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Why cannabinoid bans fail, and what the federal hemp THC ban extension actually gave operators
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MedMen and Green Growth restructure, Acreage pulls guidance & Canntrust trading halts
It was a week of reckoning for many in the cannabis industry as the coronavirus outbreak has become the straw that broke the cash-challenged camel's back - or the material…
News April 3
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:…
News April 3
Does Acreage’s pull of positive EBITDA guidance signal trouble executing funding plan amid coronavirus?
Abandoning the targets outlined only a month ago on its fourth-quarter call (the transcript is available here) shows how rapidly the COVID-19 situation is affecting Acreage.
News April 3
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…
News April 3
Ontario cannabis stores to close after removal from ‘essential’ list
Private-sector cannabis stores in Ontario, Canada’s largest market, have been ordered to close their doors by late Saturday in response to the COVID-19 pandemic, leaving the outlets with nowhere to…
News April 3
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…
News April 3
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…
News April 3
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…
News April 3
Where Canadian cannabis businesses can stay open during COVID-19 pandemic
The vast majority of Canada's provincial governments are allowing recreational cannabis stores to stay open during the coronavirus outbreak, in effect designating these businesses as "essential."
News April 3
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