Pharmacann Archives - Green Market Report

Adam JacksonOctober 21, 2022
verilifeamherst.jpg?fit=800%2C650&ssl=1

4min12150

Verilife, a private Buffalo, New York dispensary owned by PharmaCann, Inc. will become the first location in the state to sell immature plant clones to certified medical cannabis patients and caregivers to grow in their home.

“New York’s certified patients have waited for this opportunity, and we could not be more excited for Verilife to lead New York’s medical cannabis industry into this new era,” said Jeremy Unruh, senior vice president of public and regulatory affairs for Verilife.

Verilife said in a news release that the company had spent months working with the Office of Cannabis Management (OCM) to provide home grow starter stock. The company added that ability to grow at home will make it more affordable for patients to have access to long-term treatment and relief.

The news comes a month after the New York Cannabis Control Board issued regulations to govern medical cannabis home cultivation allowing registered patients to grow as many as six plants of their own and for caregivers to grow up to 12 plants.

New York’s MMJ program had previously prohibited home cultivation.

New York regulations allow patients 21 years of age or older, with proper designation, to grow up to three mature and three immature cannabis plants at a given time. The state will also allow a designated caregiver for multiple patients to grow up to twice that amount of both immature and mature cannabis plants.

Verilife home cultivation clone strains include Lavender, Pineapple Super Silver Haze and Pink Lemonade. The company said that clones are available on a first-come, first-served basis at Verilife’s Amherst location while supplies last. All sales of medical plant matter are final.

Clones will eventually be available in more locations throughout the state.

“Verilife has been leading the charge in New York since day one,” said Unruh. “We were the first regulated cannabis operator licensed in the Empire State. We were the first to deliver regulated medical cannabis products to homebound medical patients. We were the first to wholesale our products to other medical dispensaries. Our patients know they can count on Verilife for best-in-class, safe and reliable products.”

It is one of the few aspects of the New York cannabis program that seems to be showing signs of progress. The adult-use program remains undefined by any established rules or regulations and the illicit market continues to be become more entrenched every day.


StaffSeptember 13, 2022
daily_hit001.png?fit=1200%2C344&ssl=1

6min1750

The Daily Hit is a recap of cannabis business news for Sept. 13, 2022.

ON THE SITE

Intra-Industry Ballot Measure Fight Brewing In Several L.A. County Cities

A political fight is building to a possible November crescendo in at least three beach towns in Los Angeles County, in which state-licensed marijuana companies are both supporting and opposing multiple ballot questions that are, on their face, pro-cannabis.

At issue are local ballot measures in Hermosa BeachManhattan Beach and Redondo Beach that would  force the cities to issue new cannabis business permits. But not everyone is happy with how the measures achieve that. Read more here.

PharmaCann Buys The Clinic For Undisclosed Amount

PharmaCann, one of the nation’s largest privately held, vertically integrated cannabis companies, is buying all four locations of The Clinic, a group of boutique Colorado marijuana dispensaries. The amount paid was not disclosed.

The planned acquisition will likely see all The Clinic locations rebranded to the popular LivWell brand.  Upon completion of the acquisition, LivWell, the state’s leading cannabis brand, will enjoy the largest presence in Colorado with 26 dispensaries in the Centennial State. Read more here.

Leading Testing Lab Could Soon Detect Same-Day Cannabis Use

Quest Diagnostics (NYSE: DGX) struck a deal with Hound Labs to become the sole provider of test results for a breathalyzer that can identify cannabis use within a few hours of testing. The partnership will give employers the ability to figure out whether an employee ingested or inhaled cannabis products immediately before or during the workday. Read more here. 

Fire & Flower Revenues Tick Down, Tech Services Improves

Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWD) posted mixed results as it faced industry-wide headwinds during the second quarter ended July 30. The company found some buoyancy during the period with its tech services, such as its delivery and member program.

Same-store sales were down year-over-year but increased sequentially on strength from the Spark Perks Member Pricing program. Read more here.

