Minnesota cannabis Archives - Green Market Report

StaffSeptember 25, 2023
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BusinessDaily Hit

The Daily Hit: September 25, 2023

5min00

The Daily Hit is a recap of the top financial news stories for Sept. 25, 2023.

On the Site

Labor Judge Rules Dispensary Must Bargain with Union Despite Election Loss

A federal administrative law judge handed a significant victory to the United Food and Commercial Workers Union in a ruling last week when it ordered a Massachusetts dispensary to negotiate with the union despite the fact that the UFCW lost an election last year to represent the company’s staff. Read more here.

Judge Says Hacienda’s Bankruptcy Case Can Stand

While the banking challenge has been front and center for cannabis companies, bankruptcy court has been another. Due to the federal illegality of cannabis, access to traditional bankruptcy methods and courts has been off-limits. However, the tide may be turning for cannabis companies that find themselves unable to pay their debts. Read more here.

States Reel Amid Cannabis Regulatory Turbulence

The balancing act of overseeing industries once under the grips of an entire government-sanctioned drug war is already a tiring bite to chew. Now, curious developments in Massachusetts and Minnesota have placed state officials under scrutiny over their respective cannabis regulation roles. Read more here.

SEC Sues Disgraced Tree of Knowledge CEO Over Fraudulent Pivot

The U.S. Securities and Exchange Commission has filed suit against a disgraced former CEO of Washington state-based Tree of Knowledge (OTC: TOKI) (CSE: TOKIF), who led his company into millions of dollars of debt over a fraudulent “pivot” in 2020 to the personal protective equipment supply chain at the outset of the COVID pandemic. Read more here.

2023 Notable Leaders in Cannabis: Luna Stower

As a cannabis executive and educator, Luna Stower has been instrumental in building and scaling dozens of cannabis brands. Raised and based in the Bay Area, Stower advocates for social justice in the industry through government relations and give-back campaigns. Read more here.

• Related: 2023 Notable Leaders in Cannabis

In Other News

New Jersey

As New Jersey’s legalized cannabis marketplace enters its next phase of growth, regulators are introducing guidelines for the rollout of cannabis-infused edible products and regulations for medical-based ventures seeking to participate in clinical research, as well as opening up three additional classes of business licenses. Read more here.

Maryland

Some potential cannabis businesses are criticizing the tight turnaround to obtain new licenses to grow, process or distribute marijuana, after the Maryland Cannabis Administration announced applications will open on Nov. 13, with distribution set to start just six weeks later on Jan. 1. Read more here.

California

If signed into law, California’s AB 1207 would make it illegal to use cartoons or depictions of animals and most plants and vegetables on cannabis packaging and advertising. However, the state’s cannabis industry says the bill is written so broadly that it blocks far more than just advertising that appeals to children. Read more here.

CONTINUE READING
StaffSeptember 21, 2023
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BusinessDaily Hit

The Daily Hit: September 21, 2023

4min00

The Daily Hit is a recap of the top financial news stories for Sept. 21, 2023.

On The Site

Innovative Industrial Properties Gets Investor Lawsuit Dismissed

An investor lawsuit that accused cannabis REIT (real estate investment trust) Innovative Industrial Properties (IIP) (NYSE: IIPR) of knowing about a fraudulent scheme by its tenant Kings Garden was dismissed by a New Jersey Judge. Read more here.

Montana Marijuana Sales Hit New Record in August

Medical and recreational marijuana sales in Montana hit a record high in August of $28.6 million, according to state data, up a notch from July when sales were $28.5 million. Read more here.

Hemp Entrepreneur Named Minnesota Marijuana Czar

The upcoming Minnesota Office of Cannabis Management now has a leader: Erin DuPree, founder of hemp goods store Loonacy Cannabis Co. in Apple Valley that sold low-dose THC products. Read more here.

The Cannabist Company Secures $25M in Private Placement

The Cannabist Company Holdings Inc. (NEO: CBST) (OTCQX: CCHWF) announced Thursday it finalized a private sale deal with institutional investors. The company sold 22.2 million units at C$1.52 each, totaling approximately C$33.8 million (US$25 million). Read more here.

