Retailers Respond To Looting, Update on Former Medmen Exec, and Australia Biggest Extraction Plant

RIVERSIDE, Calif. - June 11, 2020 - PRLog -- Marijuana dispensaries across the country, including ones owned by Cresco Labs and Harborside, are looted during the ongoing nationwide social unrest sparked by the death of George Floyd. Reactions from operators have varied from condemnation of looting and rioting, to minimization of impact on shops in favor of empathy for those causing destruction. While many, like MedMen and Chicago retailers, have closed their doors for now, others, such as Eco Cannabis in Oakland and Cookies in L.A., have pledged to remain open despite the looting, in order to continue serving the medical needs of customers.

In Illinois, the state's department of agriculture implements a new policy, allowing hemp growers to sell any product, excluding flower, to licensed cannabis cultivators. As well as alleviating hemp oversupply issues, the move will also let cannabis producers access industrial hemp, which they previously couldn't do, while focusing grow efforts on more in-demand, high-THC cannabis.

In Nevada, the secretary of state's office reviews lawsuit allegations made by former MedMen exec James Parker, involving 30,000 dollars donated to then Clark County Commission chair Steve Sisolak in October of 2018. Parker claims co-founder and former CEO Adam Bierman illegally funnelled 10,000 dollars in company funds and forced him to contribute an additional 10,000 to Sisolak's successful campaign for Governor. In response, MedMen has filed a countersuit, accusing Parker of breach of contract among other violations.

Green Growth Brands files for bankruptcy. The Ontario Superior Court of Justice in Canada approved the company's sale and investment solicitation process, as well as a stalking horse agreement with existing lender All J's Greenspace. Green Growth recently divested from its CBD business, currently has more than 100 million dollars in secured debt, and is facing lawsuits in the U.S. and Canada.

CannTrust has its federal license reinstated for its Niagara cultivation and processing facility, after making significant staff changes, improving training and record-keeping, and implementing certain controls to ensure legal compliance. CannTrust stated the future availability of its products will depend on the license reinstatement of its Vaughan manufacturing facility.

Valens Groworks is building the largest medical cannabis extraction and manufacturing plant in Australia. The 50 million dollar project, the exact location of which hasn't been disclosed, will be managed by Australian distributor Cannvalate. The 4500 square-foot facility near Melbourne will process raw material to create a range of products including soft gels, tablets, and topical.

Written by Vacqui Verdura and Micah Tatum

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