Cannabis Briefs for September 21, 2021September 21, 2021
•Acreage Holdings is selling off its four Cannabliss dispensaries in the Oregon market to Chalice Brands Ltd. for $6.5 million. Acreage says the deal is part of its strategy to focus in on its core markets. “Acreage remains focused on our three key strategic objectives—driving profitability, strengthening our balance sheet, and accelerating our growth in our core markets,” said CEO Peter Caldini. Based in New York, Acreage is known for The Botanist retail brand, Tweed cannabis from partner Canopy Growth, the Innocent edibles brand, and the Prime medical brand in Pennsylvania.
•Tilray is closing its former flagship facility in Nanaimo, British Columbia as it looks to cut costs following its merger with Aphria. The plant will be shut down in phases with the process expected to be completed next spring. Tilray will look to shift some workers from Nanaimo to its Broken Coast cultivation facility on Vancouver Island. Canada-based Tilray completed its merger with Aphria in May, and last month agreed to take a 21% stake in U.S. player MedMen. Tilray CEO Irwin Simon recently said the company is targeting $4 billion in sales by the end of its 2024 fiscal year.
•Aurora, Colorado’s city council surprised observers when an ordinance to allow cannabis lounges failed to pass a vote. The Denver suburb (and third-largest city in the state) was expected to join its neighbor in allowing social consumption spaces after it advanced to this final vote. However, a “no” vote from Mayor Mike Coffman split the decision 5-5, meaning it will be voted on again at the next meeting on September 27. A split vote at that meeting will cause the issue to be shelved for at least six months. Numerous Colorado cities have now passed ordinances allowing consumption lounges, though only two locations have opened: one in Denver and one in Colorado Springs.
•Renton, Washington-based Soulshine Cannabis is expanding distribution to California. The privately held company has formed a partnership with California cannabis processor Khemia Manufacturing to bring its products to the state, its second after Washington. Starting with bubble hash and infused pre-rolls, Soulshine plans to launch California sales before the fourth quarter of the year begins. Soulshine’s offerings are grown at its indoor facility in Renton and come in biodegradable packaging. The company was founded in 2015.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.