
Company will slow its M&A strategy in effort to generate cash flow.
Company will slow its M&A strategy in effort to generate cash flow.
Jordan suggests he's willing to sue New York over its adult-use cannabis market rollout.
A special look at New York's adult-use cannabis rollout.
Nine stores were approved to begin sales, but not all are ready to open their doors.
Decision turned on the issue of "irreparable harm."
Price compression for flower not letting up in U.S.
A district judge is the New York has issued a preliminary injunction against the New York Office of Cannabis Management, preventing it from issuing licenses in several localities.
Variscite NY One, an LLC owned by Kenneth Gay, requested the injunction as it challenges the state’s decision to award its first cannabis licenses to New Yorkers who have been incarcerated or arrested for the plant.
This injunction prevents the OCM from issuing licenses to applicants under the conditional adult-use retail dispensary (CAURD) program for the following geographic areas in the state:
According to the court filing (attached below), Variscite NY One requested the injunction in order to “preserve the status quo,” as the program had yet to issue any of the CAURD licenses. The company argued that New York’s social equity program runs afoul of the dormant commerce clause, in part because it is not narrowly tailored enough to serve a “legitimate local purpose.”
In issuing his decision, U.S. District Judge Gary Sharpe wrote that the OCM “did not even attempt” to show that its restrictions advanced such a local purpose.
In addition, the court agreed with Variscite that its exclusion from the initial process could cause “irreparable harm” by granting an early advantage to other applicants.
The New York adult-use cannabis program specifically wanted to address the social equity aspect of licensing and chose to award the first licenses to what it calls “justice applicants.” These applicants can be individuals who were convicted of or who had a parent, legal guardian, child, spouse, or dependent convicted of a “marihuana-related” offense in New York state prior to March 2021.
This is a developing story and will be updated as new information becomes available.
cannabis consumers embrace the spirit of Halloween.
It’s been a rough news week for the cannabis industry. Two separate Canadian producers (The Flowr Corp. and Flower One) filed for creditor protection from the courts, and a cannabis information and education website cut more than one-fifth of its staff.
On top of that, long-beleaguered company CannTrust said it was making a proposal to creditors that could result in the company fully dissolving by the end of November.
But it’s also a cautionary tale for other companies who have been chasing growth at all costs, expecting the revenue to eventually cover all the costs. You have a business to run, so make sure you’re running it like a business.
Here are some expert tips on things you can do today to improve the health of your company tomorrow:
These tips aren’t magic bullets; they won’t solve all the challenges of operating a cannabis company. But they offer a great place to start to make sure your financial house is in order.
Unpack the industry with the daily cannabis newsletter for business leaders.
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