Marijuana Business Magazine July 2018

Summit Innovations, a pur- veyor of hydrocarbon gas used by marijuana extraction firms. Under the terms of the deal, Summit Innovations will become a wholly owned subsidiary of Kush in exchange for 1.28 mil- lion shares of common stock and $3.2 million in cash. Testing Lab Continues Expansion Steep Hill Labs, a prominent multistate cannabis testing lab headquartered in California, is expanding operations to Mexico, Germany, Spain, Italy, France, Switzerland and the United Kingdom. Steep Hill plans to provide testing services to cultivators, producers, processors and retailers; develop science and technology in these emerging international markets; and to participate in the regulation-drafting pro- cess in its new international markets. San Diego-to-Scranton Real Estate Deal Innovative Industrial Properties, a San Diego real estate investment trust that deals with medical marijuana growers, acquired an 89,000-square-foot industrial space in Scranton, Pennsylvania, for $5.8 million as part of a sale- leaseback transaction. The company will lease the property to a subsidiary of Vireo Health, a multistate MMJ company. Dallas Marijuana Dollars Dallas marijuana investment firm Cresco Capital Part- ners has launched a second fund and plans to raise $50 million to pump into cannabis companies. Gaining Altitude Altitude Investment Management, a cannabis-focused investment firm in New York, raised $18.7 million for its debut fund, Altitude Investment Partners . The firm hopes to ultimately raise $50 million for the fund. Infused Product Maker Dixie Brands Nabs $4 Million Dixie Brands, a marijuana- infused products maker in Denver, landed $4 million in its latest fund- ing round. The new capital will be used for expansion and product distribution. Oakland Firm Raises $5 Million Oakland-based FLRish closed a $5 million equity financ- ing deal that’s part of a $6.5 million Series A funding round led by Cresco Capital Partners . Quinsam Capital and Murrayfield & Co . also participated. FLRish manages the two Harborside retail dispensaries and brands as well as a large cannabis cultivation facility. Hydro and Gardening Chain Raises Grow Cash Denver-based GrowGenera- tion, a multistate operator of retail hydroponic and organic gardening stores serving marijuana growers, raised $10 million it will use to make multiple acquisitions, including several in 2018. Ex-NBA Player Creates MJ Product Line Former NBA player and “Keeping Up with the Kardashians” TV personality Lamar Odom is launching his own cannabis product line, Rich Soil Organics . The California company will offer various cannabis-related products, including flower, concentrates, extracts and other CBD/THC infusions. Partnership with a Punch In a cannabis marketing coup, marijuana brand Kushy Punch sponsored middleweight boxer Vanes “The Nightmare” Martirosyan in his title bout against world middleweight champion Gennady “GGG” Golovkin. The sponsorship marks the first time HBO and the Califor- nia State Athletic Commission have approved a cannabis company as a title contender sponsor. The May 5 fight, held at the StubHub Center in Carson, California, was televised live by HBO. Martirosyan wore the Kushy Punch logo on his boxing apparel, and his team wore Kushy Punch-branded apparel. Golovkin won the bout by knockout. Former Utah Congressman Gets Into CBD Chris Cannon, a former Republican congressman from Utah, launched Endo-C Health and Science , a company that conducts CBD studies. Participants sign up and pay online for the studies and receive full-spectrum CBD, with a doctor helping with dosage. The company gains insight from the participants with a monthly update online. Flowhub Partners with Tech Giant Technology giant Hewlett- Packard partnered with Flowhub , a Denver marijuana compliance software company. HP will preinstall cannabis point-of-sale and compliance software from Flowhub on its own point-of-sale terminals, known as HP ElitePOS. The terminals are intended for mari- juana retailers and cultivators. 114 • Marijuana Business Magazine • July 2018