Sales, Funding & Banking News

Huge MMJ Interest in British Columbia, But Bans Possible

Entrepreneurs in British Columbia are lining up for Canada’s medical marijuana program, but some communities are trying to keep them out. Health Canada is currently accepting license applications for medical marijuana businesses, and about one quarter of the country’s 450 applications for commercial cultivation of cannabis have come from British Columbia. However, some municipalities in […]

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Breaking: Feds release banking guidance

by CannaBusiness Media Staff The federal government on Friday cleared the way for banks to work with marijuana businesses, removing a major hurdle that has tripped up the cannabis industry in recent years. The US Justice Department and Treasury Department issued joint memos that provide banks with an outline for how to work with the […]

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More Smartphone Apps Join Crowded Market

The market for marijuana smartphone applications is getting even more crowded. The Arizona-based investment firm ML Capital Group announced on Friday that it is stepping into the medical marijuana industry by creating numerous smart phone applications for Apple, Android, Blackberry and Windows phones. The group did not give specifics about the applications, other than to […]

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Banking Bigwig: “Yellow Light” Won’t Fix MMJ Industry’s Problems

The much-anticipated “yellow light” that the banking industry is supposed to receive from the Department of the Treasury and the Department of Justice will not convince financial institutions to work with the cannabis industry, the head of Colorado’s largest banking association said. Don Childears, CEO and president of the Colorado Bankers Association, said that nothing […]

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Inventory, Operations at Stake Under Washington Cultivation Limits

by Fred Dreier Washington State’s cap on recreational marijuana production could create a variety of consequences for the state’s cannabis industry, from price hikes and inventory shortages to an unprofitable system for growers. In 2013 the state’s Liquor Control Board established a

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Week in Review: Millions of Dollars in Recreational Sales for Colorado Retail Shops

By Chris Walsh How much money have retail marijuana shops in Colorado generated since recreational sales began Jan. 1? It’s the billion-dollar question, the answer to which will give us the first real indication of the recreational market’s potential – both in Colorado and in future states that legalize. We don’t have that answer yet. […]

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Utah State Senator Joins MMJ Payment Company

Utah State Senator Curt Bramble may not support medical marijuana in his home state, but he is lending his expertise to the industry. The Republican has teamed up with the Las Vegas-based payment processing company Medical Cannabis Solutions as chairman of the company’s advisory board. It’s an unpaid position; however Bramble said he may receive […]

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At Least $1.2M in Taxes Raised from CO Rec Industry

During the first month of Colorado’s recreational marijuana economy, businesses there have contributed at least $1.24 million in tax revenue to state coffers. The dollar figure comes from an NBC News survey of recreational marijuana retail stores in Colorado. Of the 35 retail businesses that opened on Jan. 1, 18 provided tax numbers to NBC. […]

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HempMedsPX Inks $1 Million Order Via New Distribution Channel

Could home-based businesses – think Amway and Avon – be viable distribution channels for cannabis-related products? HempMedsPX believes so. The company has inked a two-year agreement with an unnamed “home-based business organization” to distribute industrial hemp-based, cannabidiol-rich skin care products. Cannabidiol, or CBD, is a non-psychoactive component of marijuana that provides pain relief without the […]

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VaporBrands, Hemp Inc. to Partner on Vaporizer Business

Cannabis business Hemp Inc. and e-cigarette manufacturer VaporBrands have signed a letter of intent to create a joint venture to develop and distribute a brand of specialty vaporizing products. The products will be sold through existing medical marijuana networks as well as paraphernalia stores, because the products themselves do not contain marijuana. The partnership could […]

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Cannabis Businesses Capitalize on Super Bowl Hype, But Legal Questions Abound

When the Denver Broncos and Seattle Seahawks advanced to the Super Bowl earlier this month, the mainstream media quickly pointed out that both cities are epicenters for the country’s recreational marijuana industry. Since then, cannabis businesses in both cities have been rolling out football-themed advertising, discounts and even marijuana strains to capitalize on the extra […]

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GrowLife, CEN Biotech Partner on Huge Growing Facility

Two marijuana companies are partnering to build a large cultivation facility in Canada, just a stone’s throw away from downtown Detroit. CEN Biotech and Organic Growth International, which is partially owned by GrowLife Inc., are partnering on the $16 million facility, which is being built in Lakeshore, Ontario. When fully operational, the facility could produce up to […]

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