The corporatization of the cannabis industry continues this week as multiple major cannabis companies were bought out by other weed-related firms and investment companies.
On Tuesday, it was announced that the Arcview Group, a company known for its cannabis market research, investment services, and subsidiaries including Canopy, was acquired in a $7.7 million funding, as reported by Marijuana Business Daily.
The buyers were Cresco Capital Partners, another cannabis investment group, and Trivergance Investments, an acquisition group which counts AT&T, Prudential, and Visa among its corporate partners, according to the company’s website.
Cresco managing partner Matt Hawkins told MBD that, with the new funding, “we envision [Arcview] to become 3X to 5X from what it is now.”
Jerry Stone, a top executive at Trivergance, is now the executive chair of Arcview’s board of directors. Stone spoke of improving the cannabis sector in general through new innovations at Arcview, saying, “We bring institutional quality to a space that hasn’t had it before. Or, I should say, it hasn’t had enough of it.”
In addition, on Wednesday the Chicago Tribune reported that marijuana provider Grassroots Cannabis is set to be acquired by the Massachusetts-based Curaleaf Holdings in a massive $875 million deal.
The acquisition will substantially increase Curaleaf’s reach in the national cannabis market and represent an increasing consolidation of cannabis companies across the United States.
Curaleaf currently operates 45 dispensaries, 12 cultivation sites, and 11 processing sites across Arizona, Connecticut, Florida, Maine, Maryland, Massachusettes, Nevada, New Jersey, New York, Oregon, and Pennsylvania. Grassroots is active in Illinois, Maryland, Nevada, Pennsylvania, Ohio and North Dakota.
Photo via Flickr user Michelle Grewe