A bill that would create a federal safe harbor for financial institutions to serve state-lawful cannabis businesses and ancillary companies will be put to a landmark vote in the U.S. House of Representatives next week, House Majority Leader Steny Hoyer said Friday. Hoyer, D-Maryland, announced on the House floor that he will schedule the SAFE Banking […]
Walmart said Friday that it will stop selling electronic cigarettes at its namesake stores and Sam’s Clubs following a string of mysterious illnesses and deaths related to vaping. Walmart’s decision comes in the wake of the U.S. Food and Drug Administration (FDA) launching a criminal investigation into the vaping health crisis, bringing added scrutiny to the […]
The number of city-approved cannabis stores in Calgary surpassed 200 this week, while the province has licensed 63 of those to open their doors to customers. The city’s store approvals exceed Ontario, British Columbia and Quebec combined, the three most-populous provinces in the country. Experts say Calgary should be seen as an example for other […]
Three legislators introduced a bipartisan bill that would legalize medical marijuana in Wisconsin, creating a licensing system for growers, processors and sellers. Sens. Jon Erpenbach and Patrick Testin along with Rep. Chris Taylor introduced the bill Friday. Erpenbach and Taylor are Democrats. Testin is a Republican. The bill faces an uphill fight in the Republican-controlled […]
Ecuador is one of the few South American countries that still has not legalized medical cannabis nor hemp, but that could change soon. This week, the country’s Congress approved a major reform of the Organic Integral Criminal Code. If given the green light by the executive branch – which has the authority to veto proposed […]
Los Angeles-based Future State Brands, a consumer brands cannabis holding company, received $25 million of funding led by Cresco Capital Partners. Future State Brands has a portfolio of hemp, THC and CBD brands in a variety of sectors including beverage, clothing and cosmetics. The proceeds will be used by the holding company for product development […]
State regulators from across the country react to the vaping crisis, a federal marijuana banking bill sees movement, Utah ups its medical cannabis licensing opportunities – and more of the week’s top marijuana business news. States’ responses to vaping crisis State regulators nationwide have begun responding in earnest to the vaping illness epidemic, which now stands […]
Certified New Hampshire patients soon will have the ability to buy medical marijuana even if they haven’t had the same doctor for three months – a development that could provide a sales boost to the state’s small MMJ market. Republican Gov. Chris Sununu vetoed a bill last month to eliminate the waiting period, but both the […]
Patrick Vo exited his job as CEO of BiotrackTHC after resigning from the board of is parent company, Helix TCS. For more than seven years, Vo was an executive at Florida-based BioTrackTHC, a seed-to-sale software provider, most recently serving as CEO and president. Colorado-based Helix TCS acquired BioTrackTHC in June 2018. Helix is involved in […]
The U.S. Food and Drug Administration (FDA) has launched a criminal investigation into the vaping health crisis, bringing added scrutiny to the state-legal marijuana industry and potentially exposing companies to federal legal action.
FDA discloses criminal probe into vaping health crisis, putting added scrutiny on cannabis industry is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
Law enforcement authorities found about 1,100 packaged vape cartridges in a raid of a suspected marijuana and THC vape cartridge operation in north Phoenix. The raid comes as hundreds of illnesses and seven deaths across the country are being linked to e-cigarettes and marijuana vaping devices, in both the legal and illegal markets. The vape cartridges […]
Cannabis companies are issuing equity, debt and warrants for acquisitions at a rapid pace right now, moves that require answers to key questions for keen investors.
