Planet 13 Awarded Nevada Dispensary License

Planet 13 awarded Nevada retail cannabis license through settlement of the lawsuit against the Nevada Department of Taxation

NEVADA:  Planet 13 Holdings Inc., a leading vertically-integrated Nevada cannabis company, today announced it has agreed to a settlement of its ongoing lawsuit against the Nevada Department of Taxation and other parties which subsequently joined the litigation. As part of the Settlement, Planet 13 is receiving one provisional adult-use dispensary license in unincorporated Clark County, Nevada. The License will be used to re-open Planet 13’s former dispensary located at 4850 Sunset Road in Las Vegas, Nevada that closed on October 30, 2018 (the “Medizin Dispensary”).

“We’ve always known that as one of the top operators in Nevada, responsible for 9% of the state’s sales, we deserved to win a license from the Nevada Department of Taxation. Although we are not happy with how long the process took for us to obtain the license to re-open our original location, we are thrilled to be able to service our loyal customers who supported Planet 13 from day one,” said Larry Scheffler, Co-CEO of Planet 13. “The Medizin Dispensary at 4850 Sunset Road in Las Vegas is a fully built-out 4,750 sq. ft. store that offers the same dedication to customer service, high-quality products, and innovation that Planet 13 is known for, all in a compact footprint designed to compliment its local neighborhood.”

The Medizin Dispensary was closed on October 30, 2018, to transfer the license to the Planet 13 SuperStore located next to the Las Vegas Strip. During the last full quarter of operations, Q3 2018, the Medizin Dispensary generated $4.9 million in revenue with a gross margin of 53%. The Medizin Dispensary requires no additional CAPEX to open.

Nevada CCB Launches Investigations Into Three Nevada Dispensaries, Selling Potentially Unsafe Product

NEVADA: The Nevada Cannabis Compliance Board (CCB) has opened investigations into three dispensaries for selling product that twice failed microbial testing.

On March 5, 2020, the Department of Taxation and CCB issued a directive to all dispensary/retail stores to immediately stop selling the product, Cherry OG F3, which failed laboratory testing for yeast and mold, coliforms, Enterobacteriaceae and Aspergillus.

At that time, the CCB instructed dispensary/retail stores to destroy or return the affected product to the cultivator and communicate that they took such action with the State. Despite the CCB’s directive, it appears three dispensaries retained their inventory of Cherry OG and began selling the product again in May.

Approximately 375 grams of the Cherry OG product were sold between May 19, 2020 and June 29, 2020 at the following Retail Stores/Medical Dispensaries:

1. Waveseer of Las Vegas, LLC (Jenny’s Dispensary), 5530 N Decatur Blvd, Las Vegas, NV 89130 (License # 83760475147127946601);

2. Paradise Wellness Center, LLC (Las Vegas ReLeaf), 2244 Paradise Road, Las Vegas, NV 89104 (License # 54283805068313943868); and

3. Desert Aire Wellness, LLC (Sahara Wellness), 420 E Sahara Ave, Las Vegas, NV 89104 (License # 25729455103203031356)

On May 16, 2020, a hold on the product was temporarily lifted due to a CCB error that occurred during an unrelated investigation. However, the CCB’s health and safety advisory remained in effect; and under the directive, dispensaries should not have had the product in their inventory.

The CCB advises those who have purchased the product to avoid consuming it. Consumers should check any Cherry OG products for the source package # 1A404030000076F000006649. The CCB notified the aforementioned dispensaries and initiated investigations which are ongoing. There are no known reports of illness.

Recap: Nevada Cannabis Compliance Board’s Inaugural Board Meeting

NEVADA: This week the Nevada Cannabis Compliance Board (CCB) held its first board meeting at the Grant Sawyer Building. Led by former Nevada Supreme Court Chief Justice Michael Douglas, who serves as Chair, the CCB moved to approve its core set of regulations, the Nevada Cannabis Compliance Regulations (NCCR 1-14).