Green Market Report’s Cannabis Tech Awards Profile: CannaBiz Media, Best Platform Design

Sales and marketing are critical aspects of growing a business, but Cannabiz Media’s License Database goes further than any other customer relationship management platform to meet these goals for cannabis businesses. This is why Green Market Report honored Cannabis Media at the first ever  Green Market Report Tech Awards in San Francisco. Read more about Cannabiz Media’s innovative platform here.

IN OTHER NEWS

Green Acre Capital Distribution Corp. Increases Stake In US Distribution Joint Venture With Humble & Fume

Green Acre Capital Distribution Corp. invested $6 million into HC Solutions Holdings, its joint venture with cannabis distributor Humble & Fume (CSE: HMBL) (OTCQX: HUMBF), increasing its ownership interest to 45%. Green Acre funded its investment through an option agreement with Johnson Brothers, a wine, spirits and beer distributor in the United States. Read more here.


Debra BorchardtSeptember 12, 2022
LivWell.png?fit=385%2C385&ssl=1

3min2680

PharmaCann, one of the nation’s largest privately held, vertically integrated cannabis companies, is buying all four locations of The Clinic, a group of boutique Colorado marijuana dispensaries. The amount paid was not disclosed.

The planned acquisition will likely see all The Clinic locations rebranded to the popular LivWell brand.  Upon completion of the acquisition, LivWell, the state’s leading cannabis brand, will enjoy the largest presence in Colorado with 26 dispensaries in the Centennial State.

The Clinic’s dispensary locations are within the Denver metro area and offer award-winning cannabis products and accessories to both recreational customers and medical patients.

“PharmaCann’s acquisition of The Clinic’s dispensaries expands our presence in Colorado, bolstering the LivWell brand’s prominence as a locally renowned cannabis brand in the state with strong ties to local communities,” said Brett Novey, CEO of PharmaCann. “We look forward to continuing to bring our world-class cannabis products to the patients and customers of Colorado’s largest dispensary footprint.”

Upon completion of the planned acquisition, PharmaCann’s operations will include 26 LivWell dispensaries in Colorado.  PharmaCann currently operates 55 dispensaries and nine cultivation and production facilities across eight states.

“When we started LivWell 13 years ago this October, we never imagined becoming part of one of the largest and most admired cannabis companies in Colorado, let alone the nation,” said Chris Mapson, PharmaCann’s Vice President of Marketing. “Joining the PharmaCann family and continuing to grow the LivWell brand through acquisitions solidifies LivWell as the largest brand in Colorado and one of the most recognizable and respected brands in the U.S.”

The closing of the transaction is subject to state and local regulatory approvals.


StaffMay 31, 2022
shutterstock_1241494456.jpg?fit=960%2C641&ssl=1

6min3310

Southern rock band the Allman Brothers Band has become the latest music group to create a cannabis brand. The Allman Brothers Band is launching a strain of flowered in Illinois called Chocolate Chunk. It is an indica dominant strain available in 3.5g and will be exclusively sold at Verilife dispensaries, which are owned by Pharmacann.

“The Allman Brothers Band pioneered the Southern rock sound that is synonymous with cannabis,” said Erika Salgado, Chief Marketing Officer of Verilife. “With this collaboration, our goal is to create cannabis products that capture the essence of the band.”

Dramatic Back Stage Stories

The products are marketed as enhancing life’s simple pleasures through relaxation, connection, healing, and having fun and suggesting this is a hallmark of the band’s music. However, the band was mostly known for its dramatic ups and downs.

The Allman Brothers band was formed in 1969 and was known as a jam band. It was also marred by tragedy when the leader Duane Allman died in a motorcycle accident in 1971. The Allman Brothers have stopped performing and regrouped several times over the past few decades. The band retired for good in October 2014 after their final show at the Beacon Theatre in New York City. Band member Butch Trucks died of a self-inflicted gunshot wound on January 24, 2017, in West Palm Beach, Florida, at the age of 69. Gregg Allman died from complications arising from liver cancer on May 27, 2017, at his home in Georgia, also at the age of 69. Gregg Allman was accused of being a “snitch” when he got involved in a drug charge with the band’s security manager and took a deal from the state. However, Allman maintained that he was asked to testify by Scooter Herring who agreed to take the fall for the drug charges. He was eventually pardoned by President Jimmy Carter.

