acquisitions Archives - Page 2 of 3 - Green Market Report

Debra BorchardtDebra BorchardtJune 26, 2018
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Merger and acquisition activity in the cannabis industry is lit this year. So far in 2018, Viridian Capital reports that there have been 106 public and 26 private M&A deals in the cannabis industry for a total of 132 deals for the week ending June 8. Compare this to only 73 deals for the same time period for 2017 – an increase of 80%.

Cultivation and retail accounted for the most deals made, while the investment sector came in second and infused products & extracts were the third most popular sectors for deals.

“It seems to be a land grab based on valuations,” said Joe Hodas, COO of General Cannabis  (CANN). Some of the companies are putting up big numbers like MedMen (with a billion dollar valuation) that is leaving microcaps behind.”

The smaller companies are trying to compete with a market that is quickly leaving the small caps behind. Canopy Growth (CGC) is the leader in Canadian medical marijuana with a 15% market share according to a new report from Stifel. Aurora Cannabis (ACBFF) is acquiring MedReleaf and that is making them almost an equal player to Canopy. This means that two companies will own a third of the market for medical marijuana in Canada.

Looking ahead to the recreational market, the two leaders have signed supply agreements that would give them 46% market share. “The report said, “The consolidation in the category that would support a thesis of an oligopoly like structure prevailing that could benefit first movers and the category leaders.”

Hodas said General Cannabis is one of those companies that continues to look at acquiring microcaps. “We’re able to be flexible and opportunistic. We do a pretty aggressive due diligence and we bring valuations back in line with reality.” He said there is tremendous opportunity to acquire many smaller companies that started life at the beginning of the legalization effort a few years ago.

“The founders are tired and they are running out of money,” he said. “We provide some cash and liquidity and help them move the ball forward.” Some of the reasons why these companies make themselves so available for acquisition is that they underestimate the amount of capital and time to return money on investment and debt.

Hodas also noted that companies needed to have the right leadership in place and mentioned the implosion of wholesale cannabis broker Tradiv. Hodas was referring to Tradiv closing shop following the companies’ CEO admission of talking to God while tripping on acid in Alaska and in the process, investors lost their money on the investment.

Of course, Tradiv isn’t the only cannabis company that has flamed out. Hodas left the booming Smashburger franchise to join cannabis beverage company Dixie Elixirs. Dixie grabbed early attention in the cannabis product world and was expected to be a brand leader, but the company faced several challenges in 2017. Both Hodas and CEO Tripp Keber left the company, which recently secured new funding and licensing deals. “I hope Dixie succeeds and frankly I have equity in it,” said Hodas.

Many small companies see the valuations of much larger companies and feel they too should be awarded these outsize valuations. “We talk to companies that aren’t predicting crazy numbers and are back down to earth,” Hodas said. “The biggest issue with the industry and microcaps companies is they don’t have good proforma spreadsheets.”

This complaint was recently echoed by Emily Paxhia of Poseidon Asset Management. However, she said that as the industry has matured,  the small companies are becoming better prepared with their business documents. The weak spot that she has noticed is those small companies are good at getting started, but then management struggles at the growth stage. “I find I am often stepping into companies that we’ve invested in,” she said.

Tahira Rehmatullah of Managing Director at Hypur Ventures and CFO of MTech Acquisition agrees with Paxhia and said that she is also having to give hands-on help when she invests in small companies. “The CEO’s are doing everything themselves and that isn’t a roadmap for success,” she said.

Still, spreadsheets and management challenges haven’t kept these small cannabis companies from attracting the attention of investors or acquirors. The “Green Rush” is alive and active and while the unicorns may be getting all the attention, the microcaps are still in the game.


William SumnerWilliam SumnerApril 24, 2018
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3min19220

The world of mergers and acquisitions is heating up in the state of California as two cannabis companies today announced a pair of high priced acquisitions.

First, Golden Leaf Holdings (GLH) announced that is has signed a letter of intent (LOI) to acquire a cannabis dispensary in northern California. Included in this transaction are all of the dispensary’s assets; such as licenses and permits for cannabis cultivation, production, manufacturing, distribution, and retail. Under the agreement, Golden Leaf will pay $1.25 USD million upfront in cash, an additional $500,000 in stock, and earn-out payments of up to $8 million based on future revenue thresholds. This transaction will mark Golden Leaf’s first entry into the U.S. market.