Moving forward, the NCCR 1-14 will guide regulation of the cannabis industry in this State. Within those regulations, some highlights include: -An increase to all civil penalty categories (NCCR 4). -A more expansive and comprehensive licensing and approval structure for cannabis companies, owners and employees (NCCR 5). -Enhanced requirements for cannabis testing facilities, including more transparency of results (NCCR 11).

Additionally, the CCB voted to lift the extended review period, now allowing for the processing of transfers of interest. The extended review period was put into place last year, at the recommendation of the special task force, formed by Governor Steve Sisolak, to ensure a more thorough and appropriate vetting process within the cannabis industry.

Lastly, the CCB approved a disciplinary settlement with CWNevada, which held 14 licenses and certificates in this State. The settlement includes the revocation of six licenses, a fine of $1.25 million, remittance of all taxes owed in the amount of $1.5 million, and the forced sale of all remaining licenses to pay back owed employee wages and other financial obligations.

All registered owners of CWNevada will not be allowed to collect any proceeds from the sale and could face additional discipline. The full board meeting can be viewed here. The final NCCR 1-14 can be found here

iAnthus Expands Nevada Footprint With Agreement To Acquire Vertically Integrated Northern Nevada Operator

NEVADA:  iAnthus Capital Holdings, which owns, operates, and partners with best-in-class regulated cannabis operations across the United States, announced that its U.S. subsidiary has entered into an agreement to acquire WSCC, Inc. (“Sierra Well“), a leading Nevada-based vertically licensed cannabis company with two dispensary locations and over 20,000 square feet of cultivation/production facilities in Reno and Carson City.

The acquisition will enhance iAnthus’ presence and accelerate growth efforts in Nevada, which represents an approximately US$640 million adult-use and medical cannabis market growing at over 20% annually, based on data made publicly available by the Nevada Department of Taxation. In conjunction with its current operations, iAnthus’ footprint will be as follows:

  • 6 dispensary Nevada licenses across the state, which includes two currently operating dispensaries under the Sierra Well brand.
  • 50,000 square feet of Nevada cultivation and processing capabilities to further capitalize on strong production and distribution capabilities in the state (MPX-branded products, including award-winning concentrates and recently launched edibles, are currently sold in over 40% of dispensaries in Nevada).
  • Pro forma open dispensary count of 29 stores nationwide.

Sierra Well was founded in 2014, and opened its Reno location in 2015 and its Carson City location in 2016. On an unaudited standalone basis (prepared in accordance with US GAAP), Sierra Well’s last quarter annualized revenue was approximately US$16 million with an EBITDA (non-IFRS) margin above 20% and positive net income.

The transaction is expected to close in the first half of 2020, subject to customary regulatory approvals including approval of the license transfers by the Nevada Department of Taxation. Upon closing of the transaction, the Sierra Well dispensaries will be renamed under the Company’s Be. brand, which is being launched nationwide in October 2019.

“Strengthening our foothold in one of the most successful adult-use cannabis markets is consistent with our strategy to deliver iAnthus’ nationally recognized products in premier markets,” said Hadley Ford, CEO of iAnthus. “This strategic transaction will allow us to scale our Nevada operations, add talent, and solidify both our retail and brand presence in both the Northern and Southern portions of the state.”

“We’re excited to join the iAnthus team and look forward to expanding our business with the expertise of a tried and tested multi-state operator,” said Steven Nightingale, Chairman of the Board of Sierra Well. “We at Sierra Well see this partnership as a perfect fit, one that will allow our dynamic workforce to deepen their ability to provide top-notch service and products to the communities of Reno and Carson City.”

