Cannabis Professional’s daily roundup of industry news. View archive here.
Delta 9 expects growth in revenue
Delta 9 Cannabis Inc. on Tuesday provided guidance on select third-quarter results for the three-month and nine-month period ending Sept. 30, 2019, based on preliminary results. Winnipeg-based Delta 9 said it anticipates revenues for the third quarter to be between $6.3-million and $6.9-million, compared with $1.25-million for the three-month period ending Sept. 30, 2018. It anticipates revenues for the nine-month period ending Sept. 30 to be between $20.8-million and $21.4-million for the period ending Sept. 30, 2018, compared to $2.3-million for the same period the prior year. The company also said it expects total grams produced of 871,516 for the quarter, compared with 675,233 grams the previous quarter. Full third-quarter results will be released on Nov. 13, after the close of the market, followed by a conference call the next morning.
Columbia Care to acquire Colorado operator
Columbia Care Inc. said Tuesday that it has agreed to acquire The Green Solution, the largest vertically integrated cannabis operator in Colorado for about US140-million. New York based Columbia Care said the deal includes US$110-million of Columbia Care stock, US$15-million in secured debt and a US$15-million seller’s note with the potential for an additional milestone payment in 2021. Columbia care said the purchase will make it the dominant vertically integrated cannabis company in Colorado’s US$1.6-billion market, “leveraging one of the most impressive single-state cannabis operators in the US.” The move increases Columbia Care’s U.S. footprint to 93 facilities open or under development, including 74 dispensaries and 19 cultivation and manufacturing locations.
Mass. judge: Medical pot products exempt from vaping ban
A Massachusetts judge says the state’s ban on the sale of vaping products can’t be enforced on medical marijuana products. Suffolk Superior Court Judge Douglas Wilkins ruled Tuesday that marijuana card holders seeking to purchase marijuana vaping products should be exempt from the four-month ban. He says the ban as written undermines the state’s medical marijuana law. A group representing medical marijuana patients argues only the state Cannabis Control Commission can regulate marijuana products. Republican Governor Charlie Baker issued the emergency ban in September in response to lung illnesses attributed to use of e-cigarette products. Wilkins says the medical marijuana exemption must take effect by next Tuesday. The cannabis commission meets Thursday and could discuss issuing its own ban on marijuana vaping products. The vaping industry is also challenging the broader ban in court.
- Associated Press