Sales, Funding & Banking News

An $8 billion night: 7 states legalize medical, recreational cannabis in historic election

Chris Walsh  | November 9, 2016

By Marijuana Business Daily staff

The cannabis industry scored a landslide victory Tuesday as four states legalized recreational marijuana and another three approved medical use, cementing the 2016 election’s place in the history books.

The developments could lead to $7 billion-$8 billion in additional annual retail cannabis sales, according to Marijuana Business Daily’s preliminary estimates.

Oregon recreational cannabis sales hit $160 million

John Schroyer  | October 19, 2016

Oregon’s emerging recreational marijuana industry surpassed $160 million in sales for 2016 at the end of September.

Those numbers could be even bigger in reality, however, because the Oregon Department of Revenue is still waiting on some cannabis businesses to file quarterly tax returns from earlier in the year. An agency spokeswoman said that only …

Colorado cannabis sales still soaring

John Schroyer  | October 14, 2016

Marijuana sales in Colorado continue to reach new highs, fueled by increasing demand for recreational cannabis.

Sales of medical and adult-use marijuana hit $846 million during the first eight months of 2016, up 33% from the same period last year, according to calculations by Marijuana Business Daily based on the latest state tax data.

Dispensaries and …

MassRoots receives $1.1 million in new funding

Bart Schaneman  | October 10, 2016

Cannabis-centric social media site MassRoots received $1.1 million in funding on Friday, mostly from new investors, and disclosed it slashed the salaries of its top executives to cut costs.

MassRoots’ founder and CEO, Isaac Dietrich, led the latest funding round, with former MyPoints.com CEO Steve Markowitz also among the contributors. The announcement came as the …

Several ‘Shark Tank’ investors would consider MJ deals

Bart Schaneman  | October 5, 2016

Three of five “Shark Tank” investors – all huge success stories in the business world – say they would consider pumping money into the marijuana industry.

A reporter from Entrepreneur Magazine spoke with the stars of the business-focused reality TV show and asked them if they would put their money into a …

New Colorado edibles rules: Major cost for producers, ‘blip on the radar’ for others

John Schroyer  | September 29, 2016

By John Schroyer

New labeling rules that take effect Oct. 1 for marijuana edibles produced in Colorado have been a huge expense for many infused products manufacturers – and may cause headaches for retailers, too.

Edibles companies have spent upwards of six figures to retool manufacturing equipment, retrain employees and pay for new packaging. 

MJ social network MassRoots misses loan payments

Omar Sacirbey  | September 27, 2016

MassRoots, the popular social network for cannabis enthusiasts, missed payments to some of its creditors, a notable turn of events for the once high-flying Denver company.

MassRoots disclosed in a Sept. 21 Securities and Exchange Commission filing that it didn’t make $966,000 in required payments to creditors who bought six-month convertible secured promissory notes …

Week in Review: Cannabis election map set, credit unions get serious, Puerto Rico fight

John Schroyer  | September 23, 2016

By John Schroyer and Omar Sacirbey

The November cannabis election map is essentially finalized, credit unions get serious about marijuana businesses, and a Denver attorney weighs in on the MJ software battle in Puerto Rico.

Here’s a closer look at some notable developments in the marijuana industry over the past week.