🧃Organigram acquires Collective Project Beverages
IIPR reports defaults by 4Front, Gold Flora and TILT. Gold Flora Files for Voluntary Receivership. BLAZE launches BLAZE Sites. Miss Grass launches HDD9 Gummies. Curaleaf launches HDD9 Energy Drink.
🌿 Industry
France to Launch Regulated Medical Cannabis Market. — Born2Invest
After four years of trials, France will officially regulate medical cannabis, with prescriptions limited to trained doctors for specific conditions
Smoking remains banned; only vaporized flowers, oils, and sublingual solutions are allowed. Strict production controls apply, and industry experts predict up to 500,000 patients by 2035, positioning France as a European market leader
Revelry Kicks Off 2025 With Buyers’ Club Trade Show and New York City Festival.
Revelry announced its 2025 lineup, spotlighting its upcoming Buyers’ Club trade show scheduled for Wednesday, May 14, in Hudson, NY, which will bring together 250+ vetted, licensed buyers and 130+ brands
As part of its 2025 agenda, Revelry will include the return of its cultural festival in New York City, September 12th & 13th, at Pier 36 in Manhattan
Michigan judge finds testing facilities launched by ex-cops violated testing results. Viridis Laboratories has long been accused of artificially inflating THC levels and downplaying hazards in cannabis. — Metro Times
The decision marks the latest development in a years-long conflict between the state’s Cannabis Regulatory Agency (CRA) and Viridis Laboratories, which operates facilities in Lansing and Bay City and tests more marijuana than any other lab in Michigan
Stories of inflated THC levels have become so widespread that some consumers boycott cannabis products tested by Viridis, which critics say is often reporting suspiciously high potency
The judge found that Viridis violated multiple administrative rules by deviating from approved testing methods, failing to validate changes to those methods, and not maintaining adequate records for microbial testing
Investigator: Cannabis Commission failed to collect almost $2 million in fees. The CCC says the OIG incorrectly understood the fees. — Boston.com
In a letter to the CCC to Executive Director Travis Ahern and Acting Chair Bruce Stebbins, the inspector general noted that the CCC failed to collect about $550,000 in prorated fees for license extensions from August 2022 to August 2024 and did not collect provisional license fees during this period, totaling $1.2M
In response, Ahern clarified that the fees the OIG claims were not collected could not have been because those applications were still ongoing. Ahern stated that the $1.2M in uncollected fees is only due if those applicants proceed to provisional licensure
U.S. Hemp Roundtable x BlueCheck Partner on Age Verification for Online Hemp Sales. BlueCheck’s proven technology—responsible for verifying over $1 billion in e-commerce volume—empowers U.S. Hemp Roundtable members with seamless, accurate, and lightning-fast age checks. Through direct integrations with 10+ point-of-sale, membership, and e-commerce platforms, including Shopify, businesses can rapidly implement robust safeguards that meet federal and state regulations—without compromising the customer experience.
Illinois February adult-use cannabis sales down (6.8%) sequentially to $130.6M
Florida’s medical cannabis license renewal fees will stay at $1.3M
💵 Deals
Organigram Enters U.S. Through Acquisition of Collective Project Beverages. Deal terms include upfront consideration of ~C$6.2M, potential milestone payments and potential earnout payments totaling in the aggregate up to C$24M for the twelve-month periods ending September 30, 2025 and September 30, 2026. Collective Project was launched by Collective Arts, a Hamilton, Ontario-based company founded in 2013. Known for its unique approach to blending craft beverages with art, Collective Arts has featured over 2,000 artists from 40 countries on its products. Collective Project extends this creative ethos into the cannabis market, producing cannabis and hemp-derived infused sparkling juices, teas and sodas.
Grown Rogue Closes $7.0M Credit Facility at ~9% Interest. The credit facility has a term of four years and bears interest at a rate equal to the greater of a) SOFR plus 4.9% and b) 9.0% per annum. Based on the current SOFR rate of 4.3%, this implies a current interest rate of 9.2% per annum. The facility amortizes over a six-year period and there are no prepayment penalties. Interest will be paid on a monthly basis.
