iAnthus Capital Holdings Chief Executive Officer Hadley Ford has resigned from his position after an investigation by the board’s special committee. The company’s President and Co-founder Randy Maslow has been appointed as the interim CEO. The company was responding to accusations from an online research company that brought to light some undisclosed loans by Ford. The special committee confirmed some of the accusations were true resulting in the resignation.
High Times is buying 13 planned and operational California dispensaries from Harvest Health & Recreation in a deal valued at $80 million. High Times will pay $5 million in cash and the rest in stock. The deal is planned to close by June and is part of an overall company strategy by High Times to pivot into dispensaries in order to capitalize on the High Times brand name.
Cresco Labs Inc. (OTCQX: CRLBF) reported fourth-quarter 2019 revenue of $41.4 million, up 144% year-over-year and 14% sequentially. The increase in revenue was driven by expansion into new markets and continued growth in the states where the Company operates. Net loss for the fourth quarter for 2019 was $45.2 million, compared to a net loss of $4.4 million for the prior-year period.
The cannabis e-commerce online vendor BudTrader is going public in a reverse takeover with Lake Victoria Mining, Inc. (OTCPINK:LVCA). The privately held Encinitas, CA-based P5 Systems Inc. has owned and operated the BudTrader.com since 2016. LVCA is a control affiliate of Grapefruit (OTCPINK: GPFT), which holds California permits and licenses to both manufacture and distribute cannabis products.
The holding company known for its predilection towards psychedelics, Orthogonal Thinker, Inc. has closed on a total of $6 million in a series of oversubscribed seed rounds. The proceeds will be used for its EI Ventures and to begin Phase 1 Clinical Trials for Psilly, the company’s flagship, psychedelic product.
Canopy Growth said it was laying off another 200 employees. The company has cut 1,000 jobs so far as it restructures the organization.