Sales, Funding & Banking News

Arizona medical marijuana sales increased 41% in 2018

Medical marijuana sales in Arizona grew by 41% from 2017 to 2018, outpacing the growth of the patient pool by 2-to-1, according to a new report. The state health department reports that medical cannabis patients consumed nearly 122,000 pounds of marijuana in 2018, up from 87,000 pounds in 2017. However, the number of patients increased 20%, […]

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Oklahoma posts nearly $1M in medical marijuana sales in December

Oklahoma retailers sold nearly $1 million worth of medical cannabis in December, which are strong numbers for a relatively new market with limited product availability and few open dispensaries. Oklahoma voters approved a medical marijuana state question in June, and the industry has taken off quickly. More than 30,000 Oklahoma patients and nearly 900 dispensaries […]

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West Virginia AG: Banks risk defying fed law when serving medical cannabis firms

West Virginia’s financial institutions face risks when providing banking services to medical marijuana businesses because cannabis is illegal under federal law, the state’s attorney general, Patrick Morrisey, wrote in a new opinion. Banking has been one sticking point in the rollout of West Virginia’s medical cannabis program, which has been delayed by disagreements over rulemakings. According […]

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Chart: Multistate cannabis operators rapidly expanding into new markets

The fragmented, state-by-state nature of the marijuana industry historically has been dominated by small, local players, but larger, publicly traded companies with multistate operations are becoming an increasingly prevalent force. Rapid consolidation and expansion among cannabis companies dominated 2018 with more than 300 mergers and acquisitions and a rash of reverse takeovers that allowed U.S. […]

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Cannabis data firm Headset raises $12M as Canada’s Canopy acquires stake

Seattle-based marijuana data and analytics provider Headset raised $12.1 million for expansion, with Canadian marijuana giant Canopy Growth Corp. acquiring a key stake. Toronto-based Canopy Rivers, the venture-capital arm of Canopy Growth, invested $3.1 million in Headset preferred shares through a funding round led by San Francisco-based Poseidon Asset Management and AFI Capital Partners of […]

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Massachusetts medical marijuana provider raises $12.5 million to boost growth

Middlesex Integrative Medicine is joining forces with Full Moon Investments in a $12.5 million deal through which the private fund will take an equity stake in the Boston-based provider of medical cannabis. The transaction provides Middlesex access to more capital to build out its cultivation and laboratory facilities as well as three planned dispensaries. It […]

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Green Thumb signs $80M deal to acquire Connecticut medical marijuana firm

Green Thumb Industries (GTI), a vertically integrated, multistate cannabis company, signed a definitive agreement to acquire Connecticut’s Advanced Grow Labs in a deal valued at roughly $80 million. Advanced Grow Labs, one of only four licensed medical marijuana cultivation and processing companies in the state, owns a 41,000-square-foot manufacturing facility in West Haven and a 46% […]

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Chart: Maryland’s first-year medical marijuana sales approach $100 million

Maryland’s slow-to-start medical marijuana industry made up for lost time, zooming toward $100 million in first-year sales. Maryland brought in $95.4 million in dispensary sales between Dec. 1, 2017, and Nov. 30, 2018, averaging 21% monthly growth and peaking in November at $13.8 million. That total surpassed first-year MMJ sales in Illinois, Massachusetts and New […]

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