Sales, Funding & Banking News

Chart: Putting the $55 billion US retail cannabis market in perspective

With revenue of $5.8 billion-$6.6 billion, sales of legal recreational and medical cannabis in the United States in 2017 topped those of Oreos and organic produce combined. The data – published in the newly released Marijuana Business Factbook – illustrates how quickly the legal U.S. marijuana industry has grown. It now rivals Americans’ collective spending on […]

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West Virginia mulling payment, banking options for medical marijuana companies

In advance of the launch of West Virginia’s medical cannabis industry, the state treasurer has proposed potential solutions for MMJ companies in need of payment and banking solutions to avoid operating on an all-cash basis. According to the Charleston Gazette-Mail, Treasurer John Perdue has floated two different possibilities to Gov. Jim Justice: Create a third-party […]

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Kevin O’Leary of ‘Shark Tank’: Institutional investors want to wager on cannabis – just not yet

Big institutional investors are sitting on billions of dollars they’d like to pump into the marijuana industry, but that’s not likely to happen as long as cannabis remains illegal in the eyes of Uncle Sam, according to investment mogul Kevin O’Leary. “The amount of capital that wants to come into this space is unprecedented,” said […]

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GrowGeneration raises $10 million to bankroll cannabis-related acquisitions

GrowGeneration, a multistate operator of retail hydroponic and organic gardening stores serving marijuana growers, said it raised $10 million that it will use to purchase more businesses. The Denver company said in a news release it has more than $17 million in cash on its balance sheet and that it plans to “execute on multiple […]

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California’s low marijuana tax stream complicating MJ business climate

A lower-than-expected first quarter of marijuana excise tax income in California has thrown a wrench into the works for those hoping state lawmakers might drop tax rates to help combat the black market. Between January and the end of March, California took in only $34 million in excise tax revenue from cannabis sales. That falls far […]

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Another big Canadian bank dips toes in marijuana sector

A new report on Canada’s legal marijuana industry by the country’s fourth-largest bank signals growing interest in the sector among institutional investors, which until recently have been extremely cautious in their approach to cannabis businesses. Analysts on CIBC’s Institutional Equity Research team estimate that legal retail sales of recreational marijuana will reach 6.5 billion Canadian […]

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Dallas marijuana investment firm starts $50 million fund

Dallas-based marijuana investment firm Cresco Capital Partners has launched a second fund and plans to raise $50 million to pump into cannabis companies. Cresco Managing Partner Matt Hawkins said the firm has raised $10 million to date, attracting investment dollars from wealthy family offices in Dallas, according to the Dallas Business Journal. The publication noted the […]

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Emerald Health Therapeutics buys Canadian cannabis grower for CA$90 million

British Columbia-based cultivator Emerald Health Therapeutics signed a deal worth 90 million Canadian dollars ($70 million) to buy rival cannabis producer Agro-Biotech. The agreement expands Emerald’s (TSXV: EMH) footprint into Quebec, Canada’s second largest province. Based in Saint-Eustache, Agro-Biotech is one of six licensed marijuana producers in Quebec. The startup is on pace to have a […]

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Cannabis companies MedReleaf, Aurora confirm merger talks, but no deal yet

Two of Canada’s leading marijuana producers, MedReleaf and Aurora Cannabis, confirmed they have held merger talks, but no agreement has been reached. In separate statements issued Thursday, MedReleaf and Aurora acknowledged that discussions were underway. Trading in both companies’ shares was halted temporarily on the Toronto Stock Exchange. MedReleaf is traded on the TSX as LEAF and Aurora as ACB. […]

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New SBA lending rules could curb loans to marijuana and hemp businesses

The U.S. Small Business Administration updated its lending guidelines with new rules that could have a major impact on businesses servicing the marijuana and hemp industries – not just plant-touching companies. The revised guidance, published in early April, prohibits banks from issuing SBA-backed loans to any company that has a direct business relationship with a cannabis or […]

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Canadian cannabis grower Green Organic Dutchman ups likely proceeds from IPO

Green Organic Dutchman, a Canada-based medical marijuana grower, has revised upward the proceeds the company expects to generate from its upcoming initial public offering on the Toronto Stock Exchange, reflecting stronger investor demand. The Toronto company said it now expects to raise between a minimum of $102 million Canadian dollars ($79 million) through the sale of 28,000 […]

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