Cannabis Briefs for November 9, 2021November 9, 2021
•Tremaine Wright, head of New York’s Cannabis Control Board, said that the state will not begin issuing cannabis businesses licenses until spring 2023 at the earliest, according to reporting from Rochester’s City News. She made the remark at a cannabis business symposium in the city, explaining that the board was constructing an 18-month timeline to develop policies for New York’s adult-use market. The comments are a disappointment to those hoping that cannabis retail would come online in spring 2022, the earliest allowed by law. Delaying licenses a year past that date means stores won’t actually open their doors to patrons until late 2023 at the earliest.
•Colombian cannabis cultivator Flora Growth has signed a definitive agreement to acquire Carlsbad, California-based vape producer Vessel. Flora Growth will pay $30 million for 100% of Vessel, $8 million of which to be paid in cash. Vessel CEO James Choe, CFO Garret Potter, vice president of marketing Jessie Casner, and vice president of performance Jason Choe will join Flora Growth’s leadership team. The transaction is expected to close in mid-November.
•New York-based Columbia Care has completed its acquisition of Medicine Man, which operates one cultivation facility and four dispensaries in Colorado. The total consideration was $42 million, $8.4 million paid in cash and $33.6 million in stock, with an additional milestone payment based on 2021 performance. Columbia Care has invested heavily in Colorado, where it now holds 26 dispensaries and six cultivation and manufacturing locations, some of which are still branded as The Green Solution. In total Columbia Care now operates nearly 100 dispensaries with licenses in 18 U.S. jurisdictions.
•Squamish, British Columbia-based Brujera Elixirs has partnered with Great North Distributors on its line of State B Cannabis Beverages. Great North, the Canadian cannabis affiliate of wholesale giant Southern Glazer’s Wine & Spirits, will serve as distributor and sales broker for State B across Canada. State B’s lineup consists of five flavored cannabis seltzers that contain various ratios of THC to CBD; the mildest is Tangerine Pineapple Chill at 3mg THC and 7mg CBD; and the most potent is Passionfruit Lime Zing, which is at 10mg THC and 0mg CBD. State B’s lineup is also available in 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.