Launching with flower and pre-rolls, this new product line will eventually include edibles and vapes. Verilife is operated by PharmaCann Inc., one of the nation’s largest privately held, vertically integrated cannabis companies. The products will be available beginning Saturday, May 28, at all eight Illinois Verilife locations.

“It has been the honor of my life to play in this band and it continues to be an honor to extend our brand in ways my bandmates could never have imagined,” said Jaimoe, founding member of the Allman Brothers Band. “This collaboration with Verilife is an opportunity to share the Allman Brothers Band experience with fans. We cannot wait to hear how people enjoy matter. and what it brings to their lives.”  Jai Johanny Johanson (Jaimoe) was chosen by Duane Allman to be in the band as its drummer.


StaffOctober 15, 2021
hemp-2.jpg?fit=960%2C640&ssl=1

3min1360

This story is republished with approval from Crain’s Chicago Business.

by John Pletz

PharmaCann is adding Colorado and Michigan to the states where it grows and sells cannabis.

The Chicago-based company will buy LivWell for an undisclosed price. LivWell was founded in Denver in 2009 and has 21 stores in Colorado, which was the first U.S. state to legalize recreational marijuana. It also is building a cultivation facility in Michigan. PharmaCann said LivWell founder John Lord will join its board.

The acquisition will give PharmaCann about 60 dispensaries, including eight in Illinois, and 11 cultivation facilities.

PharmaCann, which employs about 1,200 workers, is one of four Chicago-based cannabis companies that do business in multiple states, including Cresco Labs, Green Thumb Industries and Verano Holdings. PharmaCann, which two years ago called off a deal to be acquired by MedMen, is the only one of the four that isn’t publicly traded. It’s considering an IPO, Reuters recently reported.

The marijuana industry continues to consolidate, and more companies, such as Ascend Wellness, are going public and acquiring competitors.

PharmaCann declined to comment on the possibility of IPO, but extending its reach to additional markets could make it more attractive to investors.

In addition to its home state, PharmaCann operates in Maryland, Massachusetts, New York, Ohio and Pennsylvania. It recently raised $85 million in a debt offering.


StaffOctober 12, 2021
LiWell.jpg?fit=225%2C225&ssl=1

4min860

Privately-held PharmaCann Inc. is buying Colorado-based LivWell Enlightened Health for an undisclosed amount. Once the deal is closed, PharmaCann and LivWell would operate approximately 60 dispensaries and 11 cultivation and production facilities across eight states.

LivWell has grown from a single location to a  multi-state cannabis company with operations in Colorado and Michigan. LivWell is a vertically integrated seed-to-sale cannabis retailer. In addition to cultivating cannabis, LivWell researches, extracts, and manufactures its own brands to consistently bring its customers quality products across multiple categories including topicals, edibles, tinctures, CBD pet tinctures, concentrates, and vaporizers.

“It is a privilege to join teams with LivWell, one of the longest-tenured cannabis operators in the industry, with a shared commitment to improving people’s lives through cannabis,” said Brett Novey, CEO of PharmaCann. “This transformative merger significantly increases PharmaCann’s presence in the second and third-largest cannabis markets in the U.S. and provides a strong foundational team and operational platform for PharmaCann’s further expansion into new states. Together we will implement best practices across all of our operations and build upon LivWell’s strong brand and expertise in producing low-cost, high-quality products.”

At one time, MedMen was going to buy PharmaCann, but that deal fell through in 2019. Since then the company has remained private and currently operates four medical cannabis retail stores and a cultivation facility in New York. In June 2021, Pharmacann raised almost $80 million in a private offering of Senior Secured Notes. In August it was reported that the company submitted paperwork for an IPO to U.S. and Canadian regulators. The company reportedly did $75 million in revenues in 2019 and is said to have doubled that number in 2020.

