It’s time for your Daily Hit of cannabis financial news for April 19, 2021.
On The Site
Jushi Holdings Inc. (OTCMKTS: JUSHF) is buying a vertically integrated single state operator in Massachusetts called Nature’s Remedy of Massachusetts, Inc. in a deal valued at $110 million. The acquisition is expected to close in the second half of 2021. Nature’s Remedy currently operates two retail dispensaries, in Millbury, MA and Tyngsborough, MA, and a 50,000 sq. ft. cultivation and production facility in Lakeville, MA with approximately 19,500 sq. ft. of high-quality indoor flower canopy and state-of-the-art extraction and manufacturing capabilities.
While most people in the cannabis industry are gearing up for the high holiday of April, 20 or 420, our good friends in the psychedelic industry have their own day of celebration. It’s called Bicycle Day and it falls on April 19. The history is that on April 19, 1943, Albert Hofmann, the Swiss father of psychedelic medicine, dropped lysergic acid diethylamide (LSD) at 4:20 pm, interestingly enough, and went on a bike ride, becoming the first human to trip on LSD.
One would think there is little to innovate when it comes to smoking accessories. A pipe is a pipe. A bong is a bong. Yet, there are some cannabis consumers who believe the simplest devices can be improved upon. These companies have brought some of the most innovative industrial designs to the table to create some impressive products. The combination of functionality and high-tech features will make any cannabis consumer weep with joy. Granted the price tags on these products are not for everyone, but the experience may make the splurge worth it.
In Other News
Parallel, one of the largest privately-held multi-state cannabis operators in the United States (U.S.), today announced it will make a $25 million dollar investment in a new state-of-the art cannabis cultivation, production and retail facility in Texas. This financial commitment expands Parallel’s ability to meet the growing patient demand for medical cannabis products in the Lone Star State. The planned 63,000 square-foot facility is expected to create hundreds of new jobs in the San Marcos region.
The company is also introducing its goodblend™ retail brand, as it is changing the name of Surterra Texas to goodblend Texas (goodblend). This is the second market where Parallel has introduced the goodblend name, joining goodblend Pennsylvania; over time the company will evaluate opportunities to roll-out the brand in its existing markets. The goodblend retail brand reflects Parallel’s intent to lead the way to the future of cannabis by providing its customers a trusted, consistent and seamless way for them to connect and learn, and to access innovative, high-quality cannabis products in a variety of form factors. The brand is about welcoming every type of customer and being an approachable source for our customers’ well-being.