“Signing this LOI is another key strategic step forward for Golden Leaf, as we continue to execute on our plan to introduce our retail brand-focused model to the largest growth markets, both in the U.S. and internationally,” commented William Simpson, CEO of Golden Leaf, in a statement.

Also announcing a major acquisition today is Cannabis Strategic Ventures, Inc., which just completed the definitive agreement to acquire Worldwide Staffing Group, Inc. The company will acquire 100% of Worldwide’s issued and authorized shares and begin recognizing Worldwide’s revenue, which reached $1.5 million in 2017, upon the closing of the transaction.

Worldwide will continue to operate as an independent wholly owned subsidiary, providing employment and staffing services that are not related to the cannabis industry. However, the company will use Worldwide’s experience to eventually expand into cannabis industry staffing, particularly in the California market.

“The job demands in the Cannabis Sector are expanding into other job functions beyond the traditional Bud Trimmers and Bud Tenders. This acquisition better prepares us to meet the growth we are expecting through the end of this year, into next, and beyond,” stated Simon Yu, CEO of Cannabis Strategic Ventures. “We welcome Worldwide Staffing into the Cannabis Strategic portfolio.”


StaffStaffApril 9, 2018
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3min26860

Cannabis Wheaton Income Corp. (CWBTF) acquired Canadian private cannabis company Robinson’s Cannabis Incorporated in an all-stock deal. Cannabis Wheaton will acquire all of Robinson’s issued and outstanding shares.

Robinson’s is currently building a 27,700 square foot purpose-built facility for cannabis cultivation in Kentville, Nova Scotia. Robinson’s doesn’t have a license at this time but has completed the review process on paper and is confirming its readiness stage.

According to the company statement, Robinson shareholders will receive 5,369,126 common shares upon closing of the acquisition, 2,013,421 common shares issued and held in escrow to be released to Robinson’s shareholders upon Robinson’s receiving a cultivation license under the ACMPR and 2,013,421 common shares issued and held in escrow to be released to the Robinson’s shareholders when the company receives a sales authorization under the ACMPR.

Cannabis Wheaton seems to be focused on expanding its cultivation portfolio. The company also recently said it had entered into a joint venture with Peter Quiring, one of the largest greenhouse builders and operators in Canada, to build a brand new cannabis greenhouse facility in Leamington, Ontario. The joint venture will operate through a newly formed subsidiary dubbed GreenhouseCo. Quiring will act as Chief Executive Officer of GreenhouseCo.

Cannabis Wheaton Acquisitions

Cannabis Wheaton recently acquired DoseCann in an all-stock deal as well. Dosecann is a late-stage “Licensed Dealer” applicant pursuant to the Narcotic Control Regulations with a purpose-built 42,000 square foot facility located in Charlottetown, Prince Edward Island.

Last week, the company announced it had acquired all of the outstanding securities of Dosecann by way of a “three-cornered amalgamation.” Cannabis Wheaton will pay the holders of the Dosecann Securities an aggregate of up to $38,000,000, payable in common shares of Cannabis Wheaton subject to the satisfaction of certain post-closing time and performance-based milestones. As part of the acquisition, all outstanding convertible securities of Dosecann will either be converted into Dosecann common shares and exchanged for consideration shares on the closing of the acquisition.

Stock Performance

Cannabis Wheaton stock was lately trading at $1.22 on the OTC Markets, down from its 52-week high of $2.70. The Toronto Exchange stock was last trading at C$1.55, a drop for its 52-week of C$2.97.


Video StaffVideo StaffApril 6, 2018

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The acquisition side of the business continues to be active.

Cannabis Wheaton Income Corp.

Cannabis Wheaton Income Corp. (CBWTF) announced that it entered into a definitive acquisition agreement to acquire licensed dealer Dosecann Inc. in an all-stock deal that is expected to close on or about April 30. Dosecann is a late-stage “Licensed Dealer” applicant pursuant to the Narcotic Control Regulations with a purpose-built 42,000 square foot facility located in Charlottetown, Prince Edward Island.

According to the company statement, Cannabis Wheaton will acquire all of the outstanding securities of Dosecann by way of a “three-cornered amalgamation.” Cannabis Wheaton will pay the holders of the Dosecann Securities an aggregate of up to $38,000,000, payable in common shares of Cannabis Wheaton subject to the satisfaction of certain post-closing time and performance-based milestones.

High Times Media

Long-time cannabis lifestyle publisher High Times (OACQ) announced the acquisition of Green Rush Daily. Terms of the deal were not released, but it was previously noted that it was an all-stock transaction. High Times said that Green Rush Daily would continue to operate independently, but would be considered part of the High Times stable of brands like the Cannabis Cup.

