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Cannabis Briefs for February 18, 2020

February 18, 2020

•Chicago-based Cresco Labs hired Greg Butler as its first CCO. The role is responsible for strategic planning, staffing up Cresco’s sales and marketing teams, and launching new products, among other duties. He joins from MNML Ventures, Cresco’s hemp and CBD affiliate company, where he was an operating partner and led the creation of an occasion-based portfolio strategy. Butler has also previously worked at Molson Coors, where he managed the Miller Lite portfolio.

•Curaleaf announced that its $875 million acquisition of Grassroots will proceed following the expiration of the antitrust waiting period. Announced last July, the deal saw Massachusetts-based Curaleaf expanding its national footprint by acquiring Chicago-based Grassroots. The U.S. Department of Justice instituted a waiting period to investigate potential antitrust concerns; the waiting period has now ended. Curaleaf expects the deal to close sometime in the spring. Grassroots is vertically integrated and notably operates Herbology retail locations.

•New Mexico has fallen short again in its efforts to legalize recreational cannabis. After a bill died with the Senate Finance Committee last year, Governor Michelle Lujan Grisham assembled a task force to develop a new bill that would address objections to the first bill. Nonetheless, the new bill was again voted down in committee. New Mexico’s legislature only meets for one month out of the year, so legalization is most likely off the table there for 2020.

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