The Daily Hit is a recap of cannabis business news for Jan. 4, 2023.
ON THE SITE
Aurora Cannabis Sells Polaris Greenhouse, Struggles with Cash Burn
Aurora Cannabis Inc. (Nasdaq: ACB) (TSX: ACB) closed the sale of its Aurora Polaris facility for approximately $15 million. The company has been trimming its expenses over the past two years by selling off and consolidating its various production facilities, while looking overseas for growth opportunities as the U.S. remains in legalization purgatory. Read more here.
Virgin Islands Votes to Legalize Adult-Use Cannabis
The U.S. Virgin Islands Senate voted to legalize adult recreational cannabis use, sending the legislation known as Bill 34-0345 to Gov. Albert Bryan Jr. for signature. Medical cannabis has been legal in the Virgin Islands since 2019. Read more here.
Sunset Island Buys Calamus for Undisclosed Amount
Sunset Island Group Inc. (OTC: SIGO) has purchased Calamus Brands for an undisclosed amount. Sunset Islands said that the acquisition of Calamus Brands would allow it to expand its operation. The company statement said that the expansion, when completed, would include 205,000 square feet of cannabis operations. Read more here.
Illinois Incubator Takes Action for Minority Cannabis
One cannabis group in Illinois has decided to take social equity matters into its own hands. The 1937 Group launched a new social equity incubator to address the very unequal distribution of cannabis licenses in the state. Read more here.
IN OTHER NEWS
Atlas Global Brands
Atlas Global Brands Inc. completed its reverse take-over transaction with Atlas Biotechnologies Inc., AgMedica Bioscience Inc., and Cambrosia Ltd., and the concurrent acquisition by Cambrosia of Tlalim Pappo Ltd., Pharmacy Baron Ltd., and R.J. Regavim Ventures Ltd., privately held operating cannabis pharmacies in Israel. The companies will join to form Atlas Global Brands Inc., which expects to begin trading on the Canadian Securities Exchange on Jan. 13 under the ticker symbol ATL. Read more here.
In just seven days, Affinity Health and Wellness medical marijuana dispensary will become one of nine hybrid cannabis dispensaries in Connecticut selling products for general adult use. The move will allow the company to tap into an industry that’s estimated to bring in $73 million in state revenue by 2026. Read more here.
New York Office of Cannabis Management
New York’s Office of Cannabis Management missed a deadline mandated by the state’s cannabis law to produce a social and economic equity plan, which is meant to guide the rollout of the state’s emerging marijuana industry. The agency said it will submit a report about its “social equity-related activities” by the end of the week. Read more here.