Green Rush Daily was founded in 2015 by Scott McGovern, who is also a Senior Executive Vice President at High Times. Prior to entering journalism, McGovern was a financial advisor with a company named Horner Townsend & Kent.

Open Source Health Inc.

The Canadian company and women’s health website Open Source Health is seeking approval from the Canadian Securities Exchange to acquire private cannabis company Weekend Unlimited Inc. in an all-stock deal.

Earnings

 CannaRoyalty Corp. (CNNRF) reported that its revenue for 2017 rose to C$3 million, but could only be compared to nine months of revenue for 2016 which was C$642,277. The same went for the company’s net losses, which were C$9 million versus a loss of C$10.3 million for nine months ending December 2016. The net loss per share was trimmed to C$0.22 for the 12 months ending in 2017 versus C$).41 for the nine months of 2016.

MariMed (MRMD) reported revenue of  $6.1 million in 2017, compared to $3.6 million in 2016, a year-over-year increase of 70.2%, primarily a result of higher sales at MariMed managed licensed cannabis businesses which in turn produce higher income for Company from fees, rents, and consulting. Gross profits were $ 3.5 million in 2017.  Gross profits rose to 58% compared to 55% in 2016. Operating Income was $1.2 million in 2017, compared to $775,000 in 2016, a year-over-year increase of 55.5%.

Emerald Health Therapeutics, Inc. (EMHTF)  and fourth quarter results. Revenue for the full year increased 270% from C$253,321 in 2016 to C$937,654 in 2017. Net losses for the year also increased from (C$2.9 million) in 2016 to (C$8.7 million) in 2017. The net loss per share went from five cents in 2016 to a net loss per share of ten cents in 2017.

Solis Tek Inc. (SLTK) today reported financial results for the year ended December 31, 2017. Revenue in 2017 increased by 5% to $8.98 million with a gross profit of $3.15 million. The net loss for the year was $14 million, compared to the previous year’s loss of $538,710. The loss increase was primarily driven by higher operating expenses as well as higher stock-based compensation expense, financing costs and changes in fair value of derivative liability. The company currently has $968,000 in cash-on-hand, which is higher than the previous year’s end total of $276,000.


Video StaffVideo StaffMarch 30, 2018

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The week got off to a big start as Senate Majority Leader Mitch McConnell said he planned on introducing legislation to take hemp off the controlled substances list. This would be a huge boost to his home state of Kentucky whose farmers are looking for a crop to replace tobacco. McConnell hasn’t actually introduced the legislation yet and of course, there is no way of knowing whether his support will be enough for the law to be approved.

Earnings

Innovative Industrial Properties Inc. 

Innovative Industrial Properties  (IIPR) reported fourth-quarter earnings of 7 cents a share and highlighted the steps it has taken since becoming a publicly traded company, perhaps paving the way for more small and mid-cap cannabis companies to do the same.

Innovative, which trades on the New York Stock Exchange under the ticker “IIPR,” said in a statement it earned 7 cents a share on $2.3 million in revenue. The commercial real estate company also said that adjusted funds from operations (AFFO), a widely used measure for real estate organizations, was 23 cents a share in the quarter.

CV Sciences Inc.

CV Sciences (CVSI) saw a 126% jump in revenue in its just reported fourth-quarter, due in large part to its continued push into the organic cannabis market. The company, which has offices in Las Vegas and San Diego, said fourth-quarter sales came in at $7.24 million, up 126 percent year over year. Gross profit also experienced a huge jump, rising 187 percent year-over-year to $5.21 million.

CannTrust Holdings Inc.

Canadian cannabis company  CannTrust (CNTTF) delivered fourth quarter and full-year earnings with profits overcoming losses. Revenues for the fourth quarter were C$6.9 million versus last year’s C$2.0 million and for the full year, revenues were C$20.6 million as compared to C$4.3 million for 2016. Net income for the fourth quarter was C$6.2 million versus a net loss last year of C$8.2 million for the same time period. The net income for 2017 was C$6.8 million over 2016’s net loss of C$13.6 million.

Acquisitions

GB Sciences, Inc.

GB Sciences, Inc. (GBLX)  has signed a letter of intent (LOI) to purchase NevadaPURE’s Las Vegas operation for $28 million in cash and the assumption of approximately $5 million of outstanding liabilities.

