Marijuana Sales, Funding & Banking News

Report: Big Tobacco Prepared to Enter Cannabis Market

Big Tobacco and other large industries are poised to enter the cannabis market if federal laws change, and they could eventually dominate the sector, a new report in a health policy journal concludes. “Policymakers and public health advocates must be aware that the tobacco industry or comparable multinational organizations (eg, food and beverage industries) are […]

Read More

Nearly 900 MMJ Business Applications in Canada

Officials in Canada are swamped with applications to open medical marijuana businesses. Health Canada, the regulatory body that oversees the country’s medical marijuana program, has approved only 13 suppliers of marijuana for the entire country. But the agency has received 858 applications for businesses as of May 20. At one point, the agency was receiving […]

Read More

Former Premier of British Columbia Joins MMJ Company

British Columbia’s former top politician is joining the medical marijuana industry. Mike Harcourt, who was premier of British Columbia from 1991 until 1996 and previously served as mayor of Vancouver, has become chairman of True Leaf Medicine Inc., a prospective medical marijuana company. True Leaf has submitted an application with Health Canada to grow and […]

Read More

Governors Ask for Additional Banking Guidance

The governors of Colorado and Washington state are stepping into the marijuana banking battle. Colorado Gov. John Hickenlooper and Washington Gov. Jay Inslee asked four banking regulatory agencies to provide financial institutions with additional guidance about doing business with state-legal marijuana companies. The governors made the requests in letters sent to the Board of Governors […]

Read More

Marijuana Could Become Nevada’s Top Cash Crop

Medical marijuana could become Nevada’s most lucrative crop due in large part to the plant’s relatively light water requirements. Dale Devitt, a professor at UNLV, told the Las Vegas Review-Journal that medical marijuana’s high retail price and relatively low water requirements will put it ahead of alfalfa farming and even golf course operations in terms […]

Read More

GrowLife Inc. CEO Steps Down After Trading Halt

California-based cultivation equipment retailer GrowLife Inc. has restructured its leadership, replacing CEO Sterling Scott with Marco Hegyi, the company’s president. Scott, who was also director and chairman of the company’s board, resigned from the company for “personal reasons,” according to a press release. Scott had been with GrowLife Inc. for more than two years, helping […]

Read More

$100,000 for Oregon Marijuana Legalization Campaign

Oregon’s campaign to legalize recreational marijuana just got a major cash infusion. New Approach Oregon, the advocacy group sponsoring the legalization initiative, recently received $100,000 from the Drug Policy Alliance of New York, an organization with ties to billionaire George Soros. The cash infusion could boost the group’s efforts to collect 87,213 petition signatures in […]

Read More

Week in Review: Bank to Gamble on MMJ + Unusual Licensing Process & Cannabis Stocks Under Fire

By Chris Walsh A bank indicates it will roll out the welcome mat for medical marijuana businesses, Nevada’s largest county reveals a “Shark Tank”-esque process for evaluating MMJ applicants and the Securities and Exchange Commission warns investors about cannabis stocks. Here’s a closer look at some notable developments in the marijuana industry over the past […]

Read More

‘Prominent Customers’ Persuade Nevada Bank to Take MMJ Accounts

A bank in Nevada has revealed that it intends to work with medical marijuana companies, saying several of its “prominent customers” are applying for licenses to operate dispensaries and cultivation sites. First Security Bank of Nevada will offer accounts for medical marijuana businesses under the recent guidelines established by the federal government. The bank has […]

Read More

Canadian Olympic Snowboard Champ Hopes to Create ‘Amazon’ of MMJ

Former Olympic snowboarder Ross Rebagliati, who famously tested positive for THC after winning a gold medal in 1998, is trying to become Canada’s most successful marijuana entrepreneur. Rebagliati’s company, called Ross’ Gold, has established a joint venture with a Toronto business to distribute and market medical cannabis across Canada. The new firm has submitted a […]

Read More

Nevada MMJ Hopefuls Eye Private Vault Companies

Medical marijuana entrepreneurs in Nevada are considering the possibility of working with private vault companies to store their cash. Vegas Vaults, a safety deposit box storage facility in Clark County, said it is already receiving inquiries from prospective MMJ business owners seeking an alternative to traditional banking services, which are largely unavailable to companies that […]

Read More