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Week in Review: Recreational marijuana sales tumble, cannabis stores open during pandemic, Harvest-Verano deal dead & more

COVID-19 causes cannabis sales to ebb, flow Only a few days after adult-use marijuana sales soared amid the coronavirus scare, they took a nosedive. MJBizDaily takeaway: The roller-coaster ride in marijuana sales was to be expected. Initially, consumers, panicked by the pandemic, stockpiled products. The sudden drop might mark a natural decline after consumers stocked up before […]

Week in Review: Recreational marijuana sales tumble, cannabis stores open during pandemic, Harvest-Verano deal dead & more is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/week-in-review-recreational-marijuana-sales-tumble-cannabis-stores-open-during-pandemic-harvest-verano-deal-dead-more/

States that have allowed marijuana businesses to remain open during coronavirus pandemic stay-at-home orders

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

Source: https://mjbizdaily.com/states-that-have-allowed-marijuana-businesses-to-remain-open-during-coronavirus-pandemic/

Oklahoma allows curbside medical marijuana sales

Oklahoma medical cannabis dispensaries can provide curbside pickup service, but must ensure there is limited contact between employees and customers, according to state regulators. Dispensaries are exempt from Republican Gov. Kevin Safer-at-Home order for the elderly and “vulnerable populations” issued in response to the COVID-19 pandemic. Oklahoma is one of the many states where dispensaries have been […]

Oklahoma allows curbside medical marijuana sales is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/oklahoma-allows-curbside-medical-marijuana-sales/

MJBizDaily podcast: Recreational marijuana sales fall after rising on COVID-19 fears and more

Adult-use cannabis sales plunged this week after briefly hitting new heights attributed to coronavirus concerns. Some of the other top headlines addressed in this week’s MJBizDaily podcast include:   More states say medical cannabis shops can stay open amid the COVID-19 outbreak. States have allowed marijuana businesses to remain open despite coronavirus stay-at-home orders. Kentucky hemp […]

MJBizDaily podcast: Recreational marijuana sales fall after rising on COVID-19 fears and more is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/mjbizdaily-podcast-recreational-marijuana-sales-fall-after-rising-on-covid-19-fears-and-more/

Cannabis firm Harvest Health seals $25 million Franklin Labs purchase

Multistate marijuana operator Harvest Health & Recreation announced on Friday it closed on its previously announced $25.5 million purchase of Pennsylvania medical cannabis company Franklin Labs. The closing comes a day after Harvest revealed that it would no longer buy Chicago-based Verano Holdings, which was for a time was one of the biggest merger and acquisitions announced […]

Cannabis firm Harvest Health seals $25 million Franklin Labs purchase is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/cannabis-firm-harvest-health-seals-25m-franklin-labs-purchase/

VIDEO: Coronavirus’ impact on the cannabis supply chain

Click on the video below to see Marijuana Business Daily’s Bart Schaneman discussing how COVID-19 is affecting the worldwide marijuana supply chain. The health crisis has revealed fragility in the cannabis supply chain – from vape hardware to marijuana packaging – but it also has shown that MJ companies can shift quickly to develop creative solutions to […]

VIDEO: Coronavirus’ impact on the cannabis supply chain is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/covid-19-impact-cannabis-supply-chain/

British Columbia makes cannabis businesses ‘essential’ during COVID-19

British Columbia has designated cannabis retailers and producers as essential services, meaning regulated cannabis businesses can keep operating during the COVID-19 pandemic. “Essential services are those daily services essential to preserving life, health, public safety and basic societal functioning,” wrote B.C.’s Ministry of Public Safety and Solicitor General in a press release issued Thursday. Such […]

British Columbia makes cannabis businesses ‘essential’ during COVID-19 is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/british-columbia-makes-cannabis-businesses-essential-during-covid-19/

