Salveo Capital Press

AOAC INTERNATIONAL announced that it has issued PathogenDx, a Salveo Capital portfolio company, Certificates of Validation for proprietary test kits that detect SARS-CoV-2, the causative agent of COVID-19 illness, on environmental surfaces. The PathogenDx EnviroX-Rv assay is a test based on end-point RT-PCR coupled to DNA microarray hybridization for the detection of multiple genes within SARS-CoV-1 and SARS-CoV-2 viruses.

The tests are the first to pass the rigorous independent evaluation required by the globally recognized AOAC Research Institute’s Performance Tested MethodsSM Program, which implemented an Emergency Response Validation process to accelerate the review process.

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The coming year is set up to be a very good year for cannabis, according to Michael C. Gruber, a managing partner at Salveo Capital. "There will be further consolidation in the industry, and with the maturation of companies and reaching greater scale, well-run companies will continue to be able to raise capital on better terms than in the past," he said.

Gruber added that although the passage of federal cannabis legislation remains unclear, "increasing pubic support for legalization, increasing de-stigmatization, and ongoing usage and demand for cannabis products for general well-being will provide strong tailwinds for the industry to register strong growth in the year."

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Ascend Wellness Holdings (AWH), a Salveo Capital portfolio company, announced the execution of an agreement to acquire Chicago Alternative Health Center, LLC and an affiliated entity, which operates the Midway Dispensary, an adult use and medical cannabis dispensary.

“We are excited to continue to expand in Chicago and fortunate to be able to partner with one of the original operators in the state that serves the southwest Chicago market. I want to thank Midway Dispensary’s current owners, Kraig Koester, Neal McQueeney and rest of team, for all their hard work,” said AWH Founder and Chief Executive Officer Abner Kurtin.

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CEO Joseph Lusardi spoke with New Cannabis Ventures in May about the company’s pending Grassroots Cannabis, a Salveo Capital portfolio company, acquisition and building out its U.S. footprint. The deal closed over the summer, and President Joseph Bayern is set to step into the CEO role at the beginning of 2021.

Grassroots was a complementary fit for Curaleaf, sharing a similar view of the industry’s opportunities. Additionally, the two businesses had very little geographic overlap. Now, Curaleaf has more than 3,500 employees and a single mission to guide the combined organizations.

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In this series of articles, Aaron Green sits down and interviews a number of industry executives leading infused products and edibles companies. In Part 5, Green sits down with CEO Lisa McClung and Glenn Armstrong, senior advisor at Coda Signature (a Salveo Capital portfolio company), to hear about their journey into the cannabis industry from traditional CPG, their innovation process at Coda and trends they are following in cannabis.

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Mike Beaudry is the founder and CEO of HERBL, a Salveo Capital portfolio company that has quietly become California’s largest distributor – with dozens of popular brands (Raw Garden, Select, and Garden Society, etc.) and 850+ dispensary customers. Mike came out of the natural foods space – he was president of UNFI as the organic industry came to the forefront.

HERBL is the largest supply chain and distributor of recreational cannabis in California serving 98% of all storefronts statewide. It has revenues of more than $250 million thus far in 2020; EBIDTA positive for 2020.

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Fyllo, a Salveo Capital portfolio company and leading innovator in data, media and compliance solutions for highly regulated industries, announced the results of a commissioned study conducted by Forrester Consulting.

It's no surprise that brands know they must stay relevant to their audiences through insight: Nearly nine in 10 brands recognize that understanding their audiences' interests and lifestyles is important to their success. However, many brands said they lack a full picture of audiences' behaviors and interests. Just 38% understand their customers' interest in emerging product categories, and 34% can track the interests and hobbies of their audiences today.

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In 2019, Curaleaf announced two of its largest acquisitions that transformed the company—Cura Partners (owner of Select), a vape and THC concentrates company, which Curaleaf bought in an all stock deal valued at $365 million, and Grassroots (a Salveo Capital portfolio company), one of the largest private cultivators and retailers with 30 dispensaries across Illinois, Nevada, Michigan, Oklahoma, Ohio, North Dakota, which Curaleaf bought for $830 million.

“The impact to the Curaleaf growth rate will be dramatic,” says Jordan via Zoom, sitting in his living room at his home in Sea Cliff, Long Island. “New Jersey is a watershed event—what will happen is that Pennsylvania, New York and Connecticut will now go adult use.”

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HERBL, a Salveo Capital portfolio company and California’s largest cannabis distributor/supply chain solutions company, announced that it has partnered with MOXIE, a leading cannabis operator with products distributed in over 350 dispensaries across seven states. HERBL’s retail network is comprised of more than 850 California retailers, both online and brick-and-mortar. Products to be sold through HERBL will include MOXIE vape cartridges, concentrates, edibles, as well as a variety of CBD products.

