Sales, Funding & Banking News

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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Week in Review: California-Canada union, New Jersey’s MMJ expansion & a GOP thumbs-up for hemp

A Canadian cannabis business buys three California MJ companies, New Jersey expands its medical marijuana program, and a key Republican goes to bat for industrial hemp. Here’s a closer look at some notable developments in the marijuana industry over the past week. Northern invasion The announcement that yet another Canadian company – Ontario-based CannaRoyalty Corp. […]

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Week in Review: MedMen-Cronos alliance, California MJ business licensing & Arkansas’ MMJ woes

MedMen strikes up a cannabis partnership with Canada’s Cronos Group, California’s Humboldt County considers reopening its licensing process, and a judge tells Arkansas to stop issuing medical marijuana licenses. Here’s a closer look at some notable developments in the marijuana industry over the past week. Brave new world? Multistate cannabis giant MedMen’s collaboration with a […]

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Marijuana employment company raises $2.5 million

A cannabis industry-focused job recruitment firm has raised $2.5 million in seed funding. Denver-based Vangst will use the capital to expand its online jobs marketplace and improve recruiting technology and internal infrastructure, according to a company news release. The funding round was led by Lerer Hippeau, a New York-based venture capital firm with worldwide investments. […]

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Snoop Dogg’s venture capital firm leads CA$4.3M raise for Canadian cannabis company

It didn’t take long for Snoop Dogg’s venture capital firm to invest some newly raised capital. Only a week after closing a $45 million funding, the rapper’s Casa Verde Capital on Monday led a 4.3 million Canadian dollar ($3.3 million) seed investment in Green Tank Technologies, a Toronto-based vaporization hardware developer. According to a news release, […]

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Viridian: Investment money pouring into cannabis industry

Investors pumped $1.23 billion into the legal marijuana industry during the first five weeks of 2018, nearly matching the $1.29 billion in investments in all of 2016. The $1.23 billion is nearly 600% more than the $178 million invested in cannabis during the first five weeks of 2017, according to research by New York-based Viridian […]

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Cannabis credit union accuser faces own lawsuit as questions swirl over company’s banking efforts

The legal and financial uncertainties overhanging a Colorado credit union that serves cannabis businesses have an added wild card: The executive who recently filed a wrongful termination lawsuit against Partner Colorado Credit Union and its high-profile CEO has his own legal problems. Matt Cochran – who was hired last summer by Partner Colorado CEO Sundie […]

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Louisiana State University’s cannabis cultivation contractor sells 15% stake

GB Sciences, a Las Vegas company contracted to develop the Louisiana State University AgCenter’s medical marijuana products and manufacturing program, has sold a 15% stake in the venture. Wellcana Group, which was formed last month in Lafayette, Louisiana, paid $3 million for its share of the project, The Advocate reported. The capital will be used for […]

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Colorado marijuana sales break another record, hit $1.5 billion in 2017

Despite falling marijuana prices, annual sales in one of America’s oldest regulated recreational cannabis markets have yet to plateau and instead continue to break records. Colorado’s marijuana stores rang up a record $1.5 billion in sales of medical and recreational cannabis, edibles and concentrate products in 2017, according to data released by the state’s Department of […]

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New disclosure rules open door to fresh funding, M&As for Canadian cannabis companies in US

The flow of financing and acquisitions involving cross-border marijuana companies is expected to pick up after new risk-disclosure rules were unveiled last week that provide greater clarity for Canadian companies with U.S. operations, said analysts and executives. The updated requirements from the Canadian Securities Administrators (CSA) were anticipated after the regulatory group said in January it would […]

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