April 1 2022,

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THE BIG IDEA

Hi all,

We’re excited to introduce our new WeedWeek California Pro newsletter, the only publication for people who make money in the world’s largest cannabis market.

 A two-week trial costs just $1.

In today’s newsletter:

  • Etain snapped up for $247M, mostly cash

Enjoy,

Alex

 

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NY LICENSE HOLDER ETAIN ACQUIRED FOR $247M

etain
(Photo by Spencer Platt/Getty Images)

Etain Health, one of 10 New York license holders, was acquired by RIV Capital, an investment fund backed by publicly-traded Scotts Miracle-Gro, for $247M.
Reuters

  • RIV named Scotts executive Mark Sims Etain’s new CEO.
  • Etain is a vertically integrated operator with four New York stores.
  • Gardening supply company Scotts has seen its stock soar in recent years after becoming a major equipment supplier for growers under its Hawthorne Gardening brand.
  • Of the $247M price tag, $212M is in cash, an unusually high percentage in the cannabiz.
  • Entrepreneur Christine de la Rosa suggests Etain is making off better than MSO Columbia Care which agreed to be acquired, days ago, for $2B, $0 in cash.
    Forbes 

If, as appears likely, MSO MedMen has seller’s remorse for selling most of its New York business, the Etain deal would appear to vindicate that sentiment.

Read the whole story.

QUICK HITS

Politics:

  • The House is set to pass the progressive legalization bill The MORE Act for a second time. Legalization supporting Rep. Dave Joyce (R- Ohio) circulated a memo on why he opposes it. Republican Senator Steve Daines said it wouldn’t pass the upper chamber.
    Politico, Bloomberg

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Grenco Science’s G Pen Elite II, Courtesy: Grenco Science

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