Troubled Canadian cannabis company Hexo, which this week postponed the release of financial results amid lower revenue expectations, said it is cutting about 200 jobs across multiple locations and divisions. The cuts represent approximately...
Nick Thomas
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Green Growth Brands loses $64 million amid marijuana dispensary delays
Ohio-based CBD and cannabis company Green Growth Brands recorded a loss of more than $64 million for its fiscal year as it faced higher-than-expected capital expenditures and delays in building out its Nevada dispensaries. The company did not list its results from the...
Antitrust cloud lifting on cannabis M&A deals, but will some be renegotiated – or even abandoned?
The antitrust cloud hanging over several large mergers and acquisitions in the U.S. marijuana industry appears to be lifting, but its effects continue to linger and could remain a factor if the deals ultimately are renegotiated or even scrapped in a difficult funding...
CEO of DionyMed cannabis company leaves amid possible default
Toronto-based DionyMed, a multistate marijuana brands operator, is under pressure after key executives stepped down amid a possible credit default. CEO Edward Fields and Mark Zinselmeier, the chief operating officer, resigned from the company,...
BNY Mellon’s cannabis-limiting move highlights inconsistencies in banking but could help in the long run, sources say
Just as potential marijuana banking progress appears on the horizon at the federal level due to the U.S. House of Representatives' passage of the SAFE Banking Act, one major bank has stopped clearing a significant chunk of cannabis-related trades. The move by New...
Flowhub cannabis tech platform raises $23 million
Denver-based Flowhub, a marijuana software technology platform, raised $23 million in a Series A funding to bankroll its expansion. The raise was backed by numerous investors, including existing stakeholders Phyto Partners, based in Boca...
California to allow state tax deductions for cannabis businesses
California cannabis businesses will be allowed to deduct expenses on their state income returns after Gov. Gavin Newsom signed a legislator's proposal into law. Newsom signed into law AB 37, a bill introduced by a fellow Democrat, Assemblyman...
Big banking shows more interest in serving cannabis clients after recent SAFE Act passage by US House
Banks and other financial institutions are gearing up for potential massive involvement with the marijuana industry after last month’s passage of the SAFE Banking Act by the U.S. House of Representatives.
California awards cities $10 million in social equity marijuana grants
Ten cities in California will divide $10 million from the state's Bureau of Cannabis Control to help social equity programs in those municipalities. Top grant recipients include Los Angeles and Oakland, which will get almost $3.5 million...
Will Illinois change the social equity landscape for the marijuana industry?
Illinois is set to open recreational cannabis dispensaries Jan. 1 after becoming the first state in the nation to officially legalize adult-use marijuana via its Legislature in June - and the marijuana industry will be watching carefully for several reasons, including...
MedMen and PharmaCann terminate $682 million cannabis merger; MedMen CFO ousted
MedMen, a Los Angeles-based multistate marijuana operator, announced that its blockbuster acquisition of PharmaCann has been scuttled and that the company will focus on beefing up its retail operations in California and other states.
Canopy cannabis woes drives huge loss at alcohol giant Constellation
Constellation Brands, a New York-state based alcohol giant, on Thursday reported a net loss of $525.2 million in its most recent quarter, with most of the loss coming from its 38% stake in cannabis company, Canopy Growth. The red ink underscores the uncertainties...
