Three multistate marijuana operators – 4Front Venures, MedMen Enterprises and Acreage Holdings – announced cutbacks in bids to accelerate their paths toward profitability, even as some experts questioned the overall financial strength of the industry amid the coronavirus crisis and a contracting economic climate. MJBizDaily takeaway: There have been plenty of shakeups recently at the C-suite level […]
Week in Review: Marijuana firms cut costs amid COVID-19, L.A. cannabis licensing audit, NYSE aims to delist CannTrust & more is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Cannabis companies are hosting virtual 4/20 events amid COVID-19 concerns, instead of the usual monthlong parties and celebrations. Some of the other top headlines addressed in this week’s MJBizDaily podcast include: New York adult-use marijuana legalization appears stalled Colorado marijuana retailers get OK to resume in-store sales Los Angeles cannabis licensing audit finds flawed process, no […]
MJBizDaily podcast: Marijuana firms pivot to virtual 4/20 events, New York adult-use cannabis appears stalled and more is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The COVID-19 outbreak is causing serious jitters among large cannabis companies, with a growing list of multistate marijuana operators scaling back by laying off workers and shuttering operations in a bid to slash costs. The widespread cutbacks this week by Acreage Holdings, MedMen Enterprises and 4Front Ventures also call into question the overall health of the marijuana industry […]
Big cannabis companies scale back amid coronavirus, raising questions about industry’s overall health is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Private-sector cannabis stores in Ontario, Canada’s largest market, have been ordered to close their doors by late Saturday in response to the COVID-19 pandemic, leaving the outlets with nowhere to turn as the government maintains a legal monopoly over online sales.
Ontario cannabis stores to close after removal from ‘essential’ list is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Innovative Industrial Properties, a real estate investment trust that specializes in the marijuana industry, bought a cannabis cultivation and processing facility in Massachusetts from Ascend Wellness Holdings (AWH) in a $49 million sale-leaseback deal. San Diego-based IIP paid $26.8 million to Boston-based AWH – a vertically integrated, multistate marijuana operator – for a 199,000-square-foot facility […]
Cannabis REIT inks $49 million sale-leaseback deal with Ascend is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A new report from a branch of the U.S. Treasury Department confirms the Internal Revenue Service is preparing to launch an increase in marijuana industry audits nationwide, but it also offers a possible way for cannabis companies to dodge millions in federal taxes, according to industry experts. The report corroborates what cannabis industry tax and […]
IRS report foreshadows national uptick in cannabis audits but offers a big loophole, experts say is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
New York-based Acreage Holdings on Friday announced it is furloughing 122 employees and taking other cost-cutting measures, becoming the latest multistate marijuana operator to slash costs in response to the coronavirus pandemic. As part of its efforts, Acreage also disclosed in a news release the resignation of a top executive and announced it is: Scrapping […]
Marijuana giant Acreage cuts 120 jobs, ends deals in light of COVID-19 is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The vast majority of Canada's provincial governments are allowing recreational cannabis stores to stay open during the coronavirus outbreak, in effect designating these businesses as "essential."
Map: Where Canadian cannabis businesses can stay open during COVID-19 pandemic is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Over the past several weeks, Marijuana Business Daily took a deep dive into average wholesale prices in state-legal recreational marijuana markets.
Wholesale marijuana snapshot: A review of prices in adult-use markets is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
So far, the European market for medical cannabis has been spared the supply-chain disruptions inflicted by the coronavirus pandemic. That’s in stark contrast to the United States, where vape companies, packaging businesses and others have experienced shortages of cannabis-related hardware and supplies manufactured in China. For insights into the European market, Marijuana Business Daily international reporter […]
Bedrocan CEO: European medical cannabis supply chain stable despite COVID-19 crisis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Canada’s federal government has deemed medical cannabis production “essential” to the country’s critical health-care infrastructure during the COVID-19 pandemic. The designation is intended to assist provinces, municipalities and businesses in their decisionmaking around the types of employees considered essential for the health, safety, security and economic well-being of the country. Even though the designation is […]
Canada classifies medical cannabis ‘essential’ amid COVID-19 pandemic is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A Denver man filed a lawsuit alleging that the operator of marijuana stores in Colorado, Massachusetts and Nevada violated federal telemarketing law by sending him promotional text messages without his permission. In a proposed class action suit, Bryce Abbink sued Denver-based Good Chemistry for the alleged spam promotions. According to the 13-page lawsuit, the “alleged Class […]
Denver man sues cannabis firm for alleged spamming is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Most state governments around the nation have deemed medical marijuana companies "essential" during the coronavirus pandemic, meaning the vast majority can keep doing business after residents were told to stay at home and many businesses were ordered to scale back or close their operations.
