California Medical Cannabis Business & Marijuana Legal News


Chart: Coronavirus takes its toll on March adult-use marijuana sales

Recreational marijuana sales in four key markets decelerated in March as the COVID-19 crisis continues to disrupt both the cannabis industry and the broader U.S. economy. According to point-of-sale data provided by Seattle-based Headset, recreational cannabis sales in Colorado and Nevada declined from March 2019 to March 2020, the first time that monthly adult-use sales […]

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Cannabis vaping firms nearly recovered from vape health scare, but COVID-19 concerns loom

Marijuana vaporizer companies are on the rebound since last summer’s vaping health crisis, reporting that sales numbers are largely back to normal despite concerns around the COVID-19 pandemic and its impact on consumer behavior as well as the supply chain. Seattle-based data analytics firm Headset found that all four of the U.S. markets it tracks […]

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Week in Review: Marijuana firms cut costs amid COVID-19, L.A. cannabis licensing audit, NYSE aims to delist CannTrust & more

Three multistate marijuana operators – 4Front Ventures, MedMen Enterprises and Acreage Holdings – announced cutbacks in bids to accelerate their paths toward profitability, even as some experts questioned the overall financial strength of the industry amid the coronavirus crisis and a contracting economic climate. MJBizDaily takeaway: There have been plenty of shakeups recently at the C-suite level […]

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MJBizDaily podcast: Marijuana firms pivot to virtual 4/20 events, New York adult-use cannabis appears stalled and more

Cannabis companies are hosting virtual 4/20 events amid COVID-19 concerns, instead of the usual monthlong parties and celebrations. Some of the other top headlines addressed in this week’s MJBizDaily podcast include: New York adult-use marijuana legalization appears stalled Colorado marijuana retailers get OK to resume in-store sales Los Angeles cannabis licensing audit finds flawed process, no […]

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Big cannabis companies scale back amid coronavirus, raising questions about industry’s overall health

The COVID-19 outbreak is causing serious jitters among large cannabis companies, with a growing list of multistate marijuana operators scaling back by laying off workers and shuttering operations in a bid to slash costs. The widespread cutbacks this week by Acreage Holdings, MedMen Enterprises and 4Front Ventures also call into question the overall health of the marijuana industry […]

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Cannabis REIT inks $49 million sale-leaseback deal with Ascend

Innovative Industrial Properties, a real estate investment trust that specializes in the marijuana industry, bought a cannabis cultivation and processing facility in Massachusetts from Ascend Wellness Holdings (AWH) in a $49 million sale-leaseback deal. San Diego-based IIP paid $26.8 million to Boston-based AWH – a vertically integrated, multistate marijuana operator – for a 199,000-square-foot facility […]

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IRS report foreshadows national uptick in cannabis audits but offers a big loophole, experts say

A new report from a branch of the U.S. Treasury Department confirms the Internal Revenue Service is preparing to launch an increase in marijuana industry audits nationwide, but it also offers a possible way for cannabis companies to dodge millions in federal taxes, according to industry experts. The report corroborates what cannabis industry tax and […]

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Marijuana giant Acreage cuts 120 jobs, ends deals in light of COVID-19

New York-based Acreage Holdings on Friday announced it is furloughing 122 employees and taking other cost-cutting measures, becoming the latest multistate marijuana operator to slash costs in response to the coronavirus pandemic. As part of its efforts, Acreage also disclosed in a news release the resignation of a top executive and announced it is: Scrapping […]

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