Marijuana Business Magazine February 2020

February 2020 | mjbizdaily.com 27 Vibe Biosicence Buys California Cannabis Licensee Vibe Bioscience , a vertically integrated cannabis retailer and cultivator in Sacramento, California, completed its acquisition of all membership interests in the outstanding securities of EVR Manag- ers , which holds a license for an adult-use cannabis retail operation in Redding, California. The transaction, which closed Dec. 30, was subject to closing condi- tions, including the completion of structural improve- ments and renovations to the Redding site. New Insurance Partnership The National Cannabis Risk Management Association (NCRMA) in Pennsylvania and Garnet Casualty Insurance Corp. announced a partnership. Garnet will be wholly owned by the policy-holding constituents of the NCRMA. Garnet will operate separately from the NCRMA and will employ a single managing general underwriter and multiple managing general agents (MGAs) to serve NCRMA members. Front Range Biosciences Inks Hemp Distribution Deal Front Range Biosciences , a Colorado-based agricultural technology company focused on breeding and nursery production of new plant varieties and seeds for the hemp and coffee industries, announced an agreement with Spanish company Hemp Trading to distribute Panakeia, a new hemp variety in the United States, and market its testing history without detectable THC. The alliance, developed in tandem with Spanish university Universidad Politécnica de Valencia, underscores a major market shift enabled by federal hemp legalization: Plant breeders can buy and sell variety distribution rights on a global scale. Helix BioTrack Strikes Payment Partnership Helix BioTrack in Colorado and Alt Thirty Six in Arizona announced a partnership that the companies said will enable thousands of cannabis retailers to accept digital payments. BioTrack, a seed-to-sale software provider, currently holds 10 government contracts and operates across 32 states, Washington DC, Puerto Rico, Australia, Canada and Jamaica. Alt Thirty Six specializes in digital commerce infrastructure for legal cannabis businesses and customers. MJBizDaily Partners With Cowen Marijuana Business Daily and New York-based financial investment advisory firm Cowen announced an exclusive partnership in which MJBizDaily will distribute Cowen’s cannabis industry reports and MJ policy research. Denver-based MJBiz- Daily is expected to launch Cowen’s cannabis-related research in the first quarter of 2020. Cowen’s cannabis research features Wall Street analyst Vivien Azer. Canadian Compliance Deal Deloitte , a major accounting and professional services firm headquartered in New York, acquired Mississauga, Ontario-based Cannabis Compliance Inc. , a mari- juana consultancy. Financial terms of the transaction were not disclosed. The newly created CCI Deloitte plans to offer businesses with end-to-end services in the cannabis industry, according to an announcement. Deloitte said CCI’s 75 employees will work out of its headquarters in Toronto. CCI Chair and founder Brian Wagner will be retained by Deloitte as a senior adviser. Joining Deloitte’s Risk Advisory practice as partners from CCI are: • CEO Dale Hooper. • Chief Financial Officer Sid Hathiramani. • Vice President of Quality and Regulatory Karina Lahnakoski. Slang Enters Ohio Market Slang Worldwide , a Toronto-based cannabis consumer packaged goods business, expanded into Ohio’s medical cannabis market through a licensing agreement with Standard Wellness Co. , which has a cultivation site in Gibsonburg, Ohio. Under the agreement, Standard Wellness has an exclusive license to produce and distribute Slang products in Ohio, beginning with OpenVape, Pressies, Bakked and District Edibles brands. Slang will derive revenue for each branded product sold in the state, with sales expected to begin in 2020. CANADA DEVELOPMENTS