MjLink Cannabis Business News and Press

The Chamber of Deputies, Mexico’s lower house of Congress, has received an extension on a Supreme Court-imposed Dec. 15 deadline to approve a cannabis legalization bill, again delaying the country’s much-anticipated legalization vote, according to Border Report.

Mexico President Andres Manuel Lopez Obrador said during a news conference that lawmakers asked for an extension because they needed more time to make revisions to the bill, the news outlet reported. Lopez Obrador now expects approval on the legislation in early 2021.

The Mexico Senate approved the legalization bill last month, sending it to the Chamber of Deputies for consideration. The legislation would legalize the possession of up to 28 grams of cannabis, allow adults to grow up to six plants at home and allow licensed businesses to sell cannabis products under the oversight of a newly created Mexican Institute for Regulation and Cannabis Control.

The Mexico Supreme Court ruled in 2018 that an absolute ban on adult-use cannabis was unconstitutional, which prompted lawmakers to pass legislation to regulate cannabis at the federal level.

The Senate initially considered a bill last year to legalize and regulate cannabis, but missed a Supreme Court-imposed deadline to pass the legislation by the end of October 2019, and the deadline was extended to April 30, 2020.

Leamington, Ontario and Nanaimo, British Columbia – December 16, 2020 – PRESS RELEASE – Aphria Inc., a global cannabis company, and Tilray, Inc., a cannabis research, cultivation, production and distribution company, today announced that they have entered into a definitive agreement to combine their businesses and create the world’s largest global cannabis company based on pro forma revenue. The deal is pursuant to a plan of arrangement under the Business Corporations Act, and the implied pro forma equity value of the combined company is approximately C$5.0 billion, based on the share price of Aphria and Tilray at the close of market on Dec. 15, 2020. Following the completion of the arrangement, the combined company will have principal offices in the United States (New York and Seattle), Canada (Toronto, Leamington and Vancouver Island), Portugal and Germany, and it will operate under the Tilray corporate name with shares trading on NASDAQ under ticker symbol “TLRY.”

The combined company, supported by low-cost, state-of-the-art cultivation, processing and manufacturing facilities, will have a complete portfolio of branded Cannabis 2.0 products in Canada. Internationally, the combined company will be well-positioned to pursue growth opportunities with Aphria’s medical cannabis and distribution footprint in Germany, and Tilray’s European Union Good Manufacturing Practices (EU-GMP) low-cost cannabis production facility in Portugal, which has export capabilities and tariff-free access to the European Union (EU) to meet increasing global demand for medical cannabis. In the United States, the combined company will have a strong consumer packaged goods presence and infrastructure with two strategic pillars, including SweetWater Brewing Company, a cannabis lifestyle branded craft brewer, and Manitoba Harvest, a leading hemp food manufacturer and a pioneer in branded CBD and wellness products. The combined company is expected to have a strong, flexible balance sheet, cash balance and access to capital giving it the ability to accelerate growth and deliver attractive returns for stockholders.

Under the terms of the arrangement, the shareholders of Aphria will receive 0.8381 shares of Tilray for each Aphria common share, while holders of Tilray shares will continue to hold their Tilray shares with no adjustment to their holdings. Upon the completion of the arrangement, Aphria Shareholders will own approximately 62% of the outstanding Tilray Shares on a fully diluted basis, resulting in a reverse acquisition of Tilray, representing a premium of 23% based on the share price at market close on Dec. 15, 2020 to Tilray shareholders. On a pro forma basis for the last twelve months reported by each company, the combined company would have had revenue of C$874 million (US$685 million).

Proven Leadership Team

The combined company will be led by a best-in-class management team and board of directors, with strong track records in consumer-packaged goods and cannabis experience internationally. Upon completion of the arrangement, Aphria’s current Chairman and Chief Executive Officer Irwin D. Simon will lead the combined company as chairman and chief executive officer. The board of directors will consist of nine members, seven of which, including Simon, are current Aphria directors and two of which will be from Tilray, including Brendan Kennedy, and one of which is to be designated. Aphria and Tilray are confident that the leadership team and proposed board of directors of the combined company provides a strong foundation for the combined company to accelerate growth. Additional senior leadership positions at the combined company will be named at a later date.

