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April 1 2022,
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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.
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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 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.
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
Business:
- MSO Trulieve saw a big bump in Q4 revenue. Quarterly revenue at many smaller companies, was flat or declined.
- A dispensary employee is suing Curaleaf for “stealing tips.” The MSO was also named to TIME‘s list of most influential companies.
Bloomberg Law - Bright Green, a Florida company the DEA has licensed to grow for research purposes, plans to go public on the NASDAQ.
MarketWatch - Edibles maker Wana Brands is debuting a first in class augmented reality packaging.
Food Engineering - Cartoonist/ activist Brian “Box” Brown drew up brand maps for MSOs Terrascend and Ayr Wellness. That’s roughly what sardonic critic Chandler Easley means when he refers to, “A pathetic attempt to mislead consumers that they have options through your retail that are just a construct.”
- MG Retailer introduces 23 minority led brands.
- Colleges appear to attract more applications when their state legalizes.
University Business
States:
- New Jersey’s Senate President is calling for hearings into market delays.
Cannabis Wire - A spate of robberies in Washington state has officials and the industry blaming Congress for its failure to pass bank reform.
Law360 - MJ Brand Insights checks out Michigan’s first consumption lounge, Hot Box Social.
Health and Science:
- Positive drug tests from workers hit a two-decade high.
- The Washington Post explores the idea of paying people to stay off drugs.
Fun and Interesting:
- Jackie Bryant has a dispatch from Spannabis, in Barcelona, where she learned about Europe’s resurgent hash scene.
Cannabis Now
COMPANY MILESTONES
- Data shop Headset introduced the Bridge Marketing Module, a tool for brands to share data with retailers.
- The Patterson Inn, in Denver, is opening a consumption lounge. Parent company The 420 Hotels says its the country’s first recipient of a hotel-attached consumption lounge provisional license.
JOB MOVES
- Wana Brands named Sandy Li CFO.
- Wholesale marketplace LeafLink named former WeWork exec Artie Minson COO and director.
- TILT Holdings named Lynn Ricci VP investor relations and corporate communications.
IN THE WEEDS
- A new NORML report offers “best practices” for REC regulation.
- Lawyer David Feder looks at New York’s new regulations.
PRODUCT NEWS
- Vape maker Grenco Sciences released the new G Pen Elite II dry herb vaporizer. (Pictured)
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