Filament Brings Coca Leaves to Canada From Peru

Magdalena Biosciences, the joint venture between Filament Health (OTCQB: FLHLF) (NEO: FH) and Jaguar Health Inc., has imported coca leaves to Filament’s Vancouver, British Columbia, research facility. Read more here.

C21 Sees Positive Sales Signs as Nevada Continues to Contract

C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) reported its financials for the period ending July 31. The company logged a revenue of $7.2 million, mirroring its performance from the prior year. This comes even as the broader Nevada cannabis market saw a 5% drop in sales. Read more here.

In Other News

Maine

Up to half of the products sold in Maine’s medical cannabis market could be contaminated with pesticides, harmful microbes, yeast and mold, according to two studies released this week. Read more here.

Congress

Republican senators, including the lead GOP sponsor of a bipartisan marijuana banking bill, will soon be introducing new legislation to prevent marijuana from being federally legalized by the Food and Drug Administration (FDA) without congressional approval. Read more here.

CONTINUE READING
John SchroyerSeptember 21, 2023
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Business

Hemp Entrepreneur Named Minnesota Marijuana Czar

3min00

The upcoming Minnesota Office of Cannabis Management now has a leader: Erin DuPree, founder of hemp goods store Loonacy Cannabis Co. in Apple Valley that sold low-dose THC products.

DuPree was named to the post by Gov. Tim Walz on Thursday, Minnesota Public Radio reported, chosen from a pool of 150 professionals who threw their hats into the ring for the job following Walz signing legalization into law in May. Recreational cannabis possession and consumption became legal Aug. 1.

In a statement, Walz called DuPree “a proven and effective leader, who will be successful in standing up Minnesota’s new adult-use cannabis market and helping Minnesotans succeed in the industry.”

DuPree was chosen in part for her business experience in hemp, Walz’s office said, and she’s now tasked with writing rules and regulations for the yet-to-launch recreational marijuana industry, which isn’t expected to come fully online until 2025.

That’s despite several Native American tribes already selling adult-use marijuana and a topsy-turvy hemp market that previously allowed intoxicating products to be sold in convenience stores. (DuPree’s store, Loonacy, will be sold so she can focus on the regulatory job full-time and avoid any conflicts of interest.)

DuPree starts Oct. 2, and job number one will be hiring nine employees before ramping up to 150 eventually, MPR reported. Then she’ll have to navigate writing regulations, sorting through business license applications, and create an enforcement system.

“Some of the challenges that other states have had, we’re going to try to avoid,” DuPree told MPR. “Being the 23rd state to legalize, we’re lucky enough to look back on the other 22 states, see what has worked and what hasn’t worked. And we don’t have to reinvent the wheel here.”

CONTINUE READING
StaffAugust 1, 2023
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BusinessDaily Hit

The Daily Hit: August 1, 2023

4min00

The Daily Hit is a recap of the top financial news stories for August 1, 2023.

On the Site

TerrAscend Forecasts 23% Net Revenue Growth in 2023

TerrAscend Corp. (TSX: TSND) (OTCQX: TSNDF) reported net revenue of $72.1 million for its second quarter ended June 30, an increase of 12.7% year-over-year and 3.9% sequentially. It marks the seventh consecutive quarter of growth. Read more here.

Maryland Doubles Cannabis Sales in First Month of Adult-Use Marijuana

Maryland cannabis companies sold a total of $87.43 million worth of both medical and recreational marijuana goods in the market’s first month of adult-use sales, according to state figures. Flower accounted for 58% of the products sold. Read more here.

Minnesota Becomes 23rd State to Legalize Adult-Use Cannabis

Beginning today, new legislation allows Minnesotans 21 and older to possess and use certain amounts of cannabis and cannabis products. However, retail sales aren’t expected to begin until early 2025, after the new state Office of Cannabis Management develops the framework for the program. Read more here.