Solventless extraction is capturing the attention of many cannabis processors who are looking to produce premium concentrates, but Ben Britton, co-founder  and CEO of solventless extraction technology manufacturer PurePressure, advises clients to consider several factors to maximize profitability and success. 

1. How much space do you need?

Solventless extraction often involves fresh frozen material that needs to be stored and handled properly throughout the extraction process. This means processors need to think about where to put this raw material, and Britton says he often sees clients with too much or too little square footage to address this concern.

“Sometimes, people will get gung-ho and they’ll sign on to a facility contract, and then they’ll contact us and realize they don’t need 10,000 square feet—they might only need 1,500,” he says. “Or vice versa, they’re renting a closet-sized space and have 250 square feet, and [they] want to put out tens of thousands of grams a year, but their product output expectations are ambitious. So, it’s just really finding a balance for space and coming up with a true business plan.”

Processors should consider what kind of products they want to produce before leasing or building out a facility, Britton says. “Let’s talk about what you want to make, and then we can figure out how to get you there.”

2. Which products are popular in your market?

It should be no surprise to cannabis business operators that they should evaluate the market before establishing a business plan, and the same is true when it comes to products—extractors should know which SKUs are popular and use that information to drive decisions about which products to produce.

Solventless extraction can be a profitable and attractive option for cannabis processors, especially when they avoid common pitfalls.

For someone looking to launch a new extraction facility, the equipment, setup and buildout are significantly less expensive for solventless than other extraction methods, according to Ben Britton, founder and CEO of PurePressure, a solventless extraction equipment manufacturer. While solvent-based extraction equipment requires special ventilation considerations, for example, this isn’t the case with solventless, so the upfront cost of the facility buildout and equipment is generally lower. 

In addition, solventless products typically sell for a premium and are popular with connoisseurs at dispensaries, Britton says.

“It also opens you up to the ability to make quality product, something that is unadulterated and hasn’t been modified by chemicals,” he says.

Here, Britton outlines his top advice for launching a profitable solventless extraction business, from acquiring high-quality raw material to establishing efficient processes.

Rounding out the 2020 M&A season, Columbia Care closed its acquisition of Project Cannabis—a vertically integrated business based in California. The transaction comprises $52.5 million in Columbia Care stock and another $16.5 million that’s expected to come from the sale of Project Cannabis’s real estate assets.

Jonathan Storper, an attorney who represented Project Cannabis in the deal, says that the California side of this transaction is indicative of not only the strength of that state’s cannabis market but the sway it holds for larger operators. While Columbia Care listed a San Diego dispensary and a manufacturing facility among its U.S. portfolio, the Project Cannabis close is a significant step into the California landscape.

READ MORE: 10 Notable M&A Deals That Happened (and Didn’t) in 2020 

“National organizations are looking to expand and roll up throughout the United States and get efficiencies of scale,” he says. “And I think to the extent that folks don't already have a foothold in California, they realize it's really necessary.”

Project Cannabis, as a business, includes four dispensaries and a 36,000-sq.-ft. cultivation facility. Plus, the company’s wholesale distribution network is plugged into more than 100 dispensaries across the state. From the jump, Project Cannabis will integrate Columbia Care’s medically-focused and new adult use product lines into its offerings in California.

It’s an example of a smaller company positioning itself in a way that’s attractive to larger multi-state operators like Columbia Care. There’s a footprint on the ground already—and room to expand. 

CHICAGO – December 15, 2020 – PRESS RELEASE – Verano Holdings, LLC , a multi-state cannabis operator, has announced it has entered into a definitive agreement to consummate a go-public transaction in Canada. The transaction will be effected by Verano participating in a reverse takeover (RTO) of Majesta Minerals Inc., a reporting issuer in Alberta, Canada, with the resulting Canadian reporting company being named “Verano Holdings Corp." The consummation of the transaction is subject to the approval of Majesta’s shareholders, antitrust and other regulatory approvals, court approval and other customary closing conditions. It is a condition of closing that the subordinate voting shares of the resulting issuer will be listed on the Canadian Securities Exchange (CSE).

