Cannabis Briefs for January 11, 2022
January 11, 2022•New Hampshire’s House of Representatives approved a bill legalizing possession and home cultivation of cannabis but not a sales regime. In a move similar to its neighbor Vermont, which legalized cannabis possession in 2018 but still has not launched a legal market, lawmakers overwhelmingly approved the possession and cultivation bill a day after the narrow defeat of a more comprehensive proposal that includes a plan for recreational sales infrastructure. The bill now heads to the Senate, which will consider several other legalization proposals as well. New Hampshire governor Chris Sununu remains staunchly against legalization, adding the threat of a veto into the proceedings.
•Wakefield, Massachusetts-based Curaleaf Holdings has named Matt Darin as president. Darin joins from Grassroots Cannabis, which Curaleaf acquired last year for approximately $700 million, where he was founder and CEO. Founded in 2014, Grassroots had grown to be the largest privately-held multi-state cannabis operator in the U.S. Since the acquisition, Darin has served as regional president for the central and southeast regions. In his new role, Darin will report to Curaleaf CEO Joseph Bayern. Additionally, COO Neil Davidson has retired from the company, but will stay on for a transition period through the end of March.
•Chicago-based Verano Holdings has brought on Brett Summerer as CFO. Summerer joins from Kraft Heinz, where he was vice president, head of supply chain finance and CFO. Prior to that he held various finance roles at Modern Engineering, General Motors, and in Corning Incorporated’s pharmaceutical business. He will report directly to Verano founder and CEO George Archos. Verano is active in 12 states and produces the cannabis brands Verano, Avexia, Encore, and Müv.
•Canadian cannabis producer CannTrust announced it lacks sufficient liquidity to operate beyond the near term and is developing a plan to wind down the company. CannTrust had its cannabis cultivation licenses stripped by Health Canada in the summer of 2019 when it was found to have been conducting secret additional cultivation behind false walls in its facilities. Although the company eventually had its licenses reinstated after restructuring its operations and parting ways with some of its leadership, it has nonetheless been unable to recover. The company says it continues to have discussions with potential investors and strategic partners but will also work to maximize the value of its assets for a selloff if no rescue materializes.
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