Monthly MSO Moment: September Review

Our new monthly feature -- Monthly MSO Moment -- recaps all of the news and data generated by the portfolio of companies we presently offer coverage for. This information includes press releases, insider transactions, and more. All news and data discussed will have back-links that point our readers to explore the item of interest in further detail.

Curious to dive deeper into the companies mentioned within this article? Click on their emboldened company name to be taken to their profile page, where we track metrics such as market cap, footprint, share count, and more.

Company News & Developments

4Front Ventures:

On September 2nd, the company announced that they had received approval from the Massachusetts Cannabis Control Commission to begin selling, and producing, adult-use products throughout their portfolio of assets - a retail dispensary, and production facility - in Worcester, Massachusetts.

4Front began adult-use sales on September 4 and expects these approved operations to drive both top-line and bottom-line growth during the last half of 2020, and into 2021.

On September 24, the company provided an update on both their Illinois footprint and Maryland assets. The company announced that they've begun construction on their newest Mission-branded retail dispensary that will be situated in Calumet City, Illinois. Additionally, 4Front also declared that Kris Krane - President of the company - was appointed to Illinois Adult Use Cannabis Health Advisory Committee by Illinois Governor Pritzker.

4Front Ventures also announced that they've successfully sold all three of their Maryland dispensaries, a market they've identified as "non-core", for approximately $5.5 million ($USD).

Acreage Holdings:

On September 16, Acreage announced that shareholders have approved the amended arrangement involving Canopy Growth Corporation.

On September 28, the company shared news that they've opened up an adult-use dispensary in Chicago's West Loop. Nature’s Care West Loop is in the heart of one of Chicago’s premier retail, restaurant and residential districts at 810 W. Randolph Street.

To celebrate the dispensary’s opening, Nature’s Care has launched an equity campaign, entitled “The City is Speaking. And We Hear You.” The campaign speaks to the city’s outcry for change and support, addresses Nature’s Care’s commitment to the community, and spotlights the partners who made it all happen.

Lastly, Acreage announced on September 29 that they've secured a three-year term loan for $33 million at 7.5% annual interest rate. The company used a portion of the proceeds to retire its short-term $11 million secured convertible note.

Columbia Care:

Columbia Care announced that they've successfully completed their acquisition of Colorado's largest vertically-integrated operator, The Green Solution, on September 1.

Originally announced in November 2019, Columbia Care's newest subsidiary brings with them 23 dispensaries - and six cultivation and manufacturing facilities - that are expected to generate approximately $88.5 million in revenue, alongside $18.5 million in adjusted EBITDA in FY 2020. The company also reaffirmed its 2020 pro-forma combined revenue guidance of $234-265 million, and expects to be adjusted EBITDA profitable in the third quarter.

Just one week later, the company announced they were diving deeper into California by way of purchasing Project Cannabis for a total of approximately $69 million: $57 million in Columbia Care shares, and $12 million in cash from the proceeds of a concurrent sale of Project Cannabis' real estate assets.

Project Cannabis currently operates 4 adult-use dispensaries situated in North Hollywood, Downtown Los Angeles, Studio City, and San Francisco. Columbia Care noted that Project's San Francisco dispensary houses a consumption lounge, and is close to both professional basketball and baseball stadiums. Additionally, Columbia Care will acquire Project's 32,000 square foot cultivation facility located in Los Angeles. The company expects this acquisition to close in the fourth quarter of 2020.

Columbia Care announced on September 21 that they've officially opened their newest Illinois storefront: an adult-use dispensary in Villa Park. This press release also denoted that the company's Illinois production facility -- a 32,000 square foot growhouse in Aurora, Illinois -- is at full bloom capacity while producing flower with THC levels as high as 37%.

Lastly, the company announced they've continued their Florida expansion by way of opening 2 more dispensaries in both Miami and Brandon.

Alongside this news, Columbia Care also shared that their Lakeland cultivation facility is now producing at 100% bloom capacity.

Cresco Labs:

On September 17, Cresco Labs announced that they had expanded their leadership team by way of hiring, and promoting, three individuals to Regional Presidents:

David Gacom has been appointed Regional President of Cresco Labs' West Region, which includes California and Arizona.

Melissa Wagamon has been promoted from Vice President of Brand Marketing to Regional President of Cresco Labs' Great Lakes Region, which includes Illinois and Michigan. The company noted that Wagamon previously managed the development of Cresco's wholesale brands.

Sean McAlister, former EVP of Sales, has been promoted to Regional President of Sales for their "Emerging Markets", which includes Massachusetts, New York, Pennsylvania, Ohio, and Maryland.

Lastly, on September 22, Cresco Labs announced that they've received approval - and secured the location - for their 10th Illinois dispensary.

The adult-use dispensary is located in one of the busiest shopping areas in Naperville, the 3rd largest city in Illinois with approximately 150,000 residents. Upon final approval from the State of Illinois for the Naperville location, Cresco will operate the maximum allowed ten dispensaries in Illinois.

Interested to track metrics such as dispensaries opened year-to-date, or licenses won year-to-date? Visit our Resources page to view our bevy of unique and informative data-sets.


