Medical marijuana sales in Pennsylvania top $500 million
Pennsylvania’s medical marijuana dispensaries sold more than $500 million in MMJ products since sales began two years ago, a state official said Wednesday. About 147,000 people are certified to buy medical cannabis in 72 dispensaries in the state, according to John Collins, director of Pennsylvania’s Office of Medical Marijuana.
– Associated Press
Cannabis firm Cresco Labs amends, delays buying Canada’s Origin House
Chicago-based Cresco Labs on Wednesday announced it amended its all-stock purchase of Canada-based marijuana distributor Origin House and delayed the closing date. The deal for Ottawa, Ontario-based Origin House is now expected to close in mid-January, instead of this month.
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Canadian cannabis producer Tilray’s revenues rise
Cannabis producer Tilray, based in British Columbia, Canada, reported third-quarter revenue of $51.1 million (CA$67.8 million), a 408% jump from the same period a year earlier. Tilray, which trades on the Nasdaq as TLRY, also booked an 11% improvement from the second quarter’s $46 million, in line with consensus estimates.
A chart displaying the quarterly earnings for major cannabis companies is available here.
Marijuana firm Green Thumb sells Pennsylvania facility for $39.6 million
Chicago-based Green Thumb Industries, a cannabis consumer packaged goods company and owner of marijuana retail stores, sold its processing and cultivation facility in Pennsylvania to Innovative Industrial Properties (IIP) in a $39.6 million deal. Green Thumb Industries will lease the facility in Danville, Pennsylvania, from San Diego-based IIP and continue to operate it.
Acreage Holdings’ third-quarter cannabis revenues soar
Acreage Holdings, a multistate marijuana operator based in New York, reported third-quarter earnings of $22.4 million, a 307% increase from the same period in 2018. The company reported a net loss of $39.9 million for the quarter that ended Sept. 30.
A chart displaying quarterly earnings for major cannabis companies is available here.
Nevada marijuana mogul sues competitor for slander
Armen Yemenidjian, a big player in the Las Vegas cannabis industry, is accusing another prominent marijuana dispensary owner in the city of slandering him by saying he engaged in criminal activity, according to The Nevada Independent. Yemenidjian was part of a group that sold Nevada marijuana operations to Chicago-based Green Thumb Industries in a $290 million deal. He remains affiliated with a number of cannabis dispensaries in Nevada.