Advanced Flower Capital Provides $14M Secured Credit Facility to Subsidiaries of Standard Wellness Holdings. $10.5M of the senior secured credit facility was funded at close. Standard Wellness intends to use the proceeds from the loan to acquire a dispensary in Missouri, relocate a dispensary in Utah, and refinance and consolidate various debt facilities.
Rainbow Realty Group Completes $12M Senior Real Estate Mortgage Loan to Verano. The senior mortgage is secured by two of Verano’s premier cultivation and processing properties in North Las Vegas, Nevada and Coolidge, Arizona. The Arizona property spans 7.44 acres and features three industrial buildings totaling 51,981 square feet, while the Nevada property includes a 41,625-square-foot industrial building on 4.86 acres. Both properties are essential for cultivation, manufacturing, and processing, supporting Verano’s wholesale and retail operations in AZ & NV.
Entourage Health Increases Senior Secured Credit Facility. The Amendments provide an increase to the Subordinated Facility by an additional ~$3M (which funds have been advanced to the Company in a single draw). In addition, the maturity date of each of the Facilities has been extended to December 31, 2025.
CEA Industries Provides Update on Acquisition of Leading Canadian Vape Retailer and Manufacturer, Fat Panda. Based on preliminary, unaudited financials, in FY2024, Fat Panda generated CAD$38.5M ($28.5M) in revenue with 39% Gross Margins and CAD$8.4M ($6.2M) in adjusted EBITDA. Both revenue and adjusted EBITDA grew over 10% from FY2023 while Gross Margin declined by 15% from FY2023. The Company continues to expect to complete the acquisition in 1H 2025.
📄 Company Updates / Earnings
Gold Flora Files for Voluntary Receivership. Gold Flora filed for a voluntary receivership pursuant under the laws of the State of California on March 27, 2025 to seek court protection as a result of obligations from legacy lawsuits that arose out of Gold Flora's acquisition of TPCO Holding Corp (a/k/a The Parent Company) and mounting costs of operations and high yield debt. Additionally, the Company has received a notice of default from J.J. Astor & Co. with respect to senior secured promissory notes issued to Astor between August 2024 and December 2024, which events of default increased the aggregate amount of outstanding principal and interest under the notes to ~$11.5M. The Company anticipates being placed into receivership in the Los Angeles Superior Court, Santa Monica Division and expects Richard Ormond of Stone Capital Blossom, LLC to be appointed as the Company's receiver. While preparing for an orderly sale of its California operations, Gold Flora intends to continue operating as a going concern and expects to be sold as such as it retains a business consisting of 16 dispensaries and a 100,000 sq ft cultivation campus.
IIPR Reports Defaults by Tenants. The Company declared each of the 4Front Leases, the Gold Flora Leases, and the TILT Leases in default. Contractual base rent, property management fees and estimated tax and insurance payments owed as of March 28, 2025, for each of the 4Front Leases, the Gold Flora Leases, and the TILT Leases, totaled $9.0 million, $1.7 million, and $2.4 million, respectively. The Company will take action to pursue its rights under such leases aggressively, which may include, but is not limited to, commencing eviction proceedings as the Company deems necessary.
Vext Q4 2024 Results. Revenue of $10.2M in Q4 2024 (+13% QoQ), driven by Ohio adult-use sales and continued execution in Arizona. Adjusted EBITDA of $3.2M in Q4 2024 (vs. $0.5M in Q4 2023), reflecting profitability expansion as Ohio scaled, supported by operating leverage, continued efficiency, and disciplined cost control.
Chicago Atlantic BDC Q4 2024 Results. Total investment income of $12.7M, Net investment income of $8.0M, or $0.35 per weighted average share outstanding. Investment portfolio of $275.2M at fair value. Subsequent to quarter end, the Company funded 4 investments with an aggregate par value of $20.8M.
Schwazze defaulted on a restructured loan after it missed a $700,000 payment due March 3. As a result, the bankruptcy consultant that Schwazze enlisted last summer to refinance its debt due later this year – now totaling “approximately $11 million” – “exercised control” of about $1.5 million in cash in Schwazze bank accounts, according to the company’s March 13 filing with the SEC.
