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Jeff Smith

Jeff is an award-winning business journalist who has worked as a reporter and editor for daily newspapers in Colorado, Maine, New Mexico and Alabama. He also has worked as a journalist overseas in Asia and West Africa. His stories have appeared in National Geographic online and The New York Times, among other publications.

Marijuana MSO Cresco inks $213M all-stock deal to expand into Florida

Marijuana multistate operator Cresco Labs entered a definitive agreement to acquire Bluma Wellness for $213 million in an all-stock transaction in a move to expand into Florida’s fast-growing medical cannabis market. Bluma, under its operating subsidiary “One Plant Florida,” has seven dispensaries in the southern state with eight additional locations planned. One Plant ranks 11th […]

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Virginia looks poised to legalize adult-use cannabis market

Virginia Gov. Ralph Northam’s administration announced an adult-use cannabis legalization plan that would impose a 21% excise tax and provide some licensing preferences for individuals and entities harmed by the war on drugs. Adult-use marijuana sales would begin Jan. 1, 2023, under the proposal, which looks as if it has a good chance of succeeding […]

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Cannabis MSO MedMen raises $10M to aid financial-turnaround effort

Multistate cannabis operator MedMen Enterprises said Tuesday it raised $10 million in capital by amending a senior secured debt facility led by Gotham Green Partners. That facility and other debt amendments announced at the same time will dilute the value of MedMen stock. But the amendments also reflect an effort to dig the cash-strapped, Los […]

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SD governor defends lawsuit to overturn recreational cannabis legalization

South Dakota Republican Gov. Kristi Noem issued an executive order that indicated she is behind the effort to overturn voter-approved recreational cannabis legalization and that she has the right to challenge legalization as part of her duty to defend the state’s constitution. The two-page executive order issued Friday noted that she instructed South Dakota Highway […]

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Montana lawmakers deny money to set up recreational cannabis program

Montana lawmakers rejected a $1.35 million budget request to fund the state’s recreational cannabis program, raising uncertainty about the program’s ability to meet its deadlines. The state revenue department had requested the money to set up a department of 20 full-time employees, according to the Associated Press. Montana voters approved a ballot initiative in November […]

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Arkansas opens up medical marijuana processor, transporter licensing

The steadily growing Arkansas medical marijuana program is offering new business opportunities: processor and transporter licenses. Scott Hardin, spokesman for the Arkansas Medical Marijuana Commission, wrote in an email that the state’s MMJ constitutional amendment didn’t establish a limit on the number of those licenses, so the commission will consider applications as they come in. […]

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Texas medical marijuana operators ‘push but not shove’ to expand state’s limited MMJ program

Texas’ limited medical marijuana program is considered economically unviable for MMJ companies, generating sales that represent a fraction of what one industry executive described as a potential billion-dollar market. But that situation could begin to change this year if Texas lawmakers agree to significantly expand the program, which currently serves only a few thousand patients. […]

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Major federal marijuana reform could hinge on outcome of two Georgia Senate races

All eyes are on Georgia and two runoff races Tuesday that will determine whether the U.S. Senate flips to Democrats, an outcome that could make the upper chamber more amenable to federal marijuana reform – perhaps even legalization. Potentially billions of dollars of business opportunities are at stake, depending on the scope and shape of […]

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As more marijuana firms go public, feds urge SPACs to beef up disclosures

U.S. securities regulators are urging special purpose acquisition companies, or SPACs, to strengthen disclosures related to potential conflicts of interest, compensation incentives and other critical information for investors. The guidance this week from the U.S. Securities and Exchange Commission comes as SPACs, or blank-check companies, become more prevalent among cannabis and mainstream companies seeking a […]

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