Charlotte’s Web Holdings said it secured a $56.8 million investment from a British American Tobacco subsidiary, a deal that gives the multinational tobacco giant a 19.9% stake in the Colorado-based CBD and hemp company.
Articles by Roger Fillion :
In what observers say is a sign that California’s struggling legal cannabis industry is slouching toward a long-predicted “extinction event,” a major Southern California brand in the middle of ambitious expansion plans was recently sued by its landlord after falling behind on millions of dollars in lease payments.
While business around the world shuttered as COVID-19 spread, the marijuana industry was deemed “essential” in nearly 30 states and stood to gain from the pandemic.
But more than two years later, amid rising inflation and fears of a recession, North American cannabis companies are cutting hundreds of jobs, closing retail outlets and cultivation facilities or shuttering altogether.
Voters will decide whether to legalize commercial sales of adult-use marijuana in as many as five states during the November midterm elections, while medical cannabis could get on the ballot in Nebraska.
A recreational marijuana legalization referendum will be on the ballot in Maryland after state lawmakers voted in April to put the question before voters this fall.