Pennsylvania has granted 23 new retail licenses for the second stage of its medical marijuana program; among the winners were a few public companies in the space.
On Tuesday (December 18), the Pennsylvania Department of Health confirmed the new cannabis licenses had been granted, allowing the winners to go operational within the next six months.
MedMen secured its spot on the list by way of its blockbuster all-stock acquisition of PharmaCann for a price of US$682 million.
Harvest was awarded six licenses, one in each area indicated by the Pennsylvania Department of Health. Right next to it was GTI, which won four licenses total. PharmaCann got two licenses and Cresco obtained only one in the state.
Each license awarded grants the companies the option to open three marijuana dispensaries.
During the phase one stage of the retail rollout in June 2017, GTI and Cresco had already secured one retail license each.
This week GTI had also secured new licenses for retail operations in New Jersey.
Steve White, founder and CEO of Harvest, said in a statement to shareholders Pennsylvania had exceeded their expectations as a cannabis market, adding it has risen as one of the most important states for the company’s operations.
Similar to its neighboring state of New Jersey, the Pennsylvania Department of Health has divided different sections for companies to apply and gain licenses.
However, unlike New Jersey, Pennsylvania didn’t block the same company from obtaining multiple licenses in different areas.
Pennsylvania secretary of health Dr. Rachel Levine said the phase of two of the dispensary rollout will give more options to consumers.
“This step continues the growth of our scientific, medically-based medical marijuana program,” Dr. Levine said.
According to the local government agency, once all these new dispensaries are open, Pennsylvania will have 79 total shops.
Pennsylvania has over 98,000 patients who have registered for the state medical marijuana program, with over 66,000 currently owning identification cards making them available to purchase legal product.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
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Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan
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