The transaction is expected to close in the first quarter of 2021 and will include the previously announced merger with Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC, RVC 360, LLC and affiliated companies (collectively, AltMed), fully-integrated medical marijuana companies operating in Arizona and Florida. The transaction is projected to be highly-accretive and establish the combined Verano and AltMed companies as one of the three largest multi-state operators (MSOs) in the U.S., and a clear leader in the U.S. cannabis market, which is estimated to be between $15.5 billion and $18.9 billion for 20202. The five-member resulting issuer’s Board of Directors is expected to consist of members nominated by Verano and AltMed, including three independent directors.

RTO

The RTO will be structured as a plan of arrangement pursuant to the laws of British Columbia. The plan of arrangement contemplates that Majesta’s existing shares will be consolidated and exchanged for subordinate voting shares of the resulting issuer with an expected aggregate value of US$1 million. Securityholders of Verano and AltMed will receive subordinate voting shares and proportionate voting shares of the resulting issuer which, in the aggregate and on an as-converted basis, will initially constitute approximately 77% and 23%, respectively, of the resulting issuer’s outstanding shares. These percentages are subject to dilution from expected share issuances arising from a concurrent offering, the closing of Verano’s pipeline transactions and certain contractual adjustments to the amount of the Merger consideration issuable to AltMed security holders. In addition to the share consideration issuable under the RTO, the resulting issuer will pay certain AltMed security holders a total of US$35 million in cash installments.

In connection with the RTO, a concurrent subscription receipt offering is being conducted which is expected to raise between US$50 million and US$100 million. The subscription receipts are anticipated to be priced at US$10 per subscription receipt and are based on a US$2.8 billion pre-money valuation of the resulting issuer.  Upon completion of the transaction, the subscription receipts will be exchanged for subordinate voting shares of the resulting issuer. Canaccord Genuity Corp and Beacon Securities Limited have been engaged as co-lead agents and co-bookrunners in the financing.

President Donald Trump announced the resignation of Attorney General William Barr Dec. 14, while simultaneously announcing that Barr’s current deputy attorney general, Jeffrey Rosen, will become acting attorney general when Barr officially steps down next week.

“Just had a very nice meeting with Attorney General Bill Barr at the White House. Our relationship has been a very good one, he has done an outstanding job! As per letter, Bill will be leaving just before Christmas to spend the holidays with his family,” Trump tweeted Monday night. “Deputy Attorney General Jeff Rosen, an outstanding person, will become Acting Attorney General. Highly respected Richard Donoghue will be taking over the duties of Deputy Attorney General. Thank you to all!”

Although Trump’s message implied that Barr left amicably, CNN reported that the president has been considering firing the attorney general, although aides have discouraged Trump from doing so over the past several months.

A White House official told the news outlet that Barr was neither forced out nor fired.

Barr’s impact on the cannabis industry during his time as attorney general is largely reflected in his antitrust investigations into cannabis mergers.

The New Jersey Senate Judiciary Committee approved a package of bills Dec. 14 to reform the state’s cannabis laws, with full floor votes on the legislation expected later this week in both the Senate and Assembly, according to an NJ.com report.

The three bills voted out of committee include S. 21, which would launch an adult-use cannabis industry in the state following the passage of a voter-approved legalization initiative on Election Day; S. 3256, which would lessen penalties for the possession of psilocybin, or psychedelic mushrooms; and S. 2875, which would allow investors to fund cannabis licenses for minorities, women and disabled veterans.

The legislation now heads to the full Senate for a vote, which is expected later this week, according to NJ.com.

New Jersey Sen. Nicholas Scutari introduced S. 21 Nov. 6, just days after voters approved an adult-use cannabis legalization initiative on Election Day, but lawmakers made several major changes to the bill after receiving criticism from social justice advocates, who argued that the legislation did not go far enough to support communities most impacted by the war on drugs.

RELATED: Advocates, Lawmakers Battle for New Jersey Cannabis Equity

Trimming is a crucial step in the post-harvest process and one that can directly impact the value of a grower’s products. An over-trimmed bud might have bag appeal, but the loss of valuable biomass to trim can hurt a grower’s potential revenue. Meanwhile, an under-trimmed bud can look sloppy and unappealing to consumers.

Given the balancing act cannabis cultivators must perform, it’s no wonder that 74% of participants in Cannabis Business Times’ Cannabis Post-Harvest Report mentioned hand-trimming as their greatest post-harvest challenge, with trimming efficiency (29%), consistency (22%) and quality (12%) being among the top issues.

