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Cannabis Briefs for August 30, 2022

August 30, 2022

•TerrAscend has completed its previously announced acquisition of Michigan dispensary operator Pinnacle and related real estate assets from KISA Holdings, LLC, for $28.5 million. The acquisition includes six dispensary licenses, five of which are currently operational and located in the cities of Addison, Buchanan, Camden, Edmore, and Morenci. The addition of Pinnacle expands TerrAscend’s retail footprint to 17 locations in Michigan and 32 nationwide. TerrAscend intends to rebrand each of the newly acquired dispensaries under either the Gage or Cookies retail brand. Each dispensary will carry the entire selection of Cookies and Gage branded products including the Cookies, Lemonnade, Runtz, PowerzzzUp, Minntz, and Grandiflora lines.

•Green Sentry, a Florida-based private cannabis operator, along with its parent company High End Holdings, LLC, has completed its acquisition of MedMen’s Florida assets for $63 million plus the assumption of lease liabilities. The purchase includes 14 dispensaries and a Eustis, Florida cultivation and processing facility with 30,000 square feet of available canopy. In addition to the ongoing expansion of the company’s Florida footprint, Green Sentry is gearing up to launch Sunburn Cannabis, a new cannabis brand, in the fourth quarter. Sunburn is billed as “a Florida-focused brand living at the intersection of top-shelf flower and concentrates while embracing the state’s unique culture.”

•California cannabis brand Stiiizy, owned by the Shryne Group, is entering the Michigan market with its first dispensary. The nearly 10,000-square foot store, located in Ferndale, joins Stiiizy’s existing 18 dispensaries in the California market in the company’s footprint. Known especially for vapes, the Stiiizy brand has also expanded into other form factors like flower, extracts, and edibles.

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