By Jonathan Bench, Attorney @ Harris Bricken Insurance in the cannabis industry is big business, and business owners need to know what policies are available and what those policies cover. Why? Because in insurance policies, like all other business contracts (e.g. leases), the risk of a business venture is divided between the contracting parties. Your […]
Banking, Finance & Real Estate
Vertical Companies™ to Expand Its Multi-State Operations & Brands with $462.5 Million Acquisition of UMBRLA Holding Company and Brands
PRESS RELEASE Letter of Intent Signed for Large Scale Merger Bringing Leading Brands with Distribution in More than 700 Retail Dispensaries in CA and OR LOS ANGELES–(BUSINESS WIRE)–Vertical Companies™ (“Vertical”) today announced it has entered into an exclusive letter of intent (“LOI“) with the newly formed UMBRLA, Inc. (“UMBRLA”), a holding company in the process […]
Tilray, Inc. and Privateer Holdings, Inc. Sign Letter of Intent to Extend Lock-up and Provide for Orderly Release of 75 Million Tilray Shares Held by Privateer
PRESS RELEASE Lock-up to be Extended for up to Two Years on 77 Percent of Tilray’s Total Shares Outstanding Transaction Expected to be Tax-Efficient for Privateer Stockholders ANAIMO, B.C. – Tilray, Inc. (NASDAQ: TLRY), a global leader in cannabis research, cultivation, production, and distribution, today announced that it has signed a non-binding Letter of Intent […]
Plan to create special cannabis-friendly banks moves forward in California
Shut out of the traditional banking system by federal laws, the country’s largest legal marijuana market — in California — could benefit if the state approves a measure creating a special class of banks to handle pot money. The state Senate voted 35 to 1 on Tuesday to pass a bill that would allow people […]
Shareholder Activists May Target Pot Stocks Next
An investor’s opposition to Canopy Growth Corp.’s acquisition of Acreage Holdings Inc. may signal a new trend for an industry that’s largely been free from shareholder activism. Marcato Capital Management, which holds Acreage shares, has said it will vote against the deal because it undervalues the New York-based company. Marcato believes the value of pot firms […]
Columbia Care Reports First Quarter 2019, Fourth Quarter and Full Year 2018 Financial Results
PRESS RELEASE First quarter 2019 revenue increase of 45% over prior year Completion of go-public transaction provides capital to fund long-term growth prospects Expansion of US footprint with 13 lease signings in Florida, dispensary openings in Brooklyn, NY and San Diego, CA, reinforcing organic growth strategy in key markets NEW YORK–(BUSINESS WIRE)–Columbia Care Inc. (NEO: […]
The SAFE Banking Act Would Be a Giant Leap for Legal Cannabis
The Secure and Fair Enforcement (SAFE) Banking Act, which, in March, passed the U.S. House Committee on Financial Services by a significant bipartisan margin, represents a promising step forward for banks and cannabis companies that want to take sales out of the cash-based market and into the mainstream. Although the ultimate passage of the bill […]
38 Attorneys General Ask Congress To Bring Marijuana Money Into Banking System
The attorneys general of 38 states and territories sent a letter to congressional leaders on Wednesday, urging them: Please, let us bank the money generated by the country’s booming cannabis business. Most states and several U.S. territories have legalized medical marijuana, and 10 states and the District of Columbia have legalized adult recreational use. But federal law […]
What You Should Know Before Leasing Property For Cannabis and Hemp Use
When the City of Huntington Beach imposed a fine on a landlord in excess of $150,000 for allowing a cannabis dispensary to operate out of his property, the landlord was surprised to learn that while cannabis has been legalized by California, each city has the right to regulate, restrict and prohibit commercial cannabis operations within […]
Top Five Things to Know if You’re Building Your Cannabis Empire Through M&A
By Hilary Bricken, Founder Harris Bricken It’s no secret that multiple state-by-state operators are building their cannabis empires through aggressive mergers and acquisitions (“M&A”). Last year, our cannabis business attorneys closed more than $100 million in cannabis company acquisitions, and that shows no signs of stopping in 2019. Cannabis M&A is not your run-of-the-mill business dealing though, and working […]
The Pros and Cons of Cannabis and Cryptocurrency
If you’ve been in the cannabis industry for a while, you’ve probably heard one or both of the following statements on multiple occasions: Cryptocurrency is the solution to the cannabis industry’s banking problem. Cryptocurrency will destroy the cannabis industry. Which statement is accurate? Should cannabis businesses that can’t get traditional bank accounts with affordable rates […]
Marcota To Vote Against Acreage Holdings’ Value-Destroying Proposed Transaction With Canopy Growth Corporation
Press Release SAN FRANCISCO – May 6, 2019 — Marcato Capital Management LP (“Marcato”), a San Francisco-based investment manager which manages funds that beneficially own approximately 2.7% of the outstanding Subordinated Voting Shares* of Acreage Holdings, Inc. (ACRG-U.CN) (ACRGF) (FSE:0ZV) (“Acreage” or the “Company”), today announced it will vote against Acreage’s value-destroying proposed transaction with Canopy Growth […]
Marijuana: A $166 Billion Market?
This is the most aggressive peak annual sales estimate to date by Wall Street. Marijuana may be “just a plant,” but it has Wall Street and investors seeing green and grinning ear to ear at its long-term growth potential. Long considered a taboo topic, cannabis has forced its way into the mainstream. In the United […]
Confident Cannabis Raises $12M Series A Led By Poseidon Asset Management To Expand Wholesale Platform Nationwide
PRESS RELEASE PALO ALTO, California, April 30, 2019 — Confident Cannabis, the only cannabis wholesale platform powered by verified lab data, raised $12 million in Series A funding, bringing their total to over $18 million since inception. The new Series A funding will help accelerate growth at Confident Cannabis and expand Wholesale to new markets. The round […]
Columbia Care Makes Public Market Debut on NEO
PRESS RELEASE First billion-dollar company to list on the NEO Exchange ORONTO–(BUSINESS WIRE)–NEO is very pleased to welcome Columbia Care Inc. (“Columbia Care”) as it makes its public market debut today on the NEO Exchange, trading under the symbol “CCHW”. Opening its first day of trading with a market capitalization over C$2 billion, Columbia Care is […]
Don’t Be Fooled by the Canopy-Acreage Deal — Marijuana Legalization Is No Sure Thing
Canopy Growth’s groundbreaking deal to buy Acreage Holdings provides no added indications that cannabis legalization is imminent in the United States. The cannabis industry is booming, in case you haven’t noticed. Last year, global sales increased to $12.2 billion from less than $10 billion, and they’re forecast to rise another 38% in 2019, to $16.9 billion. […]
Cresco Labs Announces Profitable Fourth Quarter 2018 Financial Results with Revenue Growth of 411% Year-over-Year and 33% Quarter-over-Quarter
PRESS RELEASE CHICAGO–(BUSINESS WIRE)–Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (“Cresco” or the “Company”) one of the largest vertically integrated multistate cannabis operators in the United States, today released its unaudited financial results for the fourth quarter and full year ended December 31, 2018. All financial information presented in this release is in U.S. dollars, […]
Cannabis Prices
By Jacques Santucci The industry is maturing and so should your understanding of profitability. We recently read a post from cannabis accounting firm Bridgewest outlining industry trends that are causing prices of fall, narrowing cultivation margins1. They point out that as new legal markets come online, an inflow of new cultivation businesses is crowding a once profitable […]