Organigram rebrands to Organigram Global. Having achieved the #1 position in market share in Canada1 and established a growing international footprint, Organigram Global is now focused on accelerating its global expansion and strengthening its presence in key international markets. With strategic international investments and expanding export partnerships, the Company is focused on bringing Canadian-grown, high-quality cannabis to the world.
🏬 Retail
Verano Expands Connecticut Footprint with Opening of Zen Leaf Ashford, Company’s Sixth Retail Location and Closest Cannabis Dispensary to University of Connecticut. Verano has existing Zen Leaf locations in Meriden, Naugatuck, Newington, Norwich and Waterbury. Verano’s operations in Connecticut also include a 217,000 sq ft CTPharma cultivation and processing facility in Rocky Hill.
Planet 13 opens 31st Florida dispensary in Port Richey and 32nd in Orange Park. The 3,465 sq ft Port Richey dispensary is strategically positioned on Ridge Road, a major arterial route with high visibility and accessibility. Planet 13 Orange Park is 4,680 sq ft and positioned in front of Walmart and across from Publix, ensuring high visibility and convenient access for patients.
Ethos Cannabis Expands Ohio Presence with New Lexington Dispensary. This is the company’s second location in Ohio.
Story Cannabis opens 2nd Cincinnati location. Story Cincinnati on Edwards Road and the recently opened Story Forest Park on Omniplex Drive.
Ice-T and Charis Burrett opens The Medicine Woman in Jersey City, NJ. Strategically located along Route 1 & 9, the 10,000 sq ft facility includes 3,000 sq ft of retail space, offices, and plans for cannabis consumption and manufacturing.
Standard Wellness Relocates Cannabis Pharmacy to Murray, Utah. This move will significantly increase access to medical marijuana for patients in Salt Lake, where current access is limited to only three retail pharmacies serving a larger population.
🌱 Product
BLAZE launches BLAZE Sites, The Ultimate Website Builder for Cannabis Retailers. BLAZE Sites is the ultimate Content Management System (CMS) designed exclusively for cannabis retailers. Built to elevate a dispensary’s online presence without costly agencies or custom web development, BLAZE Sites offers an all-in-one solution that integrates location specific, dynamic e-commerce content that updates in real-time. With an intuitive drag-and-drop page builder, customizable templates, and an AI-powered Assistant, this innovative platform makes building a high-converting website effortless and ensures your site ranks higher in search results with built-in SEO optimization. BLAZE Sites offers built-in hosting, security, and compliance so cannabis retailers can focus on growing their business.
Select FormulaX: Curaleaf's New Hemp THC Energy Drink Hits the Market. Select FormulaX is a fast-acting, flavor-filled 10mg THC experience with the added boost of caffeine, sold in sixteen-ounce cans directly to adult consumers through the Company's online storefront, TheHempCompany.com. Customers can also find Select FormulaX at Curaleaf stores in Arizona and Maine, at major retailers, and soon, through on-demand delivery services in select states.
Miss Grass launches Jewels, hemp-derived D9 THC gummies. Miss Grass found that their consumers wanted functional, effective gummies that align with their rituals, whether that’s finding a burst of energy (Lift Up) or a moment of calm (Wind Down). And because Jewels are hemp-derived, Miss Grass can now reach a much broader community base and drive forward cannabis normalization at scale.
Grön Handcrafted Cannabis-Infused Edibles Expand into Illinois. The products are now exclusively available at Curaleaf dispensaries. Beginning in April 2025, Grön products will be available across most dispensaries in Illinois.
Ethos Cannabis launches Aurora, infused live resin flower crafted under its Natural Selections brand. Exclusive to Pennsylvania, Aurora elevates the cannabis experience by combining premium, hand-trimmed flower with a potent layer of strain-specific live resin.
🧔 People
AYR Wellness Names Donna Granato Interim CFO. Granato brings more than 25 years in corporate finance and operations, most recently serving as CFO of Vivvix, a global digital advertising company. Before that she served in high level finance roles at GTT Communications, Shutterstock, Tribune Media, and Omnicom Group.
🎙️ Interviews
'Weed Empire' Author Adam Bierman Takes Us Inside Cannabis Industry | Cheddar
Bryan Gerber, CEO at Hara Supply | Highly Enlightened
Mike Flynn, owner of FlynnStoned Cannabis Company | NY Times