Marijuana Sales, Funding & Banking News

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 […]

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MMJ expansion moves forward in NJ, cannabis banking, Canada shortages toll & more

New Jersey legislators advance a medical marijuana program expansion, state banking associations get behind federal banking reform, Canada’s cannabis shortage has international implications – plus other important news from around the industry. New Jersey MMJ expansion on track The Garden State’s legislature is moving toward approving a major expansion of its medical cannabis program, which to […]

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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 […]

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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 […]

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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 […]

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CA Senate votes to allow banks, credit unions to accept marijuana retailer deposits

The California Senate voted almost unanimously to pass a bill that would allow banks and credit unions to accept cash deposits from cannabis retailers. The 35-1 vote would allow banks to issue special checks to the retailers that could be used for certain purposes, including paying taxes or California-based vendors. State lawmakers also say such […]

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Canadian cannabis producer Organigram to list on Nasdaq

Organigram, a New Brunswick-based marijuana producer, will begin trading on the Nasdaq on May 21. The company will join other major Canadian producers listed on senior U.S. exchanges, such as Aurora Cannabis, Canopy Growth, Cronos and Tilray. Organigram will continue to maintain its TSX Ventures Exchange listing but will cease trading on U.S. over-the-counter markets […]

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