Sales, Funding & Banking News

Medical cannabis firm AltMed lands $35.4 million to bolster US, international growth

Alternative Medical Enterprises, a multistate medical marijuana producer and dispensary operator, has secured $35.4 million in a private placement financing from a Pennsylvania-based investment group. The massive investment will allow the Sarasota, Florida-based firm to launch a major expansion in the United States and internationally, said Matthew Duffy, president and chief operating officer of the […]

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Organigram’s quarterly earnings rebound, boosted by sales of marijuana oil, flower

Massive sales spikes in cannabis oil and flower boosted both profits and sales for Organigram Holdings, as the Canadian company returned to the black during the latest quarter while it charts a path for international expansion. The Moncton, New Brunswick-based licensed cultivator posted net income of 1.1 million Canadian dollars ($860,000) in the three months ended Feb. […]

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Marijuana-infused products maker Dixie Brands lands $4M in funding

Dixie Brands, a marijuana-infused products maker in Denver, landed $4 million in its latest funding round. The company is the parent of Dixie Elixirs, which offers a range of cannabis-infused drinks, sweets, topical ointments and other products. Dixie Brands CEO Chuck Smith said the money will be used for product and distribution expansion, according to BusinessDen.com. […]

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Michigan wants to help medical cannabis companies with banking alternatives

Michigan regulators are trying to tackle the thorny issue of banking services for companies in the cannabis business, but it doesn’t appear that a solution is immediately obvious. According to a Michigan NPR affiliate, the lack of financial services for most of the medical marijuana industry – which the state is currently in the process […]

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Canada’s CannaRoyalty continues California cannabis investment spree

CannaRoyalty signed a multimillion-dollar deal to acquire FloralCal Farms, a move that expands the Ontario-based firm’s California portfolio. Highlights of the transaction include: Total purchase price of Sonoma County-based FloralCal includes 1.3 million Canadian dollars ($1 million) in cash and 3.5 million shares of CannaRoyalty. CannaRoyalty will provide an additional CA$3.8 million in cash and 3.5 million […]

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Stock-based compensation drives up MassRoots’ red ink to $44M in 2017

Turmoil-plagued marijuana tech company MassRoots suffered a $44.3 million loss in 2017, a large portion of which can be attributed to $22 million in stock-based compensation the company handed out during the year. Losses in 2016 totaled $18 million. The Denver-based company’s annual report, filed Tuesday with the U.S. Securities and Exchange Commission, also revealed the […]

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Canadian cannabis companies find funding alternative with debt financing

Canada’s capital-hungry cannabis companies are increasingly turning to debt financiers to fuel growth as the country marches toward legalization late this summer. With no marijuana sales yet and lingering regulatory hurdles, some lenders – namely the big banks – have been hesitant to step in. That has allowed firms like Cannabis Wheaton, CannaRoyalty’s Trichome Yield […]

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Cannabis firm MedMen outlines plans to go public in Canada

It’s no secret that Los Angeles-based MedMen has plans to go public in Canada. But this week, the multistate marijuana company fully outlined how it expects to achieve that goal: a reverse takeover. MedMen has signed a letter of intent with Toronto-based OutdoorPartner Media Corp. to combine the two firms’ business operations under the MedMen […]

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Kush Bottles acquires cannabis extraction supply company

One of the larger ancillary U.S. cannabis companies announced Tuesday that it just got even bigger. California-based Kush Bottles revealed in a news release that it acquired Colorado-based Summit Innovations, a purveyor of hydrocarbon gas used by marijuana extract producers, through a merger agreement. “Integrating this broad gas portfolio into our large distribution platform will […]

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New York firm raises $18.7 million for cannabis investments

Altitude Investment Management, a cannabis-focused investment firm in New York, raised $18.7 million for its debut fund, Altitude Investment Partners. Altitude hopes to raise a total of $50 million for the new fund and in a news release called the $18.7 million raise a “significant milestone” towards that goal. More than 50 investors contributed to […]

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Banking giant: Cannabis retailer’s logo is too similar

New York-based Citigroup is asking a California marijuana dispensary to get rid of a logo that it asserts looks like the logo of its banking subsidiary Citibank. According to the New York Post, Citigroup made the request after the newspaper asked if the firm was affiliated with Citidank, a dispensary in Cathedral City, California. This is not […]

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Marijuana infused products firm lands $6 million in funding

A California-based cannabis infused products manufacturer on Monday closed a roughly $6 million Series B capital raise in the latest sign of rapid growth in that sector of the marijuana industry. Plus Products, headquartered in Palo Alto, announced in a news release it intends to invest the money in automation, product development and expansion of […]

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