The week kicked off with the news that Virginia legislators agreed on a compromise in order to legalize cannabis. Before everyone gets too excited, it will be some time before sales can begin. The next stop for the legislation goes to Democratic Gov. Ralph Northam, who supports legalization and then once he signs, sales won’t begin until January 1 2024.
Alimentation Couche-Tard Inc. or ACT, the owners of Circle K has increased its equity stake in Canadian cannabis company Fire & Flower Holdings Corp. (OTCQX: FFLWF). ACT announced that it plans to convert all of its approximately $28.5 million in debt to equity and ACT will hold almost 20% of the outstanding shares of Fire & Flower.
This week has been unusually active as cannabis companies have been on a major buying spree. Schwazze, which used to be known as Medicine Man Technologies Inc. (OTCQX: SHWZ) closed on the asset purchase of the five Star Buds dispensaries located in Colorado that it had not already previously bought.
Greenlane Holdings, Inc. (Nasdaq: GNLN) has bought the specialty silicone smoking accessory company Eyce for an undisclosed amount.
Terra Tech Corp. (OTCQX: TRTC) said it was buying cannabis company UMBRLA, Inc., which was recently rebranded as Unrivaled for an undisclosed amount.
Well-known hemp CBD company Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) is expanding beyond its current model with a planned acquisition of privately-held Stanley Brothers USA Holdings. It’s a 5 year option to buy with the payment all in stock that values the deal at $8 million.
High Tide Inc., (TSXV: HITI) (OTCQB: HITIF) reported a 118% increase in revenue to $24.9 million for the fourth quarter. $75 million in total revenue was generated by retail in fiscal year 2020
Columbia Care Inc. (OTCQX: CCHWF) released preliminary results saying revenue rose 228% in the fourth quarter to $76 million versus $23 million in 2019. The company’s guidance for combined revenue in 2021 is in the range of $500 million to $530 million.beganAnd finally,
Israeli-based IM Cannabis Corp. began trading this week on the NASDAQ using the symbol “IMCC”.