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Curaleaf Third Quarter Highlights:

• Record managed revenue of $193.2 million, which grew 164% year-over-year and 59% sequentially

• Record total revenue of $182.4 million, which grew 195% year-over-year and 55% sequentially

• Record Adjusted EBITDA of $42.3 million, which grew more than four times 2019 levels and 51% sequentially

• Closed acquisition of Grassroots (a Salveo Capital portfolio company) creating the world's largest cannabis Company, as measured by revenue

• Completed acquisition of Curaleaf NJ, Inc. and Maine Organic Therapy assets that were previously managed

• Closed private placement of approximately $24.5 million in net proceeds

• Raised approximately $41.0 million in net proceeds related to sale-leaseback transactions

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Four publicly traded MSOs are particularly primed to benefit from new and potential adult-use markets in Arizona, New Jersey and Pennsylvania, according to an industry update by Canaccord Genuity. The four MSOs identified by Canaccord Genuity are:

· Curaleaf (acquirer of Salveo Capital portfolio company Grassroots): the leader in New Jersey’s medical marijuana market, No. 2 in Arizona and competing for a top-three spot in Pennsylvania.

· Harvest Health & Recreation: No. 1 in Arizona.

· Green Thumb Industries: No. 1 in Pennsylvania’s medical marijuana market and one of 12 licensed MMJ operators in New Jersey.

· Columbia Care: Operates in Arizona, New Jersey and Pennsylvania.

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“There was the pandemic, and then the summer with all the social justice issues, and now the election stress,” said Coco Meers, co-founder and chief executive of Equilibria, a women-focused Salveo Capital portfolio company in Chicago that specializes in CBD. “It has been nonstop, and it has led to extraordinary demand of cannabis.”

Her sales over the past month have increased over 40 percent from previous months, without marketing or promotions, Ms. Meers said.

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Kikoko, a women-focused cannabis botanical wellness company, has partnered with HERBL, a Salveo Capital portfolio company and California’s largest cannabis distributor/supply chain solutions company, as the exclusive distributor of its products in California.

“To help us grow our business more quickly and broaden our consumer reach, we realized we needed a world-class distribution company. As the largest distribution company in California, who better than to take Kikoko to the next level than HERBL?” said Jennifer Chapin, co-CEO of Kikoko.

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Cannabis operator Ascend Wellness Holdings, a Salveo Capital portfolio company, opened the dispensary at 3201 Horizon Drive under its new retail brand, Ascend. It will be Ascend Wellness Holdings’ second retail location in Springfield. The company anticipates the creation of 80 jobs.

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In this exclusive conversation with Cannabis Business Times and Cannabis Dispensary, Melillo discusses his move from multi-state operator Curaleaf (acquirer of Salveo Capital portfolio company Grassroots), his goals for Ascend (also a Salveo Capital portfolio company), how an adult-use market in New Jersey would shift the cannabis landscape, and more.

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“We think it’ll be pretty significant” to add recreational sales, said Joshua Smith, supervisor at Michigan Supply and Provisions’s 28th Street location. “The Grand Rapids market seems super eager for this to be here.”

The company has four other medical and recreational dispensaries across Michigan. Its parent company, Ascend Wellness Holdings, oversees dispensaries in five states.

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Headset, a Salveo Capital portfolio company and the leading provider of data analytics to the cannabis industry, announced the launch of its competitive intelligence tool, Headset Insights, in Saskatchewan. In addition to Alberta, British Columbia and Ontario, this will be Headset's fourth Canadian retail-derived cannabis market read based on aggregated Point of Sale data at the receipt level.

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The Fast 50 List features the most innovative fastest-growing private companies in Denver based on their three-year average revenue growth. Front Range Biosciences, a Salveo Capital portfolio company, continues to be a leader in cannabis and hemp genetics and R&D. Earlier this year in March, FRB became the first company to send hemp and coffee tissue cultures to the International Space Station in order to study the effects of microgravity on gene expression. FRB has reported 3,300% growth over the past three years.

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PathogenDx, a Salveo Capital portfolio company which has developed a multiplexed microarray DNA-based pathogen testing platform, announced that it has partnered with Prevenio, an innovator and leader in providing automated food processing and pathogen protection systems to create the industry's first closed-loop system to address foodborne pathogens. The combination of the two parties' groundbreaking innovations into one holistic solution will enable food producers to identify and eradicate foodborne pathogens like E. coli, Salmonella and Listeria monocytogenes from the nation's food supply more rapidly and effectively than current systems.

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Treez, a Salveo Capital portfolio company focused on retail automation for the cannabis industry supply chain, announced a variety of data-driven insights into an industry experiencing steady growth, despite a covid-challenged economy.

John Yang, Treez CEO, stated that "as a company with a retail automation platform enabling over 270 retailers and a gross merchandise volume (GMV) of over $1.7 billion annualized and growing, we are able to observe trends of practical value to the cannabis supply chain at large…. Treez itself is experiencing over 90 percent growth twelve months trailing, and looking closer at our large customer base we are able to validate retail and brand assumptions. Of particular note and like many other retail industries, those cannabis retailers that are most responsive in shifting to digital payment and fulfillment are experiencing the highest growth rates."

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