States that have allowed marijuana businesses to remain open during coronavirus pandemic stay-at-home orders is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
In what could be a warning to medical cannabis business owners throughout Massachusetts, state regulators are looking into complaints that a large MMJ company was not following social-distancing guidelines and other measures to lessen the spread of the coronavirus after two employees were diagnosed with COVID-19. One person who tested positive worked at a large […]
Massachusetts medical marijuana workers sick with coronavirus is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Canadian cannabis firms of all sizes could be eligible for a three-month emergency wage subsidy program during the COVID-19 pandemic, welcome news for businesses that may be struggling financially. The Canada Emergency Wage Subsidy program could help the Canadian cannabis industry and other employers keep workers on payroll during the crisis or give them the […]
Canada’s COVID-19 wage subsidies could keep cannabis workers on payroll is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The deadline to apply to be the distributor of domestically grown medical cannabis in Germany was extended from April 28 to May 26. The Federal Institute for Drugs and Medical Devices (BfArM) revealed the new deadline Tuesday. The document announcing the change did not provide a reason for the shift, but the current coronavirus pandemic […]
Deadline extended to apply for Germany’s cannabis distribution tender is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Cannabis companies that were planning to host elaborate monthlong celebrations around 4/20 have been forced to change plans and are turning to virtual parties that include specials and giveaways.
Responding to coronavirus, marijuana firms shift to virtual 4/20 celebrations with online concerts, giveaways is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
John Schroyer, Marijuana Business Daily’s senior reporter based in California, spotlights in the video clip below how the coronavirus crisis has worsened what was already a tight funding climate in the cannabis industry. For more insights on the shifts in marijuana regulation and markets in California – including a discussion about how the novel coronavirus is impacting […]
VIDEO: Coronavirus exacerbating cannabis credit crunch in California is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Canada’s federal cannabis regulator revoked the licenses held by Alberta Green Biotech in March after inspectors observed unspecified noncompliance at its production site, Health Canada told Marijuana Business Daily.
Health Canada revokes Alberta Green Biotech’s cannabis licenses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Financially distressed cannabis cultivator James E. Wagner Cultivation Corp. (JWC) said Wednesday it will undergo a “consensual restructuring” and seek creditor protection in a deal with cannabis industry lender Trichome Financial Corp. Under the deal, Trichome will provide JWC with a debtor-in-possession loan of up to 4 million Canadian dollars ($2.8 million) during the restructuring. Trichome, […]
Canadian cannabis firm James E. Wagner Cultivation seeks creditor protection is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Medical marijuana legalization efforts are advancing through several states in the southern U.S., and if successful, they promise tens of millions of dollars of opportunities for cannabis entrepreneurs searching for markets that potentially offer lower costs and fewer barriers to entry. Marijuana businesses looking to launch in the region could benefit from: Lower real estate […]
Medical cannabis businesses eye potential new markets in southern US is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The exodus of cannabis executives in Canada is in full swing after their companies raked up collective net losses exceeding CA$6 billion ($4.4 billion) in 2019, the first calendar year recreational products were allowed to be sold. Most of Canada’s top cannabis producers have replaced their chief executives or chief financial officers over the past […]
Missed earnings, misdirection put Canadian cannabis executives in hot seat is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The New York Stock Exchange’s regulatory enforcement arm has initiated the delisting process for CannTrust after concluding the Canadian cannabis producer “is no longer suitable for listing.” NYSE Regulation said Tuesday it reached its decision after the Ontario-based company obtained a creditor protection order from the Ontario Superior Court of Justice. “The Company has a right to a review […]
NYSE aims to boot CannTrust after concluding cannabis producer ‘no longer suitable for listing’ is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
The marijuana business licensing round in Los Angeles last September was "confusing and prone to human error," but city regulators did not bungle the process to the point that applicants were disenfranchised, according to an independent audit.
L.A. cannabis licensing audit finds flawed process, no corruption is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Recreational cannabis legalization in New York likely will be shelved for now because of the coronavirus crisis, but experts expect the legislation to be back in play later this year. New York Gov. Andrew Cuomo said Tuesday the state isn’t likely to legalize rec cannabis as part of its budget bill because it’s “too much, […]
New York adult-use marijuana legalization appears stalled is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Two medical marijuana dispensaries in Iowa permanently closed their doors.
Two Iowa medical cannabis dispensaries close is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Despite a couple of temporary sales spikes in recent weeks, adult-use cannabis sales in California, Colorado and Washington state are all suffering from the economic fallout surrounding the coronavirus pandemic. According to point-of-sale data provided by Seattle-based Headset, adult-use cannabis sales were less than those for the same day in 2019 for six consecutive days […]
Recreational cannabis sales in three key markets still falling after initial coronavirus-related spike is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Colorado regulators delivered good news to the state’s recreational cannabis store operators: They can resume selling their products inside their storefronts. The state Marijuana Enforcement Division (MED) bulletin informing cannabis businesses they can allow customers in their stores comes days after the governor told retailers to limit transactions to curbside pickups in an effort to reduce the […]
Colorado marijuana retailers get OK to resume in-store sales is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
New Zealand has followed through with its plan to update a rule banning certain cannabis vaporizers ahead of the launch of the country’s medical marijuana program in April. The move is expected to create a market for compliant vaporizers, since the country’s upcoming regulations prohibit medical cannabis products being sold in a form intended for […]
New Zealand allows cannabis vaporizers approved by overseas regulators is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Federally regulated cannabis labs have answered Health Canada’s call for assistance in supporting COVID-19 testing, and the agency is currently assessing the facilities’ capabilities. “Several labs have responded indicating their willingness to assist,” a Health Canada spokesman told Marijuana Business Daily this week. Health Canada is confirming next steps, the spokesman said, including whether the […]
Health Canada says cannabis labs willing to assist in COVID-19 testing is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
