Cannabis firm Cresco Labs inks $50 million sale-leaseback deal


Montana to begin enforcing marijuana vaping ban this week

Montana’s health department will begin enforcing an emergency ban on the sale of flavored vaping products starting Wednesday, according to state officials. The restrictions include the sale of all THC and CBD vape products, both in stores and online, as well as flavored nicotine e-cigarettes. The rules do not require businesses to destroy their inventory. Business owners argued that vaping-associated lung injuries appeared to be caused by black-market vaping products and even a temporary ban could damage their business. A judge in October halted the temporary ban.

– Associated Press

For more of Marijuana Business Daily’s ongoing coverage of the vaping crisis, click here.

Cannabis firm Cresco Labs inks $50 million sale-leaseback deal

Chicago-based Cresco Labs, a multistate marijuana operator, closed a $50 million sales-leaseback deal in Illinois, weeks before adult-use marijuana becomes legal in the state on Jan. 1. Cresco sold its recreational and medical cannabis cultivation and processing facility in Lincoln, Illinois, to GreenAcreage Real Estate Corp., a real estate investment trust. Cresco signed a long-term lease for the facility, which is expected to total 220,000 square feet when it is completed. Cresco said the facility, expected to be the largest of its kind in Illinois, will help the firm grow its 25% market share in the state.

For more insight on Cresco Labs’ move, check out this take in our premium subscription service, Investor Intelligence.

California raid nets $8.8 million in illicit marijuana products

California officials continued their crusade against the illicit cannabis market in the state by raiding unlicensed cannabis shops in the Los Angeles area. The state Bureau of Cannabis Control and officers from the Department of Consumer Affairs’ Cannabis Enforcement Unit served 24 warrants and seized $8.8 million in illicit marijuana products, including almost 10,000 vape pens, and more than $128,000 in cash.

US senators ask DEA for cannabis cultivation timeline

Eight Democratic U.S. senators have requested that the U.S. Drug Enforcement Administration (DEA) provide by Jan. 10 a timeline for when it will issue additional marijuana cultivation licenses for research purposes. The letter praised the DEA’s August announcement that it plans to expand marijuana research but reiterated concerns about delays and the failure to fulfill similar commitments from three years ago. The letter also requests detailed information on the DEA’s plans, pending research applications and the current supply of marijuana for research purposes.

An audio look at the top marijuana business stories last week

Our podcast, “This Week In … Marijuana Business News,” recorded live at MJBizCon in Las Vegas, looks at new and evolving U.S. and global business opportunities, cannabis leaders honored at the MJBizDaily Awards gala as well as a potentially devastating planned tax hike on MJ businesses in 2020, among other topics.