Author: Solomon Israel

[ad_1] Marijuana brand Cookies plans to acquire “all operational cannabis assets related to the production and sale of Cookies-branded cannabis products” in Florida from TRP Co. and affiliated companies. The high-profile marijuana brand did not provide a value for the transactions in a Wednesday news release. TRP Co.’s website lists seven Cookies-brand retail locations in Florida plus three stores “coming soon” and a delivery service. Cookies is currently involved in a legal dispute in California with independently owned retailer Cookies Retail, whose principal is Brandon Johnson. Johnson is also CEO of TRP Co. Cookies said its acquisition “announcement follows a…

[ad_1] Cannabis stocks surged Tuesday afternoon on the news that the U.S. Drug Enforcement Administration (DEA) intends to reclassify marijuana to Schedule 3 of the Controlled Substances Act. The AdvisorShares Pure US Cannabis ETF, which tracks U.S. marijuana companies, jumped by roughly 26% within 15 minutes of an Associated Press report, as shares of individual multistate operators defied gravity. The rally wasn’t limited to U.S. cannabis shares, either. Nasdaq-traded shares of Canadian cannabis company Canopy Growth Corp., which is working to enter the United States via a holding company, had gained more than 64% by 3:30 p.m. ET. Shares of…

[ad_1] Registered medical marijuana patients in Arkansas spent $22.7 million to buy 6,069 pounds of cannabis in March, according to the latest data from the state Department of Finance and Administration (DFA). February sales included 5,612 pounds of cannabis worth $22.1 million, the agency reported. Year-to-date medical marijuana sales through March totaled $68 million. “The state’s medical marijuana industry will soon reach five years in operation as the first dispensary opened in May 2019,” DFA spokesperson Scott Hardin said in a statement. “Overall, more than $1.1 billion has been spent since that time across the state’s 38 dispensaries.” There are…

[ad_1] A North Dakota group can move forward with an attempt to put recreational marijuana on the state ballot in November after the campaign received approval from the secretary of state. The campaign, New Economic Frontier, must gather 15,582 valid signatures by July 8 to make it on the November ballot, according to the Associated Press. The proposed ballot measure would permit the establishment of adult-use cannabis businesses. The ballot measure also would allow North Dakotans 21 and older to use cannabis at home and grow up to three plants per adult, with up to six plants per household. “These…

[ad_1] Distressed U.S. marijuana operators remain largely unable to access bankruptcy relief, an ongoing challenge in a tough industry where business failures are common. But with federal marijuana rescheduling possible in the near future – and with signs of shifting attitudes in recent bankruptcy court cases – reform could be somewhere over the horizon. Ryan Spengler, an associate with Philadelphia-based law firm Duane Morris who practices financial restructuring law, is cautiously optimistic that progress in court rulings, combined with rescheduling, could help open the door to new bankruptcy options for U.S. plant-touching marijuana companies. “If there’s a movement from these…

[ad_1] Hawaii’s governor is proposing that the state open up access to medical cannabis after the failure of an adult-use legalization bill. The island state’s latest attempt to legalize recreational marijuana died earlier this month in the Hawaii House of Representatives. Gov. Josh Green learned of the bill’s failure during a TV interview with a Hawaii News Now program. Then he told the Honolulu-based Spotlight Now show of “a possible solution:” Changing the state’s medical marijuana rules to make cannabis available for any health condition, although a doctor-approved registration card still would be required. “This would make (marijuana) very available ……

[ad_1] Canada’s federal regulator has issued a recall for a batch of recreational cannabis sold in British Columbia, citing microbial contamination discovered by random government testing. The recalled marijuana was grown by Alberta producer Sirona Pharma, also known as Acreage Pharms. The recall stems from Health Canada’s random cannabis testing program, launched in 2023 to analyze products bought from licensed stores. The recalled lot includes 1,200 28-gram packages of “Purple Gelato Punch” sold under the “Full Sesh” brand and packaged in September 2023. Health Canada’s testing “determined that the affected product does not meet certain microbial contaminant limits for yeast,…

[ad_1] The government of Manitoba plans to reverse the Canadian province’s ban on home cultivation of recreational cannabis, according to local media reports. Manitoba and Quebec were the only two provinces to enact rules against growing adult-use marijuana at home when the Canadian government legalized recreational cannabis in 2018. The federal law permits the cultivation of four cannabis plants per residence, although provinces are free to enact further restrictions. Since marijuana legalization, Manitoba’s political leadership has shifted from the Progressive Conservatives to the left-wing New Democratic Party of Manitoba (NDP). The Manitoba NDP has not yet formally introduced the bill…

[ad_1] Utah’s legal medical marijuana market now serves more than 83,000 patients, according to the latest monthly report from the state Department of Health & Human Services’ Center for Medical Cannabis. The report for March 2024 counted 83,421 registered patients in total, alongside 950 physicians, registered nurses and physician assistants registered to recommend medical marijuana. The MMJ patient count for March was up 19% on a year-over-year basis, according to Salt Lake City radio station KSL. Meanwhile, monthly gross sales of medical cannabis products were worth roughly $16.1 million. Net monthly sales after discounts were worth about $13.5 million, with…

[ad_1] Colorado cannabis edibles brand Coda Signature will live on after the manufacturer’s assets were acquired by Canvas 1839 Group for an undisclosed sum. Coda announced in late 2023 it was exiting Colorado, attributing its departure to “cannabis market declines (in the state) in recent years combined with the significant oversupply,” However, Colorado-based Canvas 1839 announced in a Tuesday news release that it had acquired Coda’s “material operating assets” and “(w)ith the acquisition now official, Canvas is poised to reintroduce Coda’s beloved products to Colorado.” Canvas 1839 is the company behind the Escape Artists brand of marijuana products. “This initial step…

[ad_1] Beverage alcohol company Constellation Brands has converted its shares in Canadian cannabis company Canopy Growth Corp. into new exchangeable shares. Constellation’s exchangeable shares may be converted back into Canopy common shares on a one-to-one basis, the companies announced Friday. However, the two Constellation subsidiaries that now own the exchangeable shares don’t plan to convert them “until such time as the U.S. domestic sale of marijuana could not reasonably be expected to violate the Controlled Substances Act, the Civil Asset Forfeiture Reform Act (as it relates to violation of the Controlled Substances Act), and all related applicable anti-money laundering laws,”…

[ad_1] Colorado cannabis edibles brand Coda Signature will live on after the manufacturer’s assets were acquired by Canvas 1839 Group for an undisclosed sum. Coda announced in late 2023 it was exiting Colorado, attributing its departure to “cannabis market declines (in the state) in recent years combined with the significant oversupply,” However, Colorado-based Canvas 1839 announced in a Tuesday news release that it had acquired Coda’s “material operating assets” and “(w)ith the acquisition now official, Canvas is poised to reintroduce Coda’s beloved products to Colorado.” Canvas 1839 is the company behind the Escape Artists brand of marijuana products. “This initial step…