Cannabis Briefs for April 6, 2021April 6, 2021
•Cannabis sales surged in Illinois last month, according to the state’s Department of Financial and Professional Regulation. After holding steady for three months between December and February with total monthly cannabis sales above $80 million, March saw the greatest month-to-month gain since sales began last year. Purchases broke $109 million for the month, beating February’s haul by a massive $29 million. In-state residents alone bought $75.7 million worth of cannabis—beating monthly totals from as recently as November—while out-of-staters contributed an additional $33.4 million. There was strong growth from an inventory perspective as well, as items sold cruised past the 2 million mark for the first time to land at 2.3 million.
•Canopy Growth has acquired Ace Valley, one of Ontario’s leading cannabis brands, for an undisclosed sum. Ace Valley has a strong focus on ready-to-enjoy (RTE) products such as pre-rolls, vapes, and gummies and a loyal following of millennial and Gen-Z consumers, Canopy noted, with several of its SKUs holding leading positions in the Ontario market. Canopy aims to leverage its national sales, marketing, and distribution capabilities to expand the product portfolio and scale the brand across Canada.
•Cannabis companies Greenlane and KushCo. have announced plans to merge in an all-stock deal. Greenlane stockholders will hold approximately 50.1% of the merged company’s stock post-transaction, which is expected to close in the second or third quarter, with KushCo stockholders holding the remainder. The combined company, which will be renamed, is expected to generate pro forma revenue of between $310 million and $330 million for this calendar year. The merged entity’s brand portfolio will include Vibes rolling papers, Marley Natural Accessories, K.Haring Glass Collection, and Aerospaced grinders, as well as Higher Standards, an upscale product line that also has branded retail stores in Chelsea Market, New York and Malibu, California.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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