Sales, Funding & Banking News

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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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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Oregon marijuana firm lands $12.5M from Canada’s Tidal Royalty to fund expansion

Oregon-based Diem Cannabis is poised to enter a new market after landing upwards of $12.5 million in financing from Toronto-based Tidal Royalty Corp. The capital will be used over the next three years to develop and operate a large-scale cultivation and processing facility and up to four dispensaries, all in Massachusetts, the firms announced in […]

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State leaders seek banking solution for cannabis industry

Louisiana’s top banking regulator has joined colleagues in other marijuana-legal states asking the U.S. Congress to clear the way for banks to do business with the marijuana industry. John Ducrest, commissioner of Louisiana’s Office of Financial Institutions, was one of the state financial regulators who signed a letter to congressional leaders last week seeking “safe […]

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PA medical cannabis growers/processors on pace for $5M in sales in first year

Pennsylvania’s medical marijuana sales began in February 2018, and according to the latest tax revenue data, the state’s 12 growers and processors are estimated to have sold slightly more than $1.2 million of medical cannabis through April. Such a pace could mean at least $5 million in sales in the MMJ program’s first year, with four full […]

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California decides against state-chartered banking for marijuana industry

California lawmakers shelved a plan that would have allowed private banks to handle the money being generated by the legal cannabis industry. The proposal was put on ice after a legislative analysis determined it would face significant obstacles, including a lack of protection for state banks from federal law enforcement, the Los Angeles Times reported. The […]

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Breaking down the big deal behind Constellation’s bet on cannabis and Wall Street’s involvement

Constellation Brands’ multibillion-dollar wager on Canopy Growth is huge – record setting even – but a much larger story is lighting up across the cannabis industry: Wall Street has arrived. Financial heavyweights Goldman Sachs and Bank of America Merrill Lynch are officially dabbling in the marijuana industry now, which is a move observers call a […]

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California cannabis icon Harborside to go public in Canada via CA$200M deal

Harborside announced Monday it will go public in Canada through a reverse takeover that will allow the iconic California marijuana company to trade on the Canadian Securities Exchange (CSE). Under the terms of the deal, Toronto-based Lineage Grow Co. will acquire all outstanding securities of Oakland-based FLRish – which manages Harborside’s retail and dispensary operations – […]

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