Sales, Funding & Banking News

Australian medical cannabis firm expands to Canada with acquisition

Matt Lamers  | July 27, 2017

An Australian medical marijuana company is acquiring Nova Scotia-based Mernova Medicinal for 10.1 million Canadian dollars ($8.1 million) in the latest example of foreign interest in Canada’s booming MMJ market and next summer’s anticipated recreational cannabis rollout.

After the cash-and-equity deal is completed, Creso Pharma will be the only Australian-based cannabis firm …

Cannabis valuations: Finding the right sales price for a marijuana business

John Schroyer  | July 13, 2017

By John Schroyer

Say you’ve had a marijuana business for a few years.

And you’re tired of running it and want to cash out, or maybe you’ve encountered an excited potential buyer looking to get into the industry.

The immediate question is: How much is the company worth?

Canadian cannabis M&As ready to ‘go crazy’: Q&A with Aurora CFO Glen Ibbott

Omar Sacirbey  | July 12, 2017

By Omar Sacirbey

Glen Ibbott had a successful career as a top executive with U.S. life sciences companies worth hundreds of millions of dollars that listed on the Nasdaq Stock Market.

But it wasn’t hard for Canada’s Aurora Cannabis to lure Ibbott north of the border to become the medical marijuana producer’s chief financial officer.

Cannabis credit union gets partial win in court ruling

Bart Schaneman  | June 28, 2017

A Colorado credit union aiming to serve cannabis businesses won a partial victory Thursday when a court ruled the Federal Reserve Bank of Kansas City cannot block access to a special account the firm needs to do business.

The decision is a symbolic triumph for Fourth Corner Credit Union but won’t allow the firm to …

Analysts: High Times sale could buoy cannabis industry

Omar Sacirbey  | June 15, 2017

By Omar Sacirbey

The marijuana industry can expect higher valuations, more capital injections and increased merger and acquisition activity after the sale of High Times and the iconic magazine's Cannabis Cup.

That’s the assessment of analysts following the deal, in which investors paid $42 million for a 60% stake in the company.

Wall Street vet bullish on cannabis: Q&A with iAnthus Capital’s Hadley Ford

Omar Sacirbey  | June 14, 2017

By Omar Sacirbey

In 14 years on Wall Street, Hadley Ford was involved in more than 150 deals worth billions of dollars. He later co-founded and scaled a cancer treatment facility to more than 300 employees and $100 million in annual revenue.

In 2014 he moved to the cannabis sector by founding iAnthus Capital.

Study: California rec marijuana sales to surpass $5B annually

Omar Sacirbey  | June 12, 2017

California’s looming legal recreational marijuana market eventually will total more than $5 billion in annual sales, but the black market will continue to provide substantial competition, according to a study by the University of California Agricultural Issues Center.

Contracted by the the state's Bureau of Marijuana Control, the study mirrors Marijuana Business Daily's projection in May that …

Chart: U.S. marijuana industry’s economic impact to approach $70B by 2021

Eli McVey  | June 12, 2017

By Eli McVey

The U.S. cannabis industry is poised to inject nearly $70 billion on an annual basis into the American economy by 2021, an eye-popping figure that underscores the broader economic impact for towns and municipalities that accept legal marijuana businesses into their communities.

Investors buy High Times, Cannabis Cup in $42M deal

John Schroyer  | June 1, 2017

A group of investors led by a Los Angeles investment firm have purchased a controlling stake in the oldest cannabis-centric magazine in the United States, High Times - along with its signature event, the Cannabis Cup - in a transaction valued at about $42 million.

The new owners have rebranded the company as High Times Holding …

Chart: Retail marijuana sales vs. other industries & goods

Eli McVey  | May 30, 2017

By Eli McVey

With revenue of $4 billion-$4.5 billion, sales of legal recreational and medical marijuana in 2016 topped those of Viagra and Cialis, paid music streaming services, tequila and Girl Scout Cookies.

It’s a notable milestone for an industry still very much in its infancy.

Cannabis social media site MassRoots needs $5M to stay afloat

Omar Sacirbey  | May 25, 2017

MassRoots, a popular marijuana-focused social media platform, said in its quarterly financial filings that the company is running low on capital and will need to raise $5 million in the next year “to continue to fund operations.”

The Denver-based business added that it expects to be able to raise most of that sum by exercising warrants.

“We are …