CCB approves seven transfers of interest and restructurings; staff flagged financing, internal reorganizations and a tax delinquency for follow-up

The Cannabis Compliance Board on May 15 approved seven transfer-of-interest (TOI) requests covering internal ownership changes, asset transfers and a merger, while flagging several items for monitoring and follow-up.

Chief investigator David Staley presented seven TOIs and staff recommendations. The board acted on transactions involving Premium Produce LLC, DEP Nevada Inc. (sale to Fox Farms LLC), ETW Management Group (sale to Synergy Investments LLC), TGIG LLC (purchase of New Leaf VLV Retail Dispensary LLC), Altmore Debt 1 LLC (taking a cultivation license to satisfy a debt), Taproot Holdings/M3 Wellness (internal restructuring and a rural dispensary transfer) and Vireo Growth Inc.'s proposed acquisition of DeepRoots Holdings Inc.

Key board actions and staff notes:

- Premium Produce LLC: Staff reported no areas of concern. The board approved an internal transfer increasing Priscilla Vilchius’s membership and limited the requested waiver of NCCR 5.11 (for transfers under 5%) to expire at the next TOI agenda.

- DEP Nevada Inc. / Fox Farms LLC: Staff found no areas of concern and recommended limiting the NCCR 5.11 waiver to the next TOI agenda. The board approved the transfer enabling Fox Farms owner Ivan Fox to take over operations.

- ETW Management Group / Synergy Investments LLC: Staff reported no areas of concern but identified two areas of interest — unapproved internal reorganizations by the sole member for tax reasons and buyer Gilbert Avila III’s need to source additional financing to make the acquired cultivation license operational. The board approved the transfer.

- TGIG LLC / Juicy Holdings Inc.: Staff found no areas of concern but identified an administrative lapse where an incomplete TOI filing for a replacement owner was not processed; staff clarified the issue and the board approved the purchase and internal restructuring and limited the waiver time frame.

- Altmore Debt 1 LLC / Lighthouse Strategies: Altmore sought to extinguish Lighthouse’s debt by taking ownership of cultivation license C101 after a default. Staff reported no areas of concern. The board approved the transfer and limited the waiver of NCCR 5.11 to the next TOI agenda.

- Taproot Holdings / M3 Wellness (Mom’s Meds): The board approved a transfer enabling M3 Wellness (owned by Laura Langmeier) to take a dispensary license (RD673) and go vertical with existing cultivation operations in Mineral County; staff reported no areas of concern and the board limited the waiver to the next agenda.

- Vireo Growth Inc. / DeepRoots Holdings Inc.: Staff flagged an area of interest: one of Vireo’s existing Nevada licenses (MJ Distributing C201 LLC) owed approximately $469,000 to the Nevada Department of Taxation; the Nevada Tax Commission approved a payment plan on May 7, 2025, and the company is currently in good standing with the Department of Taxation. The board approved the merger and restructuring that will make DeepRoots a wholly owned subsidiary of Vireo; existing DeepRoots executives will continue to manage operations post-acquisition.

Why it matters: The approvals move several Nevada cannabis businesses through ownership changes that affect local operations, employment and brand continuity. Staff identified financing questions and administrative issues that the board limited via temporary waivers and by asking staff to monitor and report back.

Details and next steps: For many TOIs the board limited requested waivers of NCCR 5.11 pursuant to 5.112 (for transfers under 5%) to expire at each party’s next TOI agenda date. The board accepted staff reporting and allowed approved transfers to proceed to any remaining steps, including final TOI processing and required inspections where applicable.