So, what exactly makes a good trim?

To answer that, Cannabis Business Times and Hemp Grower interviewed Sara Morse, lead trimmer for LOWD Cannabis in Portland, Ore., who shares her trimming philosophy, how LOWD trims its high-end line of Smoke Like a Grower (SLAG) bud using stick trimming, how she keeps her 7-person trim team motivated to repeatedly produce high-quality work, and more in this interview.

Editor’s note: This interview has been edited for length, style and clarity.

Brian MacIver: What's your personal philosophy when it comes to trimming? Or, in other words, what effect should a good trim have on the product?

Earlier this month, the U.S. House of Representatives made history with the passing of the Marijuana Opportunity Reinvestment and Expungement (MORE) Act. The bill removes cannabis from the DEA’s Controlled Substances Act schedule, effectively decriminalizing it nationally and allowing individual states to regulate their own markets. It also calls for the reinvestment of tax money from cannabis into community grants for job training, youth recreation and other programs in areas hit hardest by prohibition.

And while the passing of the bill was lauded by many cannabis advocates and executives, others feel it doesn’t go far enough in creating a fair industry for everyone. Cannabis Business Times and Cannabis Dispensary spoke to leadership figures in the cannabis equity movement to learn about the specific issues with the MORE Act.    

Breaking Down the MORE Act’s Shortcomings

Although the bill represents a significant step in federal cannabis legislation, experts identified four specific points where its provisions fall short of establishing an industry accessible to everyone: 

Felony exclusions 

A late-added provision in the bill would prevent anyone with even a pending felony charge from getting a license in the cannabis industry. Cannabis equity advocates in Congress, such as Earl Blumenauer (D-OR) and Barbara Lee (D-CA), expressed displeasure at the last-minute addition, but stopped short of pulling the bill from a full floor vote.

Amber Littlejohn, executive director of the Minority Cannabis Business Association (MCBA), said the organization was able to ensure this add-on would not be present in the final version of the bill that is passed by both chambers of Congress.

“At the last moment, MCBA was able to work with House leadership to get their commitment to ensuring the exclusion would not stand and impacted communities would remain at the forefront of any future legislation,” Littlejohn wrote in an email to Cannabis Business Times and Cannabis Dispensary.

Los Angeles, CA (December 10, 2020) – PRESS RELEASE – Today, Shawn ‘JAY-Z’ Carter officially drops the first products from his cannabis line, MONOGRAM. As announced in October 2020, the brand marks a new chapter within the cannabis space predicated on dignity, care and consistency. After honoring those three tenets with 18 months of careful strain selection and meticulous cultivation practices, MONOGRAM is finally ready to introduce its core collection of products to the world.

“Cannabis has been around for thousands of years, yet it is still an industry whose legacy of skilled craftmanship is often overlooked,” shared Carter. “I created MONOGRAM to give cannabis the respect it deserves by showcasing the tremendous hard work, time and care that go into crafting a superior smoke. MONOGRAM products are next level when it comes to quality and consistency and we’re just getting started.”

While MONOGRAM draws inspiration and adapts techniques from the cultivators who have come before, it also seeks to redefine the cannabis category by taking an individualistic approach to describing product experience. Launching with four numbered strains designated “light,” “medium,” or “heavy,” MONOGRAM offers a clear and considered sensory description for every product within the line – from preroll to handroll to flower.

The newly introduced MONOGRAM strains – No. 88, No. 96, No. 70 and No. 01 – are currently available via the brand’s three product classes:

THE OG HANDROLL – The first product of its kind, THE OG HANDROLL (SRP: $50) takes inspiration from the smoke experience of a premium cigar, but implements a proprietary roll technique allowing the flower to burn slowly and evenly for multiple sessions. Highly trained artisan rollers break the flower down by hand and roll using a time-honored process that was specially architected by MONOGRAM Culture & Cultivation Ambassador DeAndre Watson. A true work of art and craftsmanship that cannot be automated, the roll itself burns clean and clear every time.LOOSIES PREROLL PACK – The LOOSIES PREROLL PACK (SRP: $40) contains four 0.4g prerolls that have been individually wrapped to foster communal smoking with ease. Each is filled with flower that has been produced to exacting standards to ensure a premium experience. The packaging itself makes a statement and reflects the magic held within: bold, convenient, top-shelf quality – wherever, whenever.FLOWER – Available in 2g and 4g jars, MONOGRAM FLOWER (SRP: $40 & $70) is cannabis perfected. Grown in small batches to maintain control and quality, each flower is hand-selected and hand-finished by MONOGRAM experts to provide the best possible experience, from grow to smoke. The bold packaging provides a showcase piece, while keeping the cannabis fresh and protected from UV light.

