What’s Happening in Cannabis: Industry News for September 2021

Tilray releases new medical edibles, accelerates path into U.S. cannabis market

Tilray announced this month that it was launching new medical cannabis edibles with THC and CBD varieties, both in the form of chocolates and soft-chew gummies. The new products are currently available for medical patients across Canada. The company also shared the news that it had acquired the majority of senior secured convertible notes that were previously held by funds affiliated with Gotham Green Partners, LLC among other funds.

Ayr Wellness expands business in Arizona and Florida, enters cannabis-infused beverage market

Ayr Wellness revealed a series of expansion news in August, including the launch of Origyn Extracts in Arizona, the opening of two new dispensaries in Florida (Boynton Beach and Ocala), and a binding agreement to acquire the Levia brand of cannabis seltzers and water-soluble tinctures by acquiring Cultivauna, LLC, owner of Levia. Ayr also announced its second-quarter 2021 results, which showed 222% year-over-year growth and 56% growth over the previous quarter.

Trulieve opens its 100th U.S. dispensary, appoints new Chief Technology Officer, launches clone sales in MA

This month, Trulieve announced several significant updates across hiring, products, and retail. The company hired a new Chief Technology Officer, Nilyum Jhala, and shared that it had opened its 100th dispensary in the United States. The 100th dispensary in Port Orange, FL came shortly after its 99th in Boynton Beach, FL, 98th in Worcester, MA, and 97th in Leesburg, FL – all within August. Just two days later Trulieve announced the opening of yet another Florida dispensary in St. Augustine, FL.

Trulieve also became the first MSO to launch clone sales in MA, providing home growers in the state with top-quality plants. It also expanded its product offerings with a comprehensive brand portfolio, including four new brands targeted at different types of consumers. Lastly, the company shared that the Supreme Court of British Columbia approved its previously announced agreement in which Trulieve will acquire all issued and outstanding shares of Harvest Health and Recreation.

TerrAscend recently announced that it has entered into an agreement to acquire all issued and outstanding shares of Gage Cannabis for around $545 million. The company also announced that it acquired an additional 12.5% of equity of TerrAscend NJ, LLC which was previously owned by BWH NJ, LLC and Blue Marble Ventures, LLC for a $25 million initial cash payment along with $25 million combined in cash and TerrAscend common shares.

Columbia Care opens adult use sales in downtown Boston, expands NJ footprint

Columbia Care announced two significant new store openings, including its second NJ dispensary and one of Boston’s first downtown dispensaries to offer access to recreational adult use cannabis. The company also reported strong growth in Q2 2021, including 232% year-over-year revenue growth.

Planet 13 wins Chicago license, generates record sales in July

August included Planet 13 announcing that it has won a Conditional Adult Use Dispensing Organization License in the Chicago-Naperville-Elgin region, opening up a potential new city for another of their SuperStores. The company also released its sales numbers for July, showing a record $11.9 million in sales for the month. This news came alongside their Q2 2021 financial results, with 205% revenue growth compared to Q2 2020.

Canopy Growth-owned BioSteel named official sports drink of the Lakers

BioSteel Sports Nutrition, in which Canopy Growth holds a majority stake, was announced as the official sports drink of the Los Angeles Lakers in August. The Lakers are the latest team to announce BioSteel as their official sports drink, following in the footsteps of the Philadelphia 76ers, Toronto Raptors, and Brooklyn Nets.

Curaleaf opens 109th dispensary and announces strong YoY revenue growth

This month Curaleaf expanded its footprint with the opening of Curaleaf Bordentown in New Jersey. The announcement was shared alongside the news of the launch of its Select brand in New Jersey, the 19th state in which Select is sold. Curaleaf also reported second-quarter year-over-year revenue growth of 166%, showing strong growth alongside several other important MSOs (multi-state operators).

Jushi Holdings announces new EVP of Retail Operations, completes Ohio processor acquisition, and launches new brands and products in VA

Jushi Holdings recently announced the appointment of Brendon Lynch as Executive Vice President of Retail Operations, bringing his significant retail experience (Gap, Anthropologie, TOMS among others) to the national MSO. The company also shared that it was launching a series of new branded cannabis products in Virginia, starting with The Lab and soon to include Tasteology. Once Virginia opens flower sales in late Q3 or early Q4, Jushi will also launch The Bank and Sèche in the state.

Jushi also announced its acquisition of Franklin Bioscience OH, LLC, a licensed medical cannabis provider in OH. Other Jushi news included the opening of its 21st BEYOND / HELLO™ retail location, this store located in Philadelphia’s University City district. The company also reported Q2 2021 results, the highlight being 219.7% year-over-year revenue growth.

Jushi Holdings announces new EVP of Retail Operations, completes Ohio processor acquisition, and launches new brands and products in VA

Jushi Holdings recently announced the appointment of Brendon Lynch as Executive Vice President of Retail Operations, bringing his significant retail experience (Gap, Anthropologie, TOMS among others) to the national MSO. The company also shared that it was launching a series of new branded cannabis products in Virginia, starting with The Lab and soon to include Tasteology. Once Virginia opens flower sales in late Q3 or early Q4, Jushi will also launch The Bank and Sèche in the state.

Jushi also announced its acquisition of Franklin Bioscience OH, LLC, a licensed medical cannabis provider in OH. Other Jushi news included the opening of its 21st BEYOND / HELLO™ retail location, this store located in Philadelphia’s University City district. The company also reported Q2 2021 results, the highlight being 219.7% year-over-year revenue growth.

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