bierman had resigned from the board of directors. His partner and former president Andrew Modlin has also stepped down as a board observer.
Colorado lawmakers have passed a bill that makes it easier for hopeful entrepreneurs unfairly targeted by the War on Drugs to break into the cannabis industry. Introduced by democratic representative James Coleman on June 9, House Bill 20-1424 quickly passed through the House and Senate and was the final measure approved before the adjournment of the 2020 session.
Arizona-based multistate operator 4Front Ventures announced its preliminary full-year and fourth quarter 2019 financial results on Monday, reporting an annual revenue increase of 786% to $63.5 million. In a news release, the vertically integrated cannabis firm said its fourth quarter sales of $17.5 million represented a 525% improvement versus the same quarter in 2018.
Sales of adult-use cannabis in Illinois hit a record high in May as the state’s recreational shops sold $44.3 million worth of legal marijuana products, state officials reported last week. According to the most recent data from the IDFPR, which oversees dispensary licensing and tracks sales, in-state residents purchased more than $34 worth of cannabis last month.
New York-based cannabis firm iAnthus Capital Holdings will once again default on interest payments due on senior secured and unsecured debts totaling roughly $160 million. In a news release issued Thursday, the multistate operator said it does not anticipate being able to make payments on the debt obligations, which are due on June 30, 2020.
Hightimes Holding Corp. has amended a previously announced deal with Harvest Health & Recreation that includes the ownership transfer of several California cannabis dispensaries. Under the new agreement, Hightimes will acquire 10 operational and planned marijuana retail locations from the Arizona-based multi-state operator in a deal now valued at $67.5 million.
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.