Health Canada still processing new cannabis licenses during COVID-19 crisis

Health Canada says it will continue reviewing applications for new cannabis licenses and security-clearance applications during the COVID-19 pandemic, but applicants might face some delays. That news could come as some consolation to would-be Canadian cannabis businesses who are awaiting their licenses and security clearances during a time of acute economic uncertainty. Earlier this week, […]

Health Canada still processing new cannabis licenses during COVID-19 crisis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/health-canada-still-processing-new-cannabis-licenses-during-covid-19-crisis/

Insurance-covered cannabis in Germany sets fourth-quarter record, pushing 2019 total to 123 million euros

Insurance reimbursements for medical cannabis in Germany reached a new high during the October-December period, propelling total reimbursements last year up nearly 70% from 2018, according to new data from the German National Association of Statutory Health Insurance Funds (GKV-Spitzenverband). Despite some supply issues toward the end of 2019, reimbursements for medical marijuana reached 36.6 million euros ($40 […]

Insurance-covered cannabis in Germany sets fourth-quarter record, pushing 2019 total to 123 million euros is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/insurance-covered-cannabis-in-germany-sets-fourth-quarter-record-pushing-2019-total-to-123-million-euros/

Marijuana packaging firm KushCo lays off 49, blames COVID-19

KushCo Holdings, a cannabis company specializing in ancillary products such as packaging, on Thursday said it laid off 49 employees this month as the California company’s CEO noted that “the COVID-19 pandemic creates ever-increasing uncertainty in the cannabis industry.” The layoffs will save the company about $4 million, according to a company news release. Since last […]

Marijuana packaging firm KushCo lays off 49, blames COVID-19 is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/marijuana-packaging-firm-kushco-lays-off-49-blames-covid-19/

Canada asks regulated cannabis labs for help in COVID-19 testing

Health Canada is working to identify lab capacity across the country to assist with COVID-19 testing, and the agency has reached out to certain federal cannabis license holders for help, Marijuana Business Daily has learned. Canada is currently experiencing a COVID-19 testing backlog. In Ontario alone, 10,965 people have coronavirus test results pending. In a […]

Canada asks regulated cannabis labs for help in COVID-19 testing is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/canada-asks-regulated-cannabis-labs-for-help-in-covid-19-testing/

New Zealand cannabis scheme on schedule for April launch despite COVID-19 pandemic

The coronavirus pandemic sweeping the globe is not expected to affect the initial launch of New Zealand’s medical cannabis scheme, which is set to take effect April 1, a government official told Marijuana Business Daily. Other jurisdictions – notably Mexico – have pending cannabis industry legislation that faces near-certain delay because of measures taken to combat COVID-19. […]

New Zealand cannabis scheme on schedule for April launch despite COVID-19 pandemic is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/new-zealand-cannabis-scheme-on-schedule-for-april-launch-despite-covid-19-pandemic/

Coronavirus impact felt in cannabis industry M&A as Harvest Health-Verano deal scuttled

The once-booming market for cannabis mergers and acquisitions is now feeling fallout from the COVID-19 pandemic, on top of all the other problems that have brought M&A activity to a virtual halt in the industry. Harvest Health & Recreation’s planned acquisition of privately held Verano Holdings was called off Thursday, with the companies citing “prolonged obstacles” […]

Coronavirus impact felt in cannabis industry M&A as Harvest Health-Verano deal scuttled is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/coronavirus-impact-felt-in-cannabis-industry-ma-as-harvest-health-verano-deal-scuttled/

Cannabis labs watchful of supply disruptions during coronavirus crisis as testing demand remains strong

Marijuana testing labs report steady business as the COVID-19 outbreak rolls on, though concerns loom over the availability of protective equipment such as gloves and masks and other cleaning supplies. It’s a topic the cannabis industry will keep a careful eye on because, if the coronavirus pandemic eventually causes hiccups in testing, that could slow […]

Cannabis labs watchful of supply disruptions during coronavirus crisis as testing demand remains strong is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/cannabis-labs-watchful-of-supply-disruptions-during-coronavirus-crisis-as-testing-demand-remains-strong/

