Cannabis Briefs for December 8, 2020
December 8, 2020•New York-based cannabis producer Columbia Care has acquired Project Cannabis for $69 million. Project Cannabis is a Los Angeles-based cultivator, wholesaler, and retailer operating a 32,000 square-foot facility and four dispensaries, one of which is licensed for on-site consumption; its brands include Triple Seven and Classix. Columbia Care will pay approximately $57 million of the purchase price in stock and approximately $12 million in cash. The deal is expected to close before the end of the year. Columbia Care operates in 18 U.S. jurisdictions and operates nearly 100 facilities, 76 of which are retail locations.
•California’s cannabis tax revenue is up nearly 80% from this period last year, according to third-quarter figures released by the state’s Department of Tax and Fee Administration. California collected $306.7 million in tax revenue, up from $170.7 million from the period last year. It’s also up from the quarter directly proceeding, which totaled $260.2 million, itself a huge leap from Q1 revenue of $205.9 million. Estimates predict that total tax revenue for the year may near $1 billion.
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