The NevadaPURE acquisition will also provide GB Sciences with three additional licenses in the state, including a cultivation license, a production license, and a dispensary license. The company believes that margins will grow as the deal will effectively reduce the need for a middleman between the customer and the company.

CannaRoyalty

Activist investor CannaRoyalty (CNNRF) is at it again, making another acquisition in the cannabis space, this time announcing its intent to acquire all of River Distribution, California’s largest cannabis retail network.


Jack SmithJack SmithMarch 27, 2018
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5min29780

Activist investor CannaRoyalty (CNNRF) is at it again, making another acquisition in the cannabis space, this time announcing its intent to acquire all of River Distribution, California’s largest cannabis retail network.

The move is a bold step for the Marc Lustig-led company, giving it access to a large network and significantly growing its revenue. In 2017, River generated $25.4 million in revenue, which would bring total 2017 revenue CannaRoyalty has acquired to $31.9 million, including from Alta Supply, another California-based distributor CannaRoyalty previously acquired.

“The RVR and CannaRoyalty teams have already worked closely together for the past year. We are confident that the consolidation of RVR with Alta Supply will position us as a leader in the world’s largest regulated cannabis distribution system, in California,” Lustig said in a press release.

With the acquisition, which is expected to close by the end of the second quarter 2018, CannaRoyalty is going to be the “largest revenue-generating cannabis holding companies in the world,” the company said.

Lustig continued, noting CannaRoyalty’s existing network makes it a perfect fit for River Distribution. “Our extensive distribution network in California makes us an ideal partner for brands that are looking to grow in California at scale,” he said. “And a carefully selected portfolio of manufacturing partners also make us a superior partner for dispensaries seeking one-stop access to a full spectrum of top products and brands, in an efficient and cost-effective manner.”

Ted Simpkins, the founder, and CEO of River said the deal helps complement River’s existing business, allowing it to grow even further, alluding to his experience having built a wine and spirits business previously.

“I am highly confident that distribution will become one of the most valuable and integral components of the cannabis value chain as the adult-use market matures over the next several years,” Simpkins said in the statement. “CannaRoyalty has been an exceptional partner to RVR and it is clear to me that its growing team has the right mix of talent and assets to enable us to continue to meaningfully grow our already leading network.” Simpkins, along with River’s CFO Henry Pilger, will join the combined company after the deal closes.

The move puts CannaRoyalty squarely in the largest cannabis market in the world. In 2016, the California cannabis market saw $2.8 billion in sales, according to New Frontier Data. The market is expected to nearly triple by 2021, totaling $6.8 billion, with vapor products expected to account for 15 percent of the market.

Edible products are expected to be another strong segment of the market, accounting for 22 percent of the market, growing at an annual clip of 117 percent in 2018, according to data compiled by Brightfield Group & BDS Analytics.

Though the final acquisition price was not disclosed, CannaRoyalty said it would use 5 million shares, along with 1.65 million shares to pay for the acquisition. There is also another 2 million shares “subject to the successful completion by RVR of financial milestones to be agreed on by the parties.”

CannaRoyalty trades on the Canadian Stock Exchange under the ticker “CRZ” as well as over-the-counter exchanges under the ticker “CNNRF.” Shares of the over-the-counter stock recently changed hands at $2.94, down since the high of $4 seen in early January.

 


Debra BorchardtDebra BorchardtFebruary 27, 2018
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3min11930

NewBridge Global Ventures, Inc. (NBGV) announced that it has acquired cannabis education company Elevated Portfolio Holdings, LLC in an all-stock transaction.

Elevated Education, Inc. will acquire the assets of Elevated in exchange for 2,000,000 shares of company common stock. Elevated Portfolio is a company that offers medically focused education modules for physicians and clinicians as well as significant training regarding the body’s endocannabinoid systems and the use of cannabis for health and wellness.

Once closed, Elevated Education will be managed by the current NewBridge management team as well as key members from Elevated. This acquisition will be the first of what the company plans to be a series of acquisitions as part of its strategy to acquire industry leading companies in the regulated cannabis education, cultivation, manufacturing and distribution verticals.

“Our acquisition of Elevated initiates our strategy of investing in and acquiring industry technologies and companies in our targeted verticals. We’re excited to help expand the Elevated brand and offerings,” commented Mark Mersman, Chief Executive Officer of NewBridge Global Ventures. “We believe there is a significant need for medical professionals to become more informed on the endocannabinoid system and that bridging that gap between patient demand and healthcare provider knowledge is key to the growth of the emerging medical cannabis industry.”

