Briefs

As expected, Ohio misses deadline for medical marijuana rollout

Ohio blew past Saturday’s deadline for rolling out its potential $400 million medical cannabis program, but many in the industry are confident better days are coming soon. It’s not uncommon for state marijuana programs to be delayed, sometimes for years, by legal, regulatory or logistical snags, said Tom Rosenberger, executive director of the National Cannabis […]

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L.A. crackdown: 105 unlicensed cannabis firms, 500-plus people targeted

Los Angeles prosecutors have filed misdemeanor charges against 515 people in a clampdown on 105 illegal marijuana businesses in the city – a move that could benefit legal MJ companies by helping to eliminate black-market rivals. The businesses targeted include retail shops, delivery services and cultivation operations, of which nearly two dozen have closed since […]

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Nevada marijuana business faces flurry of financial fraud suits

CWNevada, one of Nevada’s largest cannabis companies, has been sued for alleged fraud, failure to repay millions of dollars to its lenders and misusing intellectual property. “While local and national media outlets report on the unprecedented success of Nevada’s regulated marijuana market, CWNevada management has managed to run the business into the ground,’’ claimed a […]

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FL cannabis lobbyist turned political candidate sees second bank account shut

A second bank has terminated the campaign account of Nikki Fried, a pro-medical marijuana Democrat who is running to become Florida’s agriculture commissioner. Fried said the bank, BB&T of Winston-Salem, North Carolina, took the step because of her support for MMJ. The move highlights the banking industry’s reluctance to work with marijuana businesses and even […]

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Former North Dakota AG leads new group opposing legalized marijuana

As North Dakota voters look to decide whether to approve adult-use cannabis in the state’s November general election, opposition is mounting. Former North Dakota Attorney General Bob Wefald is reportedly leading a statewide campaign against Measure 3, the ballot initiative to legalize recreational marijuana. Fargo TV station KVRR reported that a variety of groups are opposing the measure, […]

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MedMen inks CA$75M equity financing deal to expand US cannabis operations

Los Angeles-based MedMen Enterprises says it expects to raise up to 75 million Canadian dollars ($57 million) in a bought-deal equity financing plan, with the proceeds to be used to expand its U.S. retail footprint. Here’s a rundown of the deal: Toronto-based Eight Capital and Cormark Securities – as co-lead underwriters and joint bookrunners – […]

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California marijuana company Canndescent closes $13 million funding round

California marijuana cultivator Canndescent announced Thursday that it has closed a $13 million Series C Convertible funding round to help finance the company’s expansion into new state markets. The company also will use the money to bankroll a second cannabis brand and new product lines. Canndescent, which already specializes in pre-rolled joints and premium cannabis […]

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SEC sues cannabis investment fund, warns investors about MJ industry ‘scam artists’

The U.S. Securities and Exchange Commission charged a marijuana-focused investment fund with bilking investors out of more than $3 million and simultaneously warned the public about “scam artists” exploiting “hot” industries such as cannabis. In a lawsuit, the SEC accuses Texas-based Greenview Investment Partners and its founder, Michael Cone, of using misleading marketing materials and bogus promises of […]

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Ontario signs up first marijuana accessories suppliers

The Ontario Cannabis Store (OSC) – the province’s government-operated wholesaler and online retailer – inked deals with 10 accessories suppliers to provide products to offer alongside recreational marijuana when sales begin next month. The companies’ products include vaporizers, pipes and grinders. Recreational cannabis and accessories will be sold in Ontario through the government’s online retailer […]

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New Jersey flooded with applications for six medical marijuana licenses

New Jersey received 146 applications for six new medical marijuana licenses, an expansion that will double the number of MMJ businesses in a rapidly growing market. Applicants had to identify the region of the state where they would like to operate an MMJ business, which New Jersey calls alternative treatment centers. There were 50 applicants in […]

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Judge: Oregon county’s lawsuit against state cannabis law should be dismissed

A federal lawsuit filed by a southern Oregon county with a large number of cannabis growers looks likely to fail after a magistrate judge recommended the case be tossed out. Josephine County’s lawsuit argues that the state’s cannabis industry is preempted by the federal government’s prohibition on marijuana, the Portland Business Journal reported. But Judge Mark D. […]

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Mississippi group starts drive to get medical marijuana on 2020 ballot

A group in Mississippi, one of the country’s most conservative states, is aiming to put what looks to be a business-friendly medical marijuana initiative on the ballot in 2020. Medical Marijuana 2020 plans to start collecting signatures next week, according to state Rep. Joel Bomgar, a Republican who is on the group’s steering committee. The […]

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