McGuireWoods advised Cronos Group on the $110.4 million purchase of an
option to acquire an ownership stake of about 10.5 percent in multistate
cannabis company PharmaCann Inc. The option exercise will be based upon
various factors, including the status of U.S. federal cannabis
legalization, as well as regulatory approvals.
Thomas DeSplinter and
Kate Hardey and associates
Royce DuBiner and
Tim Loveland represented Cronos Group. The team was assisted by associates
Ashley Monzel, Brian King and
The portfolio of Cronos Group — a Canada-based, publicly traded cannabinoid
company with international production and distribution across five
continents — includes a global wellness platform, adult-use brands and U.S.
cannabidiol (CBD) brands. The company is committed to building
groundbreaking intellectual property by advancing cannabis research,
technology and product development.
PharmaCann is one of the nation’s largest privately held and vertically
integrated cannabis companies, providing safe, reliable and high-quality
products to the medical and adult-use markets. PharmaCann has six
production facilities and 23 dispensaries operating across six limited
license states: Illinois, Maryland, Massachusetts, New York, Ohio and
“We were proud to assist Cronos Group in this investment, which will help
build its portfolio of iconic cannabis-related brands,” said Hardey, who
“Edible Bites” video webinar series with DuBiner.
McGuireWoods works at the cutting edge of cannabis-related legal and
regulatory issues, helping shape the future of the cannabis industry in the
United States. Hardey and DuBiner focus their legal practices on regulatory
and transaction work on cannabis, CBD and other aspects of the food and
McGuireWoods consistently ranks among the leaders in U.S. and global M&A deals – including private equity transactions – in league tables published by Bloomberg and Refinitiv. The firm was recently rated a “powerhouse” for private company and straightforward M&A deals in a report published by BTI Consulting Group.