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High Times’ cannabis retail bid complicated by web of owners, social equity partners

June 22nd, 2020The owner of pioneering High Times magazine is scrambling to close a marijuana retail acquisition in California that includes a tangle of owners and entities, several social equity partners and properties not yet built out. Los Angeles-based High Times Holding is trying to complete the $67.5 million deal with Harvest Health & Recreation by putting […]

The importance of culture, communication and flexibility when navigating challenging times in cannabis space

June 21st, 2020A blueprint for company success revolves around strong company culture, open communication with employees and customers and flexible business model. The importance of culture, communication and flexibility when navigating challenging times in cannabis space is a post from: Marijuana Business Daily: Financial, Legal & Cannabusiness news for cannabis entrepreneurs

Week in Review: Acreage cannabis loan’s steep interest rate, Big Tobacco-MJ bankruptcy, Missouri starts cultivation & more

June 20th, 2020Cannabis multistate operator Acreage Holdings obtained a $15 million short-term loan with an eye-popping 60% yearly interest rate. The secured note, received from an unidentified institutional investor, matures in four months. MJBizDaily takeaway: That astronomical interest rate, which required Acreage to put up as collateral its marijuana business facilities in three states as well as its […]

MedMen loses Virginia medical cannabis dispensary license

June 19th, 2020Virginia regulators voted to rescind the medical marijuana dispensary license held by embattled multistate cannabis company MedMen Enterprises in the town of Staunton, less than a month after the state’s governor signed a bill to legalize MMJ. The conditional license was originally granted to Chicago-based PharmaCann, with whom MedMen was set to merge in 2019. […]

A day too late: US appellate court tosses marijuana tax bill challenge

June 19th, 2020One day is critical when it comes to filing court appeals, especially if you don’t use an approved delivery service. That’s what two California marijuana companies learned when the U.S. 9th Circuit Court of Appeals, based in San Francisco, threw out their challenge of a nearly $2 million combined tax bill. Organic Cannabis Foundation and […]

Canadian cannabis sales remain strong in April despite COVID-19 pandemic

June 19th, 2020Retail cannabis sales in Canada declined only slightly despite the COVID-19 pandemic, falling 0.6% from March’s record high to 180.1 million Canadian dollars ($132.7 million) in April. The new monthly retail sales data from Statistics Canada bode well for Canada’s cannabis industry, showing continued demand for regulated adult-use marijuana even as the country’s non-cannabis retail […]

Montana group submits signatures for adult-use cannabis initiative

June 19th, 2020A group behind legalizing recreational marijuana in Montana said it is submitting for verification roughly 52,000 signatures – more than double the required amount – to qualify a November ballot initiative that would regulate and tax adult-use MJ sales in the state. New Approach Montana started collecting signatures May 9, observing strict public health protocols, […]

Insurance-covered reimbursements for medical cannabis sets record in Germany

June 19th, 2020Insurance reimbursements for medical cannabis in Germany continue to reach fresh quarterly records, according to new data for the January-March period. In the first quarter of 2020, total reimbursement of cannabis and marijuana-related medicines reached 38.9 million euros ($43.7 million), the German National Association of Statutory Health Insurance Funds (GKV-Spitzenverband) reported. That is 6% higher […]

Denver awards first license for medical marijuana R&D

June 18th, 2020The city of Denver issued its first medical marijuana research and development license to study MJ-related treatments for diseases. The license went to Denver-based medical marijuana company MedPharm. The permit allows the company to cultivate, process, manufacture and transfer marijuana to other laboratories or cannabis businesses for research purposes. Albert Gutierrez, CEO of MedPharm, told […]

Bierman and Modlin leave board of cannabis firm MedMen

June 18th, 2020The co-founders of California-based multistate marijuana operator MedMen are completely out of the company, having relinquished their roles on the board of directors. According to a news release, former CEO Adam Bierman stepped down from his seat on the board, and ex-president Andrew Modlin left his post as an “observer” to the board. In addition, Modlin’s […]

New Australian law looks to boost cannabis exports after COVID-19 threat passes

June 18th, 2020Australia has amended pertinent laws in an effort to put its medical marijuana and hemp exporters in a position to “come out firing” after the COVID-19 crisis eases, the country’s agriculture minister said. The Export Control Legislation Amendment (Certification of Narcotic Exports) Bill 2020 was approved in the House of Representatives on June 10 and […]

Acreage subsidiary challenges Maine city’s marijuana residency rule

June 18th, 2020Maine’s largest medical marijuana company is suing the city of Portland in federal court, claiming that an adult-use licensing preference for residents violates the commerce clause of the U.S. Constitution. Wellness Connection of Maine, a vertically integrated operation with four MMJ dispensaries in the state, filed a similar legal challenge against the state. The state […]