Cresco Labs has agreed to acquire Columbia Care Inc. in a deal worth $2 billion, making the firm largest multi-state operator in the U.S. with a pro-forma revenue of more than $1.4 billion. The deal, which still requires regulatory approval, gives the company more than 130 retail stores throughout 18 states – the second largest in the industry and the largest footprint outside of Florida. On a pro-forma basis, Cresco said it expects to have annual revenues in excess of $100 million in eight different states by 2023.

Charles Bachtell, CEO of Cresco Labs, said the “acquisition brings together two of the leading operators in the industry, pairing a leading footprint with proven operational, brand and competitive excellence.” Nicholas Vita, CEO of Columbia Care described the deal as a “historic moment.” “With Columbia Care’s strategic national footprint in the most attractive markets and Cresco Labs’ success in execution and incredibly popular brands, we will together create the most important – and the most investable – company in cannabis,” he said in a statement. Read more.

The U.S. House of Representatives might vote as soon as next week on a comprehensive marijuana legalization bill, but the vote would be largely symbolic unless the Senate were to follow suit. The social justice-focused Marijuana Opportunity, Reinvestment and Expungement (MORE) Act is up for consideration by the full House next week, according to a House notice published Thursday. 

In a landmark vote, the previous House passed MORE in December 2020 by a margin of 228-164 with a handful of Republicans supporting the bill. But the bill went nowhere in the Senate before the end of that two-year legislative cycle, so the measure needed to start over with the new Congress that was seated in January 2021. The next vote, if it occurs, comes only weeks before Sen. Majority Leader Chuck Schumer is expected to introduce his long-awaited comprehensive marijuana legalization measure called the Cannabis Opportunity and Administration Act. Read more.

Lisa Buffo is a marketer and entrepreneur with a passion for launching companies with experience in both the cannabis and technology industries. Lisa is the Founder & CEO of the Cannabis Marketing Association, a trade association focused on education and best practices for industry marketers with the vision of rebranding cannabis at the national level. CMA has hosted over 100+ educational events nationwide bringing together the cannabis marketing community. Lisa has been quoted in Forbes, The Guardian, VICE, Denver Business Journal, The Boulder Daily Camera, Marijuana News Network, Cannabis Culture Magazine and other national, local, and trade publications.

David Rahn is a Florida licensed insurance broker promoting insurance access opportunities for clients in the marijuana industry. David Rahn is responsible for connecting new and potential clients in the marijuana industry through traditional and digital channels. David has worked on coordinating and developed digital marketing strategies for Subway Restaurants, Lynn University, Saks 5th Avenue as well as other campaigns for various associations, non-profit organizations, and other businesses.

A new report from data and market intelligence company Headset dives into the past few years of growth in 4/20-related cannabis sales, and predicts that cannabis sales leading up to the holiday in 2022 will double in the US, and increase by 50% in Canada.  “April 20 has been the largest single day of retail cannabis sales each year since legalization, so we understand that it’s a pretty darn significant day,” the report states in its introduction. “We also know that there are some consistent patterns on 4/20 each year: sales surge, customers enjoy massive discounts, and certain categories are more popular than others.”

Another data company that covers the various intricacies of the cannabis industry, New Frontier Data, recently projected that cannabis sales could hit $51 billion by 2025. New Frontier Data Founder, Publisher and Executive Chair Giadha A. DeCarcer, explained in the introduction of that report that the past two years have shown immense growth in the industry across the board. “In just two years’ time, the number of countries having legalized some form of cannabis has increased from 50 to 70, and there are now 10 countries legalizing adult use, almost a twofold increase from 2019.” Read more.