Two more recreational cannabis licenses awarded in Michigan
Michigan issued two more business licenses for adult-use cannabis retailers, and both stores are expected to open when recreational marijuana becomes legal Dec. 1. State officials are predicting about a dozen businesses to be licensed by the new year, according to MLive.com. Michigan regulators began issuing cannabis business licenses Nov. 19.
Ohio cannabis firm Green Growth posts $12.7 million in revenues
Cresco Labs ends $120 million deal for Florida marijuana firm
Cresco Labs, a Chicago-based vertically integrated cannabis company, on Tuesday announced it no longer plans to acquire Florida medical marijuana provider VidaCann in a $120 million cash and stock deal. The proposed acquisition was announced in March. Cresco Labs also announced the sale-leaseback of properties in Michigan and Ohio with Innovative Industrial Properties in a $38 million deal. Innovative Industrial Properties is a San Diego-based real estate investment trust (REIT). “With these two announcements, we have effectively strengthened our balance sheet to the tune of nearly $158 million,” Cresco Labs CEO and co-founder Charlie Bachtell said in a statement.
Nevada marijuana company Planet 13 posts a 241% jump in revenues
Planet 13 Holdings, a Las Vegas-based marijuana firm, reported $16.7 million in third-quarter revenue, compared with $4.9 million during the same period last year, a 241.3% increase. Losses, however, more than doubled to $1.7 million in the quarter ending Sept. 30, compared with a loss of $886,084 during the same period in 2018.