It’s been a busy week for acquisitions and earnings as the industry continues to consolidate.
On Thursday, SOL Global said it was acquiring Northern Emeralds for $120 million. The purchase price will be satisfied by the issuance of common shares in CannCure Investments Inc. and the deal is expected to close on or before August 1. Northern Emeralds is located in Humboldt County, California and is a cannabis cultivation, processing, and distribution company that has six licensed dispensary companies in the state that will operate under the nationally recognized “One Plant” brand. SOL Global said it intends to open One Plant-branded dispensaries throughout California (a total of 20 operating and licensed dispensary companies), Florida, and Michigan.
SOL Global plans on expanding on the Northern Emeralds One Plant dispensaries in California, Florida, and Michigan.
Supreme Cannabis is buying Blissco in a deal valued at C$48 million. Supreme also reported third-quarter 2019 net revenue of $10 million this week.
SLANG Worldwide is acquiring LBA Global Corporation and its Lunchbox Alchemy brand portfolio and subsidiary Hydra Distribution. The proposed transaction will bolster SLANG’s position in the Pacific Northwest
Trulieve is buying the Connecticut dispensary The Healing Corner but did not disclose the size of the deal.
Aurora Cannabis Inc. reported third-quarter net revenue of $65.14 million, up from $54.17 million in the previous quarter. The company delivered a loss of $158.35 million.
Tilray Inc. reported that its net loss for the quarter was $30.3 million. Even though the revenue increased by 195.1% to $23.0 million, versus last year’s $7.8 million – it was less than the net loss.
CannTrust Holdings Inc. (TSX:TRST) (NYSE:CTST) reported that its quarterly revenue rose 115% to $16.9 million versus last year’s $7.8 million
Acreage Holdings Inc. (ACRG.U) is following in MedMen’s footsteps. The company set up a REIT and is selling its properties to the REIT and then it will lease those properties for its operations. The move is expected to unlock the value of the real estate assets.