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.
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.
Subversive Capital — which last year raised $575 million through a special-purpose acquisition company (SPAC) and set out to purchase one or more cannabis ventures — announced Tuesday deals for two of California’s most prominent operators: Caliva and Left Coast Ventures.
Los Angeles-based Mad Tasty, founded by Grammy winning singer-songwriter Ryan Tedder, makes a line of sparkling waters infused with broad spectrum hemp extract. Available in three flavors — Grapefruit, Watermelon Kiwi and Unicorn Tears — Mad Tasty’s offerings live up to their name.
Third quarter earnings are out and all of the major cannabis firms have reported their financial results. Key highlights and links to individual announcements from some of the top operators across the United States are below.
Former NBA Champion Matt Barnes has partnered with California-based online cannabis marketplace and delivery service Eaze to advise their board of directors on “cannabis policy, social impact, and industry relations,” and help the company launches its Momentum accelerator program nationally.
In an effort to learn more about the challenges of delivering a high-quality and consistent gummy product, and to understand best production practices, THCnet asked Wana Brands’ vice president of Innovation, Mike Hennesy, to share his insights into ingredient selection, flavoring, infusion and packaging.