Cresco Labs’ Mindy’s Edibles Ranks First for Cannabis Edible Sales In Nevada

ILLINOIS: Cresco Labs, one of the largest vertically integrated multistate cannabis operators in the United States, is excited to announce that its Mindy’s Kitchen brand has been ranked the top selling edible in Nevada according to Headset, the first real-time data analytics and business intelligence platform for the cannabis industry. In partnership with Cresco Labs, James Beard Award-winning chef Mindy Segal created the industry’s first culinary-backed, cannabis-infused edibles, with a six-state distribution planned for 2019. In Nevada, Mindy’s Pink Lemonade Gummies, Strawberry Sparkling Wine Hard Sweets and Wild Cherry Gummies, ranked first, ninth and tenth, respectively, by Headset, for edible sales in the state.

“We launched Mindy’s Edibles in Nevada in mid-August and, in less than six months, our products are now carried in 62 out of 67 dispensaries in the state,” said Cresco Labs CEO and co-founder Charles Bachtell. “Our proven ability to create brands that resonate with each consumer segment and establish a dominant retail market position is a key differentiator for Cresco Labs.”

Mindy’s Artisanal Edibles include a line of decadent chocolate brittle bars and homespun baked goods infused with clear distillate allowing the best ingredients to shine through. The Mindy’s Kitchen brand – a collaboration between Mindy and her talented group of chefs – offers fun, fruity confections for everyday enjoyability and effectiveness. The confections are infused with RSO and winterized sativa, indica and hybrid oil that complement the approachable flavors. Mindy’s Edibles are produced and distributed in partnership with Silver State Wellness in Nevada.

Larry Reed Tours SoL Reno

By Larry Reed, Man On Weed

I was recently invited to tour the SoL facilities in Reno, NV.  The vertically integrated cannabis company is a sponsor of The 4th Annual Jack Herer Cup in Las Vegas, NV.  Named after the man who racked up hundreds of  thousands of miles crossing the country for nearly 40 years campaigning to restore the hemp plant to American agriculture, The Jack Herer Cup is different from the normal cannabis cups you might be familiar with. It’s not three days, there is no vending, and you won’t find $5 dab stations. This Cup is a very respectful way to say thank you to someone who has in some way shape or form taken care of your family by helping his family.

 

Sol_logo_withsocialLocated about 15 minutes south of Reno, “The Biggest Little City In The World,” SoL’s location is easy to get to from anywhere in the area and worth the drive even if you’re not, because what you will see there is that epic!  After signing in at the welcome desk, and entering through the security door, I turn left and whamo: a continuous span of 20 foot high windows, over 100ft long,  that provide a view into the field of mean green goodness! The complete view of the working garden is right before your eyes: 1,000 cannabis plants all in bud cycle producing an amazing landscape of colas super swollen, trichomes glistening in the light and the aroma of Mother Nature’s finest bouquet of cannabis.

Are you familiar with the term “hog leg?” Pungent with distinctive terpene profiles pack in the 23,000 square foot greenhouse! All grown in natural sunlight. I’m no scientist but it would seem to me that 1 Sun is greater than however many lights you want to try and emulate the most powerful light source in our universe.  No corners were cut in the creation of SoL, the greenhouse is on the forefront of technology in the under roof organic cannabis farm. There is even a 3 foot riser that allows you to see over the canopy. Think Bob Ross after he paints happy autumn trees. All of this is in the lounge area. Yes a lounge area, a kin to a common area in library or office, a place to decompress, perhaps grab a beverage from the coffee bar (yes there really is a coffee bar there) and go view what is happening in the commercial kitchen. Commercial Kitchen? Yes, the row of windows that permit you to see in the farm terminate into the side of the kitchen that is also behind windows.  Transparency, that is what is happening here: from the transparent garden roof to the see through walls, the glass windows of the kitchen, all in full view. And for good reason, SoL has an amazing chef ready to create and everyone gets to watch his culinary creations.

If you’re able to pull yourself away from the cannabis carnival going on in your ocular sockets, there is still the state of the art dispensary to visit.

A wonderful combination of high tech meets hands on.  Digital menus drape the walls giving you the luxury of strolling and shopping while being able to see the menu from any place in the dispensary.  Between the menus, the walls are adorned with helpful information and an innovative way of helping you decide which cannabis fits what effects you are desiring.  It really will help you, if maybe you have a hard time deciding over 100 different medical and recreational cannabis products.

