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New Mexico medical cannabis operator ups pressure to boost plant-count limits

New Mexico’s leading medical cannabis company is trying to compel a court to force state regulators to increase the marijuana plant-count limit, claiming the restriction has resulted in a crisis of insufficient supply and high prices in the rapidly growing market. The lawsuit was brought by Ultra Health, which has ongoing litigation with the New […]

New Mexico medical cannabis operator ups pressure to boost plant-count limits is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/new-mexico-medical-cannabis-operator-ups-pressure-to-boost-plant-count-limits/

Wildfires that damage marijuana crops are focus of new federal group

In response to the 2020 wildfires that engulfed the western U.S. and harmed many marijuana cultivators, two federal departments are banding together “to ensure better forest management effectiveness” in the fight against such natural disasters.

Wildfires that damage marijuana crops are focus of new federal group is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/wildfires-that-damage-marijuana-crops-are-focus-of-new-federal-group/

Cannabis MSO Cresco prices Canadian share offering to raise $125 million

Chicago-based multistate cannabis operator Cresco Labs priced an overnight marketed share offering, designed to raise roughly $125 million, at 16 Canadian dollars ($12.56) per share. The offering of Cresco’s Canadian subordinate voting shares was announced Thursday. The entire offering will “be purchased by a total of seven new and existing institutional investors, including current shareholder, […]

Cannabis MSO Cresco prices Canadian share offering to raise $125 million is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/cannabis-mso-cresco-prices-canadian-share-offering-to-raise-125-million/

Ontario cannabis stores can still offer pickup, delivery during lockdown

Brick-and-mortar cannabis stores in Canada’s largest recreational marijuana market are still permitted to offer home delivery and curbside pickup during a government stay-at-home order, although their operating hours have been restricted and construction of new stores must be halted. The stay-at-home order was enacted Thursday in light of rising COVID-19 cases in Ontario and will […]

Ontario cannabis stores can still offer pickup, delivery during lockdown is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/ontario-cannabis-stores-can-still-offer-curbside-pickup-delivery-during-lockdown/

A marijuana pioneer changes course: Q&A with Harborside co-founder Steve DeAngelo

Steve DeAngelo is one of the marijuana industry’s most high-profile pioneers. But earlier this month, DeAngelo and the Oakland, California-based company he co-founded in 2006, Harborside, formally parted ways. Moreover, the role of chair emeritus, which DeAngelo held starting in 2018, was eliminated. “I wish Harborside the very best as it continues to promote wellness […]

A marijuana pioneer changes course: Q&A with Harborside co-founder Steve DeAngelo is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/marijuana-pioneer-steve-deangelo-talks-about-life-after-harborside/

Judge: California has 30 days to inform marijuana firms about billboard ban

A California judge ruled this week that state marijuana regulators have 30 days to inform businesses of a new ban on billboard advertising. San Luis Obispo County Superior Court Judge Ginger Garrett ruled in November that billboards advertising cannabis sales or products were illegal under Proposition 64, the 2016 ballot measure that legalized recreational marijuana […]

Judge: California has 30 days to inform marijuana firms about billboard ban is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/california-has-30-days-to-inform-marijuana-companies-about-billboard-ban/

Marijuana MSO Cresco inks $213M all-stock deal to expand into Florida

Marijuana multistate operator Cresco Labs entered a definitive agreement to acquire Bluma Wellness for $213 million in an all-stock transaction in a move to expand into Florida’s fast-growing medical cannabis market. Bluma, under its operating subsidiary “One Plant Florida,” has seven dispensaries in the southern state with eight additional locations planned. One Plant ranks 11th […]

Marijuana MSO Cresco inks $213M all-stock deal to expand into Florida is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/marijuana-mso-cresco-labs-inks-213-million-all-stock-deal-to-expand-into-florida/

Cannabis firm Aphria grows Q2 revenue, reports CA$120.6M net loss

Canadian cannabis company Aphria on Thursday reported increased quarterly revenue for the quarter ended Nov. 30, with a net loss of 120.6 million Canadian dollars ($95.3 million). The Ontario-based firm posted net revenue of CA$160.5 million, a 10% increase over the previous quarter. Net cannabis revenue comprised CA$67.9 million of Aphria’s net quarterly income, compared […]

Cannabis firm Aphria grows Q2 revenue, reports CA$120.6M net loss is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/aphria-grows-q2-revenue-reports-ca120-6m-net-loss/

SciPhy Systems & Artisan Industries Inc. announce the ARTISAN X-SR200: The next generation of solvent recovery systems for industrial hemp processing

