Medical Cannabis Industry & Recreational Marijuana Business News


Denver medical marijuana dispensary loses to IRS in court

A medical cannabis dispensary in Denver lost an appellate court battle to prevent the IRS from obtaining business records from state regulators. The U.S. Court of Appeals for the 10th Circuit ruled that an IRS auditor did not act in a way that was “overbroad” or “violated the rights” of the four owners of Standing Akimbo, Colorado […]

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Massachusetts gov sued over closure of recreational cannabis stores

A handful of adult-use marijuana businesses on Wednesday sued Massachusetts’ governor, seeking a reversal of his executive order requiring recreational cannabis stores to close during the COVID-19 crisis. The lawsuit calls unconstitutional a decision by Republican Gov. Charlie Baker that adult-use marijuana stores are nonessential businesses and must remain closed until May 4. The lawsuit, filed in […]

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MJBizDaily releases report on how marijuana firms can handle crisis times

Marijuana Business Daily published a free online report to provide cannabis companies with actionable information they can use to navigate a crisis such as the current coronavirus pandemic. The 28-page report, “Crisis Management in Cannabis,” offers dozens of prevention and management tips that marijuana businesses are using during the coronavirus pandemic. The report – written and […]

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Anchorage, Alaska, voters reject on-site cannabis consumption

In a blow to marijuana retailers in Anchorage, Alaska, voters overwhelmingly rejected a measure to permit cannabis consumption on store premises. According to unofficial election results, roughly 64.3% (28,409) of the voters on Tuesday rejected Proposition 11, which would have permitted “inhaling or smoking marijuana, in addition to eating marijuana edibles,” in cannabis stores. Only […]

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Marijuana firm Harvest Health discloses litigation over Interurban purchase

Phoenix-based multistate marijuana operator Harvest Health & Recreation is in litigation with Interurban Capital Group, the former owner of the Have a Heart dispensary group that Harvest acquired in March for $85.8 million. Harvest CEO Steve White unveiled that news during his company’s quarterly results call on Tuesday. White said Harvest and Interurban entered the acquisition discussions […]

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DEA removes cannabis drug Epidiolex from controlled substances list

Epidiolex, the only plant-derived cannabis drug approved by the U.S. Food and Drug Administration, is no longer considered a controlled substance, providing a boost to its manufacturer’s stock price. GW Pharmaceuticals, a biopharmaceutical company based in London, saw its stock go up 5.9% on Tuesday, one day after the U.S. Drug Enforcement Administration said it […]

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MJBizDaily cannabis investor webinar on tap Tuesday

The clock is ticking to register for Marijuana Business Daily’s Investor Intelligence webinar, “State of the Industry and 2020 Trends,” which is scheduled for 1 p.m. ET/10 a.m. PT on Tuesday. Investor Intelligence analysts Craig Behnke and Mike Regan will provide a framework on how to invest in the cannabis sector now for the long […]

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Illinois adult-use marijuana stores sell $110 million in first three months

Adult-use cannabis stores in Illinois sold almost $110 million in products in the first quarter of 2020, state regulators say. In March, stores sold 812,203 marijuana products for a total of $35.9 million, according to the Illinois Department of Financial and Professional Regulations. Recreational retailers in Illinois sold $27.1 million, or 75.5% of total sales, […]

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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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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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