On September 3, Curaleaf opened up their 31st Florida dispensary in Brandon. The company also announced that its Select-branded "Elite Live" cartridges reached $1 million in sales since first launching in Florida on August 6. Curaleaf also stated they will be releasing additional Select products later this year.

Additionally, although not announced via official press release as the company awaits regulatory approval, Curaleaf, through Greenhouse Group, opened up an adult-use dispensary in Skokie, Illinois.

Curaleaf also announced on September 17 that they've appointed Talley Wettlaufer, who was formerly Head of Retail for Grassoots Cannabis, as Curaleaf's Senior Vice President of Retail.

Later on in September, Curaleaf announced that they've expanded their Select brand into both the Nevada and California markets, alongside the New York market.

Lastly, on September 23, the company shared that they've partnered up with Jim Belushi in a product release exclusive to Oregon. In collaboration with Belushi's Farm, Select is now offering a vape pen with the famous "Captain Jack's" strain. The product will premiere at Curaleaf's Portland dispensary and will also be available at other select dispensaries throughout Oregon.

Green Thumb Industries:

On September 1, Green Thumb Industries shared news that they've partnered with Last Prisoner Project and released a short documentary - entitled "Waiting to Breathe" - to raise awareness of LPP's Clemency and Reentry Initiatives. The aforementioned documentary can be watched here.

The company also announced that a portion of proceeds from Green Thumb products purchased in the month of September will directly benefit LPP.

Then just two days later, Green Thumb Industries announced the launch of the "LEAP New Business Accelerator" - a cannabis business incubator intended to help promote opportunity and success for new social equity entrepreneurs in the nascent cannabis industry.

The program follows Green Thumb’s License Education Assistance Program (LEAP), a pro-bono program where the Company’s license application team mentored hundreds of social equity applicants in their pursuit of licenses to be issued as part of the Illinois adult use program. The LEAP New Business Accelerator will launch in Illinois following the State of Illinois’ announcement of new social equity dispensary licensees expected later this month.

Harvest Health & Recreation:

On September 21, Harvest Health announced that they've expanded their retail presence in Arizona. Harvest opened a new dispensary - their 15th dispensary in the state - in Phoenix, Arizona.

Then on September 30, the company shared news that they've opened up their 6th Pennsylvania dispensary: a storefront in Cranberry Township.


On September 16, Trulieve announced that they've opened up their 60th store nationwide with a new dispensary in Tampa, Florida.

The company went on to open up an additional Florida dispensary - their 59th within the state - in Fort Myers, on September 22.

Trulieve also announced that they've partnered up with SLANG Worldwide to bring a "leading portfolio of cannabis brands" to Massachusetts. This partnership grants Trulieve an exclusive license to produce and distribute the SLANG proudct suite, including its category-leading brands O.penVAPE, Firefly, Pressies, District Edibles, and Bakked.

Furthermore, the company shared shared with the public that they have entered a new state: Pennsylvania.

The company procured three dispensaries for approximately $20 million in cash and shares from Solevo Wellness, and a 31,000 square foot production facility from PurePenn for approximately $46 million in cash and shares. The aforementioned production facility is planning to be expanded to 90,000 square feet by the first quarter of 2021.

Both transactions are expected to close in Q4 2020, and both have additional payouts that can be earned by the prior operators based on certain EBITDA milestones.

Lastly, alongside the announcement of their Pennsylvania expansion, Trulieve announced a financing deal for approximately $100M CAD.

Entering into an agreement with Cannacord Genuity, the company sold 4,715,000 shares for aggregate gross proceeds of C$115,517,500. Net proceeds from the Offering are expected to be used primarily to fund Trulieve’s business development and for general working capital purposes.

Insider Transactions

Acreage Holdings:

  • Bill Van Faasen (Interim CEO): sold 10,828 shares on 09/14.

Columbia Care:

  • Nicholas Vita (CEO): sold a total of 1,011,100 shares all throughout the month of September.

  • Michael Abbott (Co-Founder): sold 65,000 shares on September 2, and then purchased 1,000 shares on September 24.

Cresco Labs:

  • David Ellis (COO): sold a total of 75,000 shares between September 1 - September 9.


  • Mitchell Kahn (Board Member & Former CEO of Grassroots): sold a total of 422,000 shares all throughout the month of September.

Green Thumb Industries:

  • Pete Kadens (former CEO): sold a total of 300,000 shares between September 25 - September 29.


  • Alexander D'Amico (CFO): purchased 1,500 shares throughout September 1 - September 3.

  • Michael O'Donnell (Director): purchased 20,000 shares on September 23.

  • Susan Thronson (Director): purchased 2,780 shares on September 23.

Vireo Health:

  • Kyle Kinglsey (CEO): purchased 70,810 shares on September 2.

Visit our Insider Transactions data-set for further insights and information.

Market Cap Progression

We've published our Market Cap Progression to reflect the change of valuations from the conclusion of September.

Interested in exploring our other visualizations? Visit our Visualization data-set hub.

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News & Editorials


carefully cultivating news and data on the top US-based cannabis companies



carefully cultivating news and data on the top US-based cannabis companies