The COVID19 pandemic continues to rage on. Unfortunately for Massachusetts recreational dispensaries, what had been the silver lining in the clouds, meaning increased sales, has been taken away. The state decided to stop all adult use cannabis sales and now only medical marijuana sales can take place.
Despite the virus crisis, companies are still making key decisions.
The Harvest Health and Verano deal is over. The deal which was once valued at $850 million when Harvest stock was trading at roughly $8 has been terminated. Harvest stock is now trading just over a dollar.
Charlotte’s Web announced an agreement to acquire Abacus and the combined entity is anticipated to represent nearly 35% of U.S. CBD sales withing the Food/Drug/Mass Retail channel. The deal is valued at $99 million.
Curaleaf Holdings, Inc. said it will acquire three Arrow Alternative Care (AAC) dispensaries in the state of Connecticut. AAC operates three out of 18 total stores currently operational in the state.
Organigram Holdings Inc. gave good news and bad news on Monday morning. The company stated that it had received approval from Health Canada for its expansion, but then also said its workforce would be reduced due to Covid-19. The company noted that not all of the jobs at its Moncton facility can be done remotely and that in order to protect employees it was expecting temporary layoffs.
Private cannabis company Leafly laid off 91 employees this week amid the COVID-19 pandemic.
And finally, last week Green Market Report published an exclusive story about Green Growth Brands not paying its laid-off workers. The company said it was able to find the money to pay the workers and noted that the resigning CEO did not collect a severance package.
That’s it for this week, everyone stay safe and healthy.