Sales, Funding & Banking News

US Senate panel balks at cannabis banking bill

Efforts to address the marijuana industry’s banking woes were dealt a second blow this month by a top Congressional committee. The Senate Appropriations committee voted 21-10 to sideline an amendment that would have offered protections for financial institutions that open bank accounts for legal cannabis firms. The move follows the recent defeat of a parallel amendment […]

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Week in Review: Cannabis banking confusion, medical marijuana vs. opioids in NY & MMJ defeat in US Tax Court

Landmark news comes from Canada this week as it becomes the first G-20 nation to legalize recreational cannabis. Read more about that here.

In the United States, cannabis banking reform advocates get mixed signals, New York plans to allow the use of medical marijuana in lieu of opioids, and U.S. Tax Court denies a Colorado MMJ company’s business deductions.

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Cannabis foes crow about MJ banking measure stalling in congressional committee

A pro-cannabis industry banking amendment stalled this week in a House of Representatives committee, and marijuana opponents quickly crowed that “Big Pot” had suffered a defeat. But the development illustrates the political war for marijuana reform is far from over, despite big industry names throwing serious capital at Washington DC lobbying efforts. “Allowing banking access to the […]

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Week in Review: Colorado’s flat marijuana sales, Nevada’s new MJ opportunities & Alaska’s cannabis tax ideas

Monthly cannabis sales in Colorado are flat for the first time since the state launched adult use, Nevada offers a select group additional opportunities in its recreational market, and Alaska weighs the idea of a new excise tax tier for marijuana cultivators. Here’s a closer look at some notable developments in the cannabis industry over the […]

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Fed Reserve chair: Without lawmakers’ guidance, banks can’t take cannabis money

The chairman of the Federal Reserve signaled at a news conference the central bank is not prepared to give federally chartered banks a green light to serve marijuana businesses in legal markets – at least until lawmakers clarify discrepancies between state and federal law. “This is a very difficult area, because many state laws permit […]

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US marijuana company Green Thumb Industries makes trading debut in Canada

Green Thumb Industries has joined the ranks of a growing list of cannabis firms to go public in Canada’s booming marijuana market, debuting on the Canadian Securities Exchange under the ticker symbol GTII. Increasingly, U.S. marijuana companies are turning to Canada’s public markets to tap easier-to-access capital.

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Ancillary cannabis firm Kush Bottles poised to grow with $36 million raise

Cannabis packaging and supply firm Kush Bottles (OTC: KSHB) is on the prowl for new business opportunities after closing a registered direct offering worth $36 million. The direct offering included 7.5 million shares of common stock and warrants to purchase 3.75 million shares at a combined price of $4.80, the Santa Ana, California-based firm announced. The company […]

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Marijuana venture fund Phyto Partners closes $14 million raise

Phyto Partners, a cannabis-focused venture capital fund, has closed its second fund – raising $14 million from a group of limited partners. Based in Boca Raton, Florida, Phyto has already begun investing capital from the fund into two of its 12 portfolio companies: Marijuana Doctor, a physician network in Florida. Phyto Partners is the lead investor […]

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Marijuana industry banking woes: Here’s how some states are struggling to address them

U.S. cannabis companies are forecast to bring in as much as $10 billion in retail sales this year, according to the Marijuana Business Factbook 2018. But much of that money will go unbanked by financial institutions wary of possible sanctions for servicing businesses considered federally illegal. However, as more states legalize cannabis, regulators and lawmakers are […]

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