It’s time for your Daily Hit of cannabis financial news for November 8th, 2021 .
On the Site
Curaleaf Buys Reef Dispensaries for $286 Million
Curaleaf Holdings, Inc. (OTCQX: CURLF) is buying western state operator Tryke Companies known for its Reef Dispensaries in a deal valued at approximately $286 million. The acquisition is expected to close in the second half of 2021. Curaleaf said it will be immediately accretive. Tryke is expected to deliver nearly $110 million in full year 2021 revenue.
Third Quarter Cannabis Company Index Recap Published
Green Market Report has published its third quarter recap for the Cannabis Company Index. The Index removed KushCo Holdings to reflect the acquisition by Greenlane, Gage Cannabis was removed due to TerrAscend’s pending acquisition of the company.
In Other News
Curaleaf Reports Third Quarter 2021 Results
Curaleaf reported a record revenue of $317 million for the third quarter, as reported last night. This represents a 2% sequential and 74% year-over-year growth. The company generated $52 million of positive operating cash flow.
GOP Introduces New Cannabis Bill
Marijuana Moment obtained a 116-page preliminary draft of a bill titled the States Reform Act, led by Rep. Nancy Mace (R-SC). The bill would deschedule cannabis at the federal level and regulate it similarly to alcohol.