Marijuana Sales, Funding & Banking News

Rhode Island medical cannabis sales hit new highs

Rhode Island’s medical marijuana market is posting record numbers, with the state’s three MMJ retailers on track to total about $56 million in sales this year, up $17.8 million, or 46.6%, from last year. The Providence Journal reports area doctors, including those in nearby Massachusetts, have written recommendations for MMJ to the more than 18,000 registered […]

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West Virginia law clears path for medical marijuana banking

West Virginia’s governor penned a medical cannabis banking bill into law that will allow financial institutions in the state to bid on providing banking services surrounding the state’s MMJ program, MetroNews reported. That clears one obstacle to the rollout of the West Virginia’s program. House Bill 2538, which Gov. Jim Justice signed Tuesday, also institutes the Treasurer’s […]

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Cronos Group reports boosted cannabis revenue but wider losses in Q4

Cronos Group, a Toronto-based licensed cannabis party, posted sizable fourth-quarter revenue, the company said in an earnings report Tuesday, but its net loss for the period grew sharply – fueled in large part by financial reporting requirements. Cronos reported fourth-quarter revenue of 5.6 million Canadian dollars ($4.2 million) for the period ended Dec. 31, 2018, up nearly 250% […]

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BlackRock discloses $11M investment in medical marijuana firm Curaleaf

BlackRock, one of the world’s largest money managers, disclosed in regulatory filings that its funds have an $11 million stake in Curaleaf Holdings, a Massachusetts-based medical cannabis company. While the investment is tiny for BlackRock, which has nearly $6 trillion of assets under management, the stake is one of the first publicly disclosed investments by a […]

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Cannabis financier Gotham Green Partners to invest up to $250 million in MedMen

MedMen, a California-based multistate marijuana operator, said it will receive an investment of up to $250 million from private equity fund Gotham Green Partners (GGP). The investment – a convertible credit facility – is believed to be the largest to date by a single investor in a publicly traded cannabis company with U.S. operations. The money […]

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Illinois Senate panel passes bill to protect banks serving cannabis businesses

An Illinois senate committee voted to advance a bill that would prohibit the Illinois Department of Financial and Professional Regulation from taking any action that would penalize or dissuade banks and credit unions from serving legal marijuana-related businesses. Even if the bill becomes law, Capitol News Illinois noted, financial institutions that do business with marijuana companies […]

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Cannabis extraction company Nextleaf begins trading on CSE

Vancouver, British Columbia-based Nextleaf Solutions has begun trading on the Canadian Securities Exchange (CSE) under the ticker symbol OILS. The company uses its technology to extract and process cannabinoid distillate, which can be used for premium infused products. Nextleaf said it has completed the construction of an extraction and processing facility in the Vancouver area and […]

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