Tag: million

Schwazze completes $72.3 million acquisition of 13 Colorado cannabis stores

Schwazze, a Denver-based vertically integrated cannabis operator, said it has acquired the five remaining Star Buds retail outlets in Colorado for $72.3 million, including $27.5 million in cash. With the acquisition, Schwazze, formerly Medicine Man Technologies, now owns and operates all 13 Star Buds locations in Colorado. The terms of the latest acquisition included $26.9 […]

Canada Revenue Agency has fined cannabis firms CA$1.3 million since adult-use market launch

The Canada Revenue Agency (CRA) has issued cannabis-related fines totaling 1.3 million Canadian dollars ($1 million) since adult-use marijuana was legalized in October 2018, Marijuana Business Daily has learned. The nearly two-dozen penalties for violations of the Excise Act include one large levy of approximately CA$500,000, according to the CRA, which collects taxes and administers […]

Ascend Wellness acquires most of MedMen’s NY cannabis operation for $63 million

Massachusetts-based Ascend Wellness Holdings is acquiring an 86.7% interest in financially strapped MedMen Enterprise’s cannabis operation in New York for $63 million, according to a definitive agreement announced Friday. Multistate operator Ascend Wellness Holdings (AWH) has an option to acquire the remaining equity in the New York operation for $10 million, contingent on the launch […]

Ex-Eaze CEO pleads guilty in $100 million marijuana payment scheme

The former CEO of California cannabis delivery platform Eaze pleaded guilty to one count of conspiracy to commit bank fraud in connection with an alleged scheme to deceive banks into processing more than $100 million worth of credit and debit payments for marijuana purchases. James Patterson’s plea, reported Friday by Law360.com, comes a week before […]

California medical cannabis dispensary owes $4.2 million, US Tax Court rules

A subsidiary of California-based cannabis retailer Harborside must pay nearly $4.2 million in back taxes and penalties after losing a case in U.S. Tax Court. The Tax Court determined in a decision issued Wednesday that San Jose Wellness, the Harborside subsidiary, can’t claim tax deductions for depreciation or charitable contributions under Section 280E of the […]

Cannabis producer Tilray reports $271 million loss for year

Cannabis producer Tilray cut its annual loss to $271 million for 2020, an improvement from the Nanaimo, British Columbia company’s $321 million loss in 2019, according to the full year and fourth quarter results released Wednesday. Tilray, which is on the verge of being merged with its Canadian peer Aphria, lost just $3 million in […]

Cannabis firm Agrify prices share offering to raise $75 million

Ancillary cannabis company Agrify priced an underwritten public offering to raise $75 million, less than a month after raising $54 million in an initial public offering. The Massachusetts-based developer of indoor agriculture technology will sell roughly 5.6 million shares of common stock at $13.50 per share. Proceeds from the raise will be used “for working […]

Power REIT raises $36.7 million in rights offering for marijuana acquisitions

Specialty real estate investment trust Power REIT, which has a portfolio that includes marijuana production facilities, raised $37 million through a rights offering that sold roughly 1.4 million shares at $26.50 per share. “The capital generated from the rights offering provides Power REIT with the immediate ability to continue its growth strategy through accretive acquisitions,” […]

iAnthus receives $11 million loan, go-ahead to finish NJ cannabis facility

Cannabis multistate operator iAnthus said it has closed on $11 million of financing to complete a build-out and improvements of a cultivation and processing facility in New Jersey. The facility is the subject of litigation between MPX New Jersey and iAnthus, which said in a statement it received permission from a New Jersey court on […]

Power REIT acquires Canndescent cannabis greenhouse for $7.7 million

New York-based Power REIT on Thursday announced the acquisition of a 37,000-square-foot Southern California greenhouse used for cultivation of commercial cannabis in a cash and stock deal worth $7.7 million. The Riverside County property, which is already leased to cultivator and flower brand Canndescent, was acquired from another private real estate investment trust, Power REIT […]