A Florida partnership has sued multistate marijuana operator Columbia Care for allegedly conspiring to fraudulently strip its rights to a medical cannabis license worth tens of millions of dollars. Florida MCBD filed the lawsuit against New York-based Columbia Care in the commercial division of the New York County Supreme Court. Columbia Care co-founders Michael Abbott […]
Multistate operator Columbia Care sued over Florida medical marijuana license is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Portland, Oregon-based Resource Innovation Institute (RII) is hoping to establish standards for water quality and water use for marijuana cultivators, including both indoor and outdoor growers. Members of the cannabis industry have been calling for standards across sectors for years, though few have been put in place. According to Greenhouse Grower, Derek Smith, executive director […]
Nonprofit resource group seeks to set water standards for cannabis growers is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
At least two California retailers have seen enough of a downturn in sales amid the coronavirus pandemic that they’ve had to reduce their workforces. The Apothecarium and Sparc, longtime San Francisco marijuana shops, confirmed to the Bay Area Reporter that they were forced to cut staff in response to slower-than-usual sales. Ryan Hudson, CEO of […]
Two San Francisco marijuana stores announce layoffs, furloughs is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The deadline to apply to be the distribution service provider for Germany’s domestically produced medical cannabis has been extended again. Now companies are able to submit applications until June 23. The original deadline was April 28. That was first extended to May 26 and then to June 9. Applicants’ offers must now be binding until […]
Deadline to apply for German cannabis distribution contract extended yet again is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Canadian cannabis producer Tilray announced the availability of a new full-spectrum extract for Germany’s medical market, the company’s first product in that market offering a larger CBD concentration than THC. The product has 5 milligrams of THC per millilitre and 20 milligrams of CBD per millilitre. Tilray’s announcement didn’t disclose the size of the bottle. […]
Competition grows in Germany’s medical cannabis extracts market is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Beleave has become the latest in a wave of Canadian cannabis companies seeking creditor protection. The Toronto-based company will apply for a creditor protection order from the Ontario Superior Court of Justice on Friday, according to a news release. The company has arranged a debtor-in-possession loan from Hegedus Consulting Service to fund the proceedings under […]
Beleave joins growing list of Canadian cannabis insolvencies is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Aurora Cannabis is disposing of another investment for a large loss. The Alberta company said it is unloading its 23% stake in Alcanna, one of the largest retailers of alcohol and cannabis in North America. Alcanna and Aurora entered into an agreement with a group of underwriters who agreed to purchase all the common shares […]
Aurora Cannabis unloading Alcanna stake for CA$110M less than it paid is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The financial toll inflicted on the legal marijuana industry by dozens of burglaries and looting since last weekend is easily stretching into the millions of dollars, leaving some businesses unsure about the future and whether their operations can survive. According to media reports, more than 40 marijuana companies across the country have suffered an array […]
Burglary-related losses total millions as cannabis companies pick up the pieces; insurance coverage unclear is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The federal portion of Canada’s cannabis excise duty amounted to 32 million Canadian dollars ($23.7 million) from April 2019 through March 2020, according to new figures from the country’s finance department. Although the cannabis tax revenue represents only a tiny fraction of the Canadian government’s total revenues for the period (CA$334.3 billion), it illustrates growth […]
Canada’s haul from cannabis tax reaches CA$32 million is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The Iowa Legislature passed a medical cannabis bill that would increase the THC cap, which could boost sales in the heavily regulated, roughly $5 million-a-year market. The provision is a weaker version of a measure that Republican Gov. Kim Reynolds vetoed last year. Senate Majority Leader Jack Whitver, a Republican, indicated he expects Reynolds to […]
Iowa lawmakers boost THC cap; medical cannabis sales might increase is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Cannabis sales through deliveries are a growing share of the overall marijuana market, a trend that has been accelerated by the COVID-19 crisis. Expect deliveries to remain popular in the near term as coronavirus fears linger but also in the long term as regulators learn that deliveries can be handled safely and are a necessity […]
Considering offering marijuana delivery? A pro offers some tips is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
In response to recent looting of California cannabis retailers, at least two of the three agencies that oversee the state's marijuana industry have removed from public view their online databases containing business information.
California looting spurs regulators to remove online cannabis licensing info is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
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Modular Wiped Film Distillation Unit is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The prospects for recreational cannabis legalization in New Mexico appear brighter after two key conservative Democratic state Senate leaders lost primary elections this week. Senate President Mary Kay Papen and Senate Finance Committee leader John Arthur Smith were defeated by progressive candidates Carrie Hamblen and Neomi Martinez-Parra, respectively. Hamblen and Martinez-Parra are favored to win […]
Election might have boosted NM adult-use marijuana legalization hopes is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A few years ago, many marijuana companies wanted to branch out into as many U.S. state markets as possible. But since the 2019 collapse of cannabis stocks and the retreat of investors, many companies have become much pickier about where they spend their often-scarce resources for expansion.