“We are excited for this partnership with a stalwart of the U.S. cannabis industry,” said John Lord, Founder, and CEO of LivWell Enlightened Health. “PharmaCann’s undeniable financial expertise and LivWell’s proven operational leadership makes this merger the perfect combination to further the patient and customer experience on an expanding national level.” The company said it expects that John Lord will join the PharmaCann Board of Directors following the closing of the transaction.

Canaccord Genuity Corp. served as financial advisor and Perkins Coie, LLP served as legal advisor to PharmaCann. Canaccord Genuity Corp. also provided a fairness opinion to the board of directors of PharmaCann.

 


Debra BorchardtJune 14, 2021
Verilife.jpg?fit=800%2C650&ssl=1

4min1040

Canadian-based Cronos Group Inc. (NASDAQ: CRON) stock was rising over 2% on news that the company was buying an option to acquire 10.5% of U.S.-based PharmaCann for $110.4 million. The company said that the option exercise will be based upon various factors, including the status of U.S. federal cannabis legalization, as well as regulatory approvals, including in the states where PharmaCann operates that may be required upon exercise.

PharmaCann remains a privately-owned company that has a broad geographic footprint in the U.S. that includes six production facilities and 23 dispensaries operating under the Verilife brand across six limited license states: New York, Illinois, Ohio, Maryland, Pennsylvania, and Massachusetts. The New England states are particularly valuable. Pennsylvania and New York are only legal for sales of medical marijuana at this time, but New York adult-use sales will begin in 2022. The market is expected to be one of the largest in the country. Massachusetts continues to set records with its adult-use sales and Pennsylvania is expected to eventually follow suit. PharmaCann said it continues to invest in its manufacturing infrastructure and brand development to capitalize on the significant consumer retail and business-to-business wholesale opportunities.

Canadian companies are unable to trade on the Canadian securities exchanges if there is any U.S. company ownership since cannabis is still federally illegal in the U.S. This option will get triggered if the U.S. removes the illegality of cannabis sales at the federal level. It is a similar strategy that Canopy Growth (NASDAQ: CGC) took with its option with Acreage Holdings.

“Our U.S. growth strategy focuses on delivering long term shareholder value by assembling a best-in-class brand and intellectual property portfolio and positioning to deploy our products in the U.S. market through investments and opportunities with U.S. leaders who share our vision and commitment to responsibly distributing disruptive cannabinoid products that improve people’s lives,” said Kurt Schmidt, President and Chief Executive Officer of Cronos Group. “We were attracted to PharmaCann as an investment because of their disciplined capital allocation, strong track-record and compelling licensed manufacturing and retail footprint. Further, we are excited to partner with PharmaCann because of our shared commitment to elevating product quality and consistency through science and best in class operations and manufacturing.”

Once the option is exercised, Cronos Group and PharmaCann will enter into commercial agreements that would allow each other to sell products through either party’s distribution channels. In addition, Cronos Group and PharmaCann could enter into an investor rights agreement that would provide Cronos Group with certain governance rights, such as a board seat or board observer subject to certain conditions, and a registration rights agreement that would provide Cronos Group with customary registration rights of PharmaCann common stock.

“We are pleased to announce our strategic alliance with Cronos Group,” said Brett Novey, Chief Executive Officer of PharmaCann. “This investment validates our position as a leading vertically integrated U.S. cannabis company and highlights our ability to continue to expand and enhance our strong asset base. We are excited to work with Cronos Group as we advance PharmaCann’s mission to improve people’s lives through cannabis.”


Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.


About Us

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


READ MORE



Recent Tweets

@GreenMarketRpt – 10 hours

New Colorado Rules: More Packaging Mandates, But Also Supply Chain Flexibility

@GreenMarketRpt – 11 hours

Michigan Gov. Whitmer Makes Marijuana Top Cop’s Role Permanent

@GreenMarketRpt – 15 hours

Michigan Man Who Halted Some NY Licensing Suing Los Angeles

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

By continuing I agree to your Privacy Policy and consent to receive relevant newsletters and other email communications on events, editorial features, and special partner offers from Green Market Report. I can unsubscribe or change my email preferences at any time.