Author: Kate Robertson

[ad_1] U.S. Treasury Secretary Janet Yellen reiterated her support of marijuana banking legislation such as the SAFE Banking Act, which would allow financial institutions to work with state-regulated cannabis businesses even though they aren’t federally legal. Yellen was asked about her position on the issue during a House of Representatives Appropriations subcommittee hearing, Reuters reported. “I think it’s a real problem, and it would be desirable to have legislation that alleviated this problem,” Yellen said. The most recent iteration of the marijuana banking bill, rebranded as SAFER Banking, passed a markup hearing in the Senate Banking Committee in September. The…

[ad_1] A Michigan marijuana company is surrendering its processor licenses because it was combining legal and unregulated cannabis in extracts sold in the adult-use and medical markets. Lansing-based TAS Asset Holdings, also known as Noble Road Co., received a consent order and stipulation from CRA, the Lansing State Journal reporting, citing an announcement from Michigan’s Cannabis Regulatory Agency (CRA). TAS Asset Holdings hasn’t operated since February 2023 after the CRA issued formal complaints and suspended the company’s licenses. “TAS has been closed since February 2023 and has agreed to voluntarily surrender its licenses, which shall not be renewed, reinstated, reissued,…

[ad_1] Marijuana multistate operator The Cannabist Co. raised $25.75 million in senior secured convertible debentures. The funds will go toward debt repayment, working capital and general operations, according to a news release. The New York-headquartered company: Completed a private placement of $19.5 million of 9% senior secured convertible debentures due in 2027. Issued $6.25 million of notes in exchange for the cancellation of previously issued 6% senior secured convertible notes due 2025. The notes mature in March 2027 unless they’re converted earlier or repurchased. The conversion rate is 3,278.6 common shares per $1,000 principal amount of notes, which is equivalent…

[ad_1] Florida lawmakers are again trying to expand the number of medical cannabis licenses reserved for Black farmers in the state – a contentious issue that has been under debate for years. If signed into law by Gov. Rick DeSantis, the newly passed Senate Bill 1582 includes a provision that allocates at least three medical marijuana licenses to Black farmers who weren’t previously eligible, according to the Tallahassee-based News Service of Florida. DeSantis signed into law a separate bill in June that awarded licenses to Black farmers. If the governor signs SB 1582, a total of six cultivators will have…

[ad_1] The U.S. Drug Enforcement Administration is “working as quickly as possible” on potentially rescheduling marijuana, according to Vice President Kamala Harris. Harris commented on marijuana still being a Schedule 1 drug during a Friday marijuana reform roundtable with Kentucky Gov. Andy Beshear and some who have received pardons from President Joe Biden for MJ offenses, according to news outlet Politico. “Marijuana is considered as dangerous as heroin and more dangerous than fentanyl, which is absurd, not to mention patently unfair,” Harris said during a roundtable set up to discuss the administration’s plans for marijuana reform. “I’m sure (the) DEA…

[ad_1] R&D cannabis lines – or limited-edition, small-batch flower – can create a line of communication between cultivators and consumers, enabling marijuana operators to conduct market research while still bringing in revenue. In addition to consistently bringing fresh genetics to consumers, brands that sell their research and development strains are able to collect buyers’ critiques and evaluations about each product. “The R&D line acts as a crucial feedback stage – particularly useful when deciding between phenotypes or gauging market reception,” Miguel De Vivo, brand director at California-based cannabis breeder and cultivator Maven Genetics, told MJBizDaily via email. R&D cannabis lines…

[ad_1] The prospect of federal marijuana reform is growing investment and improving equity for Chicago Atlantic Real Estate Finance’s clients, senior management said Tuesday during the company’s fourth-quarter and full-year earnings call. Net interest income for the Illinois-based cannabis real estate investment trust (REIT) grew to $57.1 million for the year ending Dec. 31, an increase of 17%, according to a news release. Its net interest income grew to $14.8 million in the fourth quarter compared to the previous quarter. Chicago Atlantic’s net income was $9.4 million, or 51 cents per weighted average diluted share, in the fourth quarter. That’s…

[ad_1] Colorado cannabis retail chain Maggie’s Farm is responding to criticism after it shuttered five locations in late February without warning employees. The company closed two of its stores in the Pueblo area, one in Colorado Springs and its only outlets in Can?on City and Las Animas, the Pueblo Chieftain reported. Customers expressed anger at the closures, and some employees and vendors said they are still owed payment, according to the newspaper. “We were just basically told our benefits run until Feb. 29 and we will receive COBRA forms” for short-term health insurance coverage, Eric Ruybal, a former store manager…

[ad_1] Massachusetts-based marijuana multistate operator MariMed reported a record year for revenue growth and a net loss in its full-year and fourth-quarter earnings report. MariMed’s 2023 revenue grew by nearly 11% to $148.6 million, up from $134 million the previous year, driven in large part by wholesale growth, according to CEO Jon Levine. “We had a record year with respect to revenue generation, particularly in wholesale, new asset openings, and leveraging our balance sheet strength to secure capital,” Levine said in a statement. The company turned a profit of $13.6 million in 2022 and reported a net loss of $16…

[ad_1] Missouri regulators will begin accepting the second round of adult-use cannabis microbusiness applications April 15-29. Forty-eight new retail and wholesale microbusiness licenses will be awarded by lottery and announced in July, according to a news release from the state’s Department of Health & Senior Services. Applications will be received through the state’s online registry portal. Microbusinesses were designed to give marginalized individuals opportunities in Missouri’s adult-use cannabis industry, which launched Feb. 3, 2023. The first round of cannabis microbusiness licenses were awarded in October. The adult-use and medical cannabis markets in Missouri combined for $1.3 billion in sales last…

[ad_1] Oklahoma medical cannabis is frequently less potent than advertised, according to the manager of licensed lab Havard Industries. Jeffery Havard and his team tested 15 samples sourced from three MMJ dispensaries in the state and found all 15 had less THC than indicated on the package, according to Oklahoma City TV station KFOR. Havard said he was curious to test local samples after reading about widespread THC potency inflation in various markets where medical and adult-use marijuana is state-regulated. On average, the samples Havard tested were 78% weaker than what was on the label. Some samples were inflated by close…

[ad_1] The New Jersey governor’s office is celebrating the opening of more than 100 marijuana stores in the state. The New Jersey Cannabis Regulatory Commission’s website lists 102 medical cannabis dispensaries and adult-use stores, according to a news release. The commission’s executive director, Jeff Brown, said he expects regulated cannabis sales to exceed $1 billion in 2024, according to Iselin-based news outlet NJ.com. In 2023, adult-use sales in New Jersey totaled more than $673 million and MMJ transactions were more than $99 million. When adult-use sales launched in 2022, the total New Jersey market was projected to be worth $2…