🎱 IL Announces Results of Lottery for 55 Adult-Use Cannabis Dispensing Organization Licenses
🎱 IL Announces Results of Lottery for 55 Adult-Use Cannabis Dispensing Organization Licenses
Allen Iverson joins VIOLA as Talent Partner. Constellation Brands hires Cannabis Lead. GTI opens LEAP New Business Accelerator applications for Social Equity Licensees in Illinois.
👥 Follow on LinkedIn for more real-time updates. Subscribe to the newsletter here.
🌿Industry
Pritzker Administration Announces Results of Qualifying Applicant Lottery to Award 55 Conditional Adult-Use Cannabis Dispensing Organization Licenses. The Illinois Department of Financial and Professional Regulation (IDFPR or Department) announced the results of the Qualifying Applicant Lottery for 55 Conditional Adult Use Cannabis Dispensary Licenses (Conditional Licenses), from a pool of 626 unique applicants who scored 85% or greater in their applications. Two additional lotteries are scheduled in the coming weeks for 130 additional Conditional Licenses. Before Conditional Licenses are issued, the Department will initiate a review process to ensure applicants selected meet all statutorily required rules that must be fulfilled before a Conditional License can be issued.
Established North American technology company, Push Operations, expands into the cannabis industry as KayaPush. Over the past 9 years the well-known North American technology company, Push Operations, has served thousands of small businesses and restaurants, establishing itself as one of the leading workforce management, HR, and payroll solutions. As Push has continued to expand its geographical and industry reach, so have many of its clients. The new brand, KayaPush, is a tailored solution, helping cannabis dispensary owners overcome common technical and industry hurdles by simplifying payroll, HR, and workforce management. KayaPush provides a solution that facilitates increased compliance for dispensary owners with unique features like alerts, customizable surveys, and facial recognition technology. Its integrations with leading cannabis POS systems helps dispensary owners get a holistic view of their business.
Mississippi lawmakers drafting medical marijuana measure. A Mississippi Senate committee is close to finishing draft legislation to legalize medical marijuana, two months after the state’s highest court struck down a voter-approved, business-friendly bill. The development leaves open the possibility that Gov. Tate Reeves could call a special session later this summer to address the issue. The governor might feel pressure to do so after voters approved MMJ legalization by an overwhelming margin at the ballot box in November. The measure, however, isn’t expected to be nearly as pro-business as the voter-approved version. Full details of the potential Senate bill weren’t disclosed. The 2021 MJBizFactbook had projected that a medical marijuana program built on the Mississippi ballot referendum would generate $265 million in sales in the first full year and $800 million annually by the fourth year.
💵Deals
Constellation Brands — Invests in HOP WTR. HOP WTR is a non-alcoholic, calorie-free sparkling water infused with adaptogens and nootropics to provide the perfect balance of function and flavor for health-conscious consumers. The investment was made through Constellation’s venture capital group, and HOP WTR remains independently owned and will continue to manage, market, and produce its brand and products.
Navy Capital — Invests in Trading.TV’s $6.1 Million Seed Round. Trading.TV, the world’s first social livestream and immersive chat platform for traders and financial content creators, launched its platform, closed beta and a $6.1M seed funding round led by L Catterton Growth, Activant, Navy Capital and Tribe Capital. As part of the launch, Trading.TV also announced a $1M Creator Fund to support the first group of creators joining the platform.
📄Company Updates / Earnings
🏀 VIOLA — Allen Iverson Joins as Talent Partner. As Viola’s talent partner, Iverson will continue to build on many of Harrington’s business initiatives, leading the drop of the first strain of Viola’s The Iverson Collection in October. Other cannabis and non-cannabis products will follow.
GTI — Opens LEAP New Business Accelerator Applications for Social Equity Licensees in Illinois. The LEAP incubation program is intended to help social equity licensees not only operationalize their licenses but also ensure their success through mentorship and guidance from the GTI team.