Top executives from marijuana MSOs detail their favorite state cannabis markets and their plans going forward is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Like protesters around the U.S. who seek to address issues raised by the death of George Floyd and other instances of police violence, the cannabis industry has taken action to promote social equity and business opportunities in the sector. Below, Marijuana Business Daily offers a sampling of organizations and efforts that support, foster and enhance […]
Cannabis industry assets for minority business opportunities, social equity is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Clever Leaves could become the first medical cannabis company with its main operations in Colombia to list on the Nasdaq stock market. The company said that it entered into a nonbinding letter of intent (LOI) to combine its business with Schultze Special Purpose Acquisition Corp. (SAMA). The two parties are aiming to sign a definitive […]
Clever Leaves seeks Nasdaq listing via merger with SAMA is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Toronto-based cannabis sector financier Trichome Financial Corp. received court approval to complete its acquisition of troubled Ontario marijuana grower James E. Wagner Cultivation Corp. (JWC). JWC entered creditor protection in April. Trichome, which had a debtor-in-possession loan deal with JWC, announced its successful stalking horse bid for the company in May. The total value of […]
Trichome Financial gets court approval to acquire James E. Wagner is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Uruguay-based Fotmer Life Sciences exported another large shipment of medical cannabis to Portugal in May – this one totaling almost 1.5 metric tons (3,307 pounds), according to Uruguayan customs documents viewed by Marijuana Business Daily. The overseas shipment comes about six months after Fotmer sent 1 metric ton of high-THC cannabis flower to Portugal. The […]
Uruguay sends another record-breaking shipment of cannabis flower to Europe is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
It took eight months, but Connecticut lawmakers have added chronic pain as a qualifying condition to use medical cannabis, which could significantly boost the state’s growing, $100 million-plus market. The bipartisan legislative panel, according to the Connecticut Post, also agreed with a state Board of Physicians recommendation in late September 2019 to add Ehlers-Danlos syndrome. […]
Connecticut adds chronic pain to medical marijuana qualifying list is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Oakland, California-based marijuana retailer Harborside is returning to court again to argue that Section 280E of the federal tax code is unconstitutional - and this time, the company is employing a new legal team and a slightly different approach.
Cannabis retailer Harborside appeals 280E tax ruling, but will it prove fruitful? is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The California Bureau of Cannabis Control, which oversees all sectors of the legal marijuana industry in the state except for cultivators and manufacturers, has requested more funding to greatly expand its enforcement capabilities. According to the Sacramento Bee, the Bureau of Cannabis Control (BCC) put forth a budget request to state lawmakers for an 87-member […]
California cannabis regulator requests staffing help for enforcement is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Beleaguered multistate cannabis retailer Green Growth Brands’ sale and investment solicitation process (SISP) was approved by a Canadian court. Green Growth Brands is based in Columbus, Ohio, but court filings show its parent company is registered in Ontario. The company announced an initial creditor protection order from the Ontario Superior Court of Justice on May […]
Canadian court OKs sale process for US marijuana firm Green Growth is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Local marijuana businesses in Maine are suing the state in an effort to force it to enforce a residency requirement for the adult-use market. State regulators dropped the four-year residency requirement in May, saying they didn’t believe they could win a legal challenge over the issue filed by the state’s largest medical cannabis company, Wellness […]
Maine recreational cannabis businesses sue to retain residency rule is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Missouri regulators released draft rules that would require medical cannabis dispensaries to alert customers about the dangers of vaping THC products, even though most of the vaping-related illnesses that began in summer 2019 have been linked back to the illicit market. According to Greenway, the Missouri Cannabis Industry’s publication, each dispensary would have to display […]
Draft rules call for Missouri medical marijuana stores to warn against vaping is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Veteran consumer packaged goods executive Beena Goldenberg sees parallels between the development of the natural organic food market and the cannabis industry. Rigorous executive discipline, a more thoughtful approach to mergers and acquisitions and targeted product innovation are important factors for corporate success in the cannabis space, she said. Before joining Toronto-headquartered Supreme Cannabis as […]
Discipline, innovation drive profit: Q&A with Supreme Cannabis CEO Beena Goldenberg is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Despite the ongoing coronavirus crisis, Florida’s medical marijuana industry continues to surge, with sales remaining well above pre-pandemic levels. Demand for medical marijuana is at an all-time high, providing yet another example of the durability of cannabis demand in times of economic distress. Over the first 10 weeks of 2020, dispensaries in Florida sold an […]
Chart: Florida’s medical cannabis market booms despite pandemic, US economic woes is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Marijuana multistate operator Acreage Holdings, which has been slashing overhead costs and selling unprofitable assets, said Monday it has agreements in place to raise up to $60 million for working capital and other purposes. The deals, which will have a dilutive effect on existing shareholder stock, include: An agreement to periodically sell equity up to […]
Cannabis MSO Acreage Holdings raises $60 million as it restructures is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Weekend protests over the death of George Floyd in Minnesota came with a cost for marijuana retailers in various states, where a number of MJ shops were vandalized or burglarized by looters. Several business owners told Marijuana Business Daily they believe the damage was done by professional criminals rather than the protesters themselves. According to […]
Burglars, vandals hit cannabis businesses during protests, likely causing tens of thousands of dollars in losses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Louisiana lawmakers passed two medical cannabis expansion bills on Sunday, but it’s uncertain whether the reforms will be enough to ensure the business viability of the small, heavily regulated program. The bills, which are expected to be signed by Democratic Gov. John Bel Edwards, would: Allow physicians to decide whether to recommend MMJ to patients. […]
Louisiana OKs medical marijuana reform, but minimal market boost seen is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
