Sales, Funding & Banking News

Cannabis credit union gets partial win in court ruling

A Colorado credit union aiming to serve cannabis businesses won a partial victory Thursday when a court ruled the Federal Reserve Bank of Kansas City cannot block access to a special account the firm needs to do business. The decision is a symbolic triumph for Fourth Corner Credit Union but won’t allow the firm to […]

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Analysts: High Times sale could buoy cannabis industry

By Omar Sacirbey

The marijuana industry can expect higher valuations, more capital injections and increased merger and acquisition activity after the sale of High Times and the iconic magazine’s Cannabis Cup.

That’s the assessment of analysts following the deal, in which investors paid $42 million for a 60% stake in the company.

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Study: California rec marijuana sales to surpass $5B annually

California’s looming legal recreational marijuana market eventually will total more than $5 billion in annual sales, but the black market will continue to provide substantial competition, according to a study by the University of California Agricultural Issues Center.

Contracted by the the state’s Bureau of Marijuana Control, the study mirrors Marijuana Business Daily’s projection in May that California’s legal rec industry eventually will generate $4.5 billion-$5 billion in annual retail sales.

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Investors buy High Times, Cannabis Cup in $42M deal

A group of investors led by a Los Angeles investment firm have purchased a controlling stake in the oldest cannabis-centric magazine in the United States, High Times – along with its signature event, the Cannabis Cup – in a transaction valued at about $42 million.

The new owners have rebranded the company as High Times Holding Company (HTHC), according to a news release. Adam Levin, founder of the L.A. investment firm Orvea Capital, will serve as the interim CEO and chairman until a permanent chief executive is brought on.

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Chart: Retail marijuana sales vs. other industries & goods

By Eli McVey With revenue of $4 billion-$4.5 billion, sales of legal recreational and medical marijuana in 2016 topped those of Viagra and Cialis, paid music streaming services, tequila and Girl Scout Cookies. It’s a notable milestone for an industry still very much in its infancy.

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Cannabis social media site MassRoots needs $5M to stay afloat

MassRoots, a popular marijuana-focused social media platform, said in its quarterly financial filings that the company is running low on capital and will need to raise $5 million in the next year “to continue to fund operations.” The Denver-based business added that it expects to be able to raise most of that sum by exercising warrants. “We are dependent […]

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Investors pump up to $80 million into Oregon marijuana startups

Investors have pumped tens of millions of dollars into the Oregon cannabis industry, according to a state senator who sits on the Oregon Marijuana Regulation Committee. He estimated that investments total between $60 million and $80 million. And that’s only in the last six months, Sen. Floyd Propanski told Northwest Public Radio. “The numbers we just […]

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A $200M day: Two investors reveal big plans to fund marijuana businesses

By Bart Schaneman A California retail estate investment firm and a wealthy Florida medical marijuana advocate separately pledged Tuesday to pump $100 million each into cannabis businesses, marking a notable new chapter in the MJ industry. The combined $200 million is among the largest amounts of planned cannabis investments disclosed in a single day.

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Prominent VC firm backs cannabis breathalyzer startup

A Silicon Valley venture capital firm with a successful track record in the tech industry announced that it’s throwing considerable finances behind a California startup that’s aiming to bring a marijuana breathalyzer to market. Benchmark Capital – which previously funded successful startups including Dropbox, Uber and Snap – is leading a new $8.1 million round […]

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California company plans to invest $100 million in cannabis sector

StarGreen Capital – a new subsidiary of a Southern California-based real estate investment firm – said Tuesday it plans to invest $100 million in California’s medical and recreational marijuana industries over the next year. StarGreen Capital, a unit of Beverly Hills-based Starpoint Properties, said in a news release it will focus initially on working with […]

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