Cannabis Briefs for July 11, 2023
July 11, 2023•Canadian cannabis group Cronos, backed by tobacco giant Altria, is exploring a sale. Curaleaf is among the potential buyers, a Reuters report noted, adding that the sale process is in its initial stages. Cronos, in which Altria took a 45% stake for $1.8 billion in 2019, has brands including Spinach, Peace Naturals, and Lord Jones. The company posted sales of C$92 million ($69m) on a 23% year-over-year increase for 2022, but saw adjusted EBITDA register a negative C$81 million ($61m).
•Multistate player MedMen has appointed Ellen Deutsch as CEO. She replaces interim CEO Edward Record, who will now continue as a non-executive member of MedMen’s board. Deutsch most recently served as senior vice president of market development and shared services at fellow multistate operator Acreage Holdings. Prior to that she held executive roles at Stem Holdings and Hain Celestial. MedMen is present across the California, Nevada, Illinois, Arizona, Massachusetts, and New York markets.
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