Canadian company cancels $8.3 million deal to buy Maine marijuana grow operation

Canada-based C21 Investments has nixed a deal to spend up to $eight.three million for a cultivation operation in Maine that subsequently was linked to an alleged black-market grow.

The Bangor Daily News reported Tuesday the cancellation of the deal, which C21 had disclosed June 28 in a information launch.

C21, which has made a flurry of offers prior to now yr, had trumpeted the deliberate acquisition in January as a part of its drive to broaden into the U.S. hashish market.

In the information launch, C21 wrote “the proposed acquisition being considered in Maine has been terminated due to the new legislation adopted in Maine.”

The Vancouver, British Columbia-based company didn’t elaborate, nor did it present extra element in a subsequent regulatory submitting.

According to the Daily News, the Maine cultivation property to be acquired is owned by businessman Kevin Dean and has been linked in current months to a federal investigation on marijuana trafficking.

In June, a grand jury indicted Brian Bilodeau of Maine on drug trafficking.  According to a federal courtroom doc filed in April, Bilodeau had operated an unlawful grow on Dean’s property because the fall of 2017.

Bilodeau has pleaded not responsible. Dean additionally has denied involvement with any criminality, in accordance to the Daily News.

Categories: Briefs, Canada Marijuana News, International Marijuana Business News, Legal & Regulatory News for Marijuana Businesses, Maine Medical Cannabis Business & Marijuana Legal News, Marijuana Cultivation, United States



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