Author: Kate Robertson
[ad_1] Arizona-based marijuana vaporizer company Tilt Holdings entered a debt and security agreement that extends its credit line with Smoore Technology effective Jan. 28. Under the agreement, according to a news release, Smoore will sell and ship CCell vape hardware products on credit to Tilt’s subsidiary, Jupiter Research. Jupiter will guarantee the payment of any amount owed to Smoore in excess of the amounts for which Smoore receives through insurance for any unpaid invoices that are older than 120 days. The insurance will be provided by Sinosure, a Chinese export and credit insurance corporation. The guarantee allows Tilt to increase…
[ad_1] Maine law enforcement arrested six people and seized more than 6,000 marijuana plants after raiding seven locations allegedly linked to unlicensed operations in recent weeks as part of ongoing efforts to reduce the illicit market in the state. Authorities said they received a tip from the U.S. attorney general’s office about the operations, which are run in homes in remote parts of the state, according to the Portland Press Herald. “People from out-of-state are buying houses that are foreclosed or low-cost that are isolated and not right beside another house, and the house becomes a greenhouse,” Lt. Mike Murphy…
[ad_1] Arkansas cannabis advocates are going back to the drawing board after the state’s attorney general rejected the most recent proposed language for a ballot initiative that would increase access to medical marijuana and trigger adult-use legalization if federal reform occurs. According to the Arkansas Advocate, Attorney General Tim Griffin decided that the ballot’s title, Arkansas Medical Cannabis Amendment of 2024, wasn’t formatted properly and was too ambiguous. “My decision to certify or reject a popular name and ballot title is unrelated to my view of the proposed measure’s merits,” Griffin wrote in his decision. “I am not authorized to…
[ad_1] South Dakota officials are considering aligning the state’s hemp lab-testing standards with federal regulations – a move that would make testing easier for cultivators. Senate Bill 117, which was introduced last week by Republican Sen. Joshua Klumb, would be particularly impactful to THC testing, according to the Sioux Falls-based Argus Leader. Medical marijuana is legal in South Dakota, but farmers in the state grow the most hemp in the country, largely for fiber and CBD, the Leader reported, citing the National Agricultural Statistics Service’s 2022 National Hemp Report. Under South Dakota laws, hemp must test at or below 0.3%…
[ad_1] Nevada-based marijuana multistate operator Planet 13 Holdings is selling a medical marijuana treatment center (MMTC) license to further its Florida expansion plans and will restate some of its previously reported financials. Planet 13 will receive $9 million in cash for the license to fund its acquisition of medical marijuana company VidaCann, according to a news release. Planet 13 is among many MSOs that are expanding in Florida with the hope that adult-use cannabis will be legalized in the near future. The company announced in August it planned to buy VidaCann for $49 million. As for restating its financials –…
[ad_1] Retail license caps in some states and limited capital are forcing marijuana multistate operators to focus on wholesale cannabis sales growth in 2024. “It certainly was a focus in ’23, and I think will become even more of a focus in ’24,” said Jamie Mendola, chief business development officer, national head of wholesale/purchasing and the Western Region general manager at Florida-based MSO Ayr Wellness. Mendola said Ayr and other MSOs are prioritizing wholesale for two reasons: Many vertically integrated businesses have reached or are approaching their maximum number of retail licenses in key states such as Illinois, Massachusetts and…
[ad_1] Alabama’s yet-to-launch medical marijuana program is embroiled in yet another legal challenge, this time from Florida-based multistate operator Trulieve Cannabis. Trulieve filed a notice of appeal with the state’s Court of Civil Appeals over a judge’s decision to halt the market’s MMJ licensing process until another lawsuit has been heard, according to Alabama Political Reporter. Montgomery County Circuit Court Judge James Anderson issued a temporary restraining order against the licensing process on Dec. 28. Trulieve is seeking to have that decision overturned. The company also wants to see disagreements over or concerns with the licensing process to be dealt…
[ad_1] California marijuana company Unrivaled Brands is now under the Blüm Holdings umbrella after completing a previously announced strategic reorganization and reverse stock split. The deal was designed to position the company for growth, according to a news release. The corporate reorganization was announced in October. Unrivaled, which operates several cannabis brands such as Korova and four stores, implemented a reverse stock split of its common stock at a ratio of 1-for-100 on Jan. 12. The company formerly traded as UNRV on the over-the-counter markets. Common stock and preferred stock shares of Unrivaled were converted into shares of Blüm, which…
[ad_1] Marijuana retailers in Michigan sold a whopping $3.06 billion in adult-use and medical products in 2023, according to data from the state’s Cannabis Regulatory Agency. That’s about $305 worth of cannabis products per person in the state, the highest per capita spend in the United States, according to Crain’s Detroit Business. California retailers were expected to sell $5.9 billion in cannabis products in 2023, or $150 per capita, according to Crain’s. And Colorado’s per capita spend is about $290. December was a particularly stellar month for Michigan’s cannabis retailers, with $279.9 million in total sales, up from $260.5 million in…
[ad_1] The Cannabis Industry Alliance of Oregon (CIAO) wants state regulators to permanently restrict the number of marijuana business licenses available to operators in the state. That’s because the CIAO believes it’s already too competitive for existing cannabis operators to serve Oregon’s consumers with out-of-state export of products still not allowed, according to Eugene-based radio station KLCC. “There are so many businesses competing for the same amount of market share that it’s just not feasible,” CIAO board Chair Mike Getlin told KLCC. There are roughly 3,000 business licensees for growing, processing and selling marijuana in the state. Regulators have had…
[ad_1] Amid a glut of both regulated and illicit marijuana production in 2023, Oklahoma regulators cracked down on businesses they believed to be noncompliant. Critics say the state regulators overstepped their bounds, but others argue more oversight is needed for wholesale prices to recover. In January 2023, there were 7,066 active licenses for cannabis grows in the state, according to a spokesperson at the Oklahoma Medical Marijuana Authority (OMMA). Now, there are only 4,880. “Through data-driven decisions, support and feedback from medical cannabis patients, industry leaders, partners across state government and Oklahomans spanning the state, we’re able to tackle the…
[ad_1] Colorado’s Cannabis Business Office (CBO) is launching an educational program designed to support marijuana social equity entrepreneurs in the industry. The program, dubbed CannaBusiness Growth, is designed by Denver-based Vangst, a jobs platform for the cannabis industry. CannaBusiness Growth has more than 50 modules, covering topics such as compliance, finance, sales and marketing, according to a news release. “Bridging the knowledge gap between industry professionals and aspiring entrepreneurs is what we do best at Vangst and it’s clear that the industry needs to support organizations like the CBO to enhance equity in the cannabis sector,” Vangst CEO Karson Humiston said…