The U.S. House of Representatives on Tuesday night adopted by a voice vote a cannabis banking amendment as part of this year’s defense budget bill. The National Defense Authorization Act for Fiscal Year 2022 still must be passed by the full House, but the approval of the so-called SAFE Banking Act amendment clears the way for […]
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Amazon expands on support for federal marijuana reform, workplace equity
E-commerce giant Amazon has stepped up its efforts to support federal marijuana reform and provide a more equitable workplace in terms of MJ policy. In a blog post Tuesday, the company’s human resource chief noted two recent developments: Amazon’s endorsement of the Cannabis Administration and Opportunity Act proposed by U.S. Sens. Chuck Schumer of New […]
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NJ to miss deadline to start adult-use marijuana applications, report says
New Jersey regulators reportedly won’t make Saturday’s statutory deadline to begin accepting adult-use marijuana business license applications for the projected $1 billion market. But they plan to publish a public notice that lists an application start date and the information an applicant will need to submit an application, NJ.com reported. Regulators intend to provide businesses […]
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Marijuana MSO debt costs fall, but capital issues linger for smaller firms
Large marijuana multistate operators are enjoying lower loan interest rates these days, thanks to stronger balance sheets and the industry’s increasing stability as more states legalize MJ and federal reform appears inevitable.
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New York officials ‘shocked’ by cannabis MSO Vireo’s electrical needs
Marijuana multistate operator Vireo Health reportedly needs more electricity for its new New York cultivation and processing facility than the technology park can provide. The Leader-Herald newspaper in Gloversville in upstate New York reported that Fulton County industrial development officials were “shocked” to learn from Vireo that the county-financed electrical transmission line into Tryon Technology […]
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Acreage exits Oregon by selling cannabis stores for $6.5 million
Marijuana multistate operator Acreage Holdings agreed to sell four Oregon retail stores for $6.5 million, a transaction that completes the sale of the MSO’s facilities in the state as it continues to focus on core markets.
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New York tribe opens applications for adult-use marijuana retail licenses
A Native American tribe in upstate New York is taking applications for adult-use marijuana retail licenses and said it plans to respond to each application within two weeks of filing. The Saint Regis Mohawk Tribe, which has a reservation near the Canadian border in Akwesasne, approved recreational marijuana in a community referendum in December 2019 and […]
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Cannabis software firm Akerna inks $17 million acquisition
Denver-based cannabis technology company Akerna signed an agreement to acquire a marijuana business management software firm for $17 million in cash and stock. Akerna will pay $4 million in cash and $13 million in stock to acquire 365 Cannabis with a potential earnout of $8 million, according to a news release. The $17 million acquisition […]
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MA regulators probing Gotham Green’s cannabis license request, report says
Massachusetts regulators reportedly are looking into whether New York-based private equity firm Gotham Green left out information about the cannabis licenses it controlled in the state as it sought permission to acquire others. New York-based iAnthus, which has been trying to fend off Gotham Green’s attempt to take control of the company, alleged in court […]
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Marijuana MSOs post strong quarterly results, but investors tepid
All 10 of the largest publicly held marijuana multistate operators posted double-digit revenue growth in the quarter ended June 30, but stock prices remained weak as investors grow impatient with the slow pace of federal marijuana legalization efforts. Four of the largest five publicly held MSOs actually made a profit in the quarter, with Florida-based […]
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Biden’s vaccine mandate expected to apply to marijuana industry
The marijuana industry should expect to feel the same impacts as other industries from imminent federal regulations requiring businesses with more than 100 employees to impose a coronavirus vaccine mandate or mandatory weekly testing for those who don’t vaccinate. President Joe Biden on Thursday announced the proposed rules, which will be implemented by the Department […]
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Montana eases medical cannabis advertising rules
Montana regulators loosened the proposed rules for medical cannabis advertising after operators expressed concerns at public hearings about the initial draft regulations. The amended advertising rules: Clarify that a provider “may promote its business and market its brand but may not advertise marijuana or marijuana products except in electronic advertising.” No longer prohibit an MMJ […]
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