Legalization Watch
A step forward in the fight for social equity
The Marijuana Policy Project (MPP) announced that Toi Hutchinson, who most recently served as the senior advisor on cannabis to Illinois Gov. J.B. Pritzker (D), will replace Steve Hawkins and join the national advocacy organization as president and CEO. According to Marijuana Moment, "Advocates have celebrated Hutchinson's leadership on the issue, applauding her sponsorship as a state senator of Illinois's adult-use legalization policy that Pritzker signed into law in 2019, as well as her focus on promoting social equity within the burgeoning marijuana industry. Also, Hutchinson told Marijuana Moment that in her regulatory capacity as Pritzker's cannabis advisor, days when she would see thousands of cannabis records cleared under the newly enacted law were the "moments that I will take with me for the rest of my life, wherever it is I go." "It also means that this cannabis legalization work is wrapped around my soul now, so when I got the call from MPP, it was a no-brainer because we know that the march towards federal legalization is going to happen through the states," she said. "And we have to keep doing that until we get action at the federal level."
IIPR
In the right places
Innovative Industrial Properties, Inc. announced yesterday that it closed on acquiring a portfolio of 27 properties in Colorado, Pennsylvania, and North Dakota that are 100% leased for use as regulated cannabis dispensing, processing, and/or cultivation facilities. The aggregate purchase price for the portfolio was approximately $72.7 million (excluding transaction costs). Sixteen properties are leased to a subsidiary of Columbia Care Inc.; four properties are leased to subsidiaries of Medicine Man Technologies, Inc. (Schwazze); three properties are leased to subsidiaries of Curaleaf Holdings, Inc.; three properties are leased to subsidiaries of LivWell Holdings, Inc.; and one property is leased to a subsidiary of Southwest Alternative Care, LLC (Kaya Cannabis).
SELL what you can
CGC is losing market share in the core market, bleeding cash, so sell what you can.
Canopy Growth is selling its business, C³ Cannabinoid Compound Company GmbH, to Dermapharm Holding (DMP.GR) Note Dermapharm announced the acquisition earlier this morning. An upfront payment of €80M subject to customary cash and debt adjustments will be made upon the closing of the transaction in addition to an earnout payment of up to €42.6M (~C$61.4M) subject to the achievement of select milestones by the C³ business. As a result of the divesture, the company will "avoid future operational complexities associated with C³, cutting capital spending and improving the balance sheet. The transaction is expected to close by 31-Jan-22.
