Sales, Funding & Banking News

Illinois MMJ Sales Surpass $1.2 Million in January

Omar Sacirbey  | February 2, 2016

Medical marijuana sales in Illinois hit nearly $1.24 million in January, up around 20% from December sales, which were slightly more than $1 million, according to figures released by the state.

A little more than $1.1 million of the sales total was attributable to flower, while concentrates and edibles accounted for just $132,000. Illinois also …

Week in Review: Relief in CA, MMJ Gains in Two States & Major Expansion in the Works

John Schroyer  | January 29, 2016

By John Schroyer

California moves to slow the pace of medical marijuana bans, MMJ makes big gains in Ohio and Florida, and a cannabis company announces what could be the most ambitious expansion plan in the industry to date.

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

Minnesota MMJ Company Seeking $31.5M for Expansion

John Schroyer  | January 27, 2016

Talk about planning big.

Minnesota-based Vireo Health, the parent company of Minnesota Medical Solutions, announced this week that it’s attempting to raise $31.5 million in equity financing in order to fund expansion into between 17 and 20 new states, according to the Minneapolis/St. Paul Business Journal.

The company already has a presence in …

Canadian Medical Cannabis Producer Slashes Prices

Omar Sacirbey  | January 27, 2016

A subsidiary of Canada’s largest medical marijuana grower announced it is lowering its MMJ prices to $5 per gram, about a third lower than the average price in the country of $7.50 per gram.

Bedrocan Canada, which is owned by Ontario-based Canopy Growth Corporation, announced the price cut as part of a new …

DC Dispensaries Get Sales Boost in Advance of Blizzard

John Schroyer  | January 22, 2016

As medical cannabis patients on the East Coast brace for a gigantic blizzard that is expected to shut down many cities over the weekend – including Washington DC – many decided to stock up for what could be a long indoor weekend.

“Thursday was our biggest day – sales and number of patients – ever,” Rabbi …

Fed Bank Exec Joins Privateer

Omar Sacirbey  | January 12, 2016

Privateer Holdings has tapped a top official from the Federal Reserve Bank of San Francisco to become its director of Treasury compliance, the firm announced Tuesday.

Dante Tosetti will be mandated, among other things, with helping Privateer maintain compliance with financial laws, but his role at a major marijuana firm could also help …

Cannabis Cultivation Services Firm Lands $5.5M Investment

Omar Sacirbey  | January 7, 2016

Two Rivers Water & Farming, a publicly traded water management and agricultural company in Denver, has raised $5.5 million to support a subsidiary that builds greenhouses for cannabis cultivators, according to a statement.

There were “20-some-odd” accredited individual investors, according to Two Rivers’ Chief Financial Officer Wayne Harding. The largest single investor put …

Judge Tosses Fourth Corner Banking Lawsuit

Omar Sacirbey  | January 6, 2016

The marijuana industry’s hope for a solution to its banking woes suffered a major setback Tuesday when a federal judge dismissed a lawsuit filed by a startup financial institution hoping to serve cannabis companies.

The Fourth Corner Credit Union filed the suit last year after the Federal Reserve Bank of Kansas City denied its request …

Fourth Corner Makes Case for MJ Banking, Awaits Ruling

Omar Sacirbey  | December 29, 2015

If R. Brooke Jackson was a congressman, he would rule in favor of banks that want to open accounts for marijuana businesses.

But at a hearing on Monday, Jackson told lawyers for the Fourth Corner Credit Union that he is a U.S. district court judge who must uphold existing federal laws that make it illegal for …

Cannabis Software Firm MJ Freeway Raises $8M for Expansion

John Schroyer  | December 21, 2015

By John Schroyer

Colorado-based MJ Freeway, one of the most prominent cannabis-related software companies in the nation, announced this morning that it has completed an $8 million round of fundraising.

The figure could be a record-setter in terms of capital raised by a software firm focused on the marijuana industry.

Marijuana Business Incubator Launches in Oakland

Omar Sacirbey  | December 18, 2015

It may seem strange that California’s first cannabis business incubator just launched, but better late than never.

Based in Oakland and founded by two technology veterans, Gateway Inc. seeks to nurture both ancillary firms and companies that handle the plant, such as growers, dispensaries, and extractors.

Gateway will provide companies with $30,000 in return for …