Cannabis Industry & Marijuana Business Briefs

Hearing begins for Nevada marijuana businesses claiming state licensing bias

Attorneys for dozens of Nevada marijuana businesses began a multiday hearing before a judge they’re asking to temporarily freeze new dispensary licenses in the state’s booming recreational cannabis market. MJ firms that lost bids for new licenses last December are challenging the criteria and personnel the state used to score the 462 applications for 61 […]

Read More

Arkansas medical cannabis dispensary sued for trademark infringement

Doctors Orders Pharmacy, a White Hall, Arkansas-based chain of drugstores, filed a federal trademark infringement lawsuit this week against Doctors Orders Rx, one of the state’s two operating medical marijuana dispensaries. The situation underlines why marijuana firms should carefully consider legal due diligence as they develop names and marketing materials – or face similar lawsuits. The pharmacy […]

Read More

Cannabis oversupply in Canada ‘may be closer than some expect,’ bank warns

One of Canada’s top banks acknowledged the rocky start for the adult-use cannabis industry, but still expects to see “substantial growth” for the rest of the year as supply constraints are alleviated. Scotiabank also warned that the cannabis market will become heavily oversupplied in the medium- to long-term. “Producers we have spoken to are generally […]

Read More

MA authority approves acquisition of Sira Naturals by Canadian marijuana firm

The Massachusetts Cannabis Control Commission approved what is believed to be the first sale of a marijuana business in the state. Sira Naturals, which owns three dispensaries in the Boston area, is being sold to Cannabis Strategies Acquisition, a Toronto-based company that invests in cannabis businesses. Last week, regulators delayed a vote on the deal […]

Read More

Colorado gov inks bill allowing medical marijuana as opioid alternative

Colorado Gov. Jared Polis signed a measure that will allow physicians to recommend medical cannabis in lieu of opioids. The move could buoy sales of medical marijuana, which have declined as purchases of adult-use cannabis have soared. The new law is scheduled to go into effect Aug. 2, the Denver Post reports. In 2017, 3.7 million opioid […]

Read More

Utah governor blasts feds for inaction on cannabis banking, medical research

Utah Gov. Gary Herbert said the federal government “oughta be ashamed” for its “lack of action and attention” on cannabis policy reform, including steps to encourage marijuana banking and medical research. The Salt Lake Tribune reported Thursday that Herbert, a Republican, said Utah’s medical marijuana program faces policies that hinder doctors from recommending medical marijuana and federal […]

Read More

MI House supports federal act to protect banks doing business with marijuana firms

Michigan House legislators adopted a resolution that asks the U.S. Congress to make laws providing protection to banks that take medical cannabis businesses as customers. The resolution urges Congress to pass the Secure and Fair Enforcement Bank Act (SAFE Act) and notes that “because of the federal prohibition, there is an extreme risk to provide financial […]

Read More

New Jersey Assembly approves medical cannabis expansion

The New Jersey Assembly on Thursday voted 65-5, with six abstentions, to expand the state’s medical marijuana program, a measure that could significantly boost sales in what has become a fast-growing market. The measure paves the way for the state to issue additional business licenses, cannabis home delivery and a more-liberal MMJ recommendation process. MMJ […]

Read More

Marijuana firm MedMen closes initial $80 million in funding from Gotham Green

MedMen, a multistate cannabis company based in California, said it closed on an initial $80 million tranche of funding from New York private equity group Gotham Green Partners (GGP). The money is the first part of a $250 million convertible credit facility with GGP that MedMen secured in March. More details on the funding can […]

Read More

TerrAscend reports quarterly net loss on cannabis revenues of CA$14.6 million

TerrAscend, a Toronto-based vertically integrated marijuana company, reported revenues of 14.6 million Canadian dollars ($10.95 million) for the quarter ended March 31, 2019, with a net loss of CA$11.2 million. The company did not report revenues for the comparable quarter in 2018. Its net loss for that period was CA$2.35 million. During the quarter, TerrAscend […]

Read More

Maine regulators urged to put small recreational marijuana businesses first

Maine cannabis enthusiasts used a public hearing on Thursday to implore regulators to protect the small businesses and growers they think should make up the backbone of the state’s budding marijuana industry. The Maine Office of Marijuana Policy held the public hearing about the state’s draft recreational marijuana rules, which are nearing approval after years […]

Read More