Day: March 19, 2021

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Illinois-based PharmaCann has taken Virginia to court over a medical cannabis business license that the company claims is rightfully theirs, even though state officials have solicited new bids for the permit. PharmaCann’s suit requests that the application process be halted. State regulators contend the license – one of five theyContinue Reading

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A federal judge in Oklahoma rejected a lawsuit challenging the state’s residency requirement for medical marijuana business owners, but the decision doesn’t resolve the issue. U.S. District Judge Stephen Friot based his March 17 decision on the federal Constitution’s 11th Amendment, which broadly prevents federal courts from hearing certain lawsuitsContinue Reading

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AFC Gamma, which offers real estate loans to legal marijuana companies, priced its initial public offering on the Nasdaq exchange to raise net proceeds of roughly $118.8 million before underwriting discounts, commissions and other expenses. According to a news release, the Florida-based company priced the offering of 6.25 million commonContinue Reading

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Financially strapped MedMen Enterprises said it raised 20 million Canadian dollars ($16 million) at CA40 cents a unit to fund growth plans in Florida’s medical marijuana market. The California-based multistate operator said that under the private placement, each unit consists of one Class B subordinate voting share and one shareContinue Reading

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Chicago-based cannabis multistate operator Cresco Labs is spending $90 million to acquire all the outstanding equity interests of vertically integrated Massachusetts operator Cultivate. According to a news release, Cresco is paying $15 million in cash and $75 million in stock for Cultivate – plus potentially up to another $68 millionContinue Reading

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Retail sales of adult-use cannabis products in Canada declined to 282.8 million Canadian dollars ($225 million) in January, 5.6% lower than a month earlier, according to the latest Statistics Canada data. Sales fell in every province and territory. Alberta and Ontario saw the biggest declines on a dollar basis. ConsumersContinue Reading

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New Brunswick discontinued its request for proposal (RFP) process for the privatization of recreational cannabis sales, meaning the province will retain the government-owned and -operated store model through Cannabis NB. New Brunswick requested proposals in 2019 for a single operator to run its cannabis retail system. However the move wasContinue Reading

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Cannabis-related firms again face hurdles in qualifying for financial relief under the newly enacted $1.9 trillion coronavirus stimulus package, but the door has opened wider for hard-hit companies, especially small and economically disadvantaged businesses. The American Rescue Plan Act of 2021 (ARPA) includes three programs worth exploring, marijuana industry expertsContinue Reading