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Cannabis Briefs for March 17, 2020

March 17, 2020

•Harvest Health and Recreation has finalized its plans to acquire Interurban Capital Group, the parent company of Seattle-based retailer Have a Heart. Harvest will pay approximately $85.8 million in shares for ICG with the option of an additional $9.3 million to acquire controlling interests in five Washington dispensaries or, alternatively, $12.4 million to acquire substantially all of their assets. Have a Heart adds three open retail locations and seven licensed locations in California to Harvest’s growing national footprint, as well as five in Washington, and two in Iowa.

•The Oglala Sioux Tribe has passed a referendum to legalize medical and recreational cannabis on the Pine Ridge Reservation of South Dakota. The tribe is the first in the U.S. to legalize in a state where cannabis remains otherwise illegal. The tribe’s treaty with the federal government allows it to act as a sovereign nation, but plans do not call for production to occur on tribal land, setting up potential conflicts with state and federal authorities around cannabis “importation” to the reservation. The tribal council is expected to enact more specific regulations when it convenes at the end of the month.

•For its fiscal year, ended December 31, Canada’s The Green Organic Dutchman Holdings (TGOD) posted revenue of $11.16 million, split between European sales of hemp-derived products and Canadian cannabis releases. The vast majority of TGOD’s revenue—$9.88 million—came from hemp products in Europe, with the remainder, $1.28 million, coming from its Canadian cannabis sales. Though the company reports that sales in both Europe and Canada rose last year, it nonetheless reported a loss of $195.75 million for the year (with $144.75 million coming in the fourth quarter). The company attributed those losses to using or building cash-generating assets and an investment in Epican Medicinals.

•Seattle, Washington-based Sorse Technology has taken a stake in Pascal Biosciences. Sorse sells and licenses its water-soluble cannabinoid emulsion technology that now provides the basis for numerous THC and CBD products and drinks. Pascal Biosciences is a cancer research company that is investigating cannabinoids’ potential for cancer immunotherapy treatments. Terms were not disclosed.

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