Despite numerous companies jumping into the cannabis space in the Great Lakes State, operators say Michigan’s early success in the legal adult-use market has them anticipating even more positive days to come.
A Growing Cannabis Market: Many in the industry say they’re optimistic about Michigan s booming legal market, launched in December 2019, as its strong performance shows no sign of slowing down.
Data from analytics firm Headset shows that cannabis revenue for March 2021 alone had reached $115.4 million, setting a new record for the Wolverine State.
Josh Genderson, founder and CEO of vertically integrated Holistic Industries, said that Michigan has been big on cannabis for some time, pointing out that medical marijuana was legalized in 2008. He called Michigan’s successful industry the closest thing to the California market in the Midwest.
Retransmission: Red White & Bloom Closes Acquisition of Florida Operations from Acreage Holdings streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
Vertically integrated cannabis company Acreage Holdings, Inc. (OTCQX: ACRGF) has sold its Florida operations to Red White & Bloom Brands, Inc. (CSE:RWB) (OTCQX: RWBYF).
The New York-based company said Wednesday it has closed apreviously announced deal to divest 100% of its Acreage Florida, Inc. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
Red White & Bloom Brands, Inc. (CSE:RWB) (OTCQX:RWBYF).
The New York-based company said Wednesday it has closed apreviously announced deal to divest 100% of its Acreage Florida, Inc. subsidiary to RWB.
The Acreage Deal Details: Under the terms of the agreement with Acreage’s subsidiary High Street Capital Partners LLC, RWB opted to purchase all of the issued and outstanding shares of common stock of Acreage Florida Inc. for $60 million.
The price tag includes $5 million in an upfront cash payment, an additional $20 million in cash, $7 million in RWB’s common stock and $28 million in vendor take-back promissory notes.
The deal also includes the sale of Acreage s Sanderson-based facility comprised of more than 15 acres of land with a roughly 11,000-square-foot cultivation area as well as a freestanding administrative office building spanning 4,000 square feet.