SinglePoint Aquires Stake

SinglePoint Inc. (SING)  announced that it has signed a Letter Of Intent to acquire a stake in California cannabis cultivation MTH Development Group.  MTH currently operates 4.7 acres of land zoned for cannabis cultivation. SinglePoint has invested in the company in return for an equity stake. Currently the company leases its properties to licensed cultivators and operates one of the largest cultivations in Adelanto, California. This deal will further establish SinglePoint’s California footprint.

“We are excited for this opportunity. Having been to the operation and seeing their proprietary cultivation procedures we feel this is a great investment for SinglePoint. Part of this investment is to also test our new technologies with their tenants to improve as well as validate our systems. Their feedback will help us build the right solution and navigate the California market regulations”, states Wil Ralston President SinglePoint.

 

 


StaffStaffFebruary 26, 2018
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Friday Night Inc. (TGIFF) last week terminated its decision to buy Body & Mind Inc. (BAM) and this week announced it was acquiring Spire Secure Logistics instead.

Friday Night had entered into an all-stock agreement valued at C$115 million to acquire BAM, but then issued an announcement that both parties agreed to terminate the deal. Body and Mind CEO Leonard Clough commented, “Market conditions and the revised consideration proposal to our shareholders played a role in the decision to mutually terminate the proposed amalgamation plan.”

Friday Night Inc. CEO Brayden Sutton said, “Recent market events out of our control turned the BAM acquisition into a moving target.  To keep renegotiating terms and delaying the closing date is not fair to shareholders on either side, all the while both companies may be missing other opportunities.”

On Monday, Friday Night said it had acquired Canadian security company Spire Secure Logistics Inc. (“Spire”)as a wholly owned subsidiary. The private company specializes in security, intelligence, and compliance with international clients It also has expertise in both the regulated cannabis industry and other sectors.

In a company statement, Friday Night said it “Agreed to acquire 100% of Spire by the issuance of 7,142,857 common shares at a deemed price of $0.70 per share.  Closing is scheduled for March 1, 2018.  Friday Night will allocate working capital of CAD $1,000,000 to expand Spire’s client base in Canada and globally.  The shares issued will be subject to an escrow arrangement that will see 12.5% released from escrow on closing and the remaining 87.5% being released to the vendors in 7 equal tranches of 12.5%, each to be issued on the first day of each quarter of Friday Night’s fiscal year, beginning with May 1, 2018.”

Management Comments

“The Spire team brings decades of experience in the trenches of law enforcement, security, and high-stakes risk management,” said Sutton. “Spire is uniquely equipped to keep companies safe, secure, and compliant – which in turn creates more shareholder value and peace of mind.  I am extremely honored to call the Spire team a part of our family and look forward to the increased level of intelligence and awareness it brings us as a company, whether that be in current operations or when evaluating other opportunities in the sector.”

“Spire works with companies who want to make an honest dollar in a secure, compliant, law-abiding cannabis industry,” said Spire’s CEO Andy Richards, a 34-year law enforcement veteran who has led numerous high-profile investigations of organized drug crime. “Whether it’s regulatory applications, security procedures, or working hand-in-hand with government and law enforcement, our team has the right skills, connections, and experience to deliver.”

 

 


Debra BorchardtDebra BorchardtJanuary 3, 2018
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Every week it seems there is a new twist and turn to the Aurora Cannabis (ACBFF) hostile takeover of CanniMed Therapeutics (CMMDF). Yesterday after the market close, Aurora announced it acquired an additional 116,000 shares of CanniMed in the open market. Today it appealed to CanniMed’s shareholders by characterizing the latest Newstrike supply agreement as ‘bizarre.’

In a no-holds-barred comment Cam Battley, Executive Vice President of Aurora said, “Simply put, this is a bizarre action by CanniMed management. Why would CanniMed sign a supply agreement with a company they have proposed to acquire in three weeks? Why would they sign a supply agreement with a company that doesn’t have a sales license, and therefore has no ability to fulfill the agreement? If CanniMed needed to purchase wholesale product, they could easily have signed a supply agreement with any number of producers currently licensed to sell. CanniMed has never previously entered into a wholesale supply agreement, nor ever indicated that they needed additional supply. So it’s reasonable to ask whether their announcement actually meets the definition of a supply agreement as commonly understood – or whether it represents a disguised scheme to achieve other objectives.”

CanniMed never wanted to be acquired by Aurora and has also made comments questioning Aurora’s success. The company has adopted poison pills to fight the deal, which Aurora has been very quick to expose and counter.

