MedMen Acquires PharmaCann, Marlboro Maker Shows Interest in Cannabis: Week in Review

MedMen Acquires PharmaCann, Marlboro Maker Shows Interest in Cannabis: Week in Review

This week, MedMen doubled its market reach with the acquisition of PharmaCann in a $682-million all-stock deal.

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October 12, 2018

MedMen has acquired Chicago-based PharmaCann, giving MedMen a presence in 12 U.S. states. In other news, Altria Group, maker of Marlboro cigarettes, has expressed interest in buying a stake in Aphria, a Canadian cannabis producer.

 

Here, we’ve rounded up the 10 headlines you need to know before this week is over.

 

Federal: Survey results released Monday by the Pew Research Center show a growing majority of Americans support ending marijuana prohibition. The national survey of 1,754 U.S. adults found 62 percent think marijuana should be made legal, while only about one-third of Americans (34 percent) think it should remain illegal. Read more

 

MedMen and Chicago-based PharmaCann LLC announced Oct. 11 that both companies have signed a binding letter of intent for MedMen to acquire PharmaCann in an all-stock transaction valued at $682 million. The resulting pro-forma company (including pending acquisitions by MedMen) will have a portfolio of cannabis licenses in 12 states that will permit the combined company to operate 79 cannabis facilities. Read more 

 

Tobacco company Altria Group is reportedly considering buying a stake in Canadian cannabis producer Aphria. Canada's Globe and Mail cited multiple unidentified sources in reporting Altria, maker of Marlboro cigarettes, had expressed an interest in acquiring a minority piece of the marijuana producer, although details of the investment are still being worked out. Read more

 

Wisconsin: Wisconsin's Controlled Substances Board passed an order Oct. 9 to schedule the drug Epidiolex and any similar drugs containing cannabidiol approved by the U.S. Food and Drug Administration as a schedule V controlled substance. Epidiolex is a medication containing CBD that has been approved to treat seizures. Read more

 

California: Law enforcement agencies from across California have urged the Bureau of Cannabis Control to amend proposed regulations that allow marijuana to be delivered anywhere in California.  The proposed regulations would permit delivery of recreational cannabis from jurisdictions that have banned such sales. Read more

 

Gov. Jerry Brown has signed a law that prohibits the sale of cocktails and beverages infused with cannabis. Since 2015, Los Angeles restaurants and bars began adding CBD to cocktail menus. Read more

 

The Calaveras County Board of Supervisors voted down a move that would have authorized the county to refund growers who paid $5,000 and in some cases $10,000 in registration fees. “I would like to see an independent accounting of costs associated with the Urgency Ordinance so we can have a complete view before the Board would consider this matter on its merits,” said District 4 Supervisor Dennis Mills, in opposition to the transfer. Read more

 

Pennsylvania: The Pennsylvania House Judiciary Committee voted in favor of a bill that would downgrade penalties for possession of under 30 grams of marijuana from a third-degree misdemeanor to a summary offense that would allow up to a $300 fine and no jail time. The bill will need to be approved in both the House and the Senate before Gov. Tom Wolf will be able to sign it into law. Read more

 

Washington: The Liquor and Cannabis Board announced it would reverse its earlier approvals of marijuana-infused hard candies and gummies on the grounds that they are “especially appealing to children.” The move would effectively ban the sale of most marijuana candies in the state. Read more

 

New Jersey: Democratic New Jersey lawmakers have been going over the fine points of a bill that their leaders say is the almost-final, soon-to-pass vehicle for allowing anyone 21 and older to buy and consume marijuana. After missing earlier, informal deadlines for mustering enough votes to pass a bill that Gov. Phil Murphy would sign, Senate President Stephen Sweeney maintained that his Oct. 29 deadline remains within sight. Read more

 

Top photo courtesy of Adobe Stock