Stash Ventures, a vertically integrated marijuana company in Mount Pleasant, Michigan, recently made headlines after acquiring 11 stores from Cloud Cannabis Co. This strategic move marks a significant expansion for Timber Cannabis in Big Rapids, further solidifying their presence in the cannabis industry.
The $67 million project, one of Minnesota's largest cannabis-related investments since legalization, is receiving more than $20 million in funding from the Iron Range Resources & Rehabilitation Board. This substantial investment will support Timber Cannabis in their efforts to grow and manufacture cannabis products in the region.
Stash Ventures' acquisition of the dispensaries of Troy-based Cloud Cannabis Co. is the first notable acquisition in the sector in 2024. This move positions Stash Ventures as a major player in the Michigan cannabis market, further establishing their reputation as a leading cannabis retailer in the state.
The retail stores of Cloud Cannabis have now been officially acquired by Michigan-based Stash Ventures, signaling a new era of growth and expansion for Timber Cannabis in Big Rapids. This acquisition will allow Timber Cannabis to offer a wider range of products and services to their customers, enhancing the overall experience for cannabis enthusiasts in the area.
Foley & Lardner LLP served as the legal advisor to Cloud Cannabis during the sale of its retail stores to Stash Ventures. This collaboration highlights the importance of legal counsel in navigating complex transactions within the cannabis industry, ensuring a smooth and successful acquisition process for all parties involved.
In 2023, Big Rapids saw a shift in its dispensary landscape, with five dispensaries closing their doors and two new ones opening, bringing the total number of dispensaries in the city to 15. This growth in the cannabis market reflects the increasing demand for high-quality products and services in the area.
The Iron Range Resources & Rehabilitation Board's decision to provide funding for Timber Cannabis' expansion project underscores the growing support for the cannabis industry in Minnesota. This investment will not only create new job opportunities but also contribute to the economic development of the region.
This article was originally published by Crain's Detroit and written by Dustin Walsh, shedding light on the recent developments in the Michigan cannabis market. Mount Pleasant-based Stash Ventures continues to make waves in the industry, solidifying their position as a key player in the state's growing cannabis sector.