Marijuana Industry Cuts Down on D.C. Lobbying

A broad trend of cannabis industry belt-tightening has now affected advocacy efforts in Washington, D.C., with many trade organizations slashing their lobbying budgets or in some instances shuttering the efforts altogether. Read more here.

Christina Lake Cannabis Weathers Distillate Price Compression

Despite market price compression in distillate, Vancouver-based Christina Lake Cannabis Corp. (CSE: CLC) (OTCQB: CLCFF) (FRANKFURT: CLB) achieved revenue growth in its second quarter, rising 36% to $5.4 million from the same period last year, with an 81% increase sequentially. The firm saw a 118% increase in the volume of distillate sold for the first half of the year, versus the same six-month period last year. Read more here.

In Other News

Columbia Care Holdings

Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) (FSE: 3LP) will voluntarily delist its common shares from the facilities of the Canadian Securities Exchange, effective as of market close on Aug. 2. Columbia Care will continue trading on the Cboe Canada, the new business name of the NEO Exchange. Read more here.

Avicanna

Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) has closed on its acquisition of the Medical Cannabis by Shopper’s Business from Shoppers Drug Mart. In addition, the company launched a new medical cannabis care platform, MyMedi.ca. Read more here.

Medical Marijuana Inc.

Medical Marijuana Inc. (OTC: MJNA) announced that its network marketing division, Kannaway, has completed an Asset Purchase Agreement with eXfuse LLC, dba KZ1, a Japan-based network marketing company. The KZ1 acquisition will increase the sales force of the company’s Kannaway division in Japan by approximately 1,450 individuals. Read more here.

CONTINUE READING
StaffJuly 13, 2023
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BusinessDaily Hit

The Daily Hit: July 13, 2023

5min00

The Daily Hit is a recap of the top financial news stories for July 13, 2023.

On the Site

AYR Wellness, Trulieve Expand in Ohio Despite Cannabis Oversupply

Multistate cannabis operators continue to look at expansion opportunities in Ohio, despite a clear glut of cannabis products. U.S. cannabis operator, AYR Wellness Inc. (OTCQX: AYRWF), announced Wednesday. Meanwhile, MSO giant Trulieve Cannabis Corp. (OTCQX: TCNNF) opened its first medical marijuana dispensary in Columbus on Tuesday. Read more here.

MariMed Stages 280E Tax Protest in Boston Harbor

As hopes for federal legislative relief for the cannabis industry begin to fade, the focus has returned to the issue of 280e. In that spirit, MariMed Inc. (CSE: MRMD) (OTCQX: MRMD) surprised crowds at Boston Harbor when they boarded the Liberty Star schooner and reenacted the tea party revolution. Read more here.

Illinois Grants 55 New Retail Cannabis Licenses Via Lottery

The state of Illinois added 55 more licenses to sell marijuana, adding to a pool of 192 licenses awarded last year. The new licenses could expand the industry in Illinois, which has suffered from a lack of retail outlets where customers can buy cannabis products. Read more here.

Native American Tribe May Open First Recreational Dispensary in Minnesota

A Native American tribal medical cannabis dispensary may become the first to launch in Minnesota’s recreational marijuana market, following a vote this week by the Red Lake Nation. Read more here.

Trees Corp Merges with 420 Investments in Reverse Takeover

Alberta-based 420 Investments Ltd. will go public via a reverse takeover of Toronto-based Trees Corp. (NEO: TREE), the companies said Wednesday. The merger is subject to the approval of Cboe Canada, which was formerly known as the NEO Exchange. Read more here.

North Carolina Won’t Legalize Medical Marijuana This Year, House Speaker Says

A bill to legalize medical marijuana in North Carolina that won bipartisan support earlier this year in the state Senate has been doomed in the lower chamber, the speaker of the state House of Representatives confirmed this week. Read more here.

In Other News

Grown Rogue International

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) closed the first tranche of a non-brokered private placement of unsecured convertible debentures  with an aggregate principal amount $5 million. Read more here.

