Sales, Funding & Banking News

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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Armored Transport Company Will Cater To Cannabis Businesses

A new security and armored car service is catering to the unique needs of the cannabis industry. Medical Marijuana, Inc. has partnered with security company MPS Security to create a new company called MPS International, which will provide security and armored car services for cannabis businesses. According to a company press release, MPSI will provide […]

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Financial Firm Debuts Cannabusiness Stock Index

A new financial measure aims to help cannabusiness investors and entrepreneurs track the performance of the broader industry. Mentor Capital has developed a Cannabis Stock Index, a weighted average of the prices of selected industry stocks. Given the heavy fluctuations in price and volume that are common to cannabis industry stocks, the index will try […]

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MediSwipe Lands $1.1 Million in Funding

Investment activity in the cannabusiness industry continues to increase, most recently with a sizable investment in MediSwipe, Inc. The funding commitment is for $1.1 million over six months. It comes from a Chicago-based private equity firm that has previously worked with MediSwipe. In a press release announcing the deal, CEO B. Michael Friedman said the […]

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Holder Confirms DOJ Prepping Guidance for MMJ Banking

The federal government will issue regulations soon allowing banks to work with marijuana businesses, US Attorney General Eric Holder said Thursday. But it’s unclear what exactly the banking accommodation will entail. While Holder twice mentioned “regulations,” a Justice Department spokesperson later said that the attorney general was referring to “guidance” for prosecutors, according to Politico. […]

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Credit Card Companies Easing Up on Cannabis Industry?

Dozens of recreational marijuana stores in Colorado are allowing customers to purchase cannabis with credit cards or ATM cards. The news has sparked discussion within the industry, as credit card companies have previously maintained a hard line against working with cannabis businesses. The reason for the rise in credit card usage could be because Visa […]

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Denver Joins Chorus Calling for Marijuana Banking Access

With an eye on the millions of dollars in revenue generated over the past week by recreational cannabis stores in Colorado – much of it in cash – the Denver City Council is urging the federal government to pave the way for marijuana banking services. On Monday evening, the council passed a proclamation supporting the […]

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