The Arizona Department of Health Services (ADHS) has announced draft rules for the state’s forthcoming adult-use cannabis market, according to an AZCentral.com report.

Voters approved adult-use legalization in the 2020 election through the passage of Proposition 207, and election results were made official Nov. 30, the news outlet reported.

Prop. 207 allows adults 21 and older to possess up to one ounce of cannabis and grow up to six plants at home for personal use, and commercial sales could launch as early as next spring.

Health officials announced the draft rules for the program Dec. 10, although many regulations have yet to be written, according to AZCentral.com. ADHS has issued a survey to allow the public to weigh in on the rules, the news outlet reported, and the survey will remain open until Dec. 17.

The draft regulations largely mirror the framework of the state’s medical cannabis program, according to AZCentral.com. Arizona’s existing medical cannabis operators can seek licenses in the adult-use market beginning in January, and 12 new adult-use retail licenses will be available in rural counties that have one or no medical cannabis dispensaries, the news outlet reported.

South Carolina lawmakers have pre-filed bills in both the House and the Senate to legalize medical cannabis, according to The State.

The bills, both called the “South Carolina Compassionate Care Act,” mirror legislation that was considered during the 2019 legislative session, when the Senate ultimately pushed a vote on the issue to 2020.

The legislation did not resurface this year, however, as the legislative session was shortened by the COVID-19 pandemic.

In the past, the State Law Enforcement Division and the S.C. Medical Association have opposed medical cannabis legalization, The State reported, arguing that South Carolina should hold off on legalization until cannabis is recognized and approved by the U.S. Food and Drug Administration. Gov. Henry McMaster has said he will veto legislation to legalize medical cannabis as long as it is opposed by law enforcement, according to the news outlet.

While the medical cannabis debate rages on, lawmakers in the South Carolina House and Senate have also pre-filed bills that would legalize adult-use, The State reported. Sen. Mia McLeod has introduced legislation that would allow adults 21 and older to possess and use cannabis, and would also establish a system to license cannabis businesses.

Kentucky Rep. Jason Nemes has announced plans to reintroduce a medical cannabis legalization bill in the upcoming legislative session, according to a Messenger-Inquirer report.

The Kentucky House of Representatives passed House Bill 136 in February, marking the first time a bill to legalize medical cannabis has received a full House vote in the state.

“The support in the House will be even stronger than it was last year,” Nemes told the Messenger-Inquirer. “We have replaced a number of ‘no’ votes with ‘yes’ votes in the Republican caucus due to retirement and defeating Democrats, so we will be stronger in the House. The whole question is what the Senate will do.”

H.B. 136 did not come up for a vote in the Senate last year due to the start of the COVID-19 pandemic, the Messenger-Inquirer reported, but Nemes expects the legislation to clear the House again next year and is “cautiously optimistic” that it will make it through the Senate.

The legislation places heavy oversight on doctors, patients, dispensaries, caregivers and others within a medical cannabis program in the state, according to the news outlet, and caps the amount of THC allowed in cannabis products distributed to patients. The bill would also ban smokable flower, but would allow patients to access vape products and edibles, the Messenger-Inquirer reported.

South Dakotans for Better Marijuana Laws, the group behind Amendment A, the state’s voter-approved adult-use cannabis legalization measure, has filed a response to a lawsuit that challenges the constitutionality of the ballot initiative, according to the Rapid City Journal.

In a Dec. 7 court filing, the group argued that the case should be dismissed because voiding Amendment A would overturn the will of the people, the news outlet reported.

Last month, Pennington County Sheriff Kevin Thom and South Dakota Highway Patrol Col. Rick Miller filed a lawsuit to challenge the measure, arguing that it violates the state’s one-subject rule, as well as the amendments and revisions article of the South Dakota Constitution.