Battley went on to add, “It’s clear based on publicly disclosed information that Newstrike is in urgent financial need. Is this an attempt to transfer CanniMed capital sufficient to keep the lights on and the doors open at Newstrike? Alternatively, is this an attempt to entrench a relationship between CanniMed and Newstrike under adverse terms that are counter to the interests of CanniMed shareholders, as the latest attempt at creating a poison pill? Given that CanniMed shareholders are due to decide in the next few weeks on both the proposed CanniMed-Newstrike transaction and the Aurora Offer to acquire CanniMed, Aurora believes it is incumbent on CanniMed management to disclose the terms of the supply agreement they have signed with Newstrike’s Up Cannabis subsidiary.”

Aurora made it clear it wants CanniMed to disclose the terms of the supply agreement. Battley said the agreement warrants disclosure as a material agreement through Sedar (the U.S. equivalent of the Securities and Exchange Commission). He wants to know what price the product will be purchased at, the expected timing of deliveries under the agreement, what the conditions are for the renewal of the agreement, and how it can be terminated. That said, if Aurora does acquire CanniMed it plans to terminate the agreement.

Aurora Keeps Buying Shares Of CanniMed

Aurora acquired 116,000 shares of CanniMed on December 29 in the open market with the highest price paid per share at C$24. The company has acquired 566,000 shares at an average price of C$22.82 through the Toronto Exchange.  CanniMed has over 19 million shares outstanding according to the exchange company listing bringing Aurora’s ownership to approximately 2.85%.  CanniMed shares have traded in a 52-week range of $5.66 to $18.61 on the OTC Marketplace and were lately trading at $19.32 as investors have seen their shares rise on the two companies engage in a very public battle.

Aurora’s stock has also popped on the war of words. Its shares on the OTC Marketplace have run up to $8.38 and were lately trading at $10.70. The company also announced on January 2, that its liquid assets exceeded C$500 million. It stated that “For the month of November 2017, Aurora achieved record net cannabis revenues of $3.1 million, based on sales of 354,000 grams or gram equivalents in Canada and through the Company’s wholly owned German subsidiary Pedanios.”

Ultimately, it will be up to the CanniMed shareholders as to whether they vote to be acquired by Aurora and after this bloody battle, it will certainly be a bittersweet victory if Aurora wins.

 


Jack SmithJack SmithDecember 28, 2017
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4min24610
Privateer Holdings announced it has acquired The Goodship, an iconic brand of cannabis edibles, to boost its offerings as consumers increase their appetite for cannabis-infused goods.
Founded just three years ago by entrepreneur Jody Hall, The Goodship has gained national attention for its products, appearing in a number of websites, including Vice, Forbes and Money Magazine.
“I founded Goodship to celebrate the ways that cannabis can promote creativity and help bring people together,” said Hall in a press release. Prior to Goodship, Hall founded Seattle’s Cupcake Royale bakery and was one of Starbucks first marketing employees.
Goodship makes a number of cannabis-infused products, coming into the limelight at a time when the market for legal cannabis-infused goods is exploding.
According to a report from Brightfield Group, a cannabis investment research firm, the international market for cannabis-related products is expected to hit $31.4 billion by 2021, up from $7.7 billion today.
Seattle-based Goodship makes products like chocolate bars, cookies, brownies and other confectionary products. The company boasts its products are made from “all-natural, sustainable, and locally sourced ingredients with organic and fair-trade chocolate,” helping its appeal to potential consumers. Goodship’s products can be found in 178 locations all across the state of Washington.
By joining Privateer Holdings, whose other cannabis-related products include Leafly, one of the top cannabis websites and Marley Natural, a premium cannabis lifestyle brand, Hall said Goodship can use the additional resources to expand.
“As a part of the Privateer Holdings family of brands, we now have the resources, capital and expertise to create new confections, test innovative flavors, host even more exciting events — and bring our products to adult consumers in new markets,” she added in the release.
Privateer Holdings CEO Brendan Kennedy said he was attracted to Goodship because of its products.
“We were instantly drawn to The Goodship because their team is already setting and exceeding the standard for what a cannabis edibles brand should be,” Kennedy said. “This is an exciting time to be in the cannabis industry, and we’re looking forward to working together to develop innovative products and bring Goodship to new legal markets across North America.”
Privateer has raised more than $150 million to invest in cannabis brands and has more than 500 employees across the U.S. and 7 other countries.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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