Green Growth Brands Partners With Simon Property Group To Launch America’s First Chain Of CBD Shops

OHIO: Green Growth Brands announced that it has entered into an agreement through which the Company will gain access to 108 prime shop locations in U.S. malls owned and operated by the Simon Property Group.  Pursuant to the arrangement, GGB will further expand its chain of CBD-infused personal care product shops under the Seventh Sense Botanical Therapy brand and other GGB brands. The Seventh Sense brand offers high quality CBD-infused products at affordable prices.

“Our partnership with Simon allows GGB to launch our brands and CBD products in premier shopping destinations across the U.S.,” said Peter Horvath, CEO of GGB. “Our management team has had decades of experience working closely with developers and operating premium retail stores in their properties. We know this arrangement gives us access to the best locations, foot traffic, and consumers. We look forward to introducing our remarkable retail experience and line of CBD products to Simon shoppers in the near future.”

Simon is the largest shopping mall operator in the United States, and its high-profile properties include Roosevelt Field in metro New York; The Galleria in Houston, TX; and Woodbury Common Premium Outlets in Central Valley, NY. The expansive nature of the relationship with Simon makes it the first of its kind in the CBD industry and will give GGB access to entire markets of new customers at many of the nation’s most productive retail locations.

“We are constantly on the lookout for cutting-edge new concepts, like the GGB shops,” said John Rulli, President of Simon Malls. “We are committed to adding new and dynamic retailers and uses to our shopping destinations, and the GGB shopping experience is exactly the type of innovation our customers want and expect from us. We’re excited to work on the GGB launch, and look forward to a long and deepening relationship as we build this network together.”

The first shop is expected to open in March, 2019 at Castleton Square Mall in Indianapolis, Indiana. The remaining shops will be opened over the course of 2019.

Report: Retail Cannabis Tax Revenues Surpass $1 Billion In 2018

DISTRICT OF COLUMBIA: State and local excise tax collections on retail adult-use cannabis sales surpassed $1 billion in 2018 — a 57 percent increase over 2017 levels, according to data compiled by the Institute on Taxation and Economic Policy.

Annual excise tax revenues on adult-use cannabis sales ($1.04 billion) rivaled those for all forms of alcohol $(1.16 billion), the group reported. State-specific sales taxes on retail cannabis purchases also yielded an addition $300 million in revenue in 2018.

Authors of the report estimated that cannabis-specific taxes would raise an estimated $11.9 billion annually if the product were legally available at retailers nationwide.


For more information, contact Justin Strekal, NORML Political Director, at: (202) 483-5500. Full text of the report is available online.

MedMen Signs Definitive Agreement For The Acquisition Of PharmaCann

CALIFORNIA: MedMen Enterprises and Chicago-based PharmaCann announce that they have entered into a definitive business combination agreement pursuant to which MedMen and PharmaCann will combine their respective businesses.

Under the Business Combination Agreement, a newly formed holding company (“New MedMen”) will acquire (a) all of the securities of PharmaCann in exchange for subordinate voting shares of New MedMen (the “New Class B Shares”) that are identical to the current Class B subordinate voting shares of MedMen, and (b) all of the Class B subordinate voting shares of MedMen in exchange for New Class B Shares on a one for one basis, pursuant to a plan of arrangement under the laws of British Columbia (the “Arrangement”). The securities to be issued in the Arrangement are intended to be eligible for exemption from the registration requirements under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), in accordance with Section 3(a)(10) thereof. In addition, all of the Class A super voting shares of MedMen will be acquired by New MedMen in exchange for super voting shares of New MedMen (“New Class A Shares”) on a one for one basis, pursuant to the Arrangement.

Under the terms of the Business Combination Agreement, PharmaCann securityholders will be issued New Class B Shares of New MedMen such that following the issuance, the former PharmaCann securityholders will hold approximately 25 percent of the fully-diluted equity of New MedMen (calculated using the treasury stock method), with the majority of such shares to be subject to lock up agreements for a period of 6 months or 12 months from the completion of the Transaction.

