A California investment firm claims it is owed $11.7 million in consulting fees for introducing the predecessor of Massachusetts marijuana multistate operator Curaleaf to an Oregon vape oil company. Beverly Hills, California-based Arcadian Capital argues in a federal court lawsuit that it is owed 3% of Curaleaf’s recent $390 million acquisition of Portland-based Cura Partners, […]
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Curaleaf finalizes Grassroots deal, grows marijuana footprint to 23 states
Marijuana multistate operator Curaleaf said Thursday it has completed its acquisition of privately held Grassroots Cannabis, expanding Curaleaf’s presence to 135 dispensary locations and licenses in 23 states. The original value of the deal was $875 million, but Massachusetts-based Curaleaf in June announced an amended agreement that reflected a selloff of unspecified Grassroots assets in […]
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Flurry of investor interest in Arizona sparked by prospect of recreational marijuana legalization
Investors and cannabis companies are jockeying for a stake in Arizona’s $750 million-plus marijuana market in advance of a likely adult-use legalization ballot initiative in November. If, as expected, residents vote to legalize adult use, the recreational program could launch by next spring. The rec initiative – which favors existing medical marijuana operators – is […]
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California REIT, Curaleaf strike $5.5M cannabis deal on New Jersey property
Innovative Industrial Properties, a San Diego-based, marijuana-centric real estate investment trust (REIT), has solidified yet another sale-leaseback deal, this time partnering on a New Jersey property with multistate operator Curaleaf Holdings. Innovative Industrial Properties (IIP) bought a 111,000-square-foot facility on land in Blue Anchor, New Jersey, for $5.5 million, then leased it back to a […]
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Week in Review: AG Barr blasted for marijuana merger reviews, more M&A deals altered, L.A. shifts course & more
U.S. Attorney General William Barr ordered investigations into 10 proposed marijuana industry mergers – a move that a career Justice Department prosecutor charged was “not even close to meeting established criteria” for such reviews. That prosecutor, John Elias, agreed the reviews amounted to industry “harassment.” MJBizDaily takeaway: The episode stands as a warning to the U.S. […]
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Curaleaf amends deal to acquire cannabis multistate operator Grassroots
Vertically integrated cannabis company Curaleaf Holdings revised its deal to acquire privately owned multistate operator Grassroots Cannabis. The stock and cash transaction was originally announced in July 2019 with a price tag of $875 million. But since then cannabis stock prices have fallen. In a note issued Monday, Stifel GMP analysts Robert Fagan and Andrew Partheniou […]
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US cannabis retailers take mixed approaches amid pandemic-fueled downturn, with some eyeing costs and others spending more
As the U.S. economy struggles to recover from a recession spurred by the coronavirus pandemic, some cannabis retailers are looking for ways to cut costs while others are ramping up spending on measures to keep their employees and customers safe. Cresco Labs co-founder Joe Caltabiano, who stepped down from his role as president of the […]
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Why some marijuana MSOs are prospering during tough times
A number of multistate marijuana operators are struggling, unloading assets, cutting jobs and overhead costs as well as scrapping expansion plans amid a looming recession and a shortage of investor funding. But other MSOs are doing well financially: Cresco Labs, Curaleaf, Green Thumb Industries and Trulieve, among others. What makes a successful MSO these days […]
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Marijuana firms aim to leverage ‘essential business’ status amid COVID-19 economic slide
Cannabis businesses declared essential during the coronavirus outbreak are hoping to leverage newly allowed flexibility such as curbside pickup and home delivery into permanent ways of doing business.
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Coronavirus sparks marijuana retail workers to try unionizing in Illinois, Massachusetts
The COVID-19 crisis has accelerated unionization efforts at a handful of cannabis stores and dispensaries in Illinois and Massachusetts that, if successful, could result in thousands of dollars in added staffing costs for the multistate operators that own the establishments. Safety concerns are among the issues spurring the unionization efforts, as well as pay, benefits, […]
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Advocates say cannabis multistate operators lag on social equity leadership, but opportunity remains
The U.S. cannabis industry’s record on social equity is patchy at best, and it is the large multistate operators who have generally failed so far to take significant leadership on the issue, according to social equity advocates.
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Cannabis giant Curaleaf enters Colorado by buying edibles firm
Multistate marijuana operator Curaleaf Holdings on Monday said it will expand into the Colorado market by buying BlueKudu, a Denver-based producer of cannabis chocolates and gummies. Financial terms were not disclosed. The acquisition will give Massachusetts-based Curaleaf a foothold in one of the biggest marijuana markets in the country. “Colorado is the second-largest cannabis market […]
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