Mexico Senate suspension over COVID-19 puts cannabis legalization deadline in doubt

The Mexican Senate struck an agreement to postpone most legislative activity as part of the second phase of contingency measures to fight the coronavirus pandemic. The decision casts serious doubt on the feasibility of complying with the April 30 deadline the Supreme Court set for the legalization of cannabis. Senate commissions approved a legalization bill earlier this […]

Mexico Senate suspension over COVID-19 puts cannabis legalization deadline in doubt is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/mexico-senate-suspension-puts-cannabis-legalization-deadline-in-doubt/

Green Organic Dutchman shelves large Quebec facility, lays off staff

The Green Organic Dutchman (TGOD) is the latest large Canadian cannabis firm to shelve one of its greenhouses and lay off staff, continuing a trend that has seen significant facility postponements and workforce reductions across the nation’s marijuana industry. TGOD temporarily laid off most employees at its facility in Valleyfield, Quebec, as it moves to centralize […]

Green Organic Dutchman shelves large Quebec facility, lays off staff is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/green-organic-dutchman-shelves-large-quebec-facility-lays-off-staff/

List of cannabis events hit by coronavirus

From South by Southwest in Austin, Texas, to Spannabis in Spain, at least 15 conferences with ties to the cannabis industry have been postponed, canceled or rescheduled amid the coronavirus pandemic. Here is a list – which will be updated – and links to some of the events impacted so far by the coronavirus: American […]

List of cannabis events hit by coronavirus is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/list-of-cannabis-events-hit-by-coronavirus/

Harvest Health, Verano end mammoth marijuana merger

What was one of the largest acquisitions ever announced in the marijuana industry – a deal valued at $850 million when Phoenix-based multistate marijuana operator Harvest Health & Recreation said a year ago it would buy Chicago’s Verano Holdings – has been mutually terminated, the two companies said Thursday. The coronavirus and other financial and regulatory […]

Harvest Health, Verano end mammoth marijuana merger is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/harvest-health-and-verano-end-mammoth-marijuana-merger/

Farm Credit Canada COVID-19 assistance available to cannabis sector – with a catch

Farm Credit Canada (FCC) said cannabis businesses hit by economic fallout from the COVID-19 pandemic are eligible to apply for short-term, government-backed credit and loan payment deferrals, a move that could provide a financial lifeline for some companies. The credit, extended in the form of a loan, would come from a 5 billion Canadian dollar ($3.5 […]

Farm Credit Canada COVID-19 assistance available to cannabis sector – with a catch is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/farm-credit-canada-covid-19-assistance-available-to-cannabis-sector-with-a-catch/

From marijuana to hand sanitizer: Cannabis companies pivot to produce, donate essential products for coronavirus fight

(This story has been updated to include information from CannaCraft about the costs and processes associated with formulating hand sanitizer.) Many state authorities have deemed U.S. cannabis companies “essential” businesses during the coronavirus pandemic and allowed them to keep their doors open – and now some marijuana businesses are producing an essential product to help […]

From marijuana to hand sanitizer: Cannabis companies pivot to produce, donate essential products for coronavirus fight is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/cannabis-companies-produce-donate-essential-products-for-coronavirus-fight/

COVID-19 might delay Maine’s adult-use cannabis launch beyond June

The long-awaited launch of Maine’s recreational marijuana market could be delayed further because of the coronavirus, according to a memo from state regulators. Earlier this month, a state agency projected that the first adult-use marijuana shops would open in June, three months later than the initial forecast. But now that timetable may be overly optimistic. “Several communities […]

COVID-19 might delay Maine’s adult-use cannabis launch beyond June is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/covid-19-might-delay-maines-adult-use-cannabis-launch-beyond-june/