New Mexico health officials are refusing to issue medical marijuana identification cards to out-of-state residents, despite a recent judge’s order. Providing MMJ identification cards to nonresidents could give the state’s medical cannabis sales a shot in the arm. The Albuquerque Journal reported that the state Department of Health asked a state judge to reconsider a […]
With a court-ordered deadline to legalize recreational cannabis in Mexico approaching next month, parliamentarians have no fewer than 10 proposed laws to scrutinize. It is anyone’s guess which one will come out on top. But the clock is ticking, with lawmakers facing a little more than a month to pass legalization legislation. Mexico would become […]
Medical marijuana retailers in Pennsylvania reported that MJ Freeway’s seed-to-sale traceability system went down for more than an hour during a software update earlier this week, resulting in patients being turned away and significant amounts in lost sales. The Philadelphia Inquirer reported that dispensaries across the state on Tuesday were unable to conduct sales for […]
Capitalizing on marijuana markets with limited rivals: Q&A with Tilt Holdings interim CEO Mark Scatterday
Cannabis cultivation companies with a foothold in “constrained” markets – those with relatively few licenses such as Massachusetts – have a natural advantage, thanks to limited competition and marijuana supplies. Massachusetts-based Tilt Holdings is one such company. Tilt has multiple businesses that, among other things, offer cannabis-related technology and operate cultivation centers and retail stores […]
Capitalizing on marijuana markets with limited rivals: Q&A with Tilt Holdings interim CEO Mark Scatterday is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
(This is an abridged version of a story that appears in the September issue of Marijuana Business Magazine.) Anecdotal evidence points to a decline in employee theft in the marijuana space, but it’s safe to assume it hasn’t been eradicated. And that means cannabis retailers would be wise to play it safe. Especially because employee theft in […]
The oldest marijuana-focused university in the country, Oakland-based Oaksterdam University, filed a lawsuit against its former chief financial officer. The lawsuit, among other things, alleges: Assault in 2015 and 2018. Breach of contract. Breach of fiduciary duties. Computer fraud. Oaksterdam CEO and owner Dale Sky Jones alleged in the suit that former CFO Aseem Sappal […]
Seven civil rights groups have sent a letter to U.S. House Democratic leadership asking to delay voting on a cannabis banking bill. The groups are requesting a vote be put off until more comprehensive reforms addressing criminal and social justice issues are considered. “We are concerned that if the House approves this bill, it will […]
California-based testing lab Cannalysis raised $22.6 million that will fund its expansion in the state as well as bankroll its entry into other marijuana markets in the U.S.
Two men who authorities allege extorted money on behalf of the mayor of Fall River, Massachusetts, from companies seeking to obtain a state license to operate cannabis retail businesses have pleaded guilty. Antonio Costa, 51, of Fall River, and David Hebert, 54, of Westport, Massachusetts, pleaded guilty in federal court to charges of extortion, conspiracy […]
Chicago’s mayor wants the city to ban recreational marijuana stores in the central business district, a move that could hurt sales downtown. The bans are in zoning rules proposed this week by Mayor Lori Lightfoot, a Democrat. The “exclusion” zones also would prohibit adult-use MJ sales within 500 feet of schools and in residential neighborhoods, […]
Nevada regulators launched an investigation into cannabis testing labs after tainted marijuana batches triggered two health advisories. The Las Vegas Review-Journal reported the Department of Taxation started the investigation after discovering potentially doctored THC levels by cannabis laboratories and products with high levels of yeast and mold on store shelves. Department officials say marijuana products […]
State regulators overseeing the legal marijuana industry are adopting a wait-and-see stance as the industry determines what exactly is causing the health problems related to vaping, although California has come down more decisively against vaping of all forms. For the most part, regulators in more than a half dozen states are reacting cautiously while public […]
How state cannabis regulatory agencies across the U.S. have responded to the vaping health crisis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs
A survey of Ohio’s registered medical marijuana cardholders found that the price of MMJ remains prohibitively expensive and it’s difficult to buy. According to the Ohio State University’s Drug Enforcement Policy Center and the nonprofit advocacy group Harm Reduction Ohio, patients said the biggest barriers to purchasing medical cannabis, in order, were: High costs of […]
Former directors and officers of a Toronto-based cannabis company have been accused by Ontario’s securities regulator of defrauding investors. Canadian Cannabis Corp said Tuesday it received a Statement of Allegations from the Ontario Securities Commission (OCS). According to a report by BNN Bloomberg, the OCS accused the company’s former chief executive and two vice presidents […]
Maine’s marijuana policy office is seeking to curb confusion about the state’s new track-and-trace system after cannabis business owners complained about the costs of complying with the program. The Maine Office of Marijuana Policy conducted a demonstration of a cloud-based software product provided by Florida-based BioTrackTHC that will use barcode-based tags and labels to track […]
Citing noncompliance with Canada's federal cannabis law and regulations, embattled producer CannTrust says it has received a Notice of License Suspension from Health Canada.
Ousted Canopy Growth co-CEO Bruce Linton is getting back into the marijuana business in a big way, resurfacing as a senior executive, investor and adviser in three separate companies in the U.S. and Canada. Linton is joining Michigan-based Gage Cannabis Co. as executive chairman, parent company Wolverine Partners said Tuesday. Gage said in a release […]
Nevada-based GB Sciences, which has been under contract with Louisiana State University to cultivate medical marijuana, sold its 50% ownership stake in GB Sciences Louisiana.