Marijuana Sales, Funding & Banking News

GrowLife Gets $40M Funding Commitment

GrowLife, a publicly traded company that makes software and equipment for the cultivation and sale of marijuana, will receive up to $40 million in funding from a Nevada private investment group called CANX USA. California-based GrowLife said it will use the funding make acquisitions and provide financing to cultivation operations and dispensaries in eight states […]

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Gov’t Could Crack Down on Virtual Currencies

The federal government could step up efforts to crack down on virtual currencies such as Bitcoin, which some medical marijuana businesses use to handle transactions with customers. The head of the Justice Department’s Criminal Division told Congress on Monday that virtual currencies  give criminals the freedom to pay for illegal drugs, child pornography and other […]

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MedBox Hires Investment Bank for Strategic Options

Technology and consulting company MedBox Inc. announced today it has teamed up with the Santa Monica, Calif-based investment bank DelMorgan & Co to review its strategic options. MedBox said it will explore various opportunities for raising additional capital, including joint ventures, acquisitions, divestitures and strategic alliances. It also could consider an initial public offering on […]

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Report: Marijuana Market to Hit $10B by 2018

A new report issued today predicts the U.S. legal retail marijuana market will grow 64% next year to hit $2.34 billion and surge to $10 billion by 2018. The State of Legal Marijuana Markets report, released by ArcView Market Research, also predicts that 14 more states will legalize recreational marijuana in the next five years. […]

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Rise of Recreational Marijuana Market Could Usher in Banking Changes

The marijuana industry could get help on one of its thorniest problems – banking – in an indirect way from the emergence of the adult-use cannabis markets in Colorado and Washington. Both states are set to begin accepting applications for marijuana business licenses soon, meaning they’ll also start collecting hundreds of thousands of dollars in […]

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New Jersey Agrees to Loan a Dispensary $357,200 – History in the Making

By Anne Holland In a nationally historic move, New Jersey’s Economic Development Authority (NJEDA) has agreed to loan a a state-licensed dispensary, the Compassionate Care Foundation of Egg Harbor Township NJ, $350,000 plus $7,200 for finance fees. To MMJ Business Daily’s knowledge, this is the first time any state development office has made a significant loan […]

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Leahy Urges Justice Department to Fix Armored Car Situation

By Anne Holland Armored vehicle service companies may soon agree to work with dispensaries once again if U.S. Senator Patrick Leahy (D-VT) has his way. The recent trend of these companies declining to serve state-legal cannabis businesses prompted one of the sharpest exchanges during yesterday’s Senate Judiciary Committee’s otherwise calm hearing on medical marijuana laws.

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6 Questions for Privateer Holdings CEO Brendan Kennedy on the Current Investment Climate

Ancillary cannabis startups received some good news on the funding front last month when Seattle-based Privateer Holdings announced that it closed a $7 million round of funding. The private equity firm detailed plans to pump the money into fledgling firms that make products and services for marijuana patients and recreational users, bringing some much-needed investment […]

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Private Investors Charging 25% Interest Rate to New Jersey MMJ Dispensary

William Thomas, CEO of Compassionate Care Foundation, reports that he was able to raise $1.5 million from private investors to fund a dispensary and cultivation center scheduled to open this September in New Jersey’s Egg Harbor Township. However, the funding came at a high cost: an effective 25% interest rate. A 25% interest rate will […]

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