Sales, Funding & Banking News

Finance: Sales, Funding & Banking News

Illinois state treasurer asks Trump for clarity on MMJ banking

Illinois’ state treasurer has joined California’s in requesting guidance from the new administration of President Donald Trump on banking regulations regarding its medical marijuana industry. The California treasurer in December sent a letter to Trump noting that the refusal by many banks to work with state-legal cannabis companies could pose a serious threat to public safety […]

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Marijuana data firm announces $2.5 million capital raise

One of the cannabis industry’s leading sales data firms announced Wednesday it has secured $2.5 million in private funding to expand its product line. Seattle-based Headset, which specializes in business intelligence for marijuana-related companies, revealed that it has partnered with Arizona-based Hypur Ventures, a venture capital fund, and Salveo Capital, an Illinois-based private equity fund, […]

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Canadian consumer-oriented marijuana firm raises CA$3 million

A Toronto-based cannabis, coffee and clothing business, Tokyo Smoke, secured 3 million Canadian dollars ($2.25 million) from investors, claiming it’s the first marijuana-related consumer brand in Canada to raise capital. The company, which describes itself as a premium cannabis-oriented lifestyle brand, said in a news release that the first-round raise was oversubscribed and that the […]

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MJ Freeway still working on fixes, damage control as reputation takes hit

By John Schroyer MJ Freeway continues to reel from a systems crash earlier this month that has affected a large swath of the cannabis industry, with its workers scrambling to retain longtime customers and mitigate damage to the company’s image. The long-term fallout for the software firm is unclear.

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Top four US banks have had cannabis accounts, study shows

Whether they know it or not, America’s four largest banks have held accounts for marijuana businesses, in contrast to public pronouncements that they steer clear of the cannabis industry. An analysis by RB Monitor, a Chicago-based firm that pinpoints the risks financial institutions might face working with the cannabis industry, found that 29 of 84 […]

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Week in Review: Sessions’ sleight of hand, scofflaws in CA & risky business in NY

By John Schroyer, Bart Schaneman and Omar Sacirbey Attorney general nominee Jeff Sessions plays his cannabis-enforcement views close to the vest, dispensaries sidestep California’s adult-use law, and an L.A. marijuana company attempts a risky rescue in New York. Here’s a closer look at some notable developments in the marijuana industry over the past week.

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MMJ company CannaKorp raises $5.7 million in 2016

CannaKorp, a Massachusetts company that’s been dubbed the “Keurig for marijuana,” said it raised $4.1 million in its latest round of fundraising to help manufacture and distribute its pod-based medical cannabis vaporizing system. For all of 2016, the company raised $5.7 million. The total includes an initial $1.6 million seed funding earlier that year, CannaKorp said in a news […]

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MassRoots receives $2M in proceeds from warrant exercise

MassRoots, the popular social network for cannabis enthusiasts, said it has received more than $2 million in cash from the exercise of warrants so far in 2017, providing additional financial stability to the once-wobbly Denver company. “This capital infusion will help us continue building momentum with the success we are having within the rapidly emerging legal […]

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MedMen acquires troubled New York medical cannabis licensee

MedMen, a California-based marijuana management and consulting firm, has acquired Bloomfield Industries, a financially troubled New York cannabis business license holder that in recent months has been unable to pay vendors and has been casting for new investors. A New York Health Department spokeswoman emphasized to Politico that Bloomfield would not be transferring its license to MedMen, […]

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Canadian medical cannabis biotech firm to get CA$4 million infusion

CannaRoyalty Corp., a marijuana-focused Canadian investment company, plans to pay 4 million in Canadian dollars ($3.03 million) for a 20% stake in Anandia Laboratories, a biotech firm that breeds and tests cannabis plants. Anandia, of Vancouver, British Columbia, also recently received a “dealers license” from Health Canada that permits it to cultivate cannabis for breeding […]

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MJ Freeway: Full recovery from software outage could take weeks

MJ Freeway said Monday it could take two or three weeks to fully restore service to dispensaries and recreational marijuana stores after an alleged cyberattack knocked out the company’s software platform over the weekend. The Denver-based firm – which provides software that helps businesses manage inventory, handle sales transactions and comply with regulations – initially […]

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A look ahead: Issues facing marijuana professionals in 2017

By Omar Sacirbey The marijuana industry is not only beginning a new year, it’s starting a fresh era in which it could flourish with opportunity or regress under a White House that could resurrect the crackdowns and raids of the past. We examine seven of the top issues the industry could face in 2017.

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