Author: Kate Robertson

[ad_1] Tennessee-based investment firm Big Plan Holdings (BPH) is joining forces with cannabis retailer and cultivator Silver Therapeutics to acquire $35 million worth of cannabis commercial real estate and operations in New England. The companies are initially focusing on targets in Maine, Massachusetts and Vermont, but plan to expand across the country, according to Vermont Business Magazine. BPH will invest $35 million into the venture and the two companies will share ownership of its acquisitions. BPH is a Nashville-based family office with investments in cannabis, real estate, music, entertainment, professional sports, and hospitality. The company was founded by Josh Joseph,…

[ad_1] Arizona marijuana stores are voluntarily recalling edibles products for the third time this summer – this time out of concern they might be contaminated with salmonella bacteria. The latest recall is for Phoenix-based Nirvana Center’s Cloud 9 gummies, a grape-flavored, cannabis-infused edible under the batch number C9G04102023, according to the Tucson Sentinel. After spotting the potential contamination on testing documentation, a licensing inspector for the Arizona Department of Health Services (ADHS) notified the facility that manufactured the products. The manufacturer then notified its distribution and retail channels to recall the product. The Cloud 9 gummies recall marks the third…

[ad_1] California-based WM Technology, which does business as cannabis advertising platform Weedmaps, reported a profit for its most recent quarter, signaling a potential turnaround for the technology company. WM Technology reported a net income of nearly $2 million for the quarter ending June 30, according to a news release. That’s compared with a net loss of $4 million in the previous quarter, Green Market Report noted. For the second quarter of 2022, the company reported a net income of $19.8 million but finished the year with an overall net loss of $82.7 million. The company attributed much of the losses…

[ad_1] The AdvisorShares Poseidon Dynamic Cannabis Exchange Traded Fund (ETF), which is managed by the Paxhia sibling founders of California-based cannabis hedge fund Poseidon Investment Management, is shutting down less than two years after launching. The move reflects the multiple headwinds facing the industry – such as falling wholesale prices and the slow pace of federal reform – as well as dwindling investor interest in marijuana stocks. The ETF’s final day of trading will be Aug. 25, according to a notice on the fund’s website. A statement of additional information published to the site said the actively managed fund will…

[ad_1] Nebraska law enforcement is investigating sales of hemp-derived cannabis products containing more than 0.3% THC. Most recently, authorities in Lincoln seized products, paraphernalia and financial records from five stores that previously failed compliance checks earlier this year for testing. According to the Lincoln Journal Star, the Sarpy County Sheriff’s Office joined forces with six law enforcement agencies in southeast Nebraska and allegedly bought products containing more than 5% THC from stores in recent months. Store owners and staff caught up in the investigation have not been charged, and it’s unclear what, if any, consequences they could face. Neither medical…

[ad_1] Multistate operators are busy expanding their retail footprints in Florida’s nearly $2 billion medical marijuana market, in some cases betting that adult-use legalization is on the horizon and jostling into position to capitalize on that possibility. But investing in Florida marijuana retail could be a gamble. Medical cannabis dispensaries are already offering deep discounts to the more than 800,000 registered medical consumers in the increasingly competitive Florida market, and some companies reported flat sales in the state for the quarter ending June 30. Also, more competition is on the way. There are 22 companies currently licensed in Florida’s medical…

[ad_1] An Alabama company that wasn’t selected for a medical cannabis permit wants to halt the already-delayed licensing process, alleging state regulators unfairly deliberated in a closed session. In a motion filed Tuesday in Montgomery County Circuit Court, Alabama Always alleges the state’s Medical Cannabis Commission violated the Open Meetings Act during the selection process, according to AL.com. Dadeville-based Alabama Always is requesting that the court grant a temporary restraining order and preliminary injunction. The company was not among the new licensees announced by the Alabama Medical Cannabis Commission (AMCC) on Aug. 10, nor was it selected in the initial…