Cannabis Briefs for March 2, 2021
March 2, 2021•The Massachusetts cannabis market generated $87.1 million in sales in January, according to a report from cannabis business consulting firm Nucleus One. Like many other states, sales in Massachusetts have surged during lockdown. January’s haul was a new monthly record and represents a 68% gain from January 2020’s total of $52 million a year prior. Sales have topped $70 million every month since July of last year. More than 30 retail locations have opened since September 1, bringing the count to 98 statewide. Nearly $1.3 billion worth of cannabis products have been purchased since the market launched in late 2018; just under half of that—$606 million—was flower, followed by edibles at 15%, or $193 million.
•Chicago-based Verano Holdings is acquiring nine cannabis dispensaries across three states for a total outlay of $91 million. In its home state of Illinois, Verano has entered an agreement to purchase The Herbal Care Center, which operates one retail location in Chicago and plans to open another, for $17.5 million. In Pennsylvania, the company is buying three medical dispensaries from TerraVida Holistic Centers and GVB Holdings for $62.5 million. And in Arizona, Verano will pay an additional $11.25 million to buy Perpetual Healthcare, which operates Emerald Dispensary in Phoenix, from Nabis Holdings. The transactions are expected to close by early in the second quarter of the year. Verano is active in 11 U.S. states, operating Zen Leaf and MUV retail locations and producing products under the Verano, Avexia, and Encore brands, among others.
•Houseplant, the Canopy Growth brand created in partnership with comedian Seth Rogen, is launching in California. The brand will make its U.S. debut with three flower strains: Diablo Wind and Pancake Ice (both sativas) and Pink Moon (indica). Like Rogen’s 2008 stoner comedy Pineapple Express, the strains are all named for weather phenomena. Houseplant will also market cannabis accessories including a block table lighter and ashtray set designed by Rogen. The brand will be available starting March 11, initially through delivery purchases made on the brand’s website and will roll out to select dispensaries later this spring.
•A new cannabis flower brand, Lost Coast, is debuting in the Colorado market. The brand will initially include wholesale flower, a line of consumer pre-packaged flower, and pre-rolls. The wholesale flower is currently available at retailers like Rocky Mountain Cannabis, Dabbington, High Country Healing, RootsRx, Maikoh Holistics, and Smokeys Cannabis. Lost Coast, which touts its sustainable production, regenerative farming, and lack of herbicides and pesticides, was founded last year by Colorado natives William Brinkerhoff Jr. and Zach Wilson.
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