The unicorns are being snapped up for bargain prices reports SF Gate
A string of new investment deals has been announced in recent weeks, and analysts are saying California’s legal market could see a further surge of investor cash this year. In December, Vireo Growth Inc. bought the cannabis delivery company Eaze, once dubbed the “Uber of weed,” for $47 million. California cannabis brand Stiiizy purchased a retail competitor for $25 million a few weeks before. And on Tuesday, California’s largest cannabis distributor, Nabis, announced it had also purchased a competitor in a $13 million deal.
Morgan Paxhia, co-founder and managing director of Poseidon Investment Management, a venture capital firm specializing in cannabis that was not involved in those three deals, said President Donald Trump’s move last month to reform federal cannabis law has made California’s market more attractive to investors that had long fled the state.
“All of a sudden California doesn’t look so bad. It’s ripe for consolidation and it’s starting to happen,” Paxhia said. “Stiiizy got a really big jump on it.”
Read the full piece at
https://www.sfgate.com/cannabis/article/new-47m-deal-california-pot-company-signals-21273255.php