The plaintiffs are asking a judge to void Amendment A, and all parties have a Jan. 8 deadline to file and respond to motions, at which time a hearing will be held, according to the Rapid City Journal.

While the mergers and acquisitions (M&A) space in the cannabis industry has significantly slowed in 2020, it certainly hasn’t stopped—not even during a pandemic.

According to S&P Global Market Intelligence, “a drop in company valuations complicated by the coronavirus-triggered capital squeeze” were the two major reasons for the slowdown. Still, S&P Global reports U.S. and Canadian cannabis and cannabis-related companies completed 124 deals in 2020, worth a combined $615.1 million—compared to 249 deals in 2019 and 324 deals in 2018.

We also learned this year, according to a Department of Justice (DOJ) whistleblower, that “U.S. Attorney General William Barr was motivated by his personal dislike of the cannabis industry when he launched multiple Antitrust Division merger investigations into nearly a dozen cannabis deals last year,” Cannabis Business Times reported in July. According to Eric Berlin, co-chair of Denton’s Cannabis Practice, “Many of the cannabis mergers under investigation did not get closed … due to these additional costs and time delays, and now, not only are the companies involved left with little to no recourse, but the DOJ’s actions have dramatically slowed the M&A activity in the industry.”

However, recovering valuations and renewed investor interest are expected to increase deals in 2021, according to the S&P Global. Not to mention, it was a monumental year for cannabis legalization in the U.S. And, cannabis businesses in most states and provinces were considered essential services. As we wait to see what 2021 deal-making brings, we’ve rounded up some of the most notable deals that closed, and those that fell through, in 2020.

 

1. Cresco Labs Acquires Origin House

Before the coronavirus pandemic, Cresco Labs officially closed its acquisition of Canada-based cannabis company Origin House. The deal was originally valued at C$1.1 billion, though the deal’s value ended up being lower amidst declining stocks and antitrust review delays. Perhaps the biggest cannabis transaction in the year, the move paved the way for Cresco Labs’ entry into the United States’ largest cannabis market: California.

This week, the U.S. House of Representatives passed HR 3797: The Medical Marijuana Research Act, which facilitates clinical cannabis research by establishing a process so that authorized scientists may access flowers and other products manufactured in accordance with state-approved marijuana programs. Elsewhere, in New Jersey, lawmakers agreed on legislation to implement the state’s adult-use cannabis program, with a vote expected later this month.

Here, we’ve rounded up the 10 headlines you need to know before this week is over.

Federal: Members of the U.S. House of Representatives voted Dec. 9 in favor of HR 3797: The Medical Marijuana Research Act, which facilitates clinical cannabis research by establishing a process so that authorized scientists may access flowers and other products manufactured in accordance with state-approved marijuana programs. It also ends the decades-long monopoly on the cultivation of cannabis for FDA-approved research by requiring federal agencies to license multiple manufacturers in addition to the University of Mississippi. Read moreNew Jersey: New Jersey lawmakers have reached a deal on legislation to implement an adult-use cannabis program in the state. The Senate Judiciary Committee is expected to take up the bill on Dec. 14, the news outlet reported, and the legislation will go before the full Senate for a vote on Dec. 17. Read moreNebraska: Sen. Anna Wishart is working on language to legalize adult-use cannabis that will be added to a medical cannabis legalization initiative that is planned for the state’s 2022 ballot. “In light of the successful ballot measures in South Dakota and yesterday’s vote in the House of Representatives, our team is drafting a ballot initiative to legalize cannabis for adult use,” Wishart wrote in a Dec. 5 Facebook post. Read moreCalifornia: The Humboldt Community Business Development Center (HCBDC) has partnered with the California Center for Rural Policy at Humboldt State University and Sonoma State University for a comprehensive look into the impact of cannabis farming, manufacturing, distribution and retail sales on the overall economy of a research area which includes the legendary Emerald Triangle (Humboldt, Trinity and Mendocino counties). The HCBDC will develop the study through a grant from the California Bureau of Cannabis Control. Read moreThe Cannabis Advisory Committee recommended regulatory changes this week that would help licensed cannabis businesses compete with the illicit market and face new challenges related to the ongoing COVID-19 pandemic. The committee held public hearings throughout 2020 and made 17 total recommendations for improving the state’s cannabis industry. Read moreMinnesota: A University of Minnesota research team has developed a genetic test that can predict whether cannabis will produce mostly CBD or THC, having broad implications for both cannabis and hemp. The team’s findings were recently published in the American Journal of Botany. Read moreFlorida: Sen. Randolph Bracy has announced that he will introduce a bill during the 2021 legislative session to make it easier for people to clear misdemeanor convictions involving the possession and distribution of less than 20 grams of cannabis. The legislation would not automatically expunge records, but it would allow thousands of people to clear their criminal records and waive all court fees to do so. Read moreNew Mexico: A state advisory board recommended this week that the state health secretary consider allowing licensed medical cannabis cultivators to grow more plants to alleviate concerns about the high cost of medical cannabis and the lack of variety. The board voted on the recommendation in response to a petition seeking to either eliminate the limit or significantly increase the number of plants each cultivator can grow. Read moreIllinois: Multistate cannabis operator Cresco Labs has announced the relaunch and availability of its cannabis-infused chocolates line from its Mindy's Chef Led Artisanal Edibles brand in dispensaries across Illinois. Previously introduced to the state's medical market in 2016, the line is now available for the first time to recreational customers. Read moreCanada: Licensed producer Canopy Growth Corp. will shutter roughly 17% of its indoor cultivation space and all of its outdoor cultivation sites in Canada, which will result in layoffs for about 220 employees. The closures are part of a four-pronged approach that CEO David Klein and other company executives outlined last month to improve margins and turn a profit by the end of the fiscal year 2022. Read more

