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Thursday, December 7, 2023

Cannabis Weekly Round-Up: MSOs Make Year-end Moves

This week, a leading cannabis multi-state operator (MSO) in the US announced a recent market entry into Minnesota thanks to an acquisition strategy.

Also during the period, fellow MSO Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) secured a new operator in Arizona through a US$211 million deal.

Keep reading to find out more cannabis highlights from the past five days.

Green Thumb Industries heads to Minnesota

Green Thumb Industries (CSE:GTII,OTCQX:GTBIF) will enter the Minnesota medical cannabis market via its successful acquisition of LeafLine Industries, one of the two licensed cannabis companies in the state so far.

“We are excited to enter the Minnesota medical market and broaden access to cannabis products for Minnesota patients,” Ben Kovler, founder and CEO of Green Thumb, said.

The company’s announcement does not include disclosures about the acquisition agreement.

Through the deal, Green Thumb will receive one operating cultivation facility and five retail stores in the state. Additionally, the firm can now open three new dispensaries in the state.

MSO pays up for Arizona operator

Curaleaf revealed it will acquire Bloom Dispensaries, an Arizona cannabis company, for US$211 million, with the acquisition set to close in January 2022.

“In addition to bolstering our strong position in this key growth market with an attractive portfolio of retail and cultivation assets, Bloom will be immediately accretive to our adjusted EBITDA margins upon close,” Boris Jordan, executive chairman of Curaleaf, said in a statement.

Joseph Bayern, CEO of Curaleaf, called Arizona a “highly attractive” market. The executive expects his company’s position to become stronger thanks to this acquisition.

The MSO highlighted a US$66 million expected revenue line from its latest acquisition for 2021.

After the deal is completed, Curaleaf will operate 16 dispensaries in the state of Arizona.

Cannabis company news

  • Trulieve Cannabis (CSE:TRUL,OTCQX:TCNNF) informed shareholders of a new slew of executive hirings, including a new president, vice president and general counsel, director of investor relations and executive director of corporate communications.
  • Alcanna (TSX:CLIQ) reminded investors to vote in an upcoming shareholder special resolution for a proposed plan of arrangement with Sundial Growers (NASDAQ:SNDL).
  • Ayr Wellness (CSE:AYR.A,OTCQX:AYRWF) announced the opening of its eighth dispensary in Pennsylvania. “The Pennsylvania medical marijuana market continues to show excellent growth and we are excited to be opening our eighth affiliated dispensary in the Commonwealth,” said Jonathan Sandelman, founder, chairman and CEO of Ayr.
  • The Flowr Corporation (TSXV:FLWR,OTC Pink:FLWPF) gave an update to shareholders on its payment of interest on outstanding 10 percent subordinated secured convertible debentures.

Don’t forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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