MMJ has expanded the mandate of its investment manager, Parallax Ventures, to include additional investments made under a new amended diversification agreement. the deal will broaden its existing investment mandate to include strategic investments in sectors outside cannabis as approved at the company’s annual general meeting held in November 2020. These sectors include, but are not limited to natural resources, pharmaceuticals, and software services technology, which will comprise no more than 25% of MMJ’s total consolidated assets at the time the investments are made. Increased flexibility to create growth The diversification provides MMJ with increased flexibility to create growth and greater returns for shareholders and thereby allows MMJ to lower its investment risk and reduce the impact of market volatility from the cannabis sector to ultimately benefit shareholders.

Mmp News Author, Medical Marijuana Program Connection, 01/18/2021 05:12:00

Open article: https://mmpconnect.com/mmj-group-holdings-ltd-to-broaden-investment-portfolio-beyond-cannabis-sector/

Canadian cannabis company Aphria reported increased quarterly revenue on Thursday for the quarter ended Nov. 30, with a net loss of 120.6 million Canadian dollars ($95.3 million). The Ontario-based firm posted net revenue of CA$160.5 million, a 10% increase over the previous quarter. Net cannabis revenue comprised CA$67.9 million of Aphria’s net quarterly income, compared to CA$91.7 million in international distribution revenue from its German subsidiary CC Pharma, and CA$881,000 in net beverage alcohol revenue from its U.S. subsidiary SweetWater Brewing. Adjusted EBITDA, a measure of profitability, was CA$12.6 million. Aphria claimed the No. 1 position in Canada’s adult-use marijuana market during the quarter with a market share of 13%, citing November 2020 data from Seattle-based cannabis analytics firm Headset that covers some major Canadian markets.

Marijuana Business Daily, 01/14/2021 11:55:00

Open article: https://mjbizdaily.com/aphria-grows-q2-revenue-reports-ca120-6m-net-loss/

Marijuana multistate operator Cresco Labs entered a definitive agreement to acquire Bluma Wellness for $213 million in an all-stock transaction in a move to expand into Florida’s fast-growing medical cannabis market. Bluma, under its operating subsidiary “One Plant Florida,” has seven dispensaries in the southern state with eight additional locations planned. One Plant ranks 11th in Florida in the number of dispensaries but is in the top five in per-store sales of smokable flower, according to state data. Bluma also has 54,000 square feet of cultivation space. The deal reflects how merger and acquisition activity has been heating up in the marijuana space and how investor sentiment is brightening since Democrats won control of the U.S. Senate. “Our strategy at Cresco Labs is to build the most strategic geographic footprint possible and achieve material market positions in each of our states,” CEO Charlie Bachtell said in a news release.

Marijuana Business Daily, 01/14/2021 13:07:00

Open article: https://mjbizdaily.com/marijuana-mso-cresco-labs-inks-213-million-all-stock-deal-to-expand-into-florida/