SEATTLE--/PRNewswire/ -- iUNU, an industrial computer vision company providing precision agriculture solutions to indoor growers, has raised $7 million in an oversubscribed Series A financing led by S2G Ventures and Ceres Partners.

iUNU is transforming the way indoor growers do business by harnessing the power of computer vision through its product offering, LUNA. The LUNA platform delivers a system of mobile and fixed cameras with high-definition imaging and environmental sensors that measure and record everything down to the real-time growth rate of each plant. The software combines computer vision and machine learning technologies to continuously build detailed models of individual plants, unique among millions, throughout the day. LUNA detects even the most minute changes in health of individual plants, giving growers the precise knowledge they need for proactive management. LUNA uses this insight to drive margin for growers through crop monitoring/forecasting, space utilization, and labor planning - while giving increased pricing leverage to the sales team.

"The LUNA system continues to attract greenhouse growers as a leading comprehensive greenhouse management platform," said Cristina Rohr, principal at S2G Ventures. "We are delighted to partner with iUNU to support the company's continued growth and long-term plans to make indoor growing operations more profitable and efficient."

"The iUNU team has translated their long experience in greenhouses into an exciting computer vision platform powered by machine learning which empowers growers with new tools and capabilities to see, predict and take action," said Walter Robb, executive-in-resident at S2G Ventures. "Both the magic and the mystery of plants growing comes alive in and through LUNA. [Its] advanced technology supports the optimization of yield, labor and product quality, ultimately providing the end customer both superior processes and product while improving the profitability for growers."

Greenhouse production is experiencing significant growth. In North America, the greenhouse fruit and vegetable market is growing more than 20 percent annually. As greenhouses expand their square footage to meet demand, however, labor shortages and rising labor costs pose challenges for growers. Technologies to facilitate grower productivity have become essential.

"Our communities are under-greenhoused. Rising consumer demand is accelerating the growth of the greenhouse industry, but the massive shortage of both growers and manual labor requires a scalable machine vision solution to further the supply," said Adam Greenberg, CEO and founder of iUNU. "We are proud to partner with S2G Ventures and Ceres Partners, as both firms share a passion for and expertise in agriculture investing, and support our vision to empower growers to do more with less."

CHICAGO, Dec. 10, 2020 /CNW/ - PRESS RELEASE - Cresco Labs, one of the largest vertically integrated multistate cannabis operators in the United States, has announced the relaunch and availability of its cannabis-infused chocolates line from its Mindy's Chef Led Artisanal Edibles brand in dispensaries across Illinois. Previously introduced to the state's medical market in 2016, the line is now available for the first time to recreational customers. Illinois' total adult use cannabis sales topped $75 million for the second consecutive month in Nov. 1. The Chocolates line features three consistently dosed chocolate bars—Milk Chocolate & Peanut Brittle, Caramelized Chocolate Marshmallow Graham and Dark Chocolate Almond Toffee. In addition, for the 2020 holiday season the brand has launched a limited-time only flavor, Dark Chocolate Peppermint Bark.

