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This week cannabis giant Canopy Growth (Nasdaq: CGC) said it was getting out of the retail store business. The company is selling off its Tokyo Smoke and Tweed stores. Canopy said it was focused on becoming profitable and that meant it would pivot to just becoming a consumer packaged goods company.
Green Market Report also posted a story this week looking at the cannabis company strategy of deferring tax payments. Many companies are seeing their tax bills grow every year while hoping that some form of legislation will get passed that could ease their tax burdens.
The Northern Lights SPAC was completed this week. Safe Harbor Financial is finally trading on the NASDAQ even though the company got a little less money than planned. However, investors are making sure Safe Harbor has enough money in the pipeline to keep it secure for several months.
Ascend Wellness announced that its CEO Adner Kurtin would step down after news surfaced of a domestic dispute. The company said it would have two interim co-CEO’s as it begins a search for a permanent replacement.
London-based British American Tobacco (BAT) acquired a minority stake in German marijuana company Sanity Group, and led the company to what it claims is the largest capital raise in European cannabis history. The BAT Group led the $37.6 million Series B capital raise for Sanity Group, which the release claimed was “Europe’s largest cannabis investment round to date.” The money will be used by Sanity Group to further expand its existing footprint and to prepare for further expansion once cannabis is fully legalized in Germany.
And finally, Vermont looks like it may be on track to begin adult-use sales on October 1. The state looked like it might get off to a slow start as some licensees said they didn’t have enough time to have a harvest ready by that date. But Slang with its Ceres Collaborative group announced its medical operation in Burlington would open on the planned start date as an adult use dispensary.