Following the completion of the Transaction, current holders of Class B subordinate voting shares of MedMen will hold that number of New Class B Shares equal to the number of Class B subordinate voting shares of MedMen held immediately prior thereto. The terms of the New Class B Shares will be substantively and economically identical to the current MedMen Class B Shares. The Transaction is structured to include an exchange of the current MedMen shares and a new holding company in order to facilitate the tax efficient acquisition of PharmaCann under United States tax laws. Other than the change in the legal entity that is the parent company, which will continue to be incorporated in British Columbia, there will be no change to the substantive or economic rights of the holders of the current Class B subordinate voting shares of MedMen or the current Class A super voting shares of MedMen, as compared to the result if PharmaCann had been directly acquired by MedMen. MedMen shareholders that hold share certificates will need to deliver such certificates for exchange following the closing. All other MedMen shareholders will receive their New MedMen shares without any action on their part.

SwissX And Convenience Store Empire Launch Luxury CBD Takeover Of Southern California

The luxury CBD oil and confectionary company’s products just got even easier to find, with hundreds of new distribution points in Kohanoff Affiliated gas stations across Southern California

CALIFORNIA:  Swissx Oil & Confectionery and Kohanoff Affiliated have launched a partnership to distribute Swissx CBD products in over 500 convenience stores and gas stations across the Southern California region. Swissx products are made from hemp seed grown and processed in Switzerland to create the purest and most powerful CBD possible, with zero THC. 

The completely legal products being distributed with Kohanoff Affiliated are from the Swissx Gold Line and the launch product is a 1000 ml, 5 dose oral dispenser for $19.95. The ingredients include 70% Swissx CBD, bee pollen, Vitamin E, Ormus gold and cocounut oil. A handsome cabinet has been placed on counters at outlets with literature and video about Swissx and the wellness benefits of CBD. More products, including Swissx’s CBD infused chocolates, are planned for the distribution deal soon.

Swiss CBD Gold Label

Swissx, which is owned by Greek billionaire and media mogul Alki David, has received testimonials from all over the globe including from Keeping up With the Kardashians’ Scott DIsick, Cheech and Chong’s Tommy Chong, Chief Keef, Snoop Dogg, Dave Navarro and former NFL star Tully Banta-Cain.  CBD oil has been shown to aid with pain and anxiety associated with many conditions including M.S., P.T.S.D., cancer treatment side effects, and more. Swissx Labs’ devotion to delivering the purest product on earth aids in the powerful healing effects..

Kohanoff Affiliated is the new generation of the Kohanoff family business, known for its extensive network of gas stations and retail outlets. Led by Justin Kohanoff, Kohanoff Affiliated is involved in bringing new products to market with a millennial focus, as well as music partnerships, streaming video projects and new marketing strategies.

Swissx was the first CBD product allowed to distribute at Coachella VIP areas and also has an exclusive contract with Hologram USA to be available at the snack bars of its planned network of 100 theaters nationwide. It’s first theater is open in Hollywood with exclusive Swissx parties and guests are thrilled with the combination of CBD oil chocolates and hologram entertainment.

Have A Heart Opens First Cannabis Dispensary In Oregon

OREGON: Have a Heart opened the doors of its first store in Oregon. The Salem location will bring 20 jobs to Willamette Valley, in addition to the company’s knowledgeable, friendly staff and vast menu of lab-tested and locally-sourced flower, pre-rolls, concentrate, edibles, and topical cannabis products.

Have a Heart’s Chief Executive Officer Ryan Kunkel and Chief Operations Officer, Ed Mitchell were on-hand for the store’s green-ribbon-cutting ceremony.

“Our opening in Oregon makes history as the first cannabis retailer to complete continuity of the west coast from Washington to Hawaii,” said Ryan Kunkel, CEO of Have a Heart. “We have successfully executed on phase one of our plan to create the best service and top-shelf cannabis products at economical prices, across the nation.”

The new shop is located at 4618 Portland Rd. NE #110, just off the 99E, next to Dutch Bros coffee and a stone’s throw away from SunRise Espresso, the Original Pancake House and the Oregon Indoor soccer facility. The location provides easy access not only to local Salem residents and visitors but also the surrounding communities.

