Marijuana Business Magazine October 2018

of new infused products for the California medical and recreational cannabis markets. Arkansas Regulators Tap Boston Application Scorer Arkansas regulators selected the Boston-based Public Consulting Group to grade the 200-plus applications sub- mitted for the state’s first medical marijuana dispensary licenses. The Arkansas Medical Marijuana Commission decided to outsource scoring duties after unsuccessful applicants alleged commissioners were biased, failed to verify claims made in applications and committed errors. Marijuana REIT Spending $13 Million on Michigan Property Innovative Industrial Properties , a San Diego real estate investment trust (REIT) serving the medical mari- juana industry, is spending $13 million to acquire and lease out a property in Michigan slated to be used as an MMJ cultivation and processing facility. The California company, which trades on the New York Stock Exchange, bought the property in Dimondale, south- west of Lansing, for $5.5 million. The REIT also entered into a lease and development agreement with Green Peak Industries , which Michigan regulators prequalified for large-scale medical cannabis licenses for cultivation, processing and provisioning centers. Under the deal, Innovative Industrial Properties has agreed to reimburse the seller of the property about $5.3 million for completing “certain development mile- stones.” The REIT also has agreed to reimburse Green Peak up to $2.2 million for tenant improvements to the facility, bringing its total investment to $13 million. L.A.-based Investment Firm Launches REIT The Inception Cos. , a Los Angeles-based, private invest- ment firm focused on cannabis, has launched Inception REIT, a real estate investment trust offering real estate debt and equity capital to medical and adult-use mari- juana businesses. Maverick Merger Reno, Nevada-based Maverick Technology Solutions , developer and manufacturer of the Rosinbomb brand of commercial and personal rosin presses, has merged with California-based Licont Corp. , which has developed a national network of personal injury-preferred providers. The combined company will trade on the over-the-counter markets under the symbol LNTP. Colorado Testing Firm Gets Certification Bend, Oregon-based Evio Labs , a cannabis testing and scientific research business, announced that its licensee, PhytaTech CO , has been certified for pesticide analysis in Colorado. In August, regulators in Colorado implemented mandatory pesticide testing for MJ growers. HUB Debuts Cannabis Insurance Group HUB International , a global insurance brokerage based in Chicago, is opening a can- nabis insurance and risk-services unit under its agribusi- ness and farm specialty practice. The company will provide medical and recreational cannabis producers, distributors and retailers with protection and specialized solutions to reduce risk. HUB is offering general and product liability insurance, crop insurance, workers’ compensation cost and safety management, transportation insurance and fleet safety management as well as crisis coverage, which includes protection against crime and cyberattacks. Kush Pushes North California-based Kush Bottles , a multistate provider of packaging, supplies, vaporizers, accessories and branding solutions for cannabis companies, launched Kush Supply Co. , a Toronto-based subsidiary that will serve licensed producers, processors, retailers and distributors throughout Canada. Texas Firm Lands Lab Contract San Antonio-based Alternate Health , a software provider for the medical cannabis industry, signed a binding contract to offer laboratory services for a large multistate laboratory provider it did not identify. Alternate Health expects to ramp up to a monthly rate of 25,000-30,000 samples by December. Regional fees per sample run between $50 and $250, with the average falling into the $130-$150 range. CANADA DEVELOPMENTS Toronto Firm Makes $105 Million Florida Play International cannabis firm Scythian Biosciences signed a letter of intent to acquire CannCure Investments . 110 • Marijuana Business Magazine • October 2018