Sales, Funding & Banking News

Fourth Corner Credit Union gets conditional approval from Federal Reserve for marijuana-related banking

After a 40-month battle, a Colorado credit union that’s determined to serve marijuana-related companies has finally won conditional approval from the Federal Reserve to launch its business.

But the Fourth Corner Credit Union will not be serving plant-touching businesses – as it originally had planned to do – but will instead cater to advocacy groups, charities and ancillary companies such as accountants.

The Federal Reserve Bank of Kansas City informed The Fourth Corner Credit Union in a Feb. 2 letter that it would “conditionally grant” the Denver financial institution a so-called master account.

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Cannabis credit union hit with wrongful termination lawsuit that claims CEO used cocaine

A husband and wife who held key positions at a Colorado credit union that serves marijuana companies have filed a lawsuit claiming they were fired in part because one of them witnessed the company’s high-profile CEO using cocaine on several occasions, Marijuana Business Daily has learned. The wrongful termination suit lists Partner Colorado Credit Union, its CEO […]

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New York medical cannabis company sells for $18 million in cash, stock

The latest sale of a New York state medical marijuana business license is now a done deal. iAnthus Capital Holdings on Thursday completed the acquisition of Citiva Medical, one of 10 MMJ licensees in New York, for roughly $18 million, according to a news release. New York-based iAnthus paid $3.6 million in cash plus $14.4 […]

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Colorado firm launches $50M cannabis-focused venture capital fund

Canopy, a Colorado-based, marijuana-focused business accelerator, has created a $50 million venture capital fund that will focus on “growth stage companies” in the cannabis sector. The subsidiary, Canopy Ventures I, plans to target technology companies in the marijuana sector, the Boulder Daily Camera reported. According to the Canopy Ventures I’s website, the company plans to make […]

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Willie Nelson’s marijuana company raises $12 million for expansion

Capital raises in the marijuana industry appear to be continuing unabated since the issuance of the Sessions Memo on Jan. 4. Country music star Willie Nelson’s cannabis company joined the marijuana funding fray Wednesday with the announcement of a $12 million raise for expansion into new markets. Nelson’s company, GCH, plans to enter the California […]

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California treasurer lays out first steps toward state marijuana bank

Following up on a plan he announced last year, California state Treasurer John Chiang on Tuesday outlined the foundation for a public bank for cannabis businesses so they won’t have to operate on a cash-only basis. According to the San Francisco Chronicle, Chiang and state Attorney General Xavier Becerra have been working in concert on […]

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20 people to watch in 2018

The cannabis industry is poised for huge growth in 2018 thanks in part to the expected launch of several massive new marijuana markets such as California and Canada, which will generate billions of dollars in sales and create tens of thousands of business opportunities.

The changing business climate will lead to new challenges, struggles and, potentially, failures for companies and the individuals behind them.

As we hurtle into 2018, the editorial staff at Marijuana Business Magazine – which is published by Marijuana Business Daily – singled out 20 executives in the cannabis space who bear watching in the year ahead.

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US cannabis firm MedMen to go public in Canada to ‘add jet fuel’ to growth plan

Count California-based MedMen as the latest U.S. marijuana company looking to Canada to raise money. The management and investment firm, which operates dispensaries and production facilities in California, New York and Nevada, plans to go public in Canada later this year, CNBC reported. The company will list its shares on the Canadian Securities Exchange (CSE). The move into Canada […]

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New company launched to serve debt-starved marijuana businesses

Marijuana companies looking to access the debt market to expand their business have a new lender they can turn to for funding. Trichome Yield Corp. will provide debt financing and offer a suite of professional services for emerging and established cannabis companies, both in Canada and around the world, according to a news release. The new […]

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California marijuana grower Canndescent closes $10M raise to boost output

Canndescent, a major California cultivation company, has closed a $10 million Series B offering to finance the launch of new products and expand its production capacity by some eightfold. The lead investors in the raise are Floret Ventures, a San Francisco-based consultancy and investment firm, and Altitude Investment Partners in New York. Santa Barbara-based Canndescent plans […]

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Privateer sets milestone for US marijuana industry with $100 million raise

Seattle-based Privateer Holdings, which has long been setting benchmarks for capital raises in the marijuana sector, has established a new standard – and demonstrated that at least some deep-pocketed investors have not been spooked by U.S. Attorney General Jeff Sessions. The marijuana-focused private equity company announced Thursday it has completed a $100 million Series C […]

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