Canopy Growth's acquisition spree
On that front, this biggest M&A news in the industry this week was Canopy Growth's purchase of Supreme Cannabis.That deal, Canopy CEO David Klein told me, is all about pushing for profitability at home in Canada before stepping into the US.
But Klein thinks that step is coming soon, saying that federal "permissibility" (not legalization, for what it's worth) is coming like a "freight train."What else? Yeji and I will be covering everything you need to know about cannabis in New York. How the policies shake out, stocks to buy, people to know and watch, and who's benefiting - and losing out - from how the industry develops.
If you want to talk, reach out to us.
The CEO of Canopy Growth lays out 3 reasons his acquisition spree will help the world's largest cannabis company dominate the lucrative US market
Canopy Growth is buying Supreme Cannabis in a $346 million mostly stock deal. Canopy's CEO said the deal targets the premium end of the market and lays the groundwork for US expansion.
Analysts called the deal a positive for Canopy but not "transformational."
Fyllo is a cannabis-focused software company. The company just raised a $30 million Series B round.Fyllo says it's expanding into the mainstream - both in investors and clients.
The ultimate guide to US marijuana legalization: The key dates to know, and which stocks could benefit the most
New York's governor signed legislation legalizing
- Cannabis edibles company Hervé announced on Monday that cannabis veteran Ryan Hunter would be joining the company as chief strategy officer.
- Green Thumb Industries announced that investor Swati Mylavarapu would be joining the company's board of directors.
- Evan Augustine has been promoted to chief revenue officer at cannabis tech company Wurk.
- Chirali Patel is joining the cannabis tech fund Digital Venture Partners as a managing partner and chief compliance officer.
Deals, launches, and IPOs
- Canopy Growth announced it was acquiring The Supreme Cannabis Company for approximately $346 million in cash and stock.
- Florida cannabis giant Trulieve announced that it would be acquiring three dispensary locations from Pennsylvania cannabis company Anna Holdings in a $60 million cash and stock deal.
- Organigram announced it had acquired Edibles & Infusions Corporation for $22 million.
- Canadian cannabis company Golden Leaf Holdings acquired a majority stake in Fifth & Root, Inc, a US CBD company, for $1.68 million.
- Mercer Park Brand Acquisition Corp. announced on Thursday it would be acquiring California cannabis company Glass House Group for $567 million.
- Merida Capital Holdings and cannabis art company Califari are launching NFT cannabis strain trading cards.
- Virginia passed adult-use cannabis on Wednesday. Starting from July 1, adults over the age of 21 will be allowed to possess, consume, and grow cannabis in the state. The bill does not yet allow for recreational sales, which are expected to launch in 2024.
- Mexico lawmakers said on Thursday that they are considering yet another extension to hammer out the details of its adult-use bill.
- Sen. Majority Leader Chuck Schumer said in an interview with Politico that the Senate would act on marijuana legalization, with or without the White House.
Research and data
- A new study from the National Institute of Justice finds that there is little evidence correlating a specific THC level with impaired driving, and standard field sobriety tests are not effective in determining marijuana intoxication.
- Planet 13 released its Q4 results on Monday, reporting $20.1 million in revenue and a $2.9 million net loss.
- Verano Holdings released its full year 2020 results on Thursday, reporting $355 million in revenue and $245 million in profit for the full year.
- Kushco Holdings released its fiscal Q2 2021 results on Thursday, reporting $32.9 million in revenue and a $5 million net loss.
What we're readingMarijuana will be legal in Virginia on July 1, years earlier than planned (The Virginian-Pilot)
Ohio employers quietly grapple with workplace marijuana policies (Crain's Cleveland)
- Creativeland Asia launches a specialized research division, Crossbow Insights
- YouTube launches its $100 million fund for Shorts in India and more countries
- Oppo says its new “hidden” selfie camera is better because the notch is gone
- We have seen a three-fold increase in our branded content offering since the pandemic; it is now contributing around 25-30% to our overall revenue: Shaun Nanjappa Chendira, Discovery Inc
- Ethereum 2.0 will consume less energy — but it may also mean less profit for miners