Multistate cannabis firm Green Thumb sees revenue soar, losses rise

Chicago-based cannabis company Green Thumb Industries on Wednesday reported third-quarter revenue of $68 million, a year-over-year increase of 296%. The marijuana consumer packaged goods and retail store owner also booked a net loss for the quarter ending Sept. 30 of $17.1 million, compared with a $3.3 million loss from the same quarter in 2018.

A chart displaying quarterly earnings for major cannabis companies is available here.

New York prosecutors dropping marijuana charge in hemp seizure

Prosecutors are planning to drop all marijuana charges against a man arrested by New York police in connection with a case in which 106 pounds of hemp plants shipped from Vermont were mistaken as MJ.

Denver cannabis firm MJardin elevates Patrick Witcher to CEO

Patrick Witcher was promoted to CEO of Denver-based MJardin Group, a vertically integrated marijuana company. Witcher previously served as MJardin’s chief operations officer, president of global operations and vice president of strategic partnerships.

Phoenix-based Harvest scraps marijuana company purchase

Harvest Health & Recreation, a Phoenix-based multistate operator, on Wednesday said it no longer plans to acquire all of CannaPharmacy for at least $88 million. Instead, Harvest said it will pay $26 million for Franklin Labs, a CannaPharmacy subsidiary that operates a cultivation and processing facility in Pennsylvania. Harvest also on Wednesday reported third-quarter revenue of $33.2 million and a net loss of $39.1 million. Marijuana Business Daily’s Investor Intelligence also noted that Harvest lowered its 2020 revenue and EBITDA margin guidance, canceled a funding agreement with Torian Capital and unveiled a cost-reduction plan.

A chart displaying quarterly earnings for major cannabis companies is available here.

Colorado bans additives in cannabis vape devices

Colorado finalized previously announced rules banning vitamin E acetate and other cutting agents in vape products. Beginning Jan. 1, vitamin E acetate, which has been linked to vaping illnesses and deaths nationwide, are “expressly” prohibited in vaping devices and cannot be sold in retail stores, according to a bulletin from the state’s Marijuana Enforcement Division.

For more of Marijuana Business Daily’s ongoing coverage of the vaping crisis, click here.

Michigan starts handing out recreational marijuana licenses

Michigan issued the first adult-use cannabis licenses to Exclusive Brands. The Ann Arbor medical marijuana business plans to grow and sell recreational cannabis when the market launches Dec. 1. Licenses also were given to Ann Arbor-based PSI Labs, which tests marijuana, and Real Life Solutions, an event organizer in Kalkaska.

– Associated Press

Cannabis group wants California county to allow legal vape sales

A nonprofit coalition representing the legal marijuana industry in California, in a letter to the Contra Costa County board, asked the organization to reconsider a recent decision to include legal cannabis products in a ban of vaping devices. The Legal Cannabis for Consumer Safety argued that the illnesses and deaths caused by vaping are “the result of the illicit market” and banning “legal, cannabis vapes” increases health risks.

For more of Marijuana Business Daily’s ongoing coverage of the vaping crisis, click here.

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