Australian Senate committee issues report on medical cannabis barriers

An Australian Senate committee wrapped up its inquiry on barriers to regulated medical cannabis and published its final report this week. Any improvements to regulatory overlap and availability pathways to locally produced products could brighten business prospects for entrepreneurs. The committee’s final report came with 20 recommendations, covering a range of areas. including: More education for […]

Australian Senate committee issues report on medical cannabis barriers is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/australian-senate-committee-publishes-barriers-to-medical-cannabis-report/

Florida, Oklahoma classify medical marijuana stores as ‘essential’

Count Florida and Oklahoma among the states in which medical marijuana dispensaries are considered “essential” businesses that can remain open during the coronavirus pandemic. A Florida statute considers medical cannabis dispensaries in the state to be an essential service such as pharmacies, the Tampa Bay Times reported. In Oklahoma, the state’s Medical Marijuana Authority posted the following message […]

Florida, Oklahoma classify medical marijuana stores as ‘essential’ is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/florida-oklahoma-classify-medical-marijuana-stores-as-essential/

Quebec cannabis stores ruled ‘priority enterprises’; suppliers to stay open

(This story has been updated with a comment from Société québécoise du cannabis.) Quebec’s government-owned cannabis stores are “priority enterprises,” and businesses producing raw materials for the stores must maintain their activities in accordance with the directives of public health authorities. Neighboring Ontario also classified its regulated adult-use cannabis producers and retailers as “essential” this week, […]

Quebec cannabis stores ruled ‘priority enterprises’; suppliers to stay open is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/quebec-cannabis-stores-ruled-priority-enterprises-suppliers-to-stay-open/

Marijuana retailers using drive-thru service to help limit contact with customers amid coronavirus

Some cannabis businesses are closing their doors – by choice or order – and they’re relying more on drive-thru windows as a way to better serve customers and avoid spreading coronavirus. It’s yet another example of how retailers are adapting to cope with the pandemic and keep their marijuana sales on track. Edgewater, Maryland-based Mana Supply Co., which […]

Marijuana retailers using drive-thru service to help limit contact with customers amid coronavirus is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/marijuana-retailers-drive-thru-service-help-limit-customer-contact-amid-coronavirus/

What Canadian cannabis firms got wrong and their path forward: Q&A with former Bacardi exec Rob McPherson

Large Canadian cannabis producers and their financial backers got a lot wrong in the lead-up to legalization. And not much has changed. Instead of focusing on consumer segmentation and proving out their businesses, they built massive facilities – “cathedrals to cannabis plants” – because that’s what investors wanted, said corporate adviser and former Bacardi Canada […]

What Canadian cannabis firms got wrong and their path forward: Q&A with former Bacardi exec Rob McPherson is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/former-bacardi-executive-rob-mcpherson-assesses-canadian-cannabis-companies/

In letter to cannabis producers, Health Canada pledges ‘limited inspections’ amid COVID-19 crisis

Canadian cannabis license holders received new guidance from Health Canada on Tuesday, detailing the federal health department’s approach to regulating the marijuana industry during the COVID-19 crisis. Among other things, Health Canada said it will continue some licensing activity and license inspections at a modified pace, allow temporary security clearances for some staff and extend […]

In letter to cannabis producers, Health Canada pledges ‘limited inspections’ amid COVID-19 crisis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/in-letter-to-cannabis-producers-health-canada-pledges-limited-inspections-amid-covid-19-crisis/

Is marijuana ‘recession-proof?’ Industry experts say yes – to a point – and alcohol might be a guide

The legal cannabis industry appears poised to enter uncharted waters: an economy engulfed by a full-fledged recession. The coronavirus is inflicting severe damage to the world economy, raising the specter of a major economic contraction, and some economy watchers – including Bank of America – have already asserted the U.S. is in a recession. How would […]

Is marijuana ‘recession-proof?’ Industry experts say yes – to a point – and alcohol might be a guide is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/is-marijuana-recession-proof-industry-experts-say-yes-to-a-point-and-alcohol-may-be-guide/