Marijuana Sales, Funding & Banking News

25 local governments in CA sue state to block home marijuana delivery

A coalition of 25 California municipalities and one county that ban marijuana sales have sued the state, claiming that allowing home delivery in their jurisdictions violates the law. The suit, if successful, could significantly affect cannabis sales by eliminating a market segment that otherwise could have been served via home delivery. That’s because roughly 80% […]

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Illinois Senate OKs bill to shield banks serving marijuana businesses

The Illinois Senate on Thursday passed legislation that would bar state regulators from penalizing or discouraging banks and credit unions from serving cannabis businesses. Senate Bill 2023, however, would have limitations if it becomes law. Financial institutions that do business with marijuana companies would still face possible prosecution by federal authorities. More information about the […]

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Evolve to launch ETF focused on US marijuana stocks

Evolve Funds Group, a Toronto-based fund manager with assets of 430 million Canadian dollars ($322.5 million), plans to launch an exchange-traded fund (ETF) focused on U.S. cannabis stocks. The U.S. Marijuana ETF would follow on the heels of the company’s Evolve Marijuana Fund (SEED), which, according to Bloomberg data, is Canada’s top equity ETF performer […]

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Multistate cannabis operator Vertical closes $58 million Series A funding round

Los Angeles-based Vertical Companies – a vertically integrated multistate cannabis firm – closed a $58 million Series A funding to build out the company’s footprint and bring its brands to market. The company originally targeted a $20 million funding but boosted that to $35 million in late 2018 because of investor demand. The $35 million […]

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Canadian bank throws cold water on marijuana revenue forecasts

The Bank of Montreal (BMO) is warning investors that revenues from adult-use cannabis in Canada could come in lower than expected over the coming quarters due to the slow build-out of retail stores, flat nationwide retail sales and inventory depletion. “The pace of new bricks-and-mortar store openings, particularly in Ontario – beginning April 1 – […]

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iAnthus reports revenue growth, wider losses as cannabis operations expand

Multistate marijuana company iAnthus Capital reported revenue of $2.2 million for the fourth quarter ended Dec. 31, 2018, up 165% from the same period a year ago. For the full year, iAnthus posted revenue of $4.5 million, up 88% compared with its 2017 fiscal year. The New York firm reported pro forma revenue for the […]

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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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