Founded in 2011, Have a Heart started 2018 with five operating locations in Washington state. Have a Heart was recently rated by High Times as one of the best cannabis dispensaries in the United States, and earned the distinction as Seattle’s top-selling cannabis retailer from the Puget Sound Business Journal. The company recently closed $25 million in series A financing, the largest private financing round for a pure-play U.S. retail cannabis company to date.

Have a Heart has retail stores across the nation including: Washington, Hawaii, Oregon and California, with additional stores opening soon in Iowa and Ohio. The company has more than eighteen applications pending, including in five additional states. In addition, it has more than twenty sites under negotiation with potential merger partners in another four states.

 

Eaze Launches New CBD Marketplace

Eaze Wellness will take the guesswork out of CBD, ensuring consumers have access to education and curated CBD products

CALIFORNIA: Eaze has announced a major expansion of its offerings with the launch of Eaze Wellness, a new online marketplace shipping hemp-derived CBD products to 41 states across the United States and the District of Columbia. Eaze Wellness launches during a time of heightened public interest in CBD and provides consumers with education and access to prominent, national CBD brands.

eaze

The launch is Eaze’s first expansion outside of California combining the company’s deep understanding of the cannabis industry and strong brand partnerships with its experience building a successful and compliant e-commerce platform.

“Eaze’s mission has always been to educate consumers and provide safe, legal access to cannabis. The launch of Eaze Wellness is a natural next step in our mission,” said Jim Patterson, CEO of Eaze. “Americans are curious about CBD and asking for high-quality CBD products, but until now, there’s been no singular destination where consumers with a variety of experience levels can find the products that are right for them. Eaze Wellness changes that.”

Eaze Wellness will feature an assortment of hemp-derived CBD products from Plant People, Cannuka, BeTrū Wellness, Vital Leaf, and more. Consumers over the age of 21 can visit www.eazewellness.com to learn about CBD, browse the menu and purchase products. Their purchases will be shipped via a third-party provider and will arrive in 4-6 business days.

MedMen Doubles Market Reach With Acquisition Of PharmaCann

CALIFORNIA: MedMen Enterprises Inc. and Chicago-based PharmaCann have signed a binding letter of intent for MedMen to acquire PharmaCann in an all-stock transaction valued at $682 million.

The resulting pro-forma company (including pending acquisitions by MedMen) will have a portfolio of cannabis licenses in 12 states that will permit the combined company to operate 79 cannabis facilities. The combined company will operate in 12 states, which comprise a total estimated addressable market, as of 2030, of approximately $40 billion according to Cowen Group. Through the transaction, MedMen will add licenses in Illinois, New York, Pennsylvania, Maryland, Massachusetts, Ohio, Virginia and Michigan.

medmen“This is a transformative acquisition that will create the largest U.S. cannabis company in the world’s largest cannabis market,” said Adam Bierman, MedMen’s chief executive officer and co-founder. “The transaction adds tremendous scale to our vertically integrated business model by expanding our U.S. retail footprint across important growth markets while strengthening our cultivation and production capabilities. With the revenue synergies that the deal is expected to produce, MedMen is well positioned to continue executing on our growth strategy. This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved. PharmaCann’s leadership has built a world-class organization, and we are excited about the value this transaction is creating for shareholders.”

Founded in 2014, PharmaCann is one of the largest medical cannabis providers in the U.S. It currently operates 10 retail stores and three cultivation and production facilities across multiple states, including New York, Maryland and Massachusetts, and in Illinois, where it is the largest holder of medical cannabis licenses. The company also owns licenses for retail stores in Pennsylvania, Maryland, Massachusetts, Ohio, Virginia and Michigan, and cultivation and production licenses in all of its markets, excluding Maryland. PharmaCann is known for its high-quality cultivation and production and has one of the best track records in the industry for cannabis license applications.

“PharmaCann has built highly-efficient cultivation centers and dispensaries to promote a better quality of life for medical marijuana patients,” said Teddy Scott, Ph. D., PharmaCann chief executive officer. “This acquisition validates the dedication and level of sophistication we have used to provide consistent patient outcomes. I am proudest of the top-notch team we have assembled here and their dedication to our mission of serving medical marijuana patients. Our organization is a natural fit for MedMen, and we are excited to join a leading enterprise with a best-in-class management team.”

