Tidal Royalty to merge with MichiCann to create Red White & Bloom

There’s a new U.S. cannabis player in town – Red White & Bloom is the new company to emerge after Tidal Royalty signed a letter of intent to link up with MichiCann Medical, a privately-held cannabis retailer and producer. The deal, first reported on BNN Bloomberg, would create a major U.S. multi-state operator worth an estimated US$800 million. The combined company will combine Toronto-based Tidal's cannabis portfolio assets in several U.S. states, including Massachusetts and California, with those of MichiCann, which operates in Michigan.

U.S. House hearing on pot-related banking activity expands to legalization debate

The U.S. Congress’ House Subcommittee that held a hearing on cannabis-related banking reform delved into a broader debate on legalization, according to the Cannabis Wire. The panel’s top Republican, Blaine Luetkemeyer of Missouri, said that any measure to support loosening cannabis-related banking regulations would contradict federal law. Luetkemeyer also told the hearing that the House subcommittee overstepped its boundaries by not working first with its Senate colleagues on the Judiciary Committee.

Harvest strengthens California foothold with Falcon acquisition 

In another cannabis M&A deal, Harvest Health & Recreation said it acquired Falcon International, a California-based cannabis producer and distributor, for a non-material, undisclosed amount of stock. The deal includes 16 cannabis licenses, a statewide distribution network, automation and production capabilities, and a portfolio of top-selling California brands. California has emerged as a hot spot of pot-related M&A activity as operators target the world’s largest legal cannabis market.

DAILY BUZZ

US$55 million  
– How much Vancouver-based Sunniva expects in sales of its branded products in California in 2019

 

Embedded Image

Cannabis Canada is BNN Bloomberg’s in-depth series exploring the stunning formaton of the entirely new – and controversial – Canadian recreational marijuana industry. Read more from the special series here and subscribe to our Cannabis Canada newsletter to have the latest marijuana news delivered directly to your inbox every day