News On The Green

\ Oct 10, 2019

2 min read

Southerly love

On Friday, Nov. 1 join Weekly Alibi at the Las Cruces Convention Center from noon until 5pm for our inaugural Rich Global Hemp-sponsored Southern New Mexico Cannabis Expo. This special event features a variety of cannabis and CBD vendors and exhibitors based in Southern New Mexico and West Texas. Expo speakers include: Ben Lewinger, executive director of the New Mexico Cannabis Chamber of Commerce; Daniel Manuchia, a hemp agriculture and ecology expert; Hilda Chavez, a naturopathic practitioner and longtime area cannabis and hemp advocate; Jason Fernandez, CEO of Phat Glass; and Joann Love, a natural wellness practitioner serving Southern New Mexico’s chronic pain patients for decades. Vendors range from producers and dispensaries like Everest Apothecary, NM Brief Relief and Ultra Health to companies such as Bare Hemp, CBD Life, Cinderite and Kona Gold as well as the New Mexico Cannabis Chamber of Commerce, Las Cruces American Shaman and cannabis product testing pro Orus Guerra. General admission tickets are $10 and are available online at bit.ly/snmcannabisexpo. Discounted tickets—for attendees who present an active New Mexico Medical Cannabis Card or a valid student ID—will be offered for $5 at the door. Learn more about the expo and find out how to get involved at the event website.

At all costs

As reported by CNN, MedMen Enterprises’ bid to become the largest American cannabis company crashed and burned this week when MedMen’s planned PharmaCann acquisition fell apart. PharmaCann, a company that was once valued at $682 million, experienced a steep devaluation during the past 12 months. When the deal was announced last year, MedMen stock was valued at $4.46 per share. Compare that to MedMen stock’s current valuation of just $1.42 per share, an indicator that sunk the all-stock value of MedMen’s planned PharmaCann acquisition. CNN’s reporting quotes Matt Hawkins, managing partner at cannabis-focused private equity firm Entourage Effect Capital, on the industry phenomenon: “There is no doubt that the day of reckoning has come for the multistate operators. The days of being valued at projections three years down the road are long gone.” In the uncharted realm of cannabis capitalism, cost and value fluctuations are expected in similar high-value corporate acquisitions by major cannabis industry players.