The Two Largest Canadian Cannabis Companies Officially Close on a Merger | TRICHOMES Morning Buzz
Cannabis News Update December 18, 2020
Today in the world of cannabis: SKYMINT opens its ninth Michigan location in Flint, a New Jersey Senate committee approved a cannabis legalization bill, and the two largest Canadian cannabis companies officially close on a merger.
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** First up: In a report by PRNewswire, with recreational cannabis sales beginning this week, the cannabis company SKYMINT has announced the opening of SKYMINT Flint, the ninth of eleven locations serving the market in the state of Michigan.
“Flint is very dear to my heart, because it’s where I grew up and was raised,” said Summer Ransom-Cleveland, SKYMINT’s President of Retail. “Opening our doors to Flint’s recreational consumer base kicks off a new economic era in Flint, allowing us to have an even greater impact on rebuilding Flint’s economy with millions of dollars in tax revenue flowing into the local and state governments over the coming years.”
“Not only was Flint home to Michael Thompson, the Flint resident who has been incarcerated for cannabis since 1994 and for whose clemency SKYMINT continues to ardently advocate,” Ransom-Cleveland says, “but it’s a city that deserves national attention for the good things that happen here. Ensuring that this store is as beautiful and pleasurable to visit as it can possibly be is one small gift to this community.”
https://www.cannabisdispensarymag.com/article/skymint-brings-cannabis-products-to-flint-michigan/
** And next: Cannabis Business Times reports that a New Jersey state Senate committee has voted in favor of cannabis legalization. The bill, A21, includes proposals to reinvest 100% of cultivator excise tax and 70% of sales tax into aiding communities disproportionately affected by the War on Drugs, the majority of which are Black and Brown communities.
The bill would also implement a licensing cap to only 37 cultivator licenses within the first 24 months of the bill taking effect. It’s worth noting that the bill does not address criminal record expungement nor random workplace drug testing limitations.
“We recognize the strides taken to build equity into this bill, and we know that the work toward justice is just beginning. While the work is unfinished, we applaud the Assembly Appropriations Committee for releasing the bill,” said ACLU-NJ Executive Director Amol Sinha. “We will work just as intently for regulations and future legislation that get us closer to an inclusive, equitable industry and justice for communities of color across the state.”
** Last up: In a report by Businesswire, two of the most notable Canadian cannabis companies, Aphria and Tilray, have announced a merger to become the largest cannabis company worldwide.
“We are bringing together two world-class companies that share a culture of innovation, brand development and cultivation to enhance our Canadian, U.S., and international scale…” said Irwin D. Simon, current Aphria CEO and soon-to-be CEO of the merged company.
“Our highly complementary businesses create a combined company with a leading branded product portfolio, including the most comprehensive Cannabis 2.0 product offerings for patients and consumers, along with significant synergies across our operations in Canada, Europe and the United States.”
According to a press release, “the implied pro forma equity value of the Combined Company is approximately C$5.0 billion.”
https://www.businesswire.com/news/home/20201216005519/en/Aphria-and-Tilray-Combine-to-Create-Largest-Global-Cannabis-Company-With-Pro-Forma-Revenue-of-C874-Million-US685-Million
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