While some banks still shy away from cannabis, others increasingly are embracing the industry, as evidenced by a couple of recent examples in Massachusetts’ booming marijuana market.
More than 20 cannabis industry CEOs are scheduled to meet with congressional members and staffers in Washington DC this week to urge immediate action on marijuana banking reform and expungement of MJ convictions.
Agrify, an ancillary cannabis cultivation company, signed a definitive agreement to raise as much as $135 million in capital from a debt financing to strengthen its balance sheet and support continued growth.
New Jersey’s recreational cannabis market is gearing up to launch within weeks and is poised to become one of the largest on the East Coast with annual sales projected to top $2 billion within a few years.
California cannabis multistate operator Moxie sued the billionaire family backing insolvent Green Growth Brands, claiming fraud in connection with a $310 million merger deal in 2019 that was scrapped.
New York’s initial round of 100 to 200 recreational cannabis retail licenses will be focused on applicants with marijuana-related convictions, state officials said.
Washington DC would continue to be barred from launching a recreational marijuana market under the U.S. congressional budget released Wednesday.
The Missouri Legislature is considering a measure that would preempt a potential recreational marijuana ballot initiative favoring existing medical cannabis operators and put in place a more wide-open, adult-use law.
Florida-based lender AFC Gamma said it recently provided $46.3 million of capital to three cannabis companies as part of expanded credit facilities.
Back in 2019, many marijuana industry experts trumpeted Illinois as setting a new bar for social equity; State lawmakers created a potential blueprint to provide greater opportunities for minority entrepreneurs in Illinois’ new recreational cannabis industry.
But three years later, the social equity program is still struggling to get off the ground, in part because of lawsuits and the COViD-19 pandemic.
Oklahoma House Republican legislators pitched a 12-point plan to tighten up one of the country’s most business-friendly medical marijuana markets with a goal of curbing illicit activity.
The number of financial institutions actively providing services to state-legal marijuana businesses increased to 755 as of Sept. 30, 2021, exceeding pre-pandemic levels, according to the latest U.S. government data.
