Ontario court grants law firms carriage for proposed class-action against CannTrust
More management shakeups expected for cannabis companies this year
Being a cannabis CEO is emerging as a precarious position as at least five pot companies have made management changes over the last month. Bloomberg News reports that more executive departures are likely as turmoil in the cannabis industry continues. However, the management shakeups come as a new report by published by two pot data firms found consumer spending for legal cannabis rose 46 per cent in 2019 to US$14.9 billion. Legal spending is expected to triple by 2024, according to the report, penned by Arcview Market Research and BDS Analytics.
Curaleaf closes $1.27B deal for Select, aims to take brand national
Curaleaf, one of the largest cannabis companies in the U.S. by footprint, announced Monday that it completed its $1.27 billion acquisition of vape-maker Select. The deal, first announced in May, comes as Curaleaf looks to turn Select into the first national U.S. cannabis brand, Bloomberg News reports. Curaleaf is looking to take Select into the 22 U.S. states in which it operates, according to the company’s chairman Boris Jordan. The company also made several management changes, including naming a new CFO and COO.
Aurora Cannabis says Ontario facility receives EU-GMP certification
Aurora Cannabis said its cannabis production facility located in Bradford, Ont. received European Union Good Manufacturing Practice ("EU GMP") certification on Monday, allowing the company to easily export its cannabis products to international markets. The facility, dubbed “Aurora River”, has a cultivation capacity of 28,000 kilograms per year within 17 climate-controlled grow rooms. Aurora now has received EU-GMP certification for three of its 10 Canadian production facilities.
Green Thumb sells Ohio facility to Innovative Industrial in lease-back deal
Innovative Industrial Properties, a U.S.-based real estate firm that specializes in cannabis operations, struck a deal with Green Thumb Industries for a long-term lease back agreement, both companies said on Monday in a statement. IIP will pay US$2.9 million for Green Thumb’s Toledo, Oh. processing facility and lease it back to the U.S. cannabis producer. Terms of the lease were not provided. Cannabis companies are increasingly turning to lease-back agreements to find new ways of accessing capital amid an industry slump.
-- The amount of recreational cannabis sales in Massachusetts since November 2018, according to state data. Those sales raised an additional US$86.5 million in tax revenue for the state government and US$15 million in tax revenue for local governments, according to a national cannabis law and policy firm.
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