According to the state Department of Revenue data, Colorado’s cannabis dispensaries sold almost $192.2 million worth of marijuana products in May. the state reported $42.9 million in medical marijuana sales and $149.1 million adult-use cannabis sales.
So far the state has collected $167 million in tax revenue in 2020 from January to June. If the tax collection remains consistent, the state could end up collecting roughly $334 million in taxes for 2020.
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) reported First Quarter 2020 Financial Results Highlights with revenue for the first quarter of 2020 at $16.9m. Net losses were $8.1 million. Gross profit for the first quarter was $9.7m. Adjusted EBITDA for the first quarter was a loss of $2.8m.
MJardin Group, Inc. (OTCQX: MJARF) reported first-quarter revenue dropped to $2.2 million versus last year’s revenue of $10.7 million for the same time period in 2019. The company also delivered a net loss of $8.1 million, which was lower than last year’s first-quarter loss of $14.8 million (all figures in Canadian dollars).
Mydecine Innovations Group Inc. (CSE: MYCO) (OTC: MYCOF) has entered into an agreement to buy Canadian-based NeuroPharm Inc. in a deal valued at roughly $6.3 million. NueroPharm is a developer of natural psychedelic-based treatments for mental health disorders.
The dispensary credit card fraud scheme looks like it will move forward. In March, Ruben Weigand and Hamid “Ray” Akhavan were charged with conspiracy to commit bank fraud over charges that occurred between 2016 and 2019. They are alleged to have created a bunch of fake companies to trick banks into processing credit and debit payments for marijuana products from legal sellers. The two asked the court to dismiss the indictment saying that no one was harmed in the scheme. While the judge hasn’t ruled, it does look like the prosecution has made a strong case not to dismiss.
ManifestSeven, said it has received conditional approval for the listing of its common shares on the Canadian Securities Exchange. the Company’s common shares will commence trading on the CSE under the ticker symbol “MSVN”