MedMen currently operates 14 retail stores in the primary markets of California, Nevada and New York. The Company recently acquired a license to open and operate 30 retail stores in Florida and has signed binding agreements to acquire an operating retail store in Illinois, cultivation and retail operations in Arizona, and an additional non-operating retail license in California. The Company has cultivation and production facilities in Nevada and New York, and is building facilities in Desert Hot Springs, California and outside Orlando, Florida. PharmaCann is licensed for 18 retail stores in eight states and eight cultivation and production facilities in seven states. Combined, the two companies will be licensed for 66 retail stores and 13 cultivation and production facilities (including pending acquisitions by MedMen).

MedMen Acquires First Dispensary In San Francisco Bay Area

CALIFORNIA: MedMen Enterprises announced that it has signed a definitive agreement to acquire a licensed dispensary from Berkeley Patients Group in Emeryville, California. As a result of the transaction, MedMen will have one of only two adult-use licenses issued in the City of Emeryville, just outside San Francisco.

medmen

The dispensary is located in a young professional hub of the East Bay, between Oakland and Berkeley. The City of Emeryville is home to the national headquarters of numerous corporations including Pixar Animation Studios, Peet’s Coffee & Tea, Jamba Juice and Cliff Bar. The store is expected to open in 2019 and will be located at 3996 San Pablo Avenue, across the street from the Bay Street Emeryville Shopping Center, which features more than 50 businesses with over 450,000 square feet of retail space.

“California is the world’s largest legal cannabis market,” said Adam Bierman, MedMen chief executive and co-founder. “We are very proud of the footprint we’ve already established in our home state and look forward to expanding our reach to all corners of the Golden State, starting with our first store in Northern California.”

MedMen, based in Los Angeles, currently operates eight dispensaries in Southern California. The Emeryville dispensary is located in the commercial heart of the East Bay. It is positioned at the intersection of three major interstate highways that see over 600,000 daily commuters from Oakland, Berkeley, San Francisco and other cities.

As consideration for the acquisition, the Company will pay a combination of cash at closing and shares of MedMen Enterprises, Inc. in an undisclosed amount*. The transaction is expected to close within 90 days of signing and is subject to customary closing conditions.

 

 

MedMen Acquires Monarch Wellness; Expands Reach Into Arizona Medical Marijuana Market

CALIFORNIA: MedMen Enterprises  announced that it has signed a definitive agreement with WhiteStar Solutions to acquire control of Monarch, a Scottsdale, Arizona-based licensed medical cannabis license holder with dispensary, cultivation and processing operations through the acquisition of Omaha Management Services, LLC. In addition, MedMen will acquire from WhiteStar their exclusive co-manufacturing and licensing agreements with Kiva, Mirth Provisions and HUXTON for the state of Arizona.

medmen

“Our strategy has been to establish our brand in the primary markets of California, Nevada and New York,” said Adam Bierman, MedMen chief executive and co-founder. “We have a leading presence in those primary markets and we are now ready to expand our reach. Arizona, with its robust medical marijuana program and connectivity to California and Nevada where our brand is already strong, makes this a great fit.”

Arizona is one the largest medical marijuana markets in the country with over 172,000 current patients. The state also represents one of the larger addressable adult-use markets in the U.S. A ballot measure to legalize adult-use narrowly missed in 2016, and is expected to return in 2020.

Founded in 2013, Monarch is among the top medical marijuana dispensaries in the country, known for exceptional patient service, commitment to cannabis product education and innovative operational concepts. Monarch is the first cannabis dispensary to break ground in Scottsdale with impressive product offerings in its portfolio and a run rate revenue of over US$10 million.

In addition to the medical marijuana dispensary, Monarch is licensed to operate a 20,000-square-foot cultivation and manufacturing facility in Mesa, Arizona. As one of the top wholesalers in the Arizona market, Monarch distributes branded products to over 60 dispensaries in the state.

As consideration for the acquisition, the Company will pay approximately 80 percent in stock and 20 percent in cash. The stock consideration will be satisfied by way of issuance of shares of MedMen Enterprises, Inc.

The transaction is expected to close within 90 days and is subject to customary closing conditions.

 

 

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.