Each week, NJ Cannabis Media Weekly provides a round-up of industry news and notes:
West Caldwell says no to recreational marijuana: In a unanimous vote on Sept. 11, the West Caldwell Township Council approved an ordinance disallowing the growth and sale of recreational marijuana within the community.
According to the amended ordinance, the Township of West Caldwell has determined that “businesses selling recreational marijuana create special concerns for security, safety and location.” The language of the ordinance specifically states that the township has deemed it to be in the best interest of the community to “prohibit the growing and selling of recreational marijuana within [West Caldwell’s] borders.”
Curaleaf seeks valuation up to $4 billion: Curaleaf Inc., a leading vertically integrated cannabis operator in the United States – including operations in New Jersey – plans to offer subscription receipts at C$8.56 to C$11.47 per initial receipt, equivalent to $6.5709 to $8.8059 (assuming 1.30245 USD/CAD exchange rate). The range is based on a fully diluted pre-offering equity valuation between $3 billion and $4 billion, according to a term sheet reviewed by Bloomberg. GMP Securities and Canaccord Genuity are co-leading the offering, according to the terms, which were reported by Bloomberg.
Curaleaf also named Chris Melillo, a former senior director of North American stores for Nike, to be its senior vice president for retail operations.
Insurer launches cannabis industry practice: CCIG, one of the nation’s leading business insurance brokerages, announced it is expanding its agribusiness practice to serve cannabis operations, including growers, distributors and medical and recreational retailers.
CCIG, which specializes in providing highly customizable insurance policies and risk management services, has developed a cannabis industry package designed to best manage its clients’ risks. It includes:
- Crop insurance
- General and product liability insurance
- Employee practices liability
- Directors and officers insurance
- Workers’ compensation
Mint Dispensary’s cannabis kitchen: The Mint Dispensary is launching the country’s first full-service cannabis kitchen in Tempe, Ariz., on Oct. 5, reports restaurantmanagement.com. Patients seeking relief through medicinal cannabis can now access freshly prepared, cannabis-infused meals created by a professional chef at the dispensary’s 12,000-square-foot Tempe location.
This is the first time that patients will have access to fresh foods that are prepared on-site with a customized dose of cannabis.
“Our industry continues to evolve at an exponential pace,” said Eivan Shahara, CEO of The Mint Dispensary. “We saw a large unmet need from patients who were regularly visiting our dispensary; they were looking to access fresh and healthy cannabis-infused foods. We know that the right kinds of healthy foods can help people to battle a variety of illnesses, from cancer and epilepsy to Parkinson’s and Alzheimer’s diseases. We’re using our knowledge about food and nutrition to help patients in their search for fresh, healthy snacks and infused meals.”