Author: Debra Borchardt

Debra Borchardt is the Co-Founder, and Executive Editor of GMR. She has covered the cannabis industry for several years at Forbes, Seeking Alpha and TheStreet. Prior to becoming a financial journalist, Debra was a Vice President at Bear Stearns where she held a Series 7 and Registered Investment Advisor license. Debra has a Master's degree in Business Journalism from New York University.

Recent Stories by Debra Borchardt
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Debra BorchardtMarch 15, 20243min00

C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) announced that its wholly-owned Nevada subsidiary, Silver State Relief, LLC  would be buying Deep Roots Harvest, Inc. in a deal valued at $3.5 million.  C21 also announced a non-brokered private placement of a principal amount of C$1,000 secured convertible debenture units of the company for aggregate gross proceeds of up to C$4 million.

Chief Executive Officer and President of the Company, Sonny Newman commented: “We are thrilled to announce the agreement with Deep Roots to acquire this dispensary which, upon completion of the acquisition, will allow us to expand our retail footprint in Nevada, a pivotal step in the Company’s growth strategy. We plan to integrate and rebrand this dispensary, purpose-built in 2021, under the Silver State Relief banner. With the dispensary’s desirable location in a high traffic, flourishing area of Southern Reno, we anticipate strong revenue growth from this acquisition, along with the added benefit of allowing us to expand the portion of our cultivation capacity sold through our retail channel.”

The Deep Roots’ assets include a 6,500-square-foot, purpose-built, operational retail cannabis dispensary located in Southern Reno, Nevada. The payment of $3.5 million consists of a cash payment of $100,000 at the time of the agreement and a cash payment of $3.4 million to be paid to Deep Roots at the closing.

In December C21 announced its third-quarter earnings with cash of $1.9 million at the end of that quarter. The company’s revenue had also decreased slightly due to a decline in wholesale business. Same-store sales increased for the company.

C21 owns Silver State Relief and Silver State Cultivation in Nevada. Its assets also include legacy Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. These brands produce and distribute a broad range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges, and edibles.


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Debra BorchardtMarch 14, 20244min00

Taking the lead from President Joe Biden, Massachusetts Gov. Maura Healey announced on Wednesday that she plans to pardon people who have been convicted of cannabis possession.

“We’re talking about hundreds of thousands of convictions,” Healey said. “It’s a sweeping, blanket pardon – all misdemeanor convictions for possession. People do not need to do anything. You will be pardoned and it will be cleared from your record.”

However, the act wouldn’t cover convictions for distribution, driving under the influence of cannabis, or any juvenile marijuana charges. It would apply to all adult Massachusetts state court misdemeanor convictions before March 13, 2024, for possession of marijuana (sometimes referred to as possession of a “Class D substance”).

If approved by the Governor’s Council, the pardons would apply to all prior adult misdemeanor convictions for marijuana possession.

Dank Brandon

Healy seems to be following the directive from President Biden who has called for governors to pardon old convictions. In 2023, President Joe Biden pardoned thousands convicted of simple cannabis possession on federal lands.

“Nobody should face barriers to getting a job, housing, or an education because of an old misdemeanor marijuana conviction that they would not be charged for today,” said Governor Healey. “We’re taking this nation-leading action as part of our commitment to using the clemency process to advance fairness and equity in our criminal justice system. We’re grateful for President Biden’s leadership on this at the federal level and proud to answer his call to take action in the states.”

“In Massachusetts, Black people are four times more likely to be arrested for marijuana possession than White residents and White people,” Attorney General Andrea Campbell said. “And that is not because they engage more in the possession of marijuana.”

Benefits

The benefits of the pardons include:

  • Removes barriers to housing
  • Removes issues for employment for those with cannabis criminal records.

It’s a big shift for Healy who once opposed legalizing cannabis in the state when she was Attorney General. “Hopefully people want a governor who is willing to evolve,” Healey said Wednesday.

House Speaker Ronald J. Mariano (D- Quincy) said, “The decision from Governor Healey to pardon certain marijuana convictions is the right one, as it is another step towards rectifying decades of injustices stemming from the criminalization of cannabis. This announcement is consistent with the Legislature’s intent during the passage of the 2018 criminal justice reform law, which was updated in 2022 when the Legislature passed further cannabis reforms, that allowed residents to seek expungements for convictions that are no longer crimes following voter-approved reforms.”


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