Cresco Labs Closes $29 Million Sale-And-Leaseback Deal with Innovative Industrial Properties
Cresco Labs Closes $29 Million Sale-And-Leaseback Deal with Innovative Industrial Properties

Chicago’s Cresco Labs has inked yet another sale-and-leaseback agreement with Innovative Industrial Properties (IIP), a real estate investment trust (REIT) focused on the cannabis sector.

Vireo Health Names New CFO
Vireo Health Names New CFO

Vireo Health has named John Heller, the outgoing chief financial officer of fitness company Lift Brands, as its new CFO. Heller, who supplants Shaun Nugent as CFO of the multistate cannabis firm, will take over on July 6, 2020, according to an announcement. He's Vireo’s second CFO in the last seven months. 

Terry Booth Departs Aurora Board, Shifts Focus to Psychedelics
Terry Booth Departs Aurora Board, Shifts Focus to Psychedelics

Aurora Cannabis (NYSE: ACB) Inc. co-founder and former chief executive Terry Booth has departed the company’s board of directors, the Canadian firm said Monday. Booth has spent the last few months linking up with several drug companies, including investing in a startup called Red Light Holland Corp. that plans to produce psilocybin mushrooms for the Netherlands market.

Hightimes and Harvest Health Move Closer to Finalizing California Dispensary Deal
Hightimes and Harvest Health Move Closer to Finalizing California Dispensary Deal

Hightimes Holdings, owners of the popular pot publication High Times, inched one step closer to becoming a bonafide plant-touching cannabis business this week. The Los Angeles-based media company announced Tuesday the initial closing of a deal to acquire 10 operational and planned marijuana dispensaries from Arizona-based multistate operator Harvest Health and Recreation.

Canopy Growth and Acreage Holdings Rework Purchase Agreement
Canopy Growth and Acreage Holdings Rework Purchase Agreement

Canada’s Canopy Growth Corporation has modified the terms of an agreement to purchase New York-based cannabis firm Acreage Holdings that was inked last year. On Thursday, the two companies jointly announced several revisions to a landmark deal that was struck in April 2019 and previously valued at $3.4 billion.

Gotham Green Partners Demands Debt Payments From iAnthus Capital
Gotham Green Partners Demands Debt Payments From iAnthus Capital

New York-based cannabis firm iAnthus Capital Holdings and wholly-owned subsidiary MPX Bioceutical has received a demand for payment on debt owned by Gotham Green Partners (GGP), a longtime investor in the multistate cannabis operator. GGP also provided iAnthus with a “Notice of Intention to Enforce Security,” meaning that it plans to force the sale of certain collateralized assets.

To Cut Costs, Aurora Cannabis Will Slash 700 More Jobs and Close 5 Facilities
To Cut Costs, Aurora Cannabis Will Slash 700 More Jobs and Close 5 Facilities

Canada’s Aurora Cannabis said Tuesday it would lay off hundreds of employees and shutter multiple manufacturing facilities as part of a massive turnaround effort aimed at cutting costs and achieving profitability in 2021. In a news release, the Edmonton, Alberta-based marijuana firm said headcount reductions would impact 25% of its corporate workforce, as well as 30% of its production employees.

Jushi Holdings and Vireo Health Ink $37 Million Deal For Pennsylvania Property
Jushi Holdings and Vireo Health Ink $37 Million Deal For Pennsylvania Property

Minneapolis-based Vireo Health today announced plans to sell its medical cannabis cultivation and processing operations in the Keystone State to Florida-based Jushi Holdings for $37 million. The deal for the Pennsylvania Medical Solutions (PAMS) subsidiary includes $16.3 million in cash and a $3.8 million unsecured seller’s note with 8% interest (payable quarterly) that matures in four years.

As Aurora Cannabis Restructures, Co-Founder Steve Dobler to Exit This Month
As Aurora Cannabis Restructures, Co-Founder Steve Dobler to Exit This Month

Aurora Cannabis co-founder Steve Dobler will step down as president and board director at the end of the month, the company confirmed Tuesday. His departure marks the latest high-profile exit for the Edmonton, Alberta-based company, which has made a number of executive and board changes in recent months as it works to transform its business and reduce costs in 2020.

Cash-Strapped Cannabis Firm Acreage Holdings Borrows $15 Million at Staggering 60% Interest Rate
Cash-Strapped Cannabis Firm Acreage Holdings Borrows $15 Million at Staggering 60% Interest Rate

New York-based cannabis firm Acreage Holdings announced Wednesday that it will borrow $15 million from an unidentified institutional investor at an astonishing 60% annual interest rate. In order to obtain the short-term debt, Acreage put up assets in three states — Florida, Illinois and New Jersey — and its U.S. intellectual property as collateral, according to a news release.

MedMen Founders Resign From Board Positions
MedMen Founders Resign From Board Positions

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 Broaden Social Equity Definition, Expand Licensee Eligibility
Colorado Lawmakers Broaden Social Equity Definition, Expand Licensee Eligibility

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.

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