Green Thumb Industries appoints Swati Mylavarapu to board of directors » 07:0604/0704/07/21
Green Thumb Industries…
Green Thumb Industries announced that Swati Mylavarapu has joined its Board of Directors and will serve on the Compensation Committee. Since 2017, Mylavarapu has served as Founder and Managing Partner of Incite.org, a hybrid incubator and investment fund that combines venture capital, philanthropy, and civic advocacy to accelerate bold ideas and solve some of the world's most pressing challenges.
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Innovative Industrial Properties enters amendment of lease with Jushi subsidiary » 07:1104/0504/05/21
Innovative Industrial Properties (IIPR) announced that it entered into an amendment of the lease with a subsidiary of Jushi Holdings (JUSHF) at its Scranton, Pennsylvania grower-processor facility, making available an additional $30M in funding for the completion of the buildout of the existing 89,000 square foot building and approximately 40,000 square foot expansion of the facility, and adjusted the base rent under the lease to take into account the additional available funding. Assuming full payment of the additional funding and completion of the expansion, IIP's total investment in the approximate 129,000 square foot Facility will be $45.8M.
Greenlane price target raised to $6 from $4 at Canaccord » 11:5604/0204/02/21
Canaccord Genuity analyst…
Canaccord Genuity analyst Derek Dley raised the firm's price target on Greenlane Holdings (GNLN) to $6 from $4 and reiterates a Speculative Buy rating on the shares following news that the company will be acquiring KushCo (KSHB) through an all-stock transaction. There should be "ample cross-selling opportunities" available to the combined company, as KushCo and Greenlane have a complementary product offering, Dley tells investors in a research note.
Rising High: An exclusive talk with cannabinoid market research firm BDSA » 11:1904/0104/01/21
CURLF, CRLBF, VRNOF, ZYNE, TCNNF, TLRY, IGC, CANN, CRON, CTST, CVSI, ACB, CGC, APHA
In this edition of…
Greenlane price target raised to $8 from $5 at Roth Capital » 10:3504/0104/01/21
Roth Capital analyst…
Roth Capital analyst Scott Fortune raised the firm's price target on Greenlane Holdings (GNLN) to $8 from $5 and keeps a Buy rating on the shares following the "transformative merger" announcement with KushCo Holdings (KSHB). The analyst views the combination favorably, saying both companies have "differentiated" product offerings that should enhance scale. He sees $15M-$20M in cost-saving synergies, inflecting in 2022, with an expected $310M-$330M in pro forma 2021 revenue with "meaningful upside opportunities to cross-sell a wider breadth of products and services into a growing base."
Roth Capital views KushCo, Greenlane merger combination 'favorably' » 14:4003/3103/31/21
Roth Capital analyst…
Roth Capital analyst Scott Fortune notes that KushCo (KSHB) and Greenlane (GNLN) have announced a transformative merger, which he views "favorably" as both companies have differentiated product offering, which should enhance scale with an estimated potential to generate $310M-$330M in revenues for 2021, and operating leverage to drive an expected $15M-$20M in cost synergies. Fortune has a Buy rating and a price target of $2.25 on KushCo shares.
Green Thumb demands immediate retraction of Chicago Tribune article » 07:3403/3103/31/21
"The Chicago Tribune…
"The Chicago Tribune has published unfounded allegations that completely contradict our corporate values," said Green Thumb Founder and CEO Ben Kovler. "The reporter did not cite any credible sources nor evidence, and published under a salacious front page headline intended to mislead. This is not just irresponsible journalism but reckless behavior that impacts the livelihood of our employees, the close bond to the communities in which we serve, and the trust of our investors. Our company has secured licenses through competitive state-run programs and traditional M&A transactions. We have taken painstaking measures to scale compliantly as we provide access to well-being through cannabis, and will continue to hold ourselves to the highest standards." Green Thumb demands an immediate retraction of the article by the Chicago Tribune.
Green Thumb says federal authorities 'have made no effort to initiate contact' » 07:3303/3103/31/21
The company said,…
The company said, "Green Thumb Industries possesses absolutely no evidence to corroborate claims that there is an open investigation by federal authorities as alleged in an article by the Chicago Tribune under a misleading headline published on March 29, 2021. Green Thumb first learned of the alleged probe into supposed violations regarding obtaining licenses from a Chicago Tribune reporter who cited unnamed sources shortly before the article was published. Federal authorities have made no effort to initiate contact with Green Thumb."
Green Thumb part of pay-to-play investigation, Chicago Tribune reports » 07:0303/3103/31/21
Green Thumb Industries is…
Green Thumb Industries is under federal investigation for possible pay-to-play violations during its push for licenses in Illinois, The Chicago Tribune's Jason Meisner and Ray Long report, citing sources. According to the sources, investigators have been probing campaign donations and other steps Green Thumb Industries took as it sought to secure growing and distribution licenses in Illinois and several other states. No charges have been filed as part of the investigation. A company spokeswoman said Green Thumb Industries was not aware of any probe. Reference Link
NY cannabis bill 'big win' for Acreage and Curaleaf, says Alliance Global » 09:4803/2903/29/21
ACRHF, CCHWF, CRLBF, CURLF, GTBIF
A bill to legalize…
A bill to legalize adult-use cannabis was introduced in New York on Saturday following a three-way agreement being reached between Governor Cuomo, the Senate Majority Leader and Assembly Speaker, putting the state in position to become the 17th to legalize adult-use cannabis, Alliance Global Partners analyst Aaron Grey tells investors in a research note. The bill grandfathers in vertical integration for legacy medical cannabis operators, which is a "big win" for current medical operators in the state including Acreage Holdings (ACRHF), Columbia Care (CCHWF), Cresco Labs (CRLBF), Curaleaf (CURLF) and Green Thumb Industries (GTBIF), says the analyst.