Acreage Holdings, the politically connected cannabis behemoth, is buying a South Jersey medical marijuana cultivator and retailer.
The arrangement will formalize a two-year relationship between the New York-based Acreage and Compassionate Care Foundation (CCF) of Egg Harbor.
Last year, Acreage bought a 135,000-square-foot former orchid greenhouse in Sewell to convert it into the largest weed cultivation facility on the East Coast.
Acreage Holdings, Inc. (“Acreage”) (CSE: ACRG.U) (OTC: ACRGF) is buying New Jersey’s Compassionate Care Foundation, Inc. which is a vertically integrated cannabis nonprofit corporation. The deal is subject to state approval and the amount of the deal was not disclosed. However, the state of New Jersey did state that Compassionate Care reported $4.9 million in revenue in 2018, badly trailing Curaleaf’s $19 million in revenue for 2018.
U.S. Update
TerrAscend is highly focused on continually driving operational and organizational improvement across its U.S. operations and has moved to consolidate its corporate offices in New York. Furthermore, Greg Rochlin, the CEO of Ilera Healthcare, will focus on running the Company’s cannabis operations in the eastern part of the United States, and Ryan Hudson, the CEO of The Apothecarium, will be charged with managing the west coast. Both Greg and Ryan will report into Jason Ackerman.
So you’ve been watching the cannabis industry and seeing amazing projections of multi-billion growth over the next few years. You have about $5,000 or $10,000 or maybe even $25,000 to invest.
Time to jump in, right? Well, before you take that leap, take a long, careful look at the cannabis market first.
Cannabis companies, particularly multistate operators (MSOs), are increasingly incorporating lawsuits into their licensing application strategy in a bid to secure a permit in a highly sought-after market.
That strategy of preparing to fight license rejections by state regulators, especially those lost by a narrow margin, is based on a number of factors:
Chemistree’s key asset is the Sugarleaf brand, a Washington state-based product line of high-quality flower. Purchased in December 2018, for US$1.3 million, the company increased cultivation by 200% and retail distribution by 400% to hit revenue targets of around US$1.2 million in 2019.
It also owns prospective cannabis cultivation lands in California and recently closed the acquisition of Applied Cannabis Sciences, giving Chemistree a foothold in New Jersey.
The numbers 11 and 33 come up quite often when the topic of marijuana legalization is discussed. Currently, 11 U.S. states allow the legal use of recreational marijuana, while 33 states have legalized medical cannabis. But those numbers could soon change.
Nine states could be on track to hold key votes on some form of marijuana legalization in 2020. Here are the states that could be next on the marijuana map -- and the stocks that could be poised to profit the most.
In a sale-leaseback deal that shows the value of cannabis-related properties on the East Coast, a newly formed real estate firm has agreed to acquire six buildings in New Jersey, Florida and Massachusetts for $28.3 million from Curaleaf Holdings.
Freehold Properties, based in Las Vegas, is set to pay Wakefield, Massachusetts-based Curaleaf $25.5 million in cash and roughly $2.8 million of its common stock in the transaction. The deal was slated to close by the end of August, but both Freehold and Curaleaf could not be reached for comment.
Lots Of Potential
The opportunity here is that iAnthus is opening up dispensaries in new markets of Massachusetts, New York and New Jersey. In addition, the company expects to double the dispensaries in the key Florida market by next year after recently opening 5 stores alone in August.
The CBD For Life brand recently expanded a distribution deal with Dillard’s to 265 department stores in 29 states. The CBD brand saw sales surge in Q2 to $1.2 million, up from only $0.7 million in Q1. The addition of iAnthus as an owner of the brand has seen immediate benefits.
Curaleaf Holdings, a cannabis operator in the United States, has signed a sale-leaseback agreement with Freehold Properties for six of its properties throughout New Jersey, Florida and Massachusetts.
Freehold Properties, which is a Las Vegas-based newly-formed real estate investment firm focused on cannabis properties, said on Tuesday it will acquire the buildings for $28.3 million.