Portland, OR and Stoughton, MA – SciPhy Systems & Artisan Industries Inc. have introduced an exciting new Solvent Recovery system, specifically designed for processing hemp. This cutting-edge equipment is the result of a collaboration between the two companies with the goal of producing a line of highly-efficient, hemp processing equipment and modular systems. The Next Generation […]

SciPhy Systems & Artisan Industries Inc. announce the ARTISAN X-SR200: The next generation of solvent recovery systems for industrial hemp processing is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/sciphy-systems-artisan-industries-inc-announce-the-artisan-x-sr200-the-next-generation-of-solvent-recovery-systems-for-industrial-hemp-processing/

1-gram cannabis flower sales fell in 2020 amid pandemic, but don’t write off the small packet

Sales of 1-gram cannabis flower packages tumbled in multiple North American marijuana markets last year, likely related to consumers who shopped less often because of the COVID-19 pandemic but made larger purchases when visiting a dispensary. The shift away from 1-gram packages offers implications for both retailers and producers trying to keep up with shifting […]

1-gram cannabis flower sales fell in 2020 amid pandemic, but don’t write off the small packet is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/1-gram-cannabis-flower-sales-fell-in-2020-but-small-packets-still-popular/

Colorado hits $2B for 2020 marijuana sales – with December still to count

The oldest adult-use marijuana market in the United States, Colorado, hit a milestone in 2020 when sales surpassed $2 billion for the first time in a calendar year. And that total did not include sales figures for December. According to the Denver Post, sales for the month of November were $175.1 million, including $140.5 million […]

Colorado hits $2B for 2020 marijuana sales – with December still to count is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/colorado-marijuana-sales-reach-2-billion-in-2020/

New Jersey cannabis company workers sign up with union

Employees at New Jersey cannabis company Verano NJ voted to ratify a union contract with two local chapters of the United Food and Commercial Workers International Union (UFCW) Local 152 and Local 360.

New Jersey cannabis company workers sign up with union is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/new-jersey-cannabis-company-workers-sign-up-with-ufcw-union/

Maine marijuana testing lab closed over licensing issue

Massachusetts-based marijuana testing company ProVerde Laboratories shut down its Portland, Maine, location after municipal authorities said it was operating without the necessary local authorizations.

Maine marijuana testing lab closed over licensing issue is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/maine-marijuana-testing-lab-proverde-closed-over-licensing-issue/

GW Pharma expects fiscal 2020 sales to reach $526 million

United Kingdom-based GW Pharmaceuticals expects to report annual sales of roughly $526 million for the year ended Dec. 31, 2020, the company said in a preview of its fourth-quarter and full-year results. Fourth-quarter net sales will be approximately $148 million, based on preliminary unaudited financial information, GW said. Epidiolex, the company’s most successful product, accounts […]

GW Pharma expects fiscal 2020 sales to reach $526 million is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/gw-pharma-expects-fiscal-2020-sales-to-reach-526-million/

Virginia looks poised to legalize adult-use cannabis market

Virginia Gov. Ralph Northam’s administration announced an adult-use cannabis legalization plan that would impose a 21% excise tax and provide some licensing preferences for individuals and entities harmed by the war on drugs. Adult-use marijuana sales would begin Jan. 1, 2023, under the proposal, which looks as if it has a good chance of succeeding […]

Virginia looks poised to legalize adult-use cannabis market is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/virginia-looks-poised-to-legalize-adult-use-cannabis-market/

New York appears better positioned than before to legalize $2 billion-plus recreational marijuana market

Facing massive budget woes and legalization in neighboring New Jersey, politicians in New York are set to take another crack at legalizing a recreational marijuana market that could generate more than $2 billion in sales – and this time, the odds look better. Gov. Andrew Cuomo renewed the pledge last week to legalize recreational marijuana […]

New York appears better positioned than before to legalize $2 billion-plus recreational marijuana market is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/odds-improved-new-york-will-legalize-2-billion-plus-recreational-marijuana-market/

Cannabis CEOs, led by Aphria’s Irwin Simon, are among Canada’s top-paid execs despite losses

A number of executives in the cannabis industry are among the highest-compensated CEOs in Canada, according to a new analysis of 2019 pay by the Ottawa think tank Centre for Policy Alternatives. Executive compensation in the marijuana industry has attracted scrutiny of late as some of the largest producers have lost billions of dollars and […]

Cannabis CEOs, led by Aphria’s Irwin Simon, are among Canada’s top-paid execs despite losses is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/cannabis-ceos-among-canadas-top-paid-executives-despite-losses/