"As the largest wholesaler of branded cannabis products in both the industry and Illinois, we continue to expand the reach of our House of Brands and diversified offerings to appeal to all consumers who have different preferences and needs," said Greg Butler, chief commercial officer at Cresco Labs. "It has been such a pleasure to see our Mindy's brand grow in the last year and delight more consumers not only in Illinois, but also in California, Michigan and Massachusetts."

Mindy Segal is Illinois' original cannabis chef and the creative force behind her namesake line of artisanal edibles. A big difference between Mindy's Chef Led Artisanal Edibles and other edible products in the market is their decadently delicious taste, featuring iconic flavor combinations and distinctive, premium ingredients. In addition, each product is precisely dosed to provide cannabis consumers with confidence to experiment with different flavors and textures.

With a reputation as a renowned pastry chef and restaurant owner, Segal has taken her unmatched attention to detail and quality to the production of cannabis-infused Chocolates. Additional details on the newly available Chocolates line:

Milk Chocolate & Peanut Brittle – A blend of two milk chocolates, each with a distinct flavor note, accented with smooth peanut butter and crunchy peanut brittle. 100 mg THC bar with 10 breakable, 10 mg pieces. Caramelized Chocolate Marshmallow Graham – Caramelized white chocolate nestled with crunchy graham crackers and mini marshmallows. 100 mg 1:1 CBD/THC bar with 10 breakable, 10 mg pieces.Dark Chocolate Almond Toffee – Two dark chocolates and a touch of milk chocolate with smoked almonds, crunchy toffee and smooth caramel. 100 mg THC bar with 10 breakable, 10 mg pieces. Dark Chocolate Peppermint Bark – A limited-time only offering available for the 2020 holiday season while supplies last, delivers a blend of rich, luscious dark milk chocolate with smooth white chocolate ganache drizzle, topped with crushed peppermints. 100 mg THC bar with 10 breakable, 10 mg pieces.

In Illinois, the Mindy's Chef Led Artisanal Edibles suite of products includes 2 mg and 5 mg Gummies available in six flavors and now Chocolates. The brand plans to expand its offerings to include Taffy soon.

NEW YORK, Dec. 10, 2020 (GLOBE NEWSWIRE) -- PRESS RELEASE -- Clever Leaves, a multi-national operator and licensed producer of pharmaceutical-grade cannabinoids, has announced it has successfully delivered the first shipment of EU GMP certified cannabis standardized extract from Colombia to Germany, imported by their distribution partner Paesel + Lorei GmbH & Co. KG. To available knowledge, this is the first legal shipment of an EU GMP certified pharmaceutical controlled substance from Colombia to Germany.

The shipment contained an initial sample of Clever Leaves' standardized cannabis high CBD extract manufactured under EU-GMP certification with more than 0.2% of THC, which makes it a controlled substance in Colombia and Germany, and is expected to be available in the German market in 2021. Clever Leaves partnered with P&L, an international provider of outsourcing services and a developer of special distribution solutions specializing in the pharmaceutical industry, for the execution of the international shipment.

Germany is one of Europe’s largest cannabis markets and has shown to be one of the leading international revenue opportunities for global cannabis producers. With strict quality standards and EU GMP certification requirements, the German regulatory approach focuses on developing a quality and safe market for cannabis-derived medical products in the country. Clever Leaves, in compliance with all cannabis regulations in the countries served, has successfully imported to 14 countries on five continents.

“The shipment demonstrates our execution on the pipeline from Colombia to an incredibly important market, Germany, Europe’s largest cannabis market and one of the most influential pharmaceutical markets in the world,” said Kyle Detwiler, CEO of Clever Leaves. “Our ability to develop and deliver market leading products opens doors, not only for Clever Leaves, but also to improve the quality of life and care for patients in need of these products.”

“We are delighted to cooperate with Clever Leaves´ multi-national team and to facilitate their entrance of the German market with their products,” said Dr. Anne Pfitzner, Managing Director of Paesel + Lorei.