Ancillary Marijuana Companies

Build it and they will come? Cannabis entrepreneurs wager big bucks on social consumption venues

Applicants for marijuana social consumption licenses across the United States are betting that consumers will want to patronize a public venue where they can consume cannabis with other users.

Entrepreneurs who pursue this new niche sector are likely to wager hundreds of thousands of dollars to get their businesses off the ground, according to industry executives.

Read More

Parent firm of marijuana mag High Times raises $5M, extends cutoff for $50M goal

The parent of California-based cannabis culture magazine High Times raised more than $5 million in its effort to go public, but that’s still short of the $17.2 million it needs to be listed on the Nasdaq and far from the $50 million it set out to raise. High Times Holding extended its fundraising deadline by more than a month to allow for more investment.

Read More

Canada’s commercial marijuana insurance market gets big backers

Two multinational insurance companies have given the green light to underwriting cannabis-related businesses in Canada, allowing companies in the burgeoning sector to grow their operations while reducing risks and liabilities. Lloyd’s of London and Hub International both announced plans to enter the cannabis industry in Canada. In a bulletin, Lloyd’s said it would offer insurance […]

Read More

Jimmy Buffett teams with Wrigley heir to license brand to Florida cannabis firm

Popular singer/songwriter Jimmy Buffett is joining a growing list of celebrities who dabble in the marijuana industry, teaming with an heir from the Wrigley chewing gum family. Buffett – known for his hit “Margaritaville” and his Parrothead fans – will license his Coral Reefer brand to Georgia-based Surterra Holdings for a line of marijuana products that […]

Read More

Marijuana-focused exchange-traded fund reaches CA$1 billion in assets

A cannabis-focused exchange-traded fund has reached 1 billion Canadian dollars ($760 million) in assets, partly stemming from recent major investments from key players in the nation’s cannabis space ahead of the country’s recreational legalization. Horizons Marijuana Life Sciences ETF (HMMJ), which trades on the Toronto Stock Exchange, reached the milestone in assets under management in […]

Read More

California cannabis tech firm Treez closes $11.5 million funding round

Treez, an ancillary cannabis tech company based in Oakland, California, raised $11.5 million to help fund its expansion. The company offers a point-of-sale software system that currently serves more than 100 MJ retailers. In a news release, Treez said Monday the $11.5 million represented an “oversubscribed” Series A funding. That brings to $15 million the amount of […]

Read More

Chart: Dominant player emerging for state cannabis seed-to-sale tracking contracts

Businesses that provide seed-to-sale tracking systems to the marijuana industry operate in an intensely competitive environment, but one company appears to be pulling away from the pack with its recent contract victories.

Franwell – the Florida manufacturer of the regulatory compliance system known as Metrc – has won contracts with more than half the markets that require cannabis businesses to use a specific seed-to-sale traceability system.

Read More

Marijuana exchange-traded fund takes in $22 million in August

Investors are flocking to a U.S.-listed exchange-traded fund (ETF) that tracks nearly 40 Canadian and American cannabis firms. The $436 million ETFMG Alternative Harvest ETF – which trades on the NYSE Arca under the ticker symbol MJ – has taken in around $22 million in August, putting it in a position to post its largest monthly inflow […]

Read More

MJ Freeway slowdowns disrupt Pennsylvania medical cannabis retail sales

Some medical marijuana retailers in Pennsylvania were forced to suspend sales last week because of system slowdowns and errors in the MJ Freeway seed-to-sale tracking software that the state uses to keep tabs on the MMJ market. According to an MJ Freeway statement emailed to Marijuana Business Daily, the system did not go down Thursday, but a […]

Read More

Denver awards second cannabis social-use license

As more U.S. and international adult-use cannabis markets consider allowing marijuana social-consumption spaces, Denver on Friday approved a social-use permit for Mile High Game and Play, which will do business as Vape and Play. It’s the second social-use permit issued in Colorado’s capital city. The entertainment facility will have a multistation vape bar, patented and […]

Read More

California decides against state-chartered banking for marijuana industry

California lawmakers shelved a plan that would have allowed private banks to handle the money being generated by the legal cannabis industry. The proposal was put on ice after a legislative analysis determined it would face significant obstacles, including a lack of protection for state banks from federal law enforcement, the Los Angeles Times reported. The […]

Read More