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

January 12th, 2021Multistate 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 […]

Multiple marijuana businesses sue Michigan city over licensing process

January 12th, 2021Ten 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 […]

Organigram revenue stalls on erratic inventory, unfulfilled demand

January 12th, 2021New 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 […]

Colorado authorities issue recall of contaminated cannabis

January 11th, 2021Colorado regulators issued a recall of marijuana from Denver-based Veritas Cannabis, alleging yeast and mold issues. Colorado authorities issue recall of contaminated cannabis is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

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

January 11th, 2021Massachusetts-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 […]

SD governor defends lawsuit to overturn recreational cannabis legalization

January 11th, 2021South 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 […]

California marijuana regulatory merger on track for July

January 11th, 2021California 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 […]

CA Legislature might ban smokable hemp, permit hemp food, drinks

January 11th, 2021(A version of this story first appeared at Hemp Industry Daily.) California lawmakers will be faced again with the long-debated question of whether to allow hemp extracts in food and beverages in the state when the legislative session opens Monday. But this time, the proposal comes with a twist: The measure would also ban smokable […]

Want to sell your marijuana business? Here’s how to get it ready for sale

January 10th, 2021Acquisitions remain a key strategy for companies looking to enter or expand their reach within the marijuana s industry, but sellers must be ready to seize such opportunities. Want to sell your marijuana business? Here’s how to get it ready for sale is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for […]

Vireo closes $4 million purchase of Nevada cannabis production facilities

January 8th, 2021Cannabis multistate operator Vireo Health said it has finally closed on a 2018 deal valued at $4 million to purchase four Nevada marijuana production licenses. According to a news release, the permits are only for cultivation and manufacturing and won’t allow Minnesota-based Vireo to enter the retail side of the Nevada cannabis market. Still, it […]

Oregon marijuana sales reach record $1 billion-plus in 2020

January 8th, 2021Recreational cannabis sales exceeded $1 billion in Oregon last year, coinciding with the coronavirus pandemic outbreak and mirroring record-high sales in other legal marijuana markets. Oregon marijuana sales reach record $1 billion-plus in 2020 is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

How Trichome Financial acquired and restructured troubled marijuana producer JWC

January 8th, 2021A recent acquisition and restructuring deal using Canadian insolvency law demonstrates that even struggling, deeply indebted marijuana producers can be revitalized, an important development at a time when many Canadian cannabis companies are floundering. Trichome Financial Corp.’s successful stalking horse credit bid for cannabis producer James E. Wagner Cultivation Corp. (JWC) of Ontario might provide […]