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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.

Founder of cannabis firm CannaRegs sued for alleged securities fraud

A securities fraud lawsuit filed against the co-founder of the web-based marijuana rules monitoring firm CannaRegs underscores how company sales can lead to court battles among initial investors – a development that could continue as more founders exit the industry. Lester Firstenberger and Sathya Rajavelu, two former CannaRegs executives, said they sold their remaining cumulative […]

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US House vote delay likely won’t derail marijuana reform momentum

The postponement of a U.S. House vote until after the November election to remove marijuana from the federal Controlled Substances Act is a disappointment to many in the industry, but it changes little in terms of the momentum of reform. That is, as long as the House remains controlled by Democrats, as is highly expected. […]

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Iowa awards two additional medical cannabis dispensary licenses

Iowa regulators awarded medical marijuana dispensary licenses to operators in Iowa City and Council Bluffs to replace two outlets that closed in March. The licenses will bring the state back up to five dispensaries, according to The (Cedar Rapids) Gazette. The dispensary licenses were awarded to: Iowa Cannabis Company East in Iowa City. Cannabis Patient […]

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Cannabis operator MedMen inks financing commitments near $20 million

Multistate marijuana operator MedMen Enterprises has raised roughly $20 million of financing, with $11.7 million committed now, in a series of complex transactions with existing lenders and institutional investors. The Los Angeles-based company said in a news release that the financing package is a “reflection of the commitment the company has made to strengthen the […]

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Memo alleges obstruction in Missouri medical marijuana licensing probe

The counsel for the Democratic legislative caucus in Missouri alleges that state medical marijuana regulators obstructed an investigation into the MMJ program by withholding critical information during hearings earlier this year. Casey Millburg, caucus counsel, wrote in a memo that, until recently, regulators withheld documents that revealed knowledge about potential conflicts of interest involving the […]

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New wave of multistate marijuana operators hope they have the ‘secret sauce’ to succeed

A second round of multistate marijuana operators are rapidly expanding their geographic footprints, taking advantage of acquisition and licensing opportunities as well as their ability to raise financing. The companies appear to be trying to follow in the footsteps of established MSOs such as Massachusetts-based Curaleaf, Illinois-based Green Thumb Industries and Illinois-based Cresco Labs. The […]

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Multistate cannabis operator Holistic Industries raises $35 million

Holistic Industries, a Maryland-based multistate cannabis operator, said it raised $35 million in debt financing to fund cultivation and processing build-outs as well as new licensing and distressed asset opportunities. The funding round was led by Virginia-based specialty financing company Altmore Capital. The financing comes as marijuana capital markets begin to loosen some. Holistic is […]

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Group to drop court challenge of Utah’s restrictive medical cannabis law

Activists in Utah plan to drop a lawsuit challenging the state Legislature’s action to replace a citizen ballot initiative to legalize medical marijuana with a more restrictive measure. Together for Responsible Use and Cannabis Education (TRUCE) and the Epilepsy Association of Utah plan to file a motion to drop the suit, according to Salt Lake […]

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Week in Review: Nature’s huge toll on cannabis growers, Illinois social equity questions, legalization efforts & more

Wildfires in the West have devastated a number of marijuana farms in Oregon, Washington state and California, while an early freeze hit Colorado, threatening outdoor marijuana and hemp cultivation. MJBizDaily takeaway: It’s too early to attach a dollar figure to the damages, but costs will be in the millions. In Colorado, it’s likely the early […]

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Florida medical cannabis edibles sales could reach $250 million in first full year

Edibles are hitting the medical cannabis dispensary shelves in Florida, launching a new market segment that could generate up to $250 million in sales in the first full year. Tallahassee-based Trulieve, the state’s dominant medical cannabis operator, was first out of the gate, selling edibles in its hometown dispensary on Sept. 2. The first sale […]

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