Sales, Funding & Banking News

Another big Canadian bank dips toes in marijuana sector

A new report on Canada’s legal marijuana industry by the country’s fourth-largest bank signals growing interest in the sector among institutional investors, which until recently have been extremely cautious in their approach to cannabis businesses. Analysts on CIBC’s Institutional Equity Research team estimate that legal retail sales of recreational marijuana will reach 6.5 billion Canadian […]

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Dallas marijuana investment firm starts $50 million fund

Dallas-based marijuana investment firm Cresco Capital Partners has launched a second fund and plans to raise $50 million to pump into cannabis companies. Cresco Managing Partner Matt Hawkins said the firm has raised $10 million to date, attracting investment dollars from wealthy family offices in Dallas, according to the Dallas Business Journal. The publication noted the […]

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Emerald Health Therapeutics buys Canadian cannabis grower for CA$90 million

British Columbia-based cultivator Emerald Health Therapeutics signed a deal worth 90 million Canadian dollars ($70 million) to buy rival cannabis producer Agro-Biotech. The agreement expands Emerald’s (TSXV: EMH) footprint into Quebec, Canada’s second largest province. Based in Saint-Eustache, Agro-Biotech is one of six licensed marijuana producers in Quebec. The startup is on pace to have a […]

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Cannabis companies MedReleaf, Aurora confirm merger talks, but no deal yet

Two of Canada’s leading marijuana producers, MedReleaf and Aurora Cannabis, confirmed they have held merger talks, but no agreement has been reached. In separate statements issued Thursday, MedReleaf and Aurora acknowledged that discussions were underway. Trading in both companies’ shares was halted temporarily on the Toronto Stock Exchange. MedReleaf is traded on the TSX as LEAF and Aurora as ACB. […]

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New SBA lending rules could curb loans to marijuana and hemp businesses

The U.S. Small Business Administration updated its lending guidelines with new rules that could have a major impact on businesses servicing the marijuana and hemp industries – not just plant-touching companies. The revised guidance, published in early April, prohibits banks from issuing SBA-backed loans to any company that has a direct business relationship with a cannabis or […]

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Canadian cannabis grower Green Organic Dutchman ups likely proceeds from IPO

Green Organic Dutchman, a Canada-based medical marijuana grower, has revised upward the proceeds the company expects to generate from its upcoming initial public offering on the Toronto Stock Exchange, reflecting stronger investor demand. The Toronto company said it now expects to raise between a minimum of $102 million Canadian dollars ($79 million) through the sale of 28,000 […]

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Medical cannabis firm AltMed lands $35.4 million to bolster US, international growth

Alternative Medical Enterprises, a multistate medical marijuana producer and dispensary operator, has secured $35.4 million in a private placement financing from a Pennsylvania-based investment group. The massive investment will allow the Sarasota, Florida-based firm to launch a major expansion in the United States and internationally, said Matthew Duffy, president and chief operating officer of the […]

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Organigram’s quarterly earnings rebound, boosted by sales of marijuana oil, flower

Massive sales spikes in cannabis oil and flower boosted both profits and sales for Organigram Holdings, as the Canadian company returned to the black during the latest quarter while it charts a path for international expansion. The Moncton, New Brunswick-based licensed cultivator posted net income of 1.1 million Canadian dollars ($860,000) in the three months ended Feb. […]

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Marijuana-infused products maker Dixie Brands lands $4M in funding

Dixie Brands, a marijuana-infused products maker in Denver, landed $4 million in its latest funding round. The company is the parent of Dixie Elixirs, which offers a range of cannabis-infused drinks, sweets, topical ointments and other products. Dixie Brands CEO Chuck Smith said the money will be used for product and distribution expansion, according to BusinessDen.com. […]

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Michigan wants to help medical cannabis companies with banking alternatives

Michigan regulators are trying to tackle the thorny issue of banking services for companies in the cannabis business, but it doesn’t appear that a solution is immediately obvious. According to a Michigan NPR affiliate, the lack of financial services for most of the medical marijuana industry – which the state is currently in the process […]

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Canada’s CannaRoyalty continues California cannabis investment spree

CannaRoyalty signed a multimillion-dollar deal to acquire FloralCal Farms, a move that expands the Ontario-based firm’s California portfolio. Highlights of the transaction include: Total purchase price of Sonoma County-based FloralCal includes 1.3 million Canadian dollars ($1 million) in cash and 3.5 million shares of CannaRoyalty. CannaRoyalty will provide an additional CA$3.8 million in cash and 3.5 million […]

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