It’s time for your Daily Hit of cannabis financial news for September 26, 2019.
On The Site
House Takes First Step To Pass the SAFE Banking Act
In a showing of bipartisan support, the House of Congress voted 321 to 103 to pass the SAFE Banking Act. Of those voting yes, 229 were Democrats and 91 were Republicans. Unity amongst Democrats was particularly strong with only one Democrat vote being in opposition. Going forward, this overwhelming amount of party support should help assuage any fears as to whether the Democrats will continue to back the bill as it moves to Senate.
Andrea Brooks is a serial entrepreneur and lobbyist for social change with a passion for health, wellness and design. Following a disabling injury in which cannabis played a crucial role in her recovery, Ms. Brooks was inspired to enter the cannabis space. Building on previous experience working with NGOs around the world on program development, she applies her expertise in conducting needs assessments, developing strategic partnerships and creating new revenue sources to her latest venture – Sava. Sava is a digital platform providing e-commerce solutions for curated, high-quality cannabis goods that provides access to and education about cannabis medicine to patients throughout California.
In Other News
Medicine Man, which operates four recreational dispensaries and one medical dispensary in Colorado, has halted sales of all vape products that contain the ingredients propylene glycol or vitamin E acetate. This action comes on the heels of recent reports that found that chemical additives, such as vitamin E acetate, were associated with dangerous and deadly vaping-related respiratory illnesses characterized by severe pneumonia symptoms, shortness of breath, coughing, fever, fatigue, and respiratory failure.
Medicine Man has removed all vape products containing propylene glycol or vitamin E acetate from its shelves effective immediately and will continue to take precautionary steps to protect its consumers through rigorous monitoring of products available at its stores. It is committed to carrying products only of the highest quality and free of any potential chemical additives that are even remotely or potentially harmful.
Green Peak Innovations
Green Peak Innovations, Michigan’s largest holder of vertical medical marijuana licenses, today announced the completion of a $10 million round of mezzanine financing. Green Peak Innovations will use the capital to finance its planned expansion in Michigan and beyond.
With our fourth store opening this month and another 13 scheduled to open over the next six months, we are poised to significantly ramp our sales and operations in the coming months,” CEO Jeff Radway said. “We are well on our way to becoming Michigan’s premier cannabis company as the recreational market opens up next year.”
“Green Peak has invested significant capital into our two state-of-the-art and fully operational indoor grow facilities,” said CFO Al Gever. “This capital raise, in conjunction with our existing partnership with Innovative Industrial Properties and expected positive cash flow, will facilitate further expansion plans and strengthen our organizational capacity to fuel our rapid growth objectives.”