BZAM Ltd.

BZAM Ltd. (CSE: BZAM) (US-OTC:BZAMF) agreed to purchased an aggregate of 630,000 class A shares in the capital of BZAM Cannabis Corp., from certain minority shareholders pursuant to share purchase agreements entered into with each of the BCC shareholders. Once approved, the closing of the share purchase will result in the BZAM Ltd. owning 71.2% of BCC, which is a 13.6% increase of its existing ownership stake of BCC. Read more here.

Botanica

Botanica, makers of Mr. Moxey’s and Journeyman cannabis-infused edibles, secured $9 million in Series B funding from a group led by KEY Investment Partners and GreenAxs Capital. Other prominent firms participating in the round include Entourage Effect Capital and AFI Capital Partners. In conjunction with the financing, Tiby Erdely of KEY will be joining Botanica’s board of directors. Read more here.

CONTINUE READING
StaffMay 31, 2023
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BusinessDaily Hit

Daily Hit: May 31, 2023

5min00

The Daily Hit is a recap of the top financial news stories for May 31, 2023.

On The Site

Cronos Exiting U.S. Hemp CBD Market

Toronto-based global cannabis company Cronos Group Inc. (Nasdaq: CRON) (TSX: CRON) on Wednesday announced its departure from the United States hemp CBD industry, saying it plans to refocus on the Canadian marijuana market until cannabis is federally legalized in the U.S. Read more here.

Skymint to Hit Auction Block with Lender as Stalking Horse Bidder

The assets of embattled Michigan marijuana cultivator and retailer Skymint will be auctioned off. After three months under a court-appointed receiver, saving the company under current leadership appears to be not possible, according to a motion filed by Gene Kohut. Read more here.

MedMen Trims Losses, But Still a Going Concern

Despite its financially precarious position, MedMen Enterprises Inc. (OTCQX: MMNFF) (CSE: MMEN) trimmed its annual losses and opened another store in Illinois this year. Still, the California-based multistate operator is facing major headwinds and remains a going concern, according to its latest quarterly earnings report for its fiscal 2023 third quarter. Read more here.

Other Earnings:

• Cansortium Sees Revenue Uptick as Fluent Expansion Continues
• Red White & Bloom Makes Headway in U.S. Cannabis Market
• StateHouse Revenues Rise As Debt Bill Looms

Green Cross Colorado Founder Sues CEO, Alleges Embezzlement, Tax Fraud

The founder of a successful cannabis beverage company in Denver filed suit against his business’s CEO and two associates, alleging that the executive and his collaborators stole millions from the company over a years-long span. Daniel Griffin, the founder of Green Cross Colorado LLC, filed a lengthy 12-count lawsuit in Denver District Court. Read more here.

Minnesota Expands Medical Market, Legalizes Adult Use

The long-awaited bill legalizing recreational marijuana in Minnesota has been signed into law by Gov. Tim Walz, following approval from the state Senate in a narrow 34-32 vote. Minnesota becomes the 23rd state in the U.S. to legalize adult-use cannabis. Read more here.

In Other News

Zelira Therapeutics

Shares in Perth-based medical cannabinoid developer Zelira Therapeutics’ (ASX: ZLD) rocketed by 256% today after the company revealed its diabetic nerve pain drug had delivered what it says are superior results to Lyrica, Pfizer’s global market-leading neurology product. Read more here.

Schwazze

Medicine Man Technologies Inc. (OTCQX: SHWZ) (NEO: SHWZ), which operates as Schwazze,  promoted its president, Nirup Krishnamurthy, to the role of chief executive officer. Justin Dye, now former CEO and executive chairman, will continue to lead the board of directors as its nonexecutive chairman. Read more here.

CuraScientific Corp.

California-based CuraScientific Corp. (OTC PINK: CSTF) purchased the microbusiness cannabis license held by Chad Enterprises LLC for $600,000. CuraScientific plans to expand its customer acquisition, delivery routes, and territories with the new license. Read more here.

CONTINUE READING

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis

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