Big player in pot economy seeks to buy 1 of R.I.'s 3 dispensaries – The Providence Journal


Acreage Holdings — which has marijuana interests in nearly a dozen states and counts among its directors former U.S. House Speaker John Boehner and ex-Massachusetts Gov. Bill Weld — is in talks to buy Greenleaf Compassion Center, in Portsmouth, one of only three medical marijuana dispensaries in Rhode Island.

One of the nation’s largest marijuana investment firms is looking to make money in Rhode Island’s medical marijuana program.

Acreage Holdings — which has marijuana interests in nearly a dozen states and counts among its directors former U.S. House Speaker John Boehner and ex-Massachusetts Gov. Bill Weld — is in talks to buy Greenleaf Compassion Center, in Portsmouth, one of only three medical marijuana dispensaries in Rhode Island.

Greenleaf CEO Seth Bock said Wednesday he had signed a letter of intent to sell the business but could not disclose the potential buyer because of a nondisclosure agreement.

However, Norman Birenbaum, the state’s chief marijuana regulator, said the Department of Business Regulation was not bound by any nondisclosure agreement and identified the prospective buyer as Acreage, “one of the larger national cannabis outfits.”

Acreage, headquartered in New York, owns marijuana cultivation, processing and dispensary operations in 11 states, according to its website.

Last month Bloomberg News reported that the Ontario-based Canopy Growth Corp., the world’s largest cannabis company, was in talks to buy Acreage for $3.4 billion.

Greenleaf, which opened in June 2013, has been on the front lines of increased competition ever since recreational pot stores opened months ago across the state line in Massachusetts.

And like Rhode Island’s other two dispensaries — the Thomas C. Slater Compassion Center, in Providence and the Summit Medical Compassion Center, in Warwick — Greenleaf has lobbied hard in recent years against legislative attempts to increase the number of dispensaries in the state.

Last year, when Gov. Gina

Read More Here...

Leave a comment

Your email address will not be published. Required fields are marked *