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Home 🌿 Medical Cannabis News 🌿 For-Profit Canadian Firm Acquires 'Highly Profitable' Arizona Medical Marijuana Businesses 🌿

For-Profit Canadian Firm Acquires 'Highly Profitable' Arizona Medical Marijuana Businesses

Submitted by Marijuana News on Fri, 01/27/2017 - 08:58

Canadian weed?

It's supposed to be pretty good.

But Arizona medical marijuana?

Super profitable.

Ask the people from a Toronto firm who recently announced the "acquisition" — with caveats and disclaimers — of two Mesa dispensaries.

The $27 million deal also includes one of the state's biggest cannabis-extracts brands and an option to control a cultivation and wholesale business in Nevada, where voters legalized recreational marijuana in November.

Canadian Bioceutical Corporation (BCC), a soon-to-be publicly traded firm, and its Nevada subsidiary, CGX Life Sciences, expects its purchase to provide 323 percent year-over-year growth in profits.

Forget for a moment that Arizona voters in 2010 approved a medical-marijuana program in which dispensaries should be owned and operated by nonprofit companies.

Health for Life, which has two Mesa locations, and Melting Point Extracts will soon enrich a foreign company, assuming the Canadian Stock Exchange approves the deal.

"This...

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Phoenix New Times
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