Long Beach Cannabis Dispensary Sells for $11 M – Los Angeles Business Journal

A cannabis dispensary in Long Beach known as The Bakerie has sold for $11 million.
The 8,288-square-foot retail property is located at 1836 Harbor Ave. It sits on .74 acres.
A foreign investor purchased the property from a Michigan-based private investor.
Stan Johnson Co.’s Christian Tremblay and Isaiah Harf represented the seller, while CBRE Group Inc.’s Edwin Mariscal represented the buyer.

“This is the largest recorded retail dispensary sale in the state of California, and we are honored to have assisted our client in getting this property sold,” Tremblay said in a statement. “We have seen an increase in demand for cannabis assets due to their attractive yields in the current net lease environment and their high sales on a per square foot basis. Additionally, with the potential of safe banking and lending options continuing to evolve, we anticipate this demand to continue.”

Foreign investor now owns The Bakerie.

In a net lease, tenants can be responsible for everything from maintenance to property taxes. These assets are incredibly desirable to owners because they come with guaranteed monthly income without the burden of maintenance and other expenses, making them a bond-like investment, experts agree.

In 2021, net lease investment volume nationwide increased 48% over

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Medical Marijuana Dispensary Clears Major Hurdle | Webster Kirkwood Times | timesnewspapers.com – Webster-Kirkwood Times, Inc.

A major hurdle has been cleared for Root 66, a medical marijuana dispensary hoping to open its fourth St. Louis-area location in Des Peres at 12095 Manchester Road. 

At a special meeting on May 4, the Des Peres Board of Adjustment ruled that Public Works Director Steve Meyer made no error in determining that Root 66’s proposed new home was not prohibitively close to a school, child day care or church. The city requires that medical marijuana dispensaries not be within 1,000 feet of such establishments.

To make his determination, Meyer utilized a map of all the city’s day cares, schools and churches created when the city’s medical marijuana ordinance was developed in 2019.

Meyer’s ruling, made Jan. 28 during Root 66’s application process, was challenged by Meghan Lamping of law firm Carmody MacDonald on behalf of Briann Realty LP, which owns the shopping center adjacent to the proposed dispensary. 

Lamping argued that Mathnasium, a for-profit tutoring center that  shares a wall with 12095 Manchester Road, should have been considered a school when Meyer was making his determination.

Lamping made her case before the Des Peres Board of Adjustment on April 27. She argued that Mathnasium should be considered a school because it

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MUV medical marijuana dispensary coming to Ocala – Ocala News

MUV will soon be joining the list of medical marijuana dispensaries that operate in Ocala.

While a grand opening date has not yet been announced by MUV, the company plans to open the doors to its newest location in late spring. The Ocala store, which is located at 3701 SW College Road, will become MUV’s 48th dispensary.

MUV’s newest dispensary in Ocala will be located at 3701 SW College Road (Photo courtesy of MUV)

The store will feature a selection of products for patients with valid medical marijuana licenses. According to MUV, the company will offer budget-friendly cannabis options through various deals and specials that will be specific to the Ocala location, and these deals will change every few days.

Delivery services are available at most of MUV’s locations, and the company anticipates that this shopping option could be added to Ocala’s location within a few weeks of the store’s grand opening.

The new dispensary will join multiple others that have opened their doors in Ocala in recent years, including GrowHealthy, Trulieve, and One Plant.

For more information, visit the MUV Cannabis Dispensary Ocala webpage.

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Legal Mistakes for Cannabis Businesses

I recently spoke with a lawyer who was newer to representing cannabis clients. The lawyer asked me to describe the biggest legal mistakes I see for cannabis businesses. Over the years, our cannabis lawyers have seen cannabis businesses make just about every mistake in the book. Today though, I want to talk about what I think are some of the most common legal mistakes for cannabis businesses from a corporate governance and operational standpoint.

Legal mistake #1 – hiring a cannabis lawyer and ignoring their advice!

A lot of folks in the cannabis industry don’t quite understand the role of a cannabis lawyer. I wrote about the nature of that role in dealmaking here for what it’s worth. But these types of folks seem to think a lawyer’s job is to rubber stamp whatever they want to do. Maybe the goal is to have someone to blame if things go wrong, but who knows. Businesses looking for a legal rubber stamp will eventually get upset when it’s not forthcoming. And in many cases, those businesses may ignore what their lawyers said and move forward anyways. Not good!

If a lawyer says “don’t do X” or “if you do X then

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Cannabis boomtown: Palm Springs sees explosion in dispensaries, tax revenue – Desert Sun

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Minnesota medicinal marijuana chains embrace 'bud' sales – St. Paul Pioneer Press

It was a brisk but sunny afternoon in St. Paul, the last day of February, and the young woman behind the pharmacy counter at the Vandalia Street offices of Rise Dispensaries smiled broadly behind dark eyeliner and hints of goth makeup as she handed clients fresh bits of history, one smokable marijuana roll at a time.

With little public fanfare, Rise — formerly known as LeafLine Labs — began selling rolls and jars of “buds,” or dried, raw cannabis flower, to adult medical marijuana users on the first day such sales were legal in Minnesota.

For the state’s burgeoning medicinal marijuana industry, the date marked a long-awaited breakthrough of sorts.

Legal medical marijuana sales officially began on July 1, 2015, but at the time it was signed into law by then-Gov. Mark Dayton, the state legislation that authorized those sales was widely considered the most restrictive of its kind in the nation.

QUALIFYING CONDITIONS

A patient would have to meet one of nine major qualifying conditions to receive marijuana in a liquid, pill or vaporized delivery method. Smoking “pot” was still off the table.

State law has since loosened, at least by a pinch. Among what’s now 17 qualifying conditions, “now

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Will Ohio Legalize Cannabis In 2023? It’s Complicated But A Vague Deal Has Been Reached, Here’s What We Know

State officials and cannabis legalization advocates reached a deal on Friday, agreeing to allow the Coalition to Regulate Marijuana Like Alcohol to retain the signatures they’ve already collected while delaying their campaign until 2023.

The Coalition agreed to delay its legalization campaign until next year in exchange for state officials agreeing to accept the more than 140,000 signatures the coalition had already collected, instead of potentially making them start over from scratch.

“This guarantees the validity of the signatures we’ve already gathered, and we’ve got a much clearer path if we have to get to the ballot next year,” said Tom Haren, a spokesman for the Coalition to Regulate Marijuana Like Alcohol per Cleveland.com.

– Read the entire article at Benzinga.

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How Aligning Business Incentives With Social Impact Could Change Legal Cannabis

Cannabis businesses and their leaders can take concrete actions to align incentives with social change.

In business, incentives are often misaligned with social good. This is true in the prison and pharmaceutical industries and, now, much of the legal cannabis industry.

I’ve spent the last seven years in the cannabis industry investing in, advising and operating companies. During that time, I also worked on drug policy and criminal justice reform and serve on the board of the Marijuana Policy Project. I’ve met some incredible changemakers over these years. Recently, I’ve been interviewing social entrepreneurs and advocates for my podcast, People are the Answer. Based on this experience, I’ve outlined some common themes here.

– Read the entire article at Rolling Stone.

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