Sander C. Zagzebski, Member, Clark Hill. Courtesy photo Cannabis Insiders Gear Up for M&A and Financing Deals
Post-election gains are generating excitement and renewed interest.
May 17, 2021 at 11:04 AM
9 minute read
It often feels as though years working in the cannabis industry are like "dog years," since so much has happened in such a comparably short period of time. It was barely 2 1/2 years ago, after all, on Aug. 15, 2018, that Constellation Brands, Inc., the Fortune 500 beer, wine and spirits company, announced that it had agreed to invest $5 billion CAD (approximately USD $4 billion) in Canopy Growth Corp. kicking off a euphoric period of cannabis transactions. A few weeks later in October 2018, MedMen Enterprises announced its agreement to purchase PharmaCann at a $682.0 million valuation, by far the largest acquisition to date of a U.S.-based cannabis company. Announcements of other significant transaction agreements quickly followed, including the public listings of several large U.S.-based MSOs (multistate operators) on the Canadian Securities Exchange (CSE) and Altria's USD $1.8 billion investment in Cronos in December 2018. In April 2019, a number of record-breaking M&A deals were announced in rapid succession, including Cresco's USD $823.5 million acquisition of Origin House, Harvest's planned USD $850 million acquisition of Verano, Curaleaf's USD $948.8 million acquisition of Cura Partners, and Acreage's plan of arrangement with Canopy giving Canopy the option (and the requirement upon federal cannabis legalization) to purchase Acreage in a transaction then valued at $3.4 billion.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
Cannabis Took a Hit on Red Wednesday, but Hope Is On the Way
How Municipalities Crush Rogue and Regulated Intoxicants
Why Cannabis Testing and Labeling Standardization Is Long Overdue
Law Firms Mentioned
Trending Stories
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
