Author: Kate Robertson

[ad_1] The financing subsidiary of ancillary marijuana firm Chicago Atlantic Real Estate Finance is extending the maturity of its $100 million secured revolving credit facility and increasing its accordion feature to $150 million. Chicago Atlantic Lincoln extended the maturity date from Dec. 16, 2024, to June 30, 2026, and retained the one-year extension option, according to a Thursday news release. The interest rate on the revolving loan is the prime rate plus an applicable margin, based on Chicago Atlantic Lincoln’s leverage ratio. The applicable margin ranges from 0% to 1.25% over the prime rate, subject to a 3.25% prime rate…

[ad_1] Chicago-based marijuana multistate operator Verano Holdings reported a record-breaking year for revenue in 2023 despite a net loss in its fourth-quarter and full-year financial results. Revenue increased to $938 million in 2023, a 7% increase from the previous year, the company said Thursday. Verano generated $73 million in free cash flow in 2023, up from $25 million in 2022. Fourth-quarter revenue was $237 million, a 5% increase from the previous year and a 1% decrease from the previous quarter. The company reported a net loss of $113 million for the year and $73 million in the fourth quarter, driven…

[ad_1] Some of the most interesting cannabis cultivation research is happening in South Carolina, where neither adult-use nor medical marijuana is legal. Instead, researcher Allison Justice, who holds a Ph.D. in plant and environmental science and is the founder of the Cannabis Research Coalition, is putting federally legal hemp under the microscope to better understand the physiology of cannabis – and how best to preserve its all-important trichomes during the drying and curing phase. Justice shared some of her latest findings with MJBizDaily ahead of the April 1-3 Emerald Conference in San Diego, where she’ll join Maria McIntyre of BioMérieux,…

[ad_1] New York’s governor is demanding that social media sites and search engines such as Meta and Google stop promoting illicit marijuana sellers. Gov. Kathy Hochul was planning a Wednesday news conference to share more about how her office planned to crack down on illegal operators, according to the New York Post. “Right now, Google and others knowingly allow illegal stores to promote unlicensed products on their platforms,” she said in a statement to the Post. “I’m calling on them to cease promotion of all illegal cannabis shops.” Google did not respond to the Post’s request for comment. A spokesperson…

[ad_1] Cannabis job numbers could rebound in 2024 after a tough period marked by thousands of layoffs in the industry. That’s according to marijuana recruitment company Vangst’s annual Cannabis Salary Guide survey. Eighty-six percent of the 1,000-plus cannabis employers and employees who were surveyed said they’re planning to expand hiring in core areas, according to a news release. Two-thirds of retail companies are preparing to hire five or more employees in the coming months, according to the survey. That’s good news for aspiring marijuana workers, particularly after Vangst research showed job numbers declined by 2% in 2022. Vangst’s findings also…

[ad_1] Florida-based marijuana track-and-trace software company Metrc signed its 25th government contract, this time with the state of Kentucky. Metrc already has a strong presence in the South, already holding contracts with Alabama, Louisiana, Mississippi and West Virginia, a news release noted. Kentucky’s medical cannabis market launch is slated for 2025. “As Kentucky works to establish its medical cannabis market, we are thrilled to have the opportunity to launch the state’s first-ever track-and-trace program,” Metrc CEO Michael Johnson said in a statement. Though Metrc’s focus has been on state governments and their respective compliance requirements, the company recently shifted to…

[ad_1] Republican state Sen. Sonny Borrelli wants Arizona’s marijuana social equity licensees to regain control of their licenses, alleging that they were preyed upon by large operators and investors. Borrelli’s Senate Bill 1262 would give the state’s attorney general the authority to investigate allegations of “predatory tactics to seize control of nearly all the lucrative licenses,” according to the Arizona Center for Investigative Reporting (AZCIR). “The way this social equity license thing is supposed to work is that people that apply for it are supposed to maintain that 51% ownership,” Borrelli said at a Feb. 13 Senate hearing, the AZCIR…

[ad_1] In December, the health department issued an administrative hold on products tested by Rapid Analytics, which is one of two licensed testing labs in the market. Rapid Analytics’ license will be revoked effective March 13. The company has 20 days to appeal the decision. Rapid Analytics tests approximately 70% of medical cannabis samples in the state, according to Jackson-based station WJTV. Because marijuana is federally illegal, each state has its own rules regulating marijuana testing requirements. Many issues dog cannabis industry testing, including allegations of THC potency inflation. “Medical cannabis testing is critical to ensuring product safety for patients,…

[ad_1] Amid reports of product shortages, adult-use marijuana sales in Connecticut dropped in January for the first time since the market launched in 2023. Data from the Connecticut Department of Consumer Protection (DCP) shows retailers sold more than $15.6 million in adult-use products and $9.37 million in medical products in January, New Haven-based TV station WTNH reported. That’s a decline from $17.1 million in adult-use products and $10.3 million in medical products in December. According to WTNH, the DCP confirmed that an increase in cannabis shopping over the holidays led to product shortages and limited variety in January. But problems…

[ad_1] Florida-based marijuana track-and-trace software company Metrc signed its 25th government contract, this time with the state of Kentucky. Metrc already has a strong presence in the South, already holding contracts with Alabama, Louisiana, Mississippi and West Virginia, a news release noted. Kentucky’s medical cannabis market launch is slated for 2025. “As Kentucky works to establish its medical cannabis market, we are thrilled to have the opportunity to launch the state’s first-ever track-and-trace program,” Metrc CEO Michael Johnson said in a statement. Though Metrc’s focus has been on state governments and their respective compliance requirements, the company recently shifted to…

[ad_1] New York-based Silver Spike Investment Corp. will acquire Chicago Atlantic Real Estate Finance’s loan portfolio and broaden its interests beyond the marijuana and wellness sectors. According to a Tuesday news release, Silver Spike will acquire the loan portfolio in exchange for newly issued shares of common stock, the value of which will be equal to the value of the loan portfolio. As of Jan. 1, Chicago Atlantic’s loan portfolio consisted of 24 loans with a value of approximately $130 million. Chicago Atlantic agreed to add at least four loans with a combined value of about $43 million before the deal…

[ad_1] Florida has taken another step toward banning hemp-derived products containing delta-8 and delta-10 THC in the state after the Senate unanimously passed a bill this week. The bill now goes to the state House of Representatives, according to Tampa Bay TV station WTSP. Meanwhile, a House version of the measure has “yet to be taken up by its full chamber,” WTSP reported. Products containing delta-8 THC – which is a less potent form of marijuana – has been sold in an increasing number of unlicensed stores across Florida since the 2018 U.S. Farm Bill legalized hemp. The interest in…