Sales, Funding & Banking News

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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Stock-based compensation drives up MassRoots’ red ink to $44M in 2017

Turmoil-plagued marijuana tech company MassRoots suffered a $44.3 million loss in 2017, a large portion of which can be attributed to $22 million in stock-based compensation the company handed out during the year. Losses in 2016 totaled $18 million. The Denver-based company’s annual report, filed Tuesday with the U.S. Securities and Exchange Commission, also revealed the […]

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Canadian cannabis companies find funding alternative with debt financing

Canada’s capital-hungry cannabis companies are increasingly turning to debt financiers to fuel growth as the country marches toward legalization late this summer. With no marijuana sales yet and lingering regulatory hurdles, some lenders – namely the big banks – have been hesitant to step in. That has allowed firms like Cannabis Wheaton, CannaRoyalty’s Trichome Yield […]

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Cannabis firm MedMen outlines plans to go public in Canada

It’s no secret that Los Angeles-based MedMen has plans to go public in Canada. But this week, the multistate marijuana company fully outlined how it expects to achieve that goal: a reverse takeover. MedMen has signed a letter of intent with Toronto-based OutdoorPartner Media Corp. to combine the two firms’ business operations under the MedMen […]

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Kush Bottles acquires cannabis extraction supply company

One of the larger ancillary U.S. cannabis companies announced Tuesday that it just got even bigger. California-based Kush Bottles revealed in a news release that it acquired Colorado-based Summit Innovations, a purveyor of hydrocarbon gas used by marijuana extract producers, through a merger agreement. “Integrating this broad gas portfolio into our large distribution platform will […]

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New York firm raises $18.7 million for cannabis investments

Altitude Investment Management, a cannabis-focused investment firm in New York, raised $18.7 million for its debut fund, Altitude Investment Partners. Altitude hopes to raise a total of $50 million for the new fund and in a news release called the $18.7 million raise a “significant milestone” towards that goal. More than 50 investors contributed to […]

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Banking giant: Cannabis retailer’s logo is too similar

New York-based Citigroup is asking a California marijuana dispensary to get rid of a logo that it asserts looks like the logo of its banking subsidiary Citibank. According to the New York Post, Citigroup made the request after the newspaper asked if the firm was affiliated with Citidank, a dispensary in Cathedral City, California. This is not […]

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Marijuana infused products firm lands $6 million in funding

A California-based cannabis infused products manufacturer on Monday closed a roughly $6 million Series B capital raise in the latest sign of rapid growth in that sector of the marijuana industry. Plus Products, headquartered in Palo Alto, announced in a news release it intends to invest the money in automation, product development and expansion of […]

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Week in Review: Illinois’ MMJ banking, Massachusetts’ rec licensing & Florida lawsuit

An Illinois bank stops serving Illinois medical marijuana businesses, Massachusetts begins its recreational cannabis licensing process, and a Florida MMJ company takes the state to court. Here’s a closer look at some notable developments in the marijuana industry over the past week. Illinois banking issue The Bank of Springfield’s decision to quit working with Illinois […]

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Marijuana businesses experimenting with blockchain technology, but skeptics persist

A small yet growing number of marijuana businesses are adopting or experimenting with a nascent technology born out of the cryptocurrency phenomenon. Advocates say the technology, known as blockchain, could potentially: Solve the payment and banking hurdles facing cannabis businesses. Help companies obtain loans. Be used for seed-to-sale tracking – a common requirement in legal […]

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Illinois medical marijuana companies losing primary bank

Bank of Springfield, the main financial institution that serves Illinois medical marijuana businesses, will stop working with the state’s MMJ industry, forcing local cannabis companies to deal in cash or find another alternative. According to the Chicago Tribune, the bank informed its clients last month that their accounts will be closed May 21. The move […]

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Cannabis-friendly states want meeting with US attorney general

California, Oregon and other states where marijuana is legal are seeking a meeting with U.S. Attorney General Jeff Sessions in hopes of resolving the conflict between federal and state laws that has left the nation’s cannabis industry in legal limbo. State treasurers from California, Oregon, Illinois and Pennsylvania told Sessions in a letter Thursday that businesses […]

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