Canadian Operators Go Big On US Market & The Midwest Heats Up
Investments in cannabis aren't slowing down and neither are the upcoming industry events despite COVID surges.
Hi friends 👋 , thanks for reading! This month’s shoutouts goes to our incredible LPs and advisors, Heather Molloy, Paige Cecchi, Jake Shapiro, and Sam Lee.
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Fresh Funding
Your monthly recap on recent early stage funding, M&A, and exits in the cannabis market.
Turning Point Invests $8MM in consumer brand, Old Pal.
Cannabis marketing and tech company Surfside closed a $4MM seed round, led by Casa Verde Capital says Business Insider.
California flower brand Pure Beauty raises $5MM and enters Michigan with Gage.
Craft soda brand Jones Soda Co. raises $2MM to launch cannabis drinks.
Agtech startup out of Boston, Adaviv raises $2.3MM in seed funding.
Hydroponic and organic gardening retail mogul GrowGeneration announces pending acquisition of 6 Hydroponic stores in Michigan.
Online cannabis discovery marketplace and resource for cannabis consumers, Leafly goes public via SPAC with equity value of ~$532MM.
Canadian operator Cronos enters US market with $110MM deal with PharmaCann.
Canadian operator Valens buys CBD health and wellness brand Green Roads for $40MM USD to enter the US market.
Canadian retailer with 85 stores, Fire & Flower is buying digital assets for $7.5MM from Wikileaf, an online platform for cannabis enthusiasts and consumers.
Must Reads
The most important news worth reading and events worth going to.
Senate Democrats propose legalizing cannabis at the federal level.
This marks the first time that top Senate Democrats have taken up cannabis legalization as a top priority, the latest sign of changing attitudes toward cannabis in the US. The bill covers topics such as: removal of cannabis from the Controlled Substances Act, decriminalization, interstate commerce, FDA vs. DEA regulation, and more.
Illinois announces retail license rollout but continues to be a complex mess.
Another 55 Illinois cannabis adult-use dispensary licenses were assigned. Although it was named the Social Equity Justice Involved Lottery, almost half of the selections made went to teams closely aligned with multi-state operators (namely out of state) as well as a number of high profile Illinois names. Not shocking, but disappointing…
Hall of Flowers (Santa Rosa, CA) // Sept. 22 - 23
Come meet us at the industry’s premiere B2B trade show in Santa Rosa. It’s our favorite show to meet the tastemakers of brands in CA.
Meadowlands (Mendocino, CA) // Sept. 30 - Oct. 3
We’re pitching tents and going camping! Join us at the annual CA cannabis industry retreat in the Redwoods hosted by Meadow.
MJ Unpacked (Las Vegas, NV) // Oct. 21 - 22
An exclusive conference for cannabis retail, brand executives, and accredited investors. Give us a shout if you’re going, our team will be making an appearance.
MJBizCon (Las Vegas, NV) // Oct. 19 - 22
The global cannabis industry congregates in Vegas for this annual show.
Portfolio Updates
The latest Updates from JourneyOne’s portfolio companies.
WUNDER (cannabis beverage) is hiring a Director of Ops and a Sales & Marketing Coordinator.
Leaf Trade (B2B wholesale marketplace) is hiring multiple engineering roles. Apply here.
Flower Company (Delivery) is hiring a dozen roles. Apply here.
J1 Team Spotlight
Each month we spotlight talent from our team and community.
Connect with Helene on Twitter and/or LinkedIn.
Founder Resources
Check out our free resources below and the full list on our website here.
Cannabis Founder Pitch Deck Template: Designed specifically for cannabis founders.
Fundraising CRM: A CRM template made in Airtable to help organize investor leads.
The Guide To Advisor Shares: How to compensate advisors with equity vs. cash.
For Kicks & Giggles
A section full of fun.
Ras Boss - one of a kind cannabis jewelry hand crafted with real flower.
Shine 24K Gold Rolling Papers - 6 sheets for $29.90.
Session Goods - Beautifully bongs and pipes designed by ex IDEO folk.