Connect with us

Marijuana Business Daily

Marijuana MSO Green Dragon gets $15 million financing for expansion

Published

on


Los Angeles-based XS Financial is extending a $15 million equipment purchase and financing facility to Green Dragon/Eaze to support existing marijuana processing facilities and expansion in Colorado and Florida.

ADVERTISEMENT

The capex (capital expenditures) lease facility includes an immediate drawdown of more than $2 million to purchase equipment for the project, according to a news release.

XS Financial is a specialty finance company that provides capital expenditure and equipment financing to U.S. cannabis companies.

Eaze, a California-based cannabis delivery marketplace, last year agreed to acquire multistate operator Green Dragon for an undisclosed price.

According to the release, Denver-headquartered Green Dragon has more than 500,000 square feet of cultivation and processing space and retail locations in Colorado and Florida.

Read full article on Marijuana Business Daily



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Marijuana Business Daily

Ascend cancels MedMen New York cannabis acquisition

Published

on

By


(This story has been updated with comment from MedMen.)

Multistate cannabis operator Ascend Wellness Holdings called off its tumultuous acquisition of MedMen Enterprises’ New York operation, citing concerns over the state of the company’s assets.

Ascend CEO Abner Kurtin announced the canceled acquisition on a Monday quarterly earnings call, according to Cannabis Business Times.

ADVERTISEMENT

The deal was first announced in February 2021.

In a regulatory filing, Ascend said the companies’ amended deal required Los Angeles-based MedMen to make:

Certain warranties that MedMen New York’s assets had not materially changed since the end of 2021. “An acknowledgement that the representations and warranties from the investment agreement will survive” three months after closing.

“(Ascend) has determined that MedMen cannot make or provide the representations and warranties it is required to as part of the contemplated transactions,” the filing noted.

MedMen CEO Ed Record said in a statement

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Michigan sets monthly marijuana sales mark with $210 million in July

Published

on

By


Michigan marijuana retailers hit a new benchmark of nearly $210 million in total sales for July, the best month yet for the program.

According to the head of Michigan’s Cannabis Regulatory Agency, retailers sold $188,818,744 worth of recreational marijuana last month and $21,121,711 of medical cannabis.

ADVERTISEMENT

That comes as Michigan growers report wholesale flower prices have plummeted, meaning demand is robust.

Growers sold 46,777 pounds of recreational marijuana in July, worth about $91 million.

Other adult-use product totals included:

Vape cartridges: $39.8 million. Edibles: $22 million. Shake/trim: $15.6 million. Concentrates: $11. 3 million.

Cultivators had 1.34 million active plants in the system for July, with 188,252 harvested and 159,226 destroyed.

Michigan listed 1,684 active marijuana business licenses in July, with Class C marijuana growers leading the way at 653 and retailers second at 541.

Read full article on Marijuana Business Daily





Source link

Continue Reading

Marijuana Business Daily

Federal judge nullifies Maine residency requirement for cannabis owners

Published

on

By


A federal judge threw out a Maine law that required all licensed cannabis company owners to be state residents, opening up both the medical and recreational markets to out-of-state business interests.

According to Law360, U.S. District Judge Nancy Torresen of the 1st Circuit Court of Appeals ruled that the law was a violation of the U.S. Constitution’s dormant commerce clause.

ADVERTISEMENT

The law, she wrote, “explicitly discriminates against residents of other states and Maine cannot show a legitimate local purpose for the requirement.”

The ruling was the outcome of a 2020 lawsuit filed by Wellness Connection of Maine and High Street Capital Partners, which is connected to New York-based multistate operator Acreage Holdings.

The Maine residents that own Wellness Connection wanted to sell the company to High Street but were prevented from doing so by the residency requirement.

So they filed suit against the state.

The lawsuit followed

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media