How did this gregarious garden of ganja, the Taj Mahal of THC transparency, this kingdom of kindness ever to come into existence.  It was the brainchild of Ed Alexander and his partners; each facet of the facility has been well thought out and implemented to provide a very warm and welcoming experience to all that visit.  Two things really jump out at you when you meet Ed, first, he puts the effort in to do it right.  When I asked about his timing into the market he replied. “SoL could have been known for being first. but we would rather be known as the one(s) that lasted”.

SoL’s sponsorship of the Jack Herer Cup fits into the company philosophy. “Jack was all about making cannabis transparent, seeing what was actually behind all the misinformation, it is our plan to keep that going,” Alexander told me. “That’s why SoL is better.”

After you’ve reached your buying limit and have tickled your THC bone so much that you just gotta get going, you exit onto a 2,000 sq ft deck, complete with comfy couches to relax and enjoy the mountain air.  Look to the horizon and you see the largest ski mountain in the area. The trails are visible from the deck and with adult use facilities on the horizon, this space is going to be a favorite for weeders world wide.

From the moment you walk in to the last moment you walk out, the motto repeats itself, SoL is better. SoL provides you with the most unique experience in the emerging dispensary market that can be found today.  SoL’s grand opening celebration kicks of October 26/27/28, lots of good times and great cannabis, make it if you can, tell them Larry Reed sent ya.

MedMen Nevada 2 LLC Distributes To Members Shares Redeemable For Class B Subordinate Voting Shares Of MedMen Enterprises

CALIFORNIA: The MedMen of Nevada 2 LLC announced that on September 5, 2018 it disposed of, by way of distribution in accordance with its constating documents to the members of the Securityholder, 16,574,460 Class B Common Shares of MM Can USA, Inc., a subsidiary of MedMen Enterprises Inc.

Pursuant to the articles of incorporation of PC Corp and the Support Agreement dated as of May 28, 2018 between the Issuer, PC Corp and MM Enterprises USA, LLC, and subject to the terms and conditions thereof, such distributed Class B Shares may be redeemed from time to time by the holders thereof for cash or an equivalent number of Class B Subordinate Voting Shares of the Issuer, with the form of such redemption consideration being at the option of PC Corp.

The Distributed Shares represent ownership and control of approximately 26% of the Issuer’s issued and outstanding Subordinate Voting Shares on a partially-diluted basis and approximately 4% on a fully-diluted basis. The Securityholder does not currently own or control any Subordinate Voting Shares or any other securities of the Issuer, PC Corp or the LLC.

The distribution by the Securityholder to its members of the Distributed Shares was made in connection with the wind-up of the Securityholder’s operations.

For further information, please contact Investor Relations, MedMen Enterprises, at investors@medmen.com.

 

Isodiol Agrees To Acquire 51% Of Round Mountain Technologies, Commences Certified Organic Hemp Farming in Nevada

CANADA: Isodiol International, a global CBD innovator specializing in hemp based health and wellness products, the development of pharmaceutical CBD delivery methods and the manufacturing of a pure, natural CBD as an Active Pharmaceutical Ingredient for use in finished pharmaceutical products, is pleased to announce that it has entered into a binding agreement to acquire 51% of Round Mountain Technologies, a cultivator of organic hemp with operations in Nevada.

RMT holds a license from the State of Nevada to cultivate organic hemp in Nye County.  The property consists of approximately 155 acres, of which RMT and Isodiol intend to plant 70 acres within the coming weeks, initially.  RMT and Isodiol will contribute to Nevada’s local economy by ensuring that all hemp harvested by RMT will be processed within the State of Nevada.

Logo-Isodiol-1500wUnder the terms of the agreement, Isodiol will commit funding of US$400,000 in cash to RMT for working capital and general obligations and issue US$250,000 in Isodiol stock based on the May 22, 2018 closing price, subject to 36-month lock-up/leak-out guidelines, in exchange for the 51% RMT ownership interest.

“This transaction is another significant milestone in Isodiol’s storied path to success,” said Marcos Agramont, CEO of Isodiol.  Mr. Agramont continued, stating, “We are pleased to be working with RMT and increasing our US organic hemp biomass supply for CBD production.”

Isodiol has successfully pursued its strategy of establishing a globally dominant position in the cultivation of jurisdictionally compliant industrial hemp and manufacturing of jurisdictionally compliant CBD consumer products.  To date, Isodiol has the ability to legally source, cultivate, and/or manufacture industrial hemp on three continents, North America, Europe, and Asia.  Additionally, Isodiol’s UK Subsidiary, BSPG Laboratories Ltd. produces CBD that has been approved as an Active Pharmaceutical Ingredient (API) by the United Kingdom Medicines and Healthcare Products Regulatory Agency (MHRA) for use in Finished Pharmaceutical Products (FPPs).

“We believe we produce the purest, natural CBD in the industry.  The API is recognition of that achievement.  Isodiol will continue to pursue global recognition and approval of the API grade CBD and expand our distribution of CBD consumer products in new jurisdictions while continuing to expand our manufacturing capabilities throughout the world,” said Agramont.

“Isodiol has come to embrace the positive legal developments in legislation, regulations, and agency interpretations in jurisdictions throughout the world that have paved a legal pathway for Isodiol to legally and commercially produce pure, natural CBD from industrial hemp,” said Agramont.  Agramont went further to say, “Isodiol’s previous efforts to seek alternative sources of CBD, such as through novel hop strains, are still of interest to Isodiol, but due to favorable legislative and regulatory outcomes, Isodiol is focusing on cannabinoids produced from hemp. Presently, sources for Cannabinoids other than hemp would take longer and cost substantially more to develop.”

MedMen to Open Marquee Store in Downtown Las Vegas

CALIFORNIA: MedMen  will open its marquee location in the heart of Downtown Las Vegas.

According to a company press release, MedMen will assume ownership and licensed operation of the New Amsterdam dispensary located at 823 3rd Street. The store will be remodeled and rebranded with MedMen’s signature design. A grand reopening is planned for mid-July.

Internationally renowned as a major resort city and entertainment capital, Las Vegas ranks as one of the world’s most visited tourist destinations, with an average 40 million visitors annually. The city’s downtown area has been going through a much-touted renaissance in recent years. Nevada is one of the fastest growing state-sanctioned marijuana markets in the country.

According to the Nevada Department of Taxation, cannabis accounted for about $386 million of the total statewide taxable sales for the period of July 2017 through March 2018, about 19.3 percent of the state’s growth in taxable sales compared to the same period last year.

A leading cultivator, producer and retailer of state-sanctioned cannabis in the U.S., MedMen has a total of three stores currently planned for Las Vegas, including one on Paradise Road, near the Hard Rock Hotel and the Las Vegas International Airport, which won county approval recently. Operating in California, Nevada and New York, MedMen recently announced its expansion into a fourth key market, Florida, through a proposed acquisition of dispensary and cultivation assets from Treadwell Simpson Partnership and affiliates.

MedMen Las Vegas Location Approved by Clark County Board

CALIFORNIA: MedMen, a leading cultivator, producer and retailer of state-sanctioned cannabis in the U.S., announced that the anticipated location for a new MedMen store in Las Vegas has received land-use and zoning approval by the Clark County Board of County Commissioners.

The store is expected to be located at 4503 Paradise Road, Las Vegas, NV 89169, near major casinos such as the Hard Rock Hotel, the Thomas and Mack Center and Las Vegas International Airport.

medmen“MedMen continues to successfully put cannabis stores in premium locations with high consumer traffic. This is what mainstreaming marijuana looks like,” said Adam Bierman, Co-Founder and Chief Executive Officer of MedMen.

With the site receiving the special use permit, the Company expects to move an existing license to this new location later this year, subject to customary state and local regulatory approvals.