Cannabis Briefs for April 27, 2021April 27, 2021
•Chicago-based multi-state operator Verano Holdings is investing $115 million in its Pennsylvania business as it looks to raise its profile in the country’s fifth-most populous state. Verano is acquiring two companies, Agri-Kind and Agronomed Biologics, which will collectively boost its cultivation and retail footprints in the Keystone State. With the deal, Verano will add an active and completely built out, state-of-the-art 62,000 square foot indoor cultivation facility, as well as permits for six dispensaries and a second cultivation and production site. Verano is currently present across 14 U.S. states. Its retail brands include Zen Leaf and Müv.
•Aphria cannabis brand Broken Coast is adding wax to its product mix. Made from British Columbia-grown flower, the wax lineup consists of offerings derived from popular cannabis strains Stargazer, Muskmelon OG, and Up In The Sky. All three varieties are more than 70% THC and offer a clear expression of each cultivar’s profile, according to the company. They are currently available online and in select retail locations across Canada, with a full rollout slated for the next few months (excluding Quebec). The launch follows Aphria’s introduction of 510 Vapes and new flower strain Pipe Dream.
•Calgary, Alberta-based cannabis retailer High Tide reported a major sales bump last week driven by consumers celebrating the unofficial cannabis holiday 4/20 on April 20. High Tide operates 85 retail locations across Ontario, Alberta, Manitoba, and Saskatchewan under a variety of names including Canna Cabana, KushBar, and NewLeaf Cannabis; it also operates several e-commerce sites for cannabis purchases. Sales were up 80% on April 20 compared to the previous Tuesday as total gross revenues hit C$775,000 ($625,000) across all venues for the day. The company’s brick and mortar operations were up 51% while online purchases surged 201%.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.