Marijuana Sales, Funding & Banking News

BlackRock discloses $11M investment in medical marijuana firm Curaleaf

BlackRock, one of the world’s largest money managers, disclosed in regulatory filings that its funds have an $11 million stake in Curaleaf Holdings, a Massachusetts-based medical cannabis company. While the investment is tiny for BlackRock, which has nearly $6 trillion of assets under management, the stake is one of the first publicly disclosed investments by a […]

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Cannabis financier Gotham Green Partners to invest up to $250 million in MedMen

MedMen, a California-based multistate marijuana operator, said it will receive an investment of up to $250 million from private equity fund Gotham Green Partners (GGP). The investment – a convertible credit facility – is believed to be the largest to date by a single investor in a publicly traded cannabis company with U.S. operations. The money […]

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Illinois Senate panel passes bill to protect banks serving cannabis businesses

An Illinois senate committee voted to advance a bill that would prohibit the Illinois Department of Financial and Professional Regulation from taking any action that would penalize or dissuade banks and credit unions from serving legal marijuana-related businesses. Even if the bill becomes law, Capitol News Illinois noted, financial institutions that do business with marijuana companies […]

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Cannabis extraction company Nextleaf begins trading on CSE

Vancouver, British Columbia-based Nextleaf Solutions has begun trading on the Canadian Securities Exchange (CSE) under the ticker symbol OILS. The company uses its technology to extract and process cannabinoid distillate, which can be used for premium infused products. Nextleaf said it has completed the construction of an extraction and processing facility in the Vancouver area and […]

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Curaleaf signs distribution deal with CVS for hemp products

(For an analysis of this deal from an investment standpoint, sign up for our new premium subscription service Investor Intelligence.) Massachusetts-based Curaleaf has inked a deal with the CVS pharmacy chain to begin selling hemp products at 800 stores in 10 states. The distribution deal was announced during Curaleaf’s investor and analyst call to discuss its fourth-quarter and […]

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Illinois marijuana firm Grassroots closes $90 million raise to expand operations

Chicago-based Grassroots said it completed a $90 million capital raise designed to expand the company’s footprint and operations. Grassroots, a vertically integrated cannabis company that operates in 11 states, said in a news release it will use the funds to: Expand cultivation facilities in Illinois, Maryland and Pennsylvania. Build out newly secured dispensary licenses. Bankroll […]

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IL treasurer: State medical cannabis firms may collapse without banking reform

Illinois Treasurer Michael Frerichs warned legislators the state’s medical marijuana  industry could collapse if the state doesn’t take action to combat what he called a banking crisis for cannabis businesses. In a statement, Frerichs also asked state lawmakers to support legislation he says would prohibit Illinois regulators from taking any action that would penalize or […]

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Marijuana company Curaleaf to buy Nevada’s Acres Cannabis for $70M

Massachusetts-based Curaleaf, a vertically integrated cannabis operator, agreed to buy Acres Cannabis for $70 million in a cash and stock deal. Acres Cannabis currently operates 269,000 square feet of cultivation facilities in Nevada with plans to expand that to more than 400,000 square feet. The company also has a flagship dispensary in Las Vegas and […]

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Michigan medical cannabis cultivator Green Peak raises $30M-plus for expansion

Green Peak Innovations, a medical cannabis cultivator based in Lansing, Michigan, raised more the $30 million in an oversubscribed debt round. The funds will be used to support Green Peak’s expansion in Michigan as well as plans to take the company’s “scalable model to other states,” CEO Jeff Radway said in a news release. Plans […]

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Webcast: How marijuana firm Cresco Labs plans to accelerate growth in 2019

(This article has been updated to clarify the financial projection for Cresco was made by an analyst, not released by Cresco Labs.) While the cannabis industry has experienced massive growth over the past 12 months, few companies have seen early success in profitability to date. Cresco Labs, a vertically integrated multistate operator, is the exception […]

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