Captor Capital — Year Ended March 31, 2021
Revenues of $16.2M vs. $12.5M for the previous financial year
Gross Profit of $5.3M vs. $3.4M for the previous financial year
The Company’s net loss decreased from ($0.84) per share for the fiscal year ended March 31, 2020 to ($0.18) per share for the fiscal year ended March 31, 2021
The Company entered fiscal 2021 with two retail dispensaries and has since successfully added seven new retail locations
Cash: $17.4M
🏬Retail
Three cannabis retailers are one step closer to opening in Fresno. Here are the details. Three retailers have been granted preliminary acceptance for cannabis licenses in Fresno. The retailers, which have not yet been named, will be notified on Friday, Fresno City Manager Thomas Esqueda said during Thursday’s city council meeting. At this point, the licenses are tentative because the businesses still have to do background checks and go through some processes that Esqueda described as “routine.” The licenses were most likely selected through the city’s social equity process. That process started before the general applications, 35 of which have been selected as finalists and are in the interview process with the city. Those applicants, which include some locally known names and some national cannabis brands like Cookies and Stiiizy, will now be competing for one of the remaining 18 available licenses across Fresno’s seven voting districts.
Lantern — Expands On-Demand Recreational Cannabis Delivery to Grand Rapids. Lantern launched on-demand recreational cannabis delivery in Grand Rapids, becoming the first marketplace to offer delivery in Michigan's second largest city. Lantern has been serving Michigan consumers since October 2020 when it became the first platform to launch on-demand delivery in Detroit. Orders and deliveries will be fulfilled by 3Fifteen Cannabis and High Profile. 3Fifteen is a Michigan owned and operated cannabis group with locations throughout Michigan, with locations covering 50% of Michigan's population within a 20-minute drive.
🌱Product
Cronos Group — Launches New Dual-Flavor Cannabis Gummies. SOURZ by Spinach™ delivers bold fruit flavor in a distinctive “S” shaped gummy with a proprietary coating designed to provide a sour and sweet flavor profile, differentiating the product and elevating the consumer experience. Each package contains five gummies with 2 mg of THC in each gummy.
🧔People | 💻Hiring
Constellation Brands — Hires Cannabis Lead. The company behind alcohol brands like Corona, Modelo, SVEDKA and Robert Mondavi, has hired Liz Lopez as VP of Public Affairs. She most recently served as in-house counsel and senior director of economic development at YWCA USA and is a founding member of the Diversity in Government Relations Coalition. Lopez will represent the company’s interests at the international, federal, and state levels on all aspects of the business, and will serve as the lead in government relations issues related to cannabis policy, according to the company.
Green Meadows Farm — appoints Rob Patton to CMO. Green Meadows Farm (Green Meadows), a cannabis company owned and operated by the Patton family and based in the heart of Southbridge, MA announced the appointment of Robert Patton to Chief Marketing Officer (CMO). In addition to his role as CMO, Patton is an owner and co-founder along with his father and CEO, Bob Patton; brother and COO, Chris Zawacki; and brother and investor, Tom Zawacki.
Bespoke Financial — VP of Capital Markets (LA)
Groundworks Industries — Director Of Operations (Portland)
FLOWER CO. — Regional Operations Manager, California (Remote)
🎙️Interviews
Out of Thin Ayr: How to Make Money in Cannabis in Three Short Years
Canndescent CMO Esther Song on Equity and Sustainability in Cannabis
Magic Hour Cannabis knows and grows good weed. With all the talk about which coast has better weed, Magic Hour Cannabis is an Oregon-based cannabis brand that comes straight from the hands and hearts of East Coast natives Adriana Carlile and Will Perry. Along with their status as an industry power couple, Adriana and Will are responsible for the success of Magic Hour Cannabis and its burgeoning sister business, Magic Hour Consulting. They sat down with Leafly to answer a few questions about life in Oregon and the future of their dynamic brand.