Connect with us

Cannabis

Vireo Health Sells Equity in Pennsylvania Medical Solutions to Jushi Inc.

Avatar

Published

on

MINNEAPOLIS – Vireo Health International, Inc. (“Vireo” or the “Company”) (CNSX: VREO; OTCQX: VREOF), the science-focused, multi-state cannabis company with active operations in exclusively medical-only markets and licenses in nine states and the Commonwealth of Puerto Rico, today announced that it has reached a definitive agreement with Jushi Inc, a subsidiary of Jushi Holdings, Inc. (“Jushi”) (CSE: JUSH) (OTCQX: JUSHF), to divest equity in its subsidiary company, Pennsylvania Medical Solutions, LLC (“PAMS”), for total consideration of $37 million. The transaction is subject to regulatory approvals.

Pennsylvania Medical Solutions holds a permit for the cultivation and processing of medical cannabis in the state of Pennsylvania. This permit was initially awarded to PAMS through a merit-based application process in 2017. Based in Scranton, PAMS manufactures cannabis-based products in a 90,000 square foot co-located cultivation and processing facility, which recently underwent a significant capacity expansion project in order to meet increasing demand within Pennsylvania’s burgeoning medical cannabis market.

Advertisement

https://ima.it/en/

“This transaction secures Vireo’s capital position for the foreseeable future and will enable us to comfortably execute our fiscal year 2020 operating strategy and begin generating positive cash flow in the first half of next year without requiring any additional capital infusions,” said Founder & Chief Executive Officer, Kyle Kingsley, M.D. “We’re especially pleased to achieve this milestone for shareholders without the dilutive impacts of other forms of financing, and we’re also very excited about the opportunities in front of us to re-invest a portion of these proceeds to increase scale in select markets where we see significant opportunities to improve revenue growth and future cash flow generation.”

The transaction’s total consideration of $37 million includes $16.3 million in cash, $3.8 million in the form of a four-year note with an 8 percent coupon rate payable quarterly and $17 million in Right of Use liabilities associated with long-term lease obligations. The transaction also includes an 18-month option for Jushi to purchase equity in another Vireo Health subsidiary, Pennsylvania Dispensary Solutions, LLC, for an additional $5 million in cash.

Vireo management expects to utilize a portion of the transaction proceeds for capital expenditures that will increase scale in its core markets of New York, Minnesota, Maryland, Arizona, and New Mexico. These development projects are expected to significantly improve the Company’s near-term revenue and profitability outlook, and management anticipates discussing these development projects and other impacts of this transaction in more detail during the Company’s upcoming second-quarter earnings conference call in late August.


About Vireo Health International, Inc.
Vireo Health International, Inc. is a physician-led cannabis company focused on building long-term, sustainable value by bringing the best of medicine, science, and engineering to the cannabis industry. With operations strategically located in early-stage, limited-license medical markets, Vireo manufactures pharmaceutical-grade cannabis products in environmentally-friendly greenhouses and distributes its products through its growing network of Green Goods retail dispensaries and hundreds of third-party locations. Its current core medical markets of New York, Minnesota, Pennsylvania, Arizona, New Mexico, and Maryland all have the potential to enact adult-use legalization in the next three to 24 months, and two additional markets in Puerto Rico and Massachusetts also have potential for commercialization. Combined with its teams’ focus on driving scientific innovation within the industry and securing meaningful intellectual property, Vireo believes it is well positioned to become a global market leader in the cannabis industry. Today, eight of its 10 markets are operational with 13 of its 32 total retail dispensary licenses open for business. For more information about the company, please visit www.vireohealth.com.

About Jushi Holdings Inc.
Jushi Holdings, Inc. is a globally focused cannabis and hemp company led by an industry leading management team. In the United States, Jushi is focused on building a multi-state portfolio of branded cannabis and hemp-derived assets through opportunistic acquisitions, distressed workouts and competitive applications. Jushi strives to maximize shareholder value while delivering high quality products across all levels of the cannabis and hemp ecosystem. For more information please visit www.jushico.com or the Company’s social media channels on Instagram, Facebook, Twitter and LinkedIn.

Source: https://mgretailer.com/press-releases/vireo-health-sells-equity-in-pennsylvania-medical-solutions-to-jushi-inc/

Cannabis

5 Questions With Flower By Edie Parker: ‘Cannabis For The Cool Kids’

Avatar

Published

on

Flower by Edie Parker Continues Reign as ‘Cannabis for the Cool Kids’ Brand with Launch of Vape Pens at MedMe

On Friday, July 10th luxury cannabis brand, Flower by Edie Parker will complete their bestselling collection of cannabis products with BRAND-NEW THC and CBD nectar disposable vaporizer pens and cartridges exclusively at MedMen locations through the Los Angeles area.  

Building off the brand’s longstanding commitment to creating high-quality products with a touch of irreverence, Flower by Edie Parker has created their private-label vape collection using organic sun grown flower, sustainably cultivated in small batches and third-party lab tested for efficacy. The newest vaporizer nectar pens and cartridges are available in three scintillating strains:  

Early Bird – A light and creative flavor, 3:1 CBD to THC ratio, pairs well with morning hike or mid-afternoon coffee.

Happiest Hour – Party perfect, this 2:1 THC-dominant blend is for a good time hanging with friends or a night out dancing. 

Nightcap – Our heaviest hitter 10:1 THC-prominent flavor is best to use before your bubble bath, bedtime, or any relaxation ritual.     

Also, with every purchase of the new THC and…

Original Author Link click here to read complete story..

Source: https://mmpconnect.com/5-questions-with-flower-by-edie-parker-cannabis-for-the-cool-kids/

Continue Reading

Cannabis

CCC: Marijuana tax structure not worth disrupting

Avatar

Published

on

BOSTON — Changing the way Massachusetts taxes legal marijuana could produce more revenue for the state, but it could also disrupt the fledgling cannabis industry here and undo some of the work to convert consumers from an illicit market to the state’s regulated and taxed market, a report found.

In a report to be considered Thursday by the Cannabis Control Commission, regulators and state revenue experts weighed the idea of taxing marijuana based on its weight or potency, rather than the current price-based tax structure. Although almost every single alternate tax structure studied in an analysis conducted by KPMG is likely to generate more tax revenue, the CCC determined the relatively small increases would not be worth the hassle.

“The Massachusetts adult-use cannabis industry is in a nascent stage. A large-scale change in taxation scheme would cause disruptions that are not worth the potential short-term revenue gain, especially in a market with currently stable prices and inelasticity,” the agency wrote in a report that commissioners are expected Thursday to vote to submit to the Legislature. “Indeed, each scheme presents challenges for implementation and regulation, both in industry and government, that may not be worth the marginal gain. The Commission…

Original Author Link click here to read complete story..

Source: https://mmpconnect.com/ccc-marijuana-tax-structure-not-worth-disrupting/

Continue Reading

Cannabis

Hexo Completes First Shipment Of Medical Cannabis Products To Israel

Avatar

Published

on

Canada-based cannabis company Hexo Corp. said it has completed the first shipment of its medical cannabis products to Israel. This also marks the first time Hexo’s medical cannabis products will be available outside of Canada.

Hexo said it completed the first shipment of 493 kilograms of medical cannabis products to Israel amidst tightening international borders, a sharp reduction in air cargo availability, and increased safety measures within its facilities due to the global COVID-19 pandemic.

Hexo is launching the medical cannabis products in Israel through a 24-month agreement with Israeli medical cannabis company, Breath of Life International Ltd. or BOL.

Hexo is a consumer packaged goods cannabis company. The company serves the Canadian adult-use markets under its Hexo Cannabis as well as Up Cannabis brands, and the medical marijuana market under Hexo medical cannabis.

BOL is a GMP certified company, with an established distribution network through pharmacies including Super-Pharm, Israel’s largest pharmacy retailer with 258 locations.

Hexo and BOL concluded their deal after collaborating to adapt Hexo’s products to meet the specific requirements of Israel’s medical cannabis patients, while adhering to regulatory requirements under Israel’s Medical Cannabis regulatory…

Source: https://mmpconnect.com/hexo-completes-first-shipment-of-medical-cannabis-products-to-israel/

Continue Reading
Automotive6 hours ago

Union green lights third PSA vans shift at Luton

AR/VR6 hours ago

The Invisible Hours Brings Its VR Murder Mystery Drama To Quest ‘Soon’

Automotive6 hours ago

Bernhard Maier steps down as Skoda boss

Biotechnology7 hours ago

China Warns Spread of An ‘Unknown Pneumonia’ Deadlier Than COVID-19

Biotechnology7 hours ago

Life Sciences Fund Launches with €76M to Invest in Nordic Biotech

Automotive7 hours ago

Caasta launches new ‘subscribe and drive’ mobility solution

Automotive7 hours ago

Three Toyota GB dealers among Europe’s Ichiban Awards-winning elite

Blockchain7 hours ago

Bitcoin Dropped To $9,050 Following Stock Market Tumble: Friday Price Watch

Blockchain7 hours ago

Bitfinex to Face New York Courts Over Missing $850 Million in Cryptocurrency Funds

Automotive7 hours ago

Toyota, Mitsubishi may miss Philippine production incentive targets

Automotive7 hours ago

Ford hits Mexico engine supply problems

Automotive8 hours ago

BMW and Mini introduce online new car stock finder

Automotive8 hours ago

Peter Cooper Motor Group expands into Dorset with Think Cars acquisition

Automotive8 hours ago

The cars that are cheaper on finance revealed by WhatCar?

Biotechnology8 hours ago

Liquid metal synthesis for better piezoelectrics: Atomically-thin tin-monosulfide

Automotive8 hours ago

Freyr secures US$14m lithium-ion financing

Blockchain8 hours ago

Accomplice in Alleged $722M Bitcoin Ponzi Scheme Pleads Guilty to Charges

Cannabis8 hours ago

5 Questions With Flower By Edie Parker: ‘Cannabis For The Cool Kids’

Automotive8 hours ago

EDAG and Hexagon Purus team on hybrid storage

Blockchain8 hours ago

NY Court Rejects Bitfinex and Tether Appeal For Ongoing Dispute

Blockchain8 hours ago

5 Crypto and Blockchain Superstitions That Need Debunking

Blockchain9 hours ago

Brave Software and NYIAX Announce Partnership Utilizing Blockchain

Blockchain9 hours ago

Market Analysis Report (10 Jul 2020)

Blockchain9 hours ago

Fintech Firm Rapyd Launches Local Payment Solution in Mexico

Blockchain9 hours ago

ETH Price Rally From Yesterday Has Peter Brandt Predicting New Altseason

Blockchain9 hours ago

Interview: CEO Jay Hao on OKEx DeFi Plans and COMP Token Listing

Blockchain9 hours ago

BitClub Programmer Pleads Guilty for $722 Million Crypto Fraud

Blockchain9 hours ago

Ethereum and EOSIO Square Up Over Enterprise Blockchain Business in Latin America

AR/VR9 hours ago

Minecraft Gear VR Support To End In October, No More Multiplayer & Realms

Blockchain9 hours ago

Bitfinex Lists Dogecoin After TikTok Fad Sends DOGE Price Over $0.005

Blockchain9 hours ago

Tether Blacklists 39 ETH Addresses Worth Over $46 Million

venezuela-raises-petrol-prices-mandates-support-for-petro-at-gas-stations-3.jpg
Cannabis9 hours ago

CCC: Marijuana tax structure not worth disrupting

Blockchain9 hours ago

Ethereum users still waiting for ETH 2.0. But for how long?

Blockchain9 hours ago

Technicals Suggest Ethereum Must Stay Above $230 For Hopes of a Fresh Rally

Blockchain9 hours ago

Iranian government plans to tighten the crypto mining regulations.

Blockchain9 hours ago

DigiByte Holds Complete Support; Faces Strong Resistance at $0.0250

Blockchain9 hours ago

$147 million Bitcoin scammer still missing, CFTC plans to proceed case without him

Gaming9 hours ago

Hearthstone 17.6 update nerfs Galakrond Rogue and Demon Hunter

Blockchain9 hours ago

Bitfinex, Tether to Face Trial for Allegedly Hiding Lost Funds

Blockchain9 hours ago

TISE Reports Record-Breaking First Half Despite Covid-19 Crisis

Trending