Illinois Medical Cannabis Business & Marijuana Legal News

Cresco Labs, Origin House revamp cannabis merger as value falls more than 50% and close delayed

Cresco Labs, a Chicago-based multistate cannabis operator, and Origin House are overhauling the terms of their merger announced earlier this year, as falling cannabis stock prices and other factors slashed the value of the transaction in half to approximately $400 million. Because of the revised terms, the transaction also will now not close until approximately […]

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Experts suggest recent marijuana industry layoffs are part of a reality check; more job cuts expected

Anyone paying attention to cannabis business headlines has noticed what on its face seems a disturbing trend: At least half a dozen large companies recently announced layoffs, perhaps suggesting there’s financial trouble surrounding the marijuana industry. But those headlines don’t reveal the full story, several industry watchers told Marijuana Business Daily. Rather, recent layoffs are a […]

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Cresco Labs growing jobs in Illinois as adult-use marijuana looms

Chicago-based Cresco Labs is more than doubling its workforce in Illinois as the multistate operator prepares for the Jan. 1 launch of recreational cannabis sales in the state. The company, expected to close its acquisition of Canada-based distributor Origin House by Nov. 15, said it is hiring more than 300 people in its home state […]

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Cannabis firm Green Thumb refuses to recognize Illinois union effort

Chicago-based Green Thumb Industries, a vertically integrated multistate cannabis company, is refusing to recognize a newly formed Teamsters unit at its cultivation facilities in Rock Island, Illinois, saying the union failed to hold a vote among GTI’s employees on the decision. “GTI respects the rights of our employees,” the company told Marijuana Business Daily in […]

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Acreage Holdings inks $72 million cannabis real estate deal

Acreage Holdings, a multistate marijuana operator, signed a sale-leaseback deal valued at more than $72 million for cannabis facilities in several states with GreenAcreage Real Estate, a real estate investment trust (REIT) that focuses on the MJ space. New York-based Acreage Holdings said on Friday it already closed deals with GreenAcreage for facilities in Florida, […]

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Chicago wants to charge maximum 3% tax on recreational marijuana sales

Chicago Mayor Lori Lightfoot proposed in her 2020 budget that the city impose the maximum local tax of 3% on recreational marijuana sales, a levy that would come on top of a state sales tax and a retail tax based on product potency and type. Marijuana Policy Project has calculated that the total retail marijuana […]

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Chicago marijuana firm inks $29 million real estate deal

Revolution Global, a Chicago-based cannabis company, will more than double the capacity at its flagship cultivation facility in Illinois after securing $28.75 million in funding from Freehold Properties, a Las Vegas-based real estate investment company. The doubling of size is in anticipation of a huge increase in demand when recreational marijuana sales begin in Illinois on […]

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Chicago allows some adult-use cannabis sales downtown

Chicago’s City Council approved a zoning ordinance that bans recreational marijuana stores from the central business district but allows them to locate in part of the popular River North area downtown. Mayor Lori Lightfoot initially had proposed a ban covering nearly all of downtown, but she recently had a change of heart that unlocks some […]

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Week in Review: Cannabis merger goes up in smoke, regulators target MJ vaping, Maine inches toward adult-use sales & more

MedMen and PharmaCann scrap their planned merger, state and federal officials act against marijuana vaping, Maine moves toward the launch of recreational MJ sales by the spring – and more of the week’s top cannabis business news.   MedMen, PharmaCann pull the plug MedMen, a California-based cannabis multistate operator, announced that its planned acquisition of […]

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California awards cities $10 million in social equity marijuana grants

Ten cities in California will divide $10 million from the state’s Bureau of Cannabis Control to help social equity programs in those municipalities. Top grant recipients include Los Angeles and Oakland, which will get almost $3.5 million between them. The grant awards, which were delayed from June, also includes Coachella and Palm Springs, which total […]

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