PRESS RELEASE SAN DIEGO–(BUSINESS WIRE)–Innovative Industrial Properties, Inc. (IIP), the first and only real estate company on the New York Stock Exchange (NYSE: IIPR) focused on the regulated U.S. cannabis industry, announced today that it closed on the acquisition of a property in Warren, Michigan, which comprises approximately 156,000 square feet of industrial space. The […]
Banking, Finance & Real Estate
One of the biggest deals in the cannabis industry just fell apart. What the MedMen-PharmaCann breakup means for marijuana in Illinois.
When MedMen Enterprises agreed to buy Chicago-based PharmaCann last year, the $682 million deal was one of the biggest in the history of the legal marijuana industry. Now, it’s one of the biggest to fall apart. On Tuesday, the companies announced they were abandoning a transaction that already had been delayed by regulatory hurdles, but MedMen is […]
MedMen Plunges After Scrapping PharmaCann Merger; Marijuana Stocks Slide
California-based marijuana retailer MedMen (OTC:MMNFF) on Tuesday said it would terminate its merger with PharmaCann and appointed a new CFO, killing off a deal that would have made it one of the biggest cannabis companies in the U.S. MedMen stock plummeted, while Canadian marijuana stocks reclaimed gains. The announcement came a little less than a […]
Cresco Labs Announces Closing of Acquisition in New York State
PRESS RELEASE Acquisition Adds One of Only 10 Vertically Integrated Cannabis Business Licenses Issued by the State of New York CHICAGO–(BUSINESS WIRE)– Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has closed its acquisition […]
Nearing finish line, fight for cannabis banking bill shifts to the Senate
Advocates are hopeful that a bill that would allow the financial sector to finally serve cannabis businesses could head to President Trump’s desk by the end of the year. The House in a strong bipartisan vote last week passed the Secure and Fair Enforcement (SAFE) Banking Act, which would allow banks and financial institutions to work […]
Commercial Leasing in the Cannabis Age
Cannabis is on fire. And as more and more jurisdictions move to legalize marijuana for medical and/or recreational use, would-be players in the cannabis space are lining up to sign leases on commercial property from which they hope to operate. Which begs the question: do these cannabis-related leases require any unique terms given the nature […]
Colorado’s top federal prosecutor says banks working with marijuana industry have “no carve out” from prosecutions
Colorado’s top federal prosecutor says that he would never tell banks working with legal marijuana businesses in the state that they are devoid of criminal liability. “As federal prosecutors,” Jason Dunn told The Colorado Sun on Tuesday, “we will never tell them that what they are doing is lawful under federal law. There’s always a […]
Cresco Labs Enters Into Sale-and-Leaseback Agreement With Innovative Industrial Properties for Illinois Facilities
PRESS RELEASE CHICAGO–(BUSINESS WIRE)–Cresco Labs Inc. (“Cresco Labs” or the “Company”) (CSE: CL) (OTCQX: CRLBF), one of the largest vertically integrated multistate cannabis operators in the United States, today announced that it has signed a binding agreement to sell its Joliet and Kankakee, Illinois properties to Innovative Industrial Properties, Inc. (“IIP”) for approximately $46.3 million, […]
Marijuana expected to get traction in Senate — as a banking bill
The Senate is poised to take up legislation to boost the nation’s booming cannabis industry, with its backers feeling bullish and selling it as a bill that is more about banking than marijuana. Their confidence follows action in the House on Wednesday, where Democrats and Republicans joined forces to pass an historic bill that would give […]
House Takes Historic Step to Validate Marijuana Industry Under Federal Law
Congress votes to give cannabis businesses access to the banking industry In a landmark first step toward normalization of the cannabis industry, the House of Representatives voted overwhelmingly Wednesday to pass the SAFE Banking Act, a bill that would provide state-legal marijuana businesses with full access to banks and other financial services, as well as […]
Q & A: An inside look at Canada’s public markets
CohnReznick interviews Barrington Miller for an inside look at Canada’s public markets Due to limitations in accessing capital from U.S. banks and public markets, cannabis companies operating in the U.S. are increasingly listing on Canadian exchanges. In fact, U.S. cannabis companies raised about $2.2 billion U.S. dollars on the Canadian Securities Exchange (CSE) in 2018. […]
Cresco Labs and Origin House Announce Substantial Compliance with HSR Second Request
PRESS RELEASE CHICAGO & OTTAWA, Ontario–(BUSINESS WIRE)– Cresco Labs Inc. (“Cresco Labs”) (CSE: CL) (OTCQX: CRLBF) and CannaRoyalty Corp. d/b/a Origin House (“Origin House” and together with Cresco Labs, the “Companies” – CSE: OH, OTCQX: ORHOF), both announced today that, effective September 16, 2019, they have each submitted certifications of substantial compliance with the request […]
Cresco Labs to Acquire Tryke Including the Reef Dispensary Portfolio – Consistent With Stated Plan to Establish Market Leading Positions in Both Nevada and Arizona and Build Brand and Wholesale Capabilities
PRESS RELEASE Tryke generated US$70.4 million in Revenue and US$24.6 million in EBITDA in fiscal 20181, making it one of the highest grossing and most profitable private cannabis companies in the U.S. market. Nevada is one of the largest and fastest growing cannabis markets in the U.S. with 2019 sales estimates of up to US$940 […]
House to vote on bipartisan cannabis banking bill this month
The House will vote later this month on a bipartisan bill that will allow cannabis businesses access to the federal banking system. House Majority Leader Steny Hoyer intends to bring the SAFE Banking Act to the House floor for a vote this month, his office confirmed to CNN. Hoyer announced at the whip meeting Thursday on Capitol Hill […]
Helix TCS Closes Amercanex Acquisition
PRESS RELEASE Denver, CO, Sept. 12, 2019 (GLOBE NEWSWIRE) — via NEWMEDIAWIRE — Helix TCS, Inc. (OTCQB: HLIX) (the “Company”), the leading provider of critical infrastructure services to the legal cannabis industry, finalized its previously announced acquisition of Amercanex (the “Transaction”), a B2B wholesale marketplace that leverages blockchain technology and is capable of facilitating wholesale cannabis and hemp transactions between […]
Crapo plans landmark cannabis banking vote
Senate Banking Chairman Mike Crapo says he wants to hold a vote on legislation that would enable banks to serve cannabis-related businesses, in what would be a major victory for the marijuana industry and for lenders eager to enter the space. In an interview with POLITICO, Crapo said he did not support lifting the federal […]
Vinzan International Acquires Colombia Dreams Marihuana (CDM) to Form Vinzan Colombia
PRESS RELEASE TORONTO–(BUSINESS WIRE)– Vinzan International, Inc. is pleased to announce the 51% acquisition of Colombia Dreams Marihuana Inc. (“Colombia Dreams Marihuana” or “CDM”). Colombia Dreams Marihuana’s operations will fall under Vinzan International’s global umbrella and will be renamed “Vinzan Colombia”. The Colombia Dreams Marihuana brand will be used to market products. Vinzan International CEO, […]
Cannabis Banking: The Prospects for Legal Protection
The trend of states legalizing cannabis – 33 Medical Marijuana states plus the District of Columbia and 10 Adult-Use states and counting – while it remains illegal under federal law poses a dilemma for U.S. financial institutions. While some banks and credit unions have chosen to serve cannabis businesses, most refuse to do so given […]