Mexico releases long-awaited medical cannabis regulations

Mexico published highly anticipated regulations to underpin its medical cannabis industry, more than three years after an amendment to the General Health Law allowed medical cannabis use. The long delay underscores a benefit of approaching the international medical marijuana industry with a conservative strategy. Countries often legalize medical cannabis, only to see restrictive – or […]

Mexico releases long-awaited medical cannabis regulations is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/mexico-releases-long-awaited-medical-cannabis-regulations/

Cannabis MSO MedMen raises $10M to aid financial-turnaround effort

Multistate cannabis operator MedMen Enterprises said Tuesday it raised $10 million in capital by amending a senior secured debt facility led by Gotham Green Partners. That facility and other debt amendments announced at the same time will dilute the value of MedMen stock. But the amendments also reflect an effort to dig the cash-strapped, Los […]

Cannabis MSO MedMen raises $10M to aid financial-turnaround effort is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/marijuana-mso-medmen-raises-10-million-to-aid-financial-turnaround-effort/

Multiple marijuana businesses sue Michigan city over licensing process

Ten marijuana companies filed suit against the Detroit suburb of Berkley, Michigan, in an attempt to overturn a license scoring process that left all of them without business permits. According to C&G Newspapers, the city identified three cannabis companies as top scorers for marijuana business licenses and left out 27 additional applicants that had thrown […]

Multiple marijuana businesses sue Michigan city over licensing process is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/multiple-marijuana-businesses-sue-berkley-michigan-over-licensing-process/

Organigram revenue stalls on erratic inventory, unfulfilled demand

New Brunswick-based cannabis producer Organigram continues to struggle, reporting lower sales and a bigger loss for its first quarter ended Nov. 30, 2020. Net revenue for the three-month period fell to 19.3 million Canadian dollars ($15 million), lower than the previous quarter’s CA$20.4 million. Organigram’s adjusted EBITDA loss grew to CA$6.4 million from a loss […]

Organigram revenue stalls on erratic inventory, unfulfilled demand is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/organigram-revenue-stalls-on-inconsistent-inventory-unfulfilled-demand/

German entrepreneurs find revenue opportunities in private cannabis market

As public health-insurance payouts for medical cannabis in Germany stagnate, entrepreneurs are focusing instead on the private health-care sector, where medical consultations and marijuana is paid for directly by patients. Although Germany is often touted as an attractive market because statutory health insurers are expected to cover the cost of medical marijuana, opportunities in the […]

German entrepreneurs find revenue opportunities in private cannabis market is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/german-entrepreneurs-find-revenue-opportunities-in-private-cannabis-market/

Are recreational marijuana sales in Illinois underperforming given the state’s large population?

While Illinois topped $1 billion in total cannabis sales in 2020 as consumers scooped up adult-use products, the new recreational marijuana market there might actually be underperforming when considering the state’s large population. Illinois consumers purchased 14.5 million recreational marijuana products last year, generating $669 million in sales. While nowhere near California’s first-year numbers, that […]

Are recreational marijuana sales in Illinois underperforming given the state’s large population? is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/illinois-recreational-marijuana-sales-performance/

Marijuana MSO Curaleaf borrows $50 million via 3-year credit facility

Massachusetts-based multistate marijuana company Curaleaf Holdings is borrowing $50 million by way of a three-year secured revolving credit facility. The loan, announced Monday, will “be used to fund capital expenditures to support future growth initiatives, potential acquisitions, and for general corporate purposes,” Curaleaf said in a news release. The loan carries an interest rate of […]

Marijuana MSO Curaleaf borrows $50 million via 3-year credit facility is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/cannabis-mso-curaleaf-borrows-50-million-via-three-year-revolving-credit-facility/

SD governor defends lawsuit to overturn recreational cannabis legalization

South Dakota Republican Gov. Kristi Noem issued an executive order that indicated she is behind the effort to overturn voter-approved recreational cannabis legalization and that she has the right to challenge legalization as part of her duty to defend the state’s constitution. The two-page executive order issued Friday noted that she instructed South Dakota Highway […]

SD governor defends lawsuit to overturn recreational cannabis legalization is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/south-dakota-governor-defends-suit-to-overturn-recreational-cannabis-legalization/

California marijuana regulatory merger on track for July

California Gov. Gavin Newsom’s 2020 proposal – to merge the three regulatory agencies that oversee the state’s marijuana industry into one new department – has finally been rescheduled and is now slated to be completed by July. Though the merger is pending approval from lawmakers, the move is part of Newsom’s 2021-22 budget proposal and […]

California marijuana regulatory merger on track for July is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Source: https://mjbizdaily.